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A straightforward savings account that pays interest on every dollar invested - Claim this offer

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A straightforward savings account that pays interest on every dollar invested - Claim this offer

RBC Day to Day Savings Overview

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If you’re considering a savings account that offers simplicity and flexibility, the (Royal Bank of Canada) RBC Day to Day Savings account might be the solution. It serves as an uncomplicated, hassle-free banking experience, ideal for those entering the world of savings.

The RBC Day to Day Savings account offers interest on all savings with a straightforward online application and setup. Canadian citizens or residents over 18 are eligible to apply for this account.

But fees apply for transactions over the monthly limit. That said, contacting RBC is easy through multiple customer service channels for assistance.

Knowing precisely what you’re getting is crucial when considering a savings account. This review will delve into the advantages, potential drawbacks, and features of this particular savings account.

RBC Day to Day Savings Account features

The RBC Day to Day Savings is a basic savings account offering an array of features:

  • Tiered interest rates
  • Interest is earned on every dollar
  • Increased interest rates as your balance grows
  • Complimentary utilization of RBC’s Online, Mobile, and Telephone Banking services.
  • Enjoy free, instant account transfers anytime around the clock.
  • Establish a Save Matic mechanism that facilitates automatic transfers from your banking account to your savings account.
  • Access to MyAdvisor, a digital service that captures all your savings and investments in one place

The pros of the RBC Day to Day Savings Account

No Monthly Fee

This savings account is appealing for its lack of a monthly fee. This is particularly beneficial for those who want to maintain a savings account without worrying about added costs, leaving you more money to invest in your savings.

Free Transfers to other RBC Accounts

The RBC Day to Day Savings account allows you to move money without incurring any fees to any other personal deposit account at RBC Royal Bank that’s under your name. This capability offers you the versatility and independence to manage your financial resources across various accounts without extra costs.

Versatile Banking Options

With the account, you can manage your finances anytime, anywhere, with RBC Online, Mobile, and Telephone Banking. These services offer the convenience of checking balances, setting up alerts, transferring money, and more, catering to your busy lifestyle.

The cons of the RBC Day to Day Savings Account

Low Interest Rates

Despite being a savings account, it offers low-interest rates. The highest possible rate is a mere 0.01%. This is relatively low compared to other savings accounts in the market and could potentially slow down the growth of your savings.

Limited Free Debits

The account comes with a single free debit transaction per month. Each transaction beyond this limit incurs a fee of $2. If you frequently move money from your savings account, this could lead to additional costs.

Charges for Interac e-Transfers and ATM Withdrawals

Interac e-transfers and ATM withdrawals come with a fee. For regular users of these services, these charges may add up over time, detracting from your savings.

RBC Day to Day Savings - comparewise

RBC Day to Day Savings Account fees

While the account has no monthly fees, certain transactions can incur charges. These include:

  • A $2 fee for each debit transaction beyond the monthly limit
  • A $2 fee for Interac ATM Network Access and $3 or $5 for PLUS System ATM Network Access, depending on the location
  • A $1 fee per Interac e-transfer
  • A $1 fee per cross-border debit
  • $2.25 or $2.50 for monthly paper statements, depending on whether they include cheque images

RBC Day to Day Savings Account special offers

As of this writing, no promotional incentives or special offers are attached to this savings account.

Other RBC savings account options

Suppose the RBC Day to Day Savings account doesn’t quite meet your needs. In that case, RBC offers other savings account options, such as the RBC High Interest eSavings and RBC Enhanced Savings, which may offer higher interest rates or other benefits.

How to open the RBC Day to Day Savings Account

Opening this savings account is a straightforward process:

  1. Visit the RBC website and locate the RBC Day to Day Savings account page.
  2. Start the procedure to open an account by clicking on the “Open Now” or “Apply Now” button.
  3. You will be prompted to input certain personal details such as your full name, date of birth, Social Insurance Number (though it’s optional), and your email address. Be sure to confirm that all the information you’ve given is correct.
  4. Adhere to the instructions and furnish any additional documents or details that RBC might need to proceed with your application.
  5. Upon approval, you will receive your new banking information. Use this to sign up for an online RBC account to manage your savings.
  6. To deposit funds into your new savings account, either visit an RBC branch or use their online banking services.

To qualify for this account, you should be a Canadian citizen or resident who is at least 18 years old (or 19 in specific provinces) and the account should solely be in your name.

Depositing or withdrawing funds from your RBC Day to Day Savings account is as simple as visiting an ATM or branch to make a deposit or withdrawal by cash or cheque. You can also move money into or out of your account via online banking or deposit a cheque using the RBC mobile app.

If you ever require assistance with your account, RBC offers multiple channels to get in touch with customer service. You can call the customer service hotline anytime, visit an RBC branch, send a letter to RBC’s head office in Toronto or a local branch, or send a secure message through online banking.

RBC Day to Day Savings Account conclusion

The RBC Day to Day Savings account offers a range of features, including interest on every dollar, tiered interest rates, and free internal transfers. It’s an account well-suited for those seeking a straightforward savings solution with minimal fees.

However, the low-interest rate, fees for transactions exceeding the monthly limit, and lack of promotional incentives may be less appealing to some users. The RBC Day to Day Savings account serves as a basic savings solution within the more extensive RBC bank offerings.

To ensure this account fits your financial needs, it’s worth comparing it with other savings account options offered by RBC and other financial institutions.

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FAQs about RBC Day to Day Savings

Can I open an RBC Day to Day Savings account if I'm not a Canadian resident?

While RBC offers international clients services, specific requirements and restrictions may apply. It's best to contact RBC directly for detailed information.

Does the RBC Day to Day Savings account offer a mobile banking option?

Yes. RBC offers a comprehensive mobile banking experience. You can access your Day to Day Savings account, conduct transactions, and manage your account through the RBC Mobile app.

Can I link my RBC Day to Day Savings account to other RBC accounts?

Yes. You can link your Day to Day Savings account to other RBC accounts, including chequing accounts. This facilitates seamless movement of funds between accounts as per your requirements.

RBC Day to Day Savings Details

Interest Rate
Monthly Self Serve Transactions
Number of Monthly Transactions
Other Features

RBC Day to Day Savings Contact

Phone Number
9:30 AM - 5:00 PM
200 Bay Street Toronto Ontario M5J 2W7 Canada
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