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Make the most of your US dollar savings by taking advantage of the RBC US High Interest eSavings account. This specific high-yield savings account by the Royal Bank of Canada (RBC) is tailored precisely for your US dollar needs. It offers an array of impressive features to enhance your banking experience.
The RBC US High Interest eSavings account is a convenient way for Canadians to earn interest on US dollars. It allows for free internal transfers, with deposits made via ATMs, branches, or other RBC accounts.
However, withdrawals are restricted primarily to internal transfers, and currency exchange rates apply. With protection under the Canada Deposit Insurance Corporation, your savings are both accessible and secure.
This article explores the good and bad of this US dollar savings account and how you can open yours today.
RBC US High Interest eSavings Account features
The RBC US High Interest eSavings account comes packed with some incredible features. These are some of the features you can expect when you open this savings account.
- Earn a competitive daily interest rate of 0.500% on all your US dollar funds
- Enjoy complimentary access to RBC’s Online, Mobile, and Telephone Banking services
- Conduct free, immediate transfers 24/7 to any other personal deposit accounts held in your name at RBC Royal Bank
- Exclusive access to MyAdvisor, a powerful digital service to capture all your savings and investments
- One free debit transaction per monthly cycle
- Free monthly eStatements and eNotifications, including cheque images less than 90 days old
The pros of RBC US High Interest eSavings
Competitively High Interest Rate
Earning 0.500% interest on your US dollar savings helps to grow your money more rapidly. This high-interest rate is a vital advantage of the RBC US High Interest eSavings account. The account encourages savings by offering a substantial return on your deposited funds, which will compound over time.
Versatile Banking Options
Free access to RBC Online, Mobile, and Telephone Banking provides flexibility and convenience in managing your account. Whether at home, on the go, or abroad, you can seamlessly access your account, check balances, pay bills, set up alerts, and transfer money, enhancing your banking experience.
Free Account Transfers
With the RBC US High Interest eSavings account, you can effortlessly transfer funds to other personal deposit accounts held in your name at RBC Royal Bank without incurring any fees and with immediate effect. This convenient feature streamlines the management of your finances across multiple accounts, making saving more convenient.
The cons of RBC US High Interest eSavings
Limited Free Debits
The account only offers one free debit transaction per monthly cycle. After this, a fee of $3 applies for each additional transaction. This could become costly for individuals who often need to make more than one monthly withdrawal or debit transaction.
No Interac and ATM Access
Unfortunately, the account does not offer Interac e-transfer or ATM network access. This limits the methods of withdrawing or depositing funds. You’ll need to rely on account transfers to other RBC bank accounts for your transaction needs.
RBC US High Interest eSavings fees
While this savings account does not have a monthly maintenance fee, there are other charges you should be aware of:
- If debits exceed the one free monthly limit, each additional transaction costs $3.00.
- Despite the free account transfers, it’s important to note that foreign exchange rates apply when transferring money between your RBC accounts.
- The account does not offer Interac or ATM withdrawals; hence, there are no associated ATM access fees.
RBC US High Interest eSavings special offers
Currently, RBC does not list any specific special offers for this account on their website. However, customers can utilize the MyAdvisor feature to comprehensively view their financial picture and get personalized advice.
Other RBC savings account options
RBC offers a variety of banking solutions to meet different customer needs. If you’re interested in Canadian dollar savings accounts, consider options like RBC Day to Day Savings or RBC Enhanced Savings.
How to open the RBC US High Interest eSavings Account
Opening this savings account is a simple process:
- Visit the RBC website and navigate to the RBC US High Interest eSavings account page.
- Select the “Sign me up” button to initiate the registration process.
- Input your personal details, including your full name, date of birth, Social Insurance Number, and email address.
- Proceed to submit your application and be prepared to provide any additional documents that RBC may require for processing.
- Upon approval of your application, you can proceed to create an online RBC account using your newly acquired banking information.
Before proceeding with your application, make sure you satisfy the necessary qualifications. These include being a resident or citizen of Canada and being a minimum of 18 years old (or 19 in certain provinces). The account should be an individual one and should be opened under your own name.
RBC US High Interest eSavings conclusion
The RBC US High Interest eSavings account is an excellent option for individuals seeking to make the most out of their US dollars. It caters to modern banking needs with an attractive interest rate, free internal transfers, and robust digital banking options.
However, the account does limit withdrawals and charges for excess debits, so it’s best suited for those who plan to make fewer transactions and more savings.
As a final tip, remember to take note of the current exchange rates when conducting transactions, as this could impact your savings and overall financial planning.
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