RBC Enhanced Savings

RBC Enhanced Savings Overview

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Introducing the (Royal Bank of Canada) RBC Enhanced Savings account. It’s a high-tier savings account designed for individuals who wish to maintain high balances and reap the rewards of tiered interest rates.

The RBC Enhanced Savings account is a top-tier option for those seeking to maximize interest on high balances. Offering tiered interest rates, this account best serves those with $5,000 or more in savings.

However, the account comes with per-transaction fees and a monthly free debit transaction. Its premium features include free online, mobile, and telephone banking and a comprehensive suite of account management tools.

This account offers a unique blend of accessibility, utility, and growth potential. And this is what sets it apart from many other savings accounts available in the Canadian market. Let’s break down what this savings account has to offer.

RBC Enhanced Savings Account features

This high-interest savings account offers holders several unique features, such as:

Tiered interest rates that increase as your balance grows, starting from $5,000
Unrestricted usage of RBC Online, Mobile, and Telephone Banking services at no cost
Complimentary transfer of funds to any other personal deposit account at RBC Royal Bank under your name
Capability to establish a Save-Matic setup from your chequing account to your savings account
Access to MyAdvisor, a digital tool consolidating all your savings and investments in a singular location
No monthly fee, with some transaction fees
Ability to view eStatements and eNotifications for free
Recordkeeping options are available for a nominal fee

The pros of RBC Enhanced Savings

Premium Interest Rates

This savings account features a progressive interest rate structure where the rate grows substantially as your account balance enlarges. Essentially, your earnings augment with your savings. For those intending to maintain a substantial balance, this pro is significant as it helps to accelerate the growth of your savings.

Robust Digital Accessibility

Access to your bank account anytime, anywhere is essential in today’s digital era. RBC Enhanced Savings provides free access to RBC’s Online, Mobile, and Telephone Banking services, enabling you to manage your finances efficiently and conveniently.

Seamless Fund Transfers

This account enables you to make free, instantaneous transfers among any personal deposit accounts held under your name at RBC Royal Bank. This ensures you can quickly move funds and take advantage of the high-tier interest rates on your Enhanced Savings account.

The cons of RBC Enhanced Savings

Limited Free Transactions

The RBC Enhanced Savings account only includes one free debit transaction per monthly cycle. For individuals who perform many transactions monthly, this could lead to high fees, potentially offsetting the benefits of the high interest rates.

Interest Rate Threshold

Though the tiered interest rates are an advantage for individuals maintaining high balances, those with balances below $5,000 earn no interest. As such, this account might not be the best option for individuals starting their savings journey or those with low balances.

RBC Enhanced Savings fees

While there is no monthly fee, it’s essential to understand the other costs associated with the RBC Enhanced Savings account.

One free debit transaction is included per monthly cycle. Additional debit transactions cost $2 each.
Access to Interac and the PLUS System ATM network incurs fees. Within Canada and the U.S., it’s $2 for Interac and $3 for the PLUS System. Outside these regions, the PLUS System fee rises to $5.
Interac e-transfers and Cross-Border Debits each cost $1.
Monthly paper statements cost $2.25 without a cheque image or $2.50 with an image.
There are no fees for accessing Online, Mobile, and Telephone Banking or myFinance Tracker.

RBC Enhanced Savings special offers

At the time of writing, this savings account does not currently advertise any special offers. However, promotional deals may become available periodically, so checking the RBC website or contacting a representative for the most recent information is recommended.

Other RBC savings account options

RBC offers several other savings accounts, each designed for different needs. These include the RBC High-Interest eSavings, RBC Day to Day Savings, RBC U.S. High Interest Savings, and RBC Leo’s Young Savers Account. Be sure to review these options to determine the best fit for your savings goals.

How to open the RBC Enhanced Savings Account

Opening this savings account can be done through three main avenues: online, over the phone, or in person at an RBC branch. Here’s a quick overview of the online application process:

Online Application: Go to the RBC website, find the RBC Enhanced Savings account under savings accounts, and click on “Apply Online”.
Personal Information: Provide your personal details, including full name, date of birth, contact information, Social Insurance Number (SIN), and employment information.
Account Information: Specify your account preferences, including overdraft protection and notifications.
Review and Submit: Check your application thoroughly, then submit it.
Account Verification: Wait for RBC to verify your application, which may include a credit check or additional documentation request.
Fund Your Account: Once approved, you can fund your account. Remember, a minimum balance of $5,000 is needed to benefit from the tiered interest rates.
Set Up Online Banking: Set up your online banking to have 24/7 access to your account.

For phone applications, you can call RBC 24/7. In-person applications can be made by visiting your nearest RBC branch.

RBC Enhanced Savings conclusion

Whether you’re saving for a vacation, a home improvement project, or future financial security, the RBC Enhanced Savings account offers a platform to maximize your savings potential.

Understanding its features, pros, cons, fees, and application process can help you decide whether this account fits your financial needs.

FAQs about RBC Enhanced Savings

Can I link the RBC Enhanced Savings account with other RBC accounts?

Yes. This account offers the flexibility of cost-free transfers among any personal deposit accounts you hold with RBC Royal Bank, simplifying the task of financial management.

Can I access my RBC Enhanced Savings account from outside Canada?

Yes. You have global access to your account via RBC's Online, Mobile, and Telephone Banking systems. However, note that ATM access fees apply when you are outside of Canada.

Is there a fee for maintaining an RBC Enhanced Savings account with a low balance?

No. While the RBC Enhanced Savings account doesn't charge a monthly maintenance fee, maintaining a minimum balance of $5,000 is advisable to accrue interest.