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RBC HISA: Best for RBC customers who want to earn modest interest with no fees.
RBC’s High Interest eSavings account has no monthly fees or minimum balance requirements, but its ongoing interest rate is low in comparison to some competitors.
RBC High Interest eSavings Account
Interest Rate5.50%Earn 5.50% interest for 3 Months when you open your first RBC High Interest eSavings account. Offer expires December 22, 2023.Promotional rate
- Earn high interest on every dollar.
- Free electronic self-service transfers 24/7 with no delay – Including ATM and unassisted telephone fund transfers, from this account to any other RBC Royal Bank personal deposit account in your name.
- Free access to RBC Online, Mobile, and Telephone Banking.
- No minimum deposit requirements.
- The ability to set up a regular, automatic savings plan by arranging pre-authorized transfers from a bank account to your savings account.
- Know what your money is up to with a digital service that can help capture all of your savings and investments in one place.
- Canada Deposit Insurance Corporation (CDIC) provides deposit insurance against the loss of eligible deposits in the event of failure.
RBC High Interest eSavings account Pros & Cons
- No monthly fees.
- No minimum deposit or balance requirements.
- Free access to MyAdvisor, RBC’s digital financial advice program.
- Welcome offer: Earn 5.5% interest for three months (expires December 22, 2023 conditions apply).
- $5 excess transaction fee.
- Higher interest rates can be found elsewhere.
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RBC High Interest eSavings account full review
The RBC High Interest eSavings account currently earns 1.70% 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.
» MORE: Read our full review of RBC RRSP
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 founded 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 2023 Canada Retail Banking Advice Satisfaction Study, a survey of 2,911 retail bank customers in Canada.
RBC Royal Bank ranks third in online banking satisfaction according to J.D. Power’s 2023 Canada Online Banking Satisfaction Study, a survey of 8,242 retail bank and credit card customers nationwide. Above RBC sit BMO — which ranks highest in online banking satisfaction — and Scotiabank, which ranks second.
At the time of this writing, RBC had a Trustpilot rating of 1.2 out of 5 possible stars after more than 1,033 customer reviews.
At the time of this writing, RBC had a Better Business Bureau (BBB) rating of 1.3 out of 5 possible stars after more than 129 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 online 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.
» MORE: Read our full review of RBC TFSA
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 1.70% 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|
|Interest rate||1.70%||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.
The promotional interest rate for RBC’s high interest savings account is 5.50% as of October 11, 2023. This promotional period is three months long. After this, the rate reverts to 1.70%. (Offer expires on December 22, 2023).
Ongoing interest rate
The ongoing interest rate for RBC’s high interest savings account is 1.70% as of October 11, 2023.
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.
There are no monthly fees for RBC’s high interest savings account.
Interac e-transfers from the RBC High Interest eSaving’s account cost $1 per transfer. Online transfers between RBC accounts are free.
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 for RBC HISA
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.
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.
J.D. Power, “2023 Canada Retail Banking Advice Satisfaction Study,” accessed October 11, 2023.
J.D. Power, “2023 Canada Online Banking Satisfaction Study,” accessed October 11, 2023.