RBC Day to Day Savings Account review

The RBC Day to Day Savings Account lets you earn a tiered interest rate based on how much money you keep in your account. With this account, you can earn between 0.005% and 0.01% on your savings with no minimum deposit requirements. Just be prepared to pay fees anytime you take money out, including when you make ATM withdrawals, pay for purchases using your debit card or use your savings to pay for your monthly bills.

Expert review

The RBC Day to Day Savings Account is a good fit for customers who are interested in earning interest on their savings. It offers no minimum deposit requirements, zero monthly fees, free RBC transfers and one free debit on your account each month. You may want to avoid this account if you plan to make a number of transactions since every one you make beyond the monthly limit will cost you $2.

What are the benefits of the RBC Day to Day Savings Account?

You’ll be able to take advantage of the following perks with this fee-free savings account:

• No monthly fees. You won’t have to pay a monthly fee to sign up for your account.
• Tiered interest rates. You can earn between 0.005% and 0.01% on your savings, depending on how much you keep in your account.
• Free internal transfers. You’ll be able to send unlimited free transfers between your RBC accounts with the click of a mouse.
• No minimum deposits. It’s possible to get your account up and running with as little as $1, which makes it accessible to most customers.
• Easy savings mechanisms. You can set up automatic deposits from your chequing account to your Day to Day Savings Account to reach your savings goals faster.
• Specialized advice. You can get tailored insights into your financial situation when you sign up for RBC MyAdvisor (which comes free with this savings account).
• Mobile cheque deposit. You can put money into your account by snapping a picture of any cheque you want to deposit using your mobile phone.

What should I look out for?

While there are a number of benefits you’ll get with the RBC Day to Day Savings Account, you should also keep an eye out for the following drawbacks:

• Low interest rates. The interest rates you’ll earn on this account are lower than what you’ll get with several other no-fee RBC savings accounts.
• Limited debits. You’ll only get one free debit per month, and after that, you’ll be required to pay $2 per transaction.
• Fees for Interac e-Transfers. You’ll have to pay $1 for every Interac e-Transfer that you send to friends or family.
• ATM charges. You’ll be required to pay $2 every time you want to withdraw money from an ATM.

How do I open an RBC Day to Day Savings Account?

Follow these steps to open an RBC Day to Day Savings Account online:

1. Go to RBC’s website and find the page for the RBC Day to Day Savings Account.
2. Click on the “Sign me up” button when you land on the page.
3. Enter your personal information such as your full name, date of birth, Social Insurance Number and email address.
4. Submit your application and provide any other documents that RBC requests to process your file.
5. Once approved, sign up for an online RBC account with your new banking information.

Eligibility requirements

To apply for an RBC Day to Day Savings Account, you need to meet the following criteria:

• Be a Canadian citizen or resident who is at least 18 years old (19 in some provinces)
• Be opening a sole account in your name

Required documents and information

• Your name, residential status and contact information
• Your Social Insurance Number (optional) and date of birth
• Your email address and phone number

How do I deposit or withdraw my money?

You can easily take money out of your account by withdrawing cash from an ATM or visiting a branch in person. You can also transfer money out of your account using a free internal RBC transfer or by sending an Interac e-Transfer to family or friends.

To deposit money, you just need to visit an ATM or a branch to make a deposit by cash or cheque. You can also transfer money into your account or deposit a cheque using the RBC mobile app.

How can I get in touch with customer service?

You can easily connect with RBC by using the following channels:

• By phone. Call in to RBC’s customer service hotline to speak to an agent at any time of day or night.
• In person. Visit an RBC branch in person to set up an account or troubleshoot issues with your RBC banking services.
• By mail. If you prefer to use snail mail, you can send a letter to RBC’s head office in Toronto or to a local branch if that makes more sense.
• By email. It’s easy to send an email or get in touch with customer service by signing into your online banking and sending a secure message.

RBC Day to Day Savings Account FAQs

• Do I need to pay fees with the RBC Day to Day Savings account?

  It depends. You won’t have to pay monthly account fees, but you’ll have to pay for debits and withdrawals from your account. That said, you’ll get one debit for free before you have to pay to take money out.

• How do tiered interest rates work?

  You’ll earn an interest rate of 0.005% on any amount you keep in your account below $1,000. Once you go above this amount, you’ll earn a rate of 0.01% on your remaining balance.

• Is my money safe with RBC?

  Yes. RBC is one of Canada’s biggest banks and it’s a member of the Canada Deposit Insurance Corporation. This means that any money you deposit into your account will be protected up to $100,000 if RBC goes bankrupt.

• Can I manage my RBC Day to Day Savings account through mobile banking?

  No problem! You can easily download the RBC mobile app from the Apple Store or Google Play (depending on which device you use). From there, you can sign up for an account to manage your withdrawals and deposits on the go.

• Why would I choose the RBC Day to Day Savings account over a higher-interest RBC account?

  It’s up to you to decide what type of savings account you’re interested in. For example, you’ll earn a higher interest rate with the RBC High Interest eSavings Account, but you’ll also pay more for going over your monthly limit of transactions.

  To decide which account is the best fit for you, you’ll need to measure out the pros and cons of each. This will help you assess which one offers the best mix of benefits for your unique personal situation.

• Can I apply for the RBC Day to Day Savings online?

  Yes, you can apply by visiting RBC’s website to fill out an application or you can visit a branch in person to sign up for an account. It’s also possible to call into RBC’s phone hotline to get started.