RBC Savings Account Review: Is It Worth It?
RBC savings account at a glance
Best pick for:
Unrestricted access to funds
Most of RBC's savings accounts do not require you to hold a minimum balance to earn interest (tiered rates may apply), so you can withdraw funds as needed.
Consolidated banking
You may choose to consolidate your banking products for convenience or to establish a new relationship with RBC. Either way, RBC savings accounts are worth considering if you have or plan to open other accounts at the bank.
Free consultation seekers
The savings accounts provide free access to RBC’s MyAdvisor service, a digital platform that creates personalized plans for your financial goals.
Not ideal for:
High-yield savings
The RBC savings accounts offer base interest rates comparable to other Big Banks. For sustained growth, compare credit unions and online banks, especially when bonus rates are in play.
Non-RBC chequing customers
Without an RBC chequing account, you won't benefit from free, unlimited transfers between RBC accounts. You're limited to one free withdrawal per month, and subsequent withdrawals incur significant excess fees.
RBCs savings account full review
RBC Royal Bank offers four Canadian-dollar savings accounts for adults to choose from. While each RBC savings account is unique, they’re all interest-earning accounts designed to grow your money for the future.
Types of RBC savings accounts
RBC High Interest eSavings account
RBC’s HISA currently offers an interest rate of 4.70%* for the first three months, which drops to 0.65% after that time runs out. You’ll get free electronic self-serve transfers to any RBC Royal Bank deposit account under your name, as well as one free RBC ATM cash withdrawal each month, but you’ll have to pay $5 for each debit transaction after that.
NOMI Find and Save account
A digital savings account for RBC customers who also have a chequing account. Using predictive technology, NOMI Find and Save analyzes your spending habits and automatically transfers funds from your chequing account to your savings account for you. There are no fees associated with this account. The current interest rate is 0.20%.
RBC Day to Day Savings account
A basic, no-fee account that offers free access to RBC Online, RBC Mobile and RBC Telephone banking, as well as free electronic self-service transfers. Balances of less than $1,000 earn a microscopic 0.005% interest rate; those of $1,000 or more earn 0.01%.
RBC Enhanced Savings account
This account offers tiered interest starting at 0.001% on balances of $5,000 or more. It includes free electronic transfers to your other RBC accounts, as well as one free debit transaction per month. Additional debits cost $2 each.
RBC savings accounts catalogue also includes foreign currency accounts, such as RBC U.S. High Interest eSavings, RBC Euro eSavings, RBC British Pound Savings and RBC Hong Kong Dollar eSavings accounts.
What is RBC?
The Royal Bank of Canada is one of Canada’s largest financial institutions and a more or less permanent member of the country’s Big Six banks. In addition to savings accounts, RBC offers a variety of other investment vehicles and banking products, from everyday chequing accounts to registered accounts to mortgages and wealth management solutions.
Is RBC safe?
As one of Canada’s biggest banks, RBC is about as secure as financial institutions come. It has a high credit rating among the world’s leading ratings agencies, owns over $2 trillion in assets and $250 billion market capitalization.
Your deposits at RBC are insured, too. Through its membership in the Canada Deposit Insurance Corporation (CDIC), eligible deposits at RBC are guaranteed to be recovered in the event the bank becomes insolvent.
RBC customer satisfaction ratings
RBC Royal Bank ranks first in customer satisfaction with retail banking advice, according to J.D. Power’s 2025 Canada Retail Banking Advice Satisfaction Study, a survey of 14,399 retail bank customers in Canada .
RBC Royal Bank ranks third in online banking and fourth in mobile app satisfaction according to J.D. Power’s 2025 Canada Online Banking Satisfaction Study, a survey of 9,857 retail bank and credit card customers nationwide .
At the time of this writing, RBC had a Trustpilot rating of 1.3 out of 5 possible stars after more than 1,600 customer reviews.
At the time of this writing, RBC had a Better Business Bureau (BBB) rating of 1.11 out of 5 possible stars after more than 80 customer reviews.
Grow your money faster
Compare the best high-interest savings accounts in Canada.
RBC savings account details and eligibility
Who qualifies for an RBC Royal Bank savings account?
If you’re at least 18 years old, live in Canada and have a Social Insurance Number and an additional form of identification, you can open a savings account at RBC.
Younger savers can apply for an RBC Leo’s Young Savers Account (for kids up to 12 years of age) or RBC Advantage Banking (for ages 13-24) with a parent’s assistance.
How to know if an RBC Royal Bank savings account is right for you
An RBC Royal Bank savings account 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.
Some of the value of an RBC savings account comes from the free transfers you can make between it and your other RBC accounts, but those are “self-service” transactions. That means you’ll have to be comfortable working with RBC’s online banking portal or its app.
How to open an RBC savings account
Applying for and managing an RBC Royal Bank savings account is generally pretty easy.
To open a savings account with RBC Royal Bank, you’ll need to be the age of majority in your province, living in Canada and opening a sole account in your own name.
You’ll also be required to present a Social Insurance Number and proof of your identity, which can be done in person, using a piece of government-issued identification, or online.
Opening your RBC Royal Bank Savings Account can be done online, in person at an RBC branch or by calling 1-800-769-2561.
Deposit and withdrawal process
Deposits and transfers can be made in person or online, through RBC Online banking or the RBC Mobile app. Withdrawals can be made in person or through ATMs, but if you go beyond your monthly limit for free debit transactions, you’ll have to pay for each subsequent withdrawal.
Customer service options
RBC customer service can be reached by calling:
1-800-769-2511 for questions related to bank accounts.
1-800-769-2555 for questions related to online banking and mobile banking.
To meet with an RBC customer service representative in person, customers are encouraged to make an appointment online.
How to maximize the benefits of an RBC savings account
The best way to get the most value out of any savings account is by depositing as much money as you can and leaving it there for as long as possible to earn compound interest.
Regularly withdrawing money from your savings account — and paying the fees associated with going over your limit of free transactions each month — will diminish both your savings and the interest you can earn from them.
If you have to take money out of your savings account, it’s often cheaper to do it by transferring what you need into a chequing account, which likely allows you to make far more transactions each month, and then withdrawing it.
RBC savings account alternatives
Savings accounts can be useful, but they are limited in what they can do for you.
Savings accounts vs. tax-free savings accounts
One alternative to a basic savings account that has a few added benefits is a tax-free savings account, or TFSA.
Unlike a savings account, the RBC TFSA allows you to make an unlimited number of deposits and withdrawals each month without triggering any fees. However, there is an annual cap on how much you can deposit, and going over that cap comes with a penalty. For 2025, that cap is $7,000.
The interest paid on cash in a TFSA generally isn’t remarkable, but that’s partly because this account isn’t really designed to just hold money. Funds deposited into a TFSA are meant to be invested, which can help grow your savings far faster than if they were left in a savings account earning a low rate of interest. As the name suggests, any profits you generate through your TFSA are completely tax-free.
RBC savings account facts
Promotional rate
Only one of RBC’s savings accounts has a promotional interest rate as of Oct. 7, 2025. The High Interest eSavings is offering 4.70%* interest for three months on accounts opened before Oct. 29, 2025.
Ongoing interest rates as of October 2025:
RBC High Interest eSavings: 0.65% normally; 4.70% on accounts opened before Oct. 29, 2025.
NOMI Find and Save: 0.20%.
RBC Day to Day Savings: 0.005% (on balances below $1,000), 0.01% (on balances greater than $1,000).
RBC Enhanced Savings: No interest on balances below $5,000, 0.001% on balances between $5,000 and $9,999.99, 0.005% on balances from $10,000 to $24,999.99, and 0.01% on balances above $25,000.
There is no minimum balance required when opening or maintaining a savings account at RBC Royal Bank.
You won’t encounter too many bank fees when working with an RBC Royal Bank savings account.
Monthly fee
None of RBC’s savings accounts charge a monthly fee.
Transfer fee
There is no fee for transferring your money between your RBC accounts.
Withdrawal fee
Transactions, where your money is being withdrawn from a savings account but kept within RBC, will not be charged a fee. These transactions include:
RBC Virtual Visa Debits.
RBC Royal Bank loan payments.
RBC Royal Bank mortgage payments.
Pre-authorized or self-serve payments towards RBC credit cards.
Contributions to investment accounts, such as RBC GICs and RBC RRSPs.
All other transactions will incur a withdrawal fee once you’ve used up your monthly limit of one free debit. NOMI Find and Save, however, doesn’t provide any types of debit transactions. You can transfer funds from this account to eligible RBC chequing or savings accounts using the free online banking service.
One add-on that could be helpful if you’re an RBC Royal Bank savings account customer is the MyAdvisor tool, which tracks financial activity across all your RBC accounts to create personalized savings plans.
MyAdvisor is most useful when you use multiple RBC accounts and products, which gives the platform more information to work with.
Frequently asked questions
Is it worth it to get a savings account?
Is it worth it to get a savings account?
The answer will depend on what you want to do with your money. If you want a secure place to store your savings, and aren’t concerned about the potentially small amount of interest you’ll earn, a savings account can be a very useful financial tool.
Do RBC savings accounts charge fees?
Do RBC savings accounts charge fees?
None of RBC’s savings account options charge monthly or transfer fees. RBC savings accounts only offer a limited number of withdrawals or debits per month, however. If you exceed that number, you’ll likely pay fees.
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 2025 Canada Retail Banking Advice Satisfaction Study. Accessed Oct 21, 2025.
- J.D. Power. J.D. Power’s 2025 Canada Online Banking Satisfaction Study. Accessed Oct 21, 2025.
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