Best RBC Savings Accounts

There are four best RBC savings account options. These are the RBC High-Interest eSavings Account, NOMI Find & Save, RBC Day-to-Day Savings, and RBC Leos Young Savers Account.

Each account has unique features such as high-interest rates, automatic savings, no monthly fees, and special options for young savers. Choosing the best account depends on individual needs and savings goals.

RBC offers a range of savings account options that cater to different financial needs, each with its own set of features. In this article, we’ll explore the best RBC savings accounts to help you make an informed decision and achieve your financial goals.

Best RBC savings accounts

When saving money, having the correct savings account is essential for maximizing your financial growth. The Royal Bank of Canada offers a range of savings accounts designed to cater to various needs and preferences. This ensures everyone can find the perfect account to meet their financial goals.

RBC High-Interest eSavings Account

The RBC High-Interest eSavings Account is a well-liked savings account offered by the Royal Bank of Canada. It provides a competitive interest rate and convenient digital banking features. Here are some of the crucial elements of the account:

• High-Interest Rate: The RBC High-Interest eSavings Account offers a competitive interest rate higher than most traditional savings accounts. The RBC savings account interest rate is variable but typically exceeds the average savings account interest rate offered by other banks.
• No Monthly Fees: The account has no monthly fees, meaning users can save money without incurring additional costs.
• No Minimum Balance: The RBC High-Interest eSavings Account requires no minimum balance. This means users can start saving with as little as $0.
• Digital Banking Features: The account offers convenient digital banking features, allowing users to manage their savings online or through the RBC mobile app. Users can easily transfer money between accounts, set up automatic savings plans, and track their savings progress.
• Free Interac e-Transfers: The RBC High-Interest eSavings Account also offers free Interac e-Transfers. This lets users send and receive money electronically without any additional fees.
• CDIC Insured: With protection of up to $100,000 per depositor in the event of a bank failure, the account is insured by the Canada Deposit Insurance Corporation (CDIC).

Perhaps you’re looking for a high-interest savings account to save money. In that case, the RBC High-Interest eSavings Account is an excellent choice. It offers convenient digital banking features without monthly fees, making it one of the best RBC savings accounts. 

It’s important to note that the account is intended for personal use only, and there is a limit on the number of free transactions per month. The RBC High-Interest eSavings Account is worth considering for those seeking an uncomplicated savings account option.

NOMI Find & Save

NOMI Find & Save is a unique savings account designed to help users save money automatically. Here are some of the primary features of the account:

• Automatic Savings: NOMI Find & Save uses artificial intelligence to analyze spending habits. The account initiates automatic funds transfer from your chequing account to your savings account. The system calculates how much you can save weekly and automatically moves that money into your account.
• Customizable Savings Goals: Users can set their own savings goals within the account, such as saving for a down payment on a house. The account will then calculate how much needs to be saved each week to reach the goal. It then adjusts the savings transfers accordingly.
• No Monthly Fees: NOMI Find & Save has no monthly fees, meaning users can save money without incurring additional costs.
• Competitive Interest Rate: Compared to conventional savings accounts, this account provides a competitive interest rate that is relatively high. The RBC savings account interest rate is variable but generally surpasses the average savings account interest rate offered by other banks.
• Real-Time Notifications: NOMI Find & Save provides real-time notifications on your savings progress. This lets you track how much you’ve saved toward your goals.
• Customizable Alerts: Users can configure custom alerts to notify them upon achieving specific savings milestones and when they are nearing their savings objectives.
• CDIC Insured: The account comes with the assurance of Canada Deposit Insurance Corporation (CDIC). As a result, depositors enjoy protection for their funds up to $100,000 per individual if the bank encounters financial difficulties.

NOMI Find & Save is an excellent option for those looking to save money automatically and achieve their savings goals. The account’s artificial intelligence technology makes it easy to save money without thinking about it. This makes it one of the best RBC savings accounts.

It’s worth noting that an RBC chequing account is necessary to link to this account. However, for those who already bank with RBC, NOMI Find & Save can be a powerful tool to help you save more.

RBC Day-to-Day Savings

RBC Day-to-Day Savings is designed to help users save money while providing easy access to their funds. Outlined below are some of the essential features of this account:

• Competitive Interest Rate: RBC Day-to-Day Savings offers a competitive interest rate higher than most traditional savings accounts. The interest rate is variable but typically exceeds the average savings account interest rate other banks provide.
• No Monthly Fees: The account has no monthly fees, meaning users can save money without incurring additional costs.
• No Minimum Balance: The RBC Day-to-Day Savings account doesn’t impose a minimum balance requirement. This allows users to begin their savings journey with even the smallest amount, such as $0.
• Unlimited Transactions: Users can make unlimited transactions with their RBC Day-to-Day Savings account. This includes withdrawals, transfers, and bill payments.
• Easy Access: The account provides easy access to your funds. It lets you transfer money between your RBC accounts, withdraw cash from ATMs, and purchase with your debit card.
• CDIC Insured: With coverage from the Canada Deposit Insurance Corporation (CDIC), this account ensures the protection of deposits. In the case of a bank failure, the account provides deposit insurance coverage of up to $100,000 per depositor.

RBC Day-to-Day Savings is an excellent option for those looking to save money while still having easy access to their funds. The account’s competitive interest rate and no monthly fees make it an attractive choice for those who want a simple savings account.

While the account offers easy access to your funds, it’s still intended for personal use only. This means that it is not meant to replace a chequing account.

RBC Leos Young Savers Account

RBC Leos Young Savers Account is designed specifically for children and teenagers. Below are several noteworthy features of the account:

• No Monthly Fees: This account comes without any monthly charges. It allows parents to build savings for their kids without the burden of extra expenses.
• No Minimum Balance: The RBC Leo’s Young Savers Account has no minimum balance stipulation. This allows parents to set aside funds for their kids, even if it’s just a small initial amount.
• Competitive Interest Rate: This account features an attractive interest rate outperforming many conventional savings accounts. Although the rate is subject to fluctuation, it generally surpasses the average interest rates provided by other financial institutions.
• Customizable Alerts: Parents can create tailored alerts for updates on their child’s account balance or any account changes. They receive notifications once specific thresholds are met.
• Educational Resources: The savers account also provides educational resources to help teach children and teenagers about the importance of saving and managing money. This makes it one of the best RBC savings accounts.
• Savings Goals: Children and teenagers can set their own savings goals within the account and track their progress toward achieving them.
• CDIC Insured: With CDIC insurance in place, the account safeguards deposits up to $100,000 for each depositor. This protects in the event of the bank’s collapse.

The RBC Leos Young Savers Account is ideal for parents to save for their children’s future and teach financial management. The account’s no monthly fees, no minimum balance, and competitive interest rate make it an attractive choice for parents.

This account is intended for children and teenagers only. The account will convert to an RBC High-Interest eSavings Account automatically once the account holder reaches 19.

How to open an RBC savings account?

Opening an RBC savings account is a straightforward process you can complete online or in person at a local RBC branch. Here are the steps to open an RBC savings account:

• Determine the type of savings account you want: RBC offers a variety of savings accounts, each with its features and benefits. Review the options and choose the account that best fits your needs.
• Gather the required documents: You must provide personal information, like your name, DOB, and social insurance number (SIN). In addition, you may need to provide additional documentation, such as your ID or proof of address.
• Choose your account options: Decide if you want to link your savings account to other RBC accounts or if you want to set up automatic savings plans. You can also receive paper statements or opt for online statements only.
• Apply for the account: To open an RBC savings account, you have two options: apply online through the RBC website or visit a local branch. Applying online requires filling out an application form and submitting the necessary documentation. An RBC representative will assist you if you prefer to apply in person.
• Verify your identity: To verify, you may need to provide a photo ID and/or submit a selfie through RBC’s mobile app. This helps to prevent fraud and ensure that your account is secure.
• Fund your account: After establishing your account, you can fund it in two ways: transferring funds from another bank account or depositing a cheque. Additionally, you may opt to set up automatic transfers from other RBC accounts.

Opening an RBC savings account is easy and can be completed in a few steps. Whether you apply online or in person, RBC reps are available to help you with any query you may have.

Benefits of banking with the RBC

Banking with one of the best RBC savings accounts offers several benefits, including:

• Wide range of financial products: RBC offers a wide range of financial products, including chequing and savings accounts, credit cards, mortgages, loans, investment products, and more. This means that customers can meet all their financial needs in one place.
• Extensive ATM network: RBC has a large ATM network across Canada and offers access to international ATMs through partnerships with other banks.
• Online banking: RBC’s online banking platform is easy to use and offers features such as mobile cheque deposits and money transfers. Customers can also access their accounts through RBC’s mobile app.
• 24/7 customer support: RBC provides customer support 24/7 through various channels, including phone, email, and live chat.
• Rewards programs: RBC offers rewards programs for its credit cards, including cash back, travel rewards, and points that can be redeemed for merchandise.
• Investment services: RBC offers investment services such as self-directed investing, robo-advisory services, and full-service investment advice through RBC Dominion Securities.
• Financial advice: RBC provides financial advice through its branch advisors, who can help customers with everything from budgeting to retirement planning.
• Accessibility: RBC offers accessibility services for customers with disabilities, including accessible ATMs, websites, and other digital services.

Best RBC savings accounts conclusion

RBC offers a variety of savings accounts with unique features and benefits to help Canadians meet their savings goals. It provides an account that caters to your requirements, whether seeking a high-interest rate or automatic savings.

With a wide range of financial products and an extensive ATM network, banking with RBC is a convenient and rewarding choice. Start saving with one of RBC’s best savings accounts today and take the first step toward achieving your financial goals.

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