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Earn 5.5% interest for 3 months* - Claim this offer

RBC High Interest eSavings Overview

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Limited time offer: Earn 5.5% interest for 3 months when you open your first RBC High Interest eSavings account. Offer ends July 23, 2024.

As more Canadians seek to maximize the earnings on their savings, the RBC High Interest eSavings account offers a unique 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. The account also has some transaction fees and withdrawal restrictions to consider.

Opening an account is straightforward and can be easily done online, by phone, or in branch. It’s a strong savings option if you want the ease of everyday banking with the high interest of investing.

This article will delve into the key features, pros, and cons of the 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:

  • Free acccess to online, mobile, and telephone banking.
  • A competitive interest rate applied to every dollar of your savings balance. Interest is calculated daily on the closing balance and paid monthly.
  • Enjoy free, round-the-clock account transfers with no delays, including ATM and self-service telephone transfers.
  • Utilize RBC’s digital, mobile, and phone banking services at no extra cost to other RBC personal account(s) in your name.
  • There’s no minimum deposit needed to open an account.
  • Take advantage of the flexibility offered by Save Matic, a feature designed to facilitate automatic money transfers from one RBC bank account to another.
  • Experience the power of MyAdvisor, a comprehensive digital service that consolidates all your savings and investment information into one view.
  • Get 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 5.5% for the first three months when you open your first High Interest Savings eAccount. 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, from anywhere.

No Minimum Deposit

With no minimum deposit requirement, you can start saving with what you have to immediately benefit from earning interest. 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.

RBC High Interest eSavings - comparewise

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 if you need to make 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 make 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 5.5% for the first 3 months on your savings. The expiration date on this offer is July 23, 2024.

Other RBC savings account options

Besides the RBC High Interest eSavings account, RBC provides an array of other savings account alternatives. The options include 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 offers 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:

  1. Click here to visit the sign-up page: Start by clicking here and then click on the “Open an Account” button. This will start your application process.
  2. Share your information: You’ll fill in your personal information so your account can be set up.
  3. Get approved: Following the submission of your application, a few business days will be required for review. RBC might contact you for supplementary details.
  4. 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.

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.

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.

*Conditions apply. Open your first RBC High Interest eSavings Account by 3pm EST on July 23,, 2024 to receive 5.5% Interest for the first 3 months. (Interest is calculated daily on the closing balance and paid monthly.) Visit https://www.rbcroyalbank.com/investments/psi/hisaaffiliate.html for full terms.

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FAQs about RBC High Interest eSavings

Can I use the RBC High Interest eSavings account for everyday transactions?

No, it's mainly designed for savings, not day-to-day banking. Additional transactions beyond the one free monthly debit come with a $5 fee.

Is there a maximum amount on which I can earn the high interest rate with the RBC High Interest eSavings account?

Yes, there is a maximum balance of $1,000,000 that you can earn interest on.

Can I set up automatic transfers to my RBC High Interest eSavings account?

Yes. RBC provides the capability for you to configure automatic transactions from your current account to your eSavings account, thanks to the Save-Matic tool.

RBC High Interest eSavings Details

Interest Rate
1.6%
E-Transfer Fee
$1
Monthly Self Serve Transactions
1
Number of Monthly Transactions
1

RBC High Interest eSavings Contact

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