RBC High-Interest Savings Account Review: Is It Worth It?
RBC HISA: Best for RBC customers who want to earn modest interest with no fees.
This BMO chequing account comes with unlimited transactions and a generous intro offer, but charges a monthly fee if you’re unable to maintain the minimum balance.
NerdWallet's take
NerdWallet's take
Product details
Product detailsPros
- No monthly fees.
- No minimum deposit or balance requirements.
- Free access to MyAdvisor, RBC’s digital financial advice program.
Cons
- $5 excess transaction fee.
- Higher interest rates can be found elsewhere.
RBC High Interest eSavings account full review
The RBC High Interest eSavings account currently earns 5.10%* interest on all cash balances and charges no monthly fees. You can manage your account through RBC’s online banking portal or mobile app. Transfers between RBC accounts are free.
Types of RBC savings accounts
RBC’s savings account repertoire includes:
RBC Day to Day Savings: earn interest with no minimum balance requirement.
RBC Enhanced Savings: tiered interest rates on balances of $5,000 or more.
RBC U.S. High Interest eSavings: a USD savings account.
None of RBC’s savings accounts charge monthly fees.
Benefits of RBC High Interest eSavings Account
The RBC High Interest eSavings account has no minimum balance requirements or tiered rates, which means all cash balances earn interest at the same rate. This account also has no monthly fees and offers free access to RBC’s MyAdvisor service: a digital platform that creates personalized plans for your financial goals.
Drawbacks of RBC High Interest eSavings Account
The interest rate RBC offers for this account — a so-called high-interest savings account — is mediocre at best. It’s on par with other big bank competitors, but you can find higher rates elsewhere, particularly at online-only banks, which could have a sizable impact on how your savings grow over time.
The other major drawback to the eSavings account? Limited withdrawals. You only get one free withdrawal monthly, and after that, you’ll pay a $5 withdrawal fee per additional transaction.
What is RBC?
The Royal Bank of Canada is a well-established Canadian financial institution incorporated in 1869 and headquartered in Toronto, Ontario. It’s one of Canada’s illustrious Big Six Banks and offers personal and business banking services across the country and around the world.
RBC customer satisfaction ratings
RBC Royal Bank ranks first in customer satisfaction with retail banking advice, according to J.D. Power’s 2024 Canada Retail Banking Advice Satisfaction Study, a survey of 2,822 retail bank customers in Canada .
RBC Royal Bank ranks first in online banking and mobile app satisfaction according to J.D. Power’s 2024 Canada Online Banking Satisfaction Study, a survey of 9,173 retail bank and credit card customers nationwide .
At the time of this writing, RBC had a Trustpilot rating of 1.2 out of 5 possible stars after more than 1,300 customer reviews.
At the time of this writing, RBC had a Better Business Bureau (BBB) rating of 1.25 out of 5 possible stars after more than 100 customer reviews.
Is RBC reliable and secure?
RBC has Canada Deposit Insurance Corporation (CDIC) insurance, so customer deposits of up to $100,000 are covered in the unlikely event RBC goes under. The Canadian Investor Protection Fund (CIPF) covers RBC investor portfolios for up to $1M of investor assets in the event of insolvency.
RBC customers also benefit from its Digital Banking Security Guarantee, which promises to reimburse 100% of funds lost from an RBC account in the event of fraud, so long as you follow its digital banking terms and conditions.
RBC High Interest eSavings account details and eligibility
Who qualifies for an RBC High Interest eSavings account?
To open an RBC High Interest eSavings account, you must:
Live in Canada.
Be over the age of majority in your province or territory.
Have a valid Social Insurance Number (SIN).
Who should get an RBC High Interest eSavings account?
The RBC High Interest eSavings account is a straightforward savings account with no monthly fees or account minimums. All cash balances earn the same interest rate, which could be a plus for those who don’t want to worry about tiered rates or balance thresholds.
The eSavings account may be of particular interest to those who already bank with RBC since transfers between this high-interest savings account and other RBC accounts are free and unlimited.
How to know if an RBC High Interest eSavings account is right for you
An RBC Royal Bank HISA could be a fit if you’re comfortable earning modest interest and won’t regularly dip into your account, which could lead to unnecessary fees.
How to open an RBC High Interest eSavings account
Method and general steps
An RBC High Interest eSavings account can be opened online from RBC’s website. You can fill out the application from a computer, tablet or mobile device and the process typically only takes a few minutes to complete.
You can also apply by calling 1-800-769-2561 — phones are answered around the clock. Or, you can make an appointment to open an account at an RBC location during business hours.
Deposit and withdrawal process
RBC High Interest eSavings account deposits can be made by cash, cheque, electronic funds transfer or Interac e-transfer.
Online transfers between your HISA and other RBC accounts are free and unlimited. You get one free RBC ATM withdrawal monthly. After that, you’ll pay a $5 excess transaction fee for any withdrawal you make at an RBC branch or ATM. In addition to the excess transaction fee, you’ll pay an additional $2 to $5 for using a non-RBC ATM.
Customer service options
Reach out to the RBC customer service team:
By phone. Call 1-800-769-2511 to speak to a customer service representative.
In person. Make an appointment to visit an RBC branch during business hours.
How to maximize the benefits of an RBC High Interest eSavings account
Download the RBC mobile banking app. Check your account balance and monitor your account on the go with the RBC app.
Make withdrawals from another account. The eSavings account only comes with one free withdrawal monthly, but transfers between RBC accounts are unlimited. Avoid the $5 excess transaction fee by making withdrawals from a different RBC account.
RBC high-interest savings account alternatives
High-interest savings accounts, often referred to as HISAs, are popular, which means most Canadian banks and credit unions offer them. If RBC’s high-interest savings account doesn’t seem like a functional fit for your finances, there are numerous RBC savings account alternatives. You may also choose a registered savings account, such as the RBC TFSA or RBC RRSP.
Reasons you might want a different savings account
Here’s where RBC’s high-interest savings account has room for improvement:
Higher interest rate. While 1.15% interest is comparable with rates from other big banks, you may be able to earn more with a savings account from a credit union or online-only bank, especially if they’re offering a high introductory rate.
Free withdrawals. Some savings accounts offer unlimited fee-free withdrawals, so if access to cash on the go is a priority, explore your options elsewhere.
Free e-transfers. If you’d prefer not to pay for e-transfers, look into hybrid accounts, which blend the benefits of chequing and savings accounts and may come with free e-transfers.
RBC High Interest eSavings vs. RBC Enhanced Savings
Neither of these RBC accounts have a monthly fee, and they both come with one free transaction monthly, but interest rates and excess transaction fees vary.
RBC HIGH INTEREST ESAVINGS | RBC ENHANCED SAVINGS | |
|---|---|---|
Monthly fee | None | None |
Standard interest rate | 1.00% | Up to 0.01% |
Min. balance to earn interest | N/A | $5,000 |
Online transfers between RBC accounts | Free and unlimited | Free and unlimited |
Excess transaction fee | $5 | $2 |
RBC high-interest savings account facts
What is a high interest savings account?
High interest savings accounts, or HISAs, offer higher interest rates than regular savings accounts. A standard savings account rate from one of the Big Six Banks is likely to sit around 0.01% to 0.050%. High-interest savings accounts may offer rates closer to 1% — or higher.
Interest Rates
Promotional rate
RBC’s high interest savings account currently offers a promotional interest rate of 4.95% until Jan. 14, 2025.
Ongoing interest rate
The ongoing interest rate for RBC’s high interest savings account is 1.00% as of Jan. 14, 2025.
Minimum balance
The RBC High Interest eSavings account has no minimum balance requirements. You’ll earn the same interest rate no matter how much you have in your account.
Fees
Monthly fee
There are no monthly fees for RBC’s high interest savings account.
Transfer fee
Interac e-transfers from the RBC High Interest eSaving’s account cost $1 per transfer. Online transfers between RBC accounts are free.
Withdrawal fee
The account comes with one free withdrawal from an RBC ATM monthly. After that, a $5 excess transaction fee applies to any withdrawal made at an RBC branch or ATM. You’ll also pay an additional $2 to $5 for withdrawing funds from non-RBC ATMs.
Frequently asked questions
Is it worth getting the RBC High Interest eSavings account?
Is it worth getting the RBC High Interest eSavings account?
An RBC high-interest savings account can help you build an emergency fund or nest egg for future expenses. While higher interest rates exist, it may be a practical fit if you already bank with RBC and want to keep all of your accounts in one place.
Which bank has the highest savings account interest rate?
Which bank has the highest savings account interest rate?
Rates across Canadian financial institutions vary, but the Big Six Banks tend to offer lower rates than those of credit unions and online-only banks.
Check out our picks for the best savings accounts to find the bank that offers the highest savings account interest rate to match your needs.
Sources
NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.
- J.D. Power. J.D. Power’s 2024 Canada Retail Banking Advice Satisfaction Study. Accessed Jan 28, 2025.
- J.D. Power. J.D. Power’s 2024 Canada Online Banking Satisfaction Study. Accessed Jan 28, 2025.
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