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As more Canadians seek to maximize the earnings on their savings, the RBC High Interest eSavings account offers a unique value proposition for individuals seeking a blend of high interest and convenience.
The RBC High Interest eSavings account presents an attractive interest rate, eliminates monthly fees, and provides the advantage of online banking. Despite its advantages, the account has transaction fees and withdrawal restrictions to consider.
Opening an account is straightforward and is easily set up online or by phone. It’s a strong savings option but must be compared with others to ensure suitability.
This article will delve into the key features, pros, and cons of the (Royal Bank of Canada) RBC High Interest eSavings account to help you make an informed decision.
RBC High Interest eSavings Account features
This savings account is an interest-earning account packed with features to make your savings experience effortless. Here are the features you get when you open this account:
- An introductory 5.10% interest rate for the first 3 months.
- Competitive interest rates applied to every dollar.
- Enjoy free, round-the-clock account transfers with no delays, including ATM and unassisted telephone transfers.
- Utilize RBC’s Digital, Mobile, and Phone Banking services at no extra cost.
- There’s no need for a base deposit to initiate the account.
- Take advantage of the flexibility offered by Save Matic, a feature designed to facilitate automatic money movement from your current account into your savings account.
- Experience the power of MyAdvisor, a comprehensive digital service that consolidates all your savings and investment information in one centralized location.
- Avail one free cash withdrawal per month from RBC ATMs.
The pros of RBC High Interest eSavings
High Interest Rates
One significant advantage of the RBC High Interest eSavings account is its high interest rates. With an introductory interest rate of 5.10% for the first three months, it provides an excellent opportunity to maximize returns on your savings.
Accessibility and Convenience
With this savings account, you enjoy access to your funds anytime, anywhere. The free access to RBC Online, Mobile, and Telephone Banking means you can manage your savings conveniently, regardless of location.
No Minimum Deposit Requirement
The absence of a minimum deposit requirement is another significant benefit. It makes the account accessible to most customers, regardless of their financial capability, making it an ideal choice for individuals just starting their savings journey.
The cons of RBC High Interest eSavings
Limited Debits
The RBC High Interest eSavings account offers only one free debit per month. Additional transactions beyond this limit incur a $5 fee, making it less suitable for those who perform frequent transactions.
Fees for Certain Transactions
The account charges fees for particular transactions, such as Interac e-transfers and ATM withdrawals. These costs can accumulate over time and eat into your savings if you frequently engage in these types of transactions.
RBC High Interest eSavings fees
A comprehensive breakdown of the fees associated with the RBC High Interest eSavings account includes:
- Debits exceeding the monthly limit: $5.00 each.
- Fees for Interac and PLUS System ATM Network Access: $2.00 for Interac, $3.00 for PLUS System transactions within Canada and the U.S., and $5.00 for PLUS System transactions outside Canada and the U.S.
- A charge of $1.00 per transaction applies for Interac e-transfers.
- Cross-Border Debit: $1.00 each.
It’s worth noting that access to online, mobile, and telephone banking and myFinance Tracker are free of charge.
RBC High Interest eSavings special offers
For first-time RBC High Interest eSavings account holders, RBC offers a unique special offer: an introductory interest rate of 5.10% for the first 3 months on your savings. However, the expiration date on this offer is July 31, 2023.
Other RBC savings account options
Besides the RBC High Interest eSavings account, RBC provides an array of other savings account alternatives. These encompass the RBC Day-to-Day Savings, RBC Enhanced Savings, RBC NOMI Find & Save, RBC Leo’s Young Savers Account, and the RBC US High-Interest Savings accounts. Each one presents unique interest rates and characteristics.
How to Open the RBC High Interest eSavings Account
Opening this savings account is a straightforward process that can be done from the comfort of your home or office. Here’s a step-by-step guide to help you through the process:
- Visit RBC’s Website: Start by heading to the RBC website and locating the High Interest eSavings account under the savings accounts section.
- Click to Apply: Click on the “Open an Account” or a similarly labelled button. This will start your application process.
- Share Personal Information: Prepare to furnish your personal information, including your complete name, date of birth, Social Insurance Number (SIN), and email address. Ensure you have these details ready.
- Review Your Information: After filling out all necessary information, review it to ensure it’s accurate before submitting your application.
- Await Approval: Following the submission of your application, patiently await the approval process. This may require a few business days, during which RBC might contact you for any supplementary details they may need.
- Set Up Online Access: Upon approval, you can set up your online banking information to manage your account online or via RBC’s mobile app.
Alternatively, you can call RBC’s helpline if you prefer to open an account over the phone. The lines are open 24/7, providing flexibility to accommodate your schedule.
RBC High Interest eSavings conclusion
The RBC High Interest eSavings account is a valuable savings tool for those looking for a high-interest rate, no monthly fees, and the convenience of online banking.
However, it’s essential to consider the transaction fees and withdrawal restrictions before committing. As always, compare it with other options to ensure it fits perfectly with your financial plans.
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