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RBC Preferred Money Market Savings Account
Earn a high interest rate on any US dollars you have in your account and enjoy up to 6 free debits per month.
The RBC Preferred Money Market Savings Account is a cross-border account that gives you a high return on interest and six free debits per month. This account offers a return of 0.20% interest on your savings and you won't have to pay a monthly fee as long as you keep US$1,000 in your savings.
The RBC Preferred Money Market Savings Account is a cross-border account that gives you a high return on interest and six free debits per month. This account offers a return of 0.2% interest on your savings and you won’t have to pay a monthly fee as long as you keep $1,000 in your account at all times..
The RBC Preferred Money Market Savings Account allows you to earn a high interest rate on any balance you keep as savings. You’ll also get six free debits per month and your monthly fees will be waived as long as you keep $1,000 in your account at all times. account.
This account also offers free RBC transfers between your Canadian and US accounts, along with unlimited deposits. Just be aware that you’ll have to pay a currency conversion rate every time you transfer money from CAD to US dollars.
What are the benefits of the RBC Preferred Money Market Savings Account?
The RBC Preferred Money Market Savings Account comes with a number of benefits:
No monthly fees with minimum balance. You won’t have to pay monthly fees as long as you keep $1,000 in your account at all times. account at all times.
Earn interest in US dollars. You’ll earn 0.2% interest on your savings in US dollars, which will convert back to CAD at a higher rate.
Tiered interest rates. You'll earn 0.20% on balances up to $24,999, 0.25% for daily balances between $25,000 and $49,999 and 0.50% on balances greater than $50,000. in your account at any one time.
Six free debits per month. You can debit money from your account for free up to six times before you need to pay additional fees.
Free internal transfers. You can transfer money between your Canadian and US RBC accounts whenever you need.
Special protections. Any money you put into your account will be protected by the Federal Deposit Insurance Corporation (FDIC) for up to US.
US cheques. You’ll get cheques that you can use to make purchases out of your account when you spend money in the United States.
Many banking options. You can manage your transactions using RBC’s phone hotline, your online account or the RBC Mobile app.
What should I look out for?
The RBC Preferred Money Market Savings Account comes with several drawbacks you should be aware of:
Limited debits. You’ll only get six free debits per month and after that you’ll be required to pay an undisclosed amount for every transaction.
No Interac e-Transfers. You won’t be able to send Interac e-Transfers using this account – even for a fee.
Foreign exchange rates. You’ll usually have to pay a markup on any money you transfer from your Canadian to US dollar account (and vice versa).
No Canadian currency deposits. There’s no option to deposit Canadian cheques or currency into your RBC Preferred Money Market Savings Account.
Compare RBC with other savings accounts
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How do I open an RBC Preferred Money Market Savings Account?
Follow these steps to open an RBC Preferred Money Market Savings Account online:
Go to RBC’s website and find the page for the RBC Preferred Money Market Savings Account.
Click on the “Sign me up” button when you land on the page.
Enter your personal information such as your full name, date of birth, Social Insurance Number and email address.
Submit your application and provide any other documents that RBC requests to process your file.
Once approved, sign up for an online RBC account with your new banking information.
To apply for an RBC Preferred Money Market 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 withdraw your funds using an ATM or by visiting a physical branch. Most customers will send free transfers from their RBC Preferred Money Market Savings Account to their RBC Canadian accounts as a means to withdraw cash. Just be aware that you’ll have to pay an exchange rate if you go this route.
For deposits, you can send an internal transfer from your Canadian account to your RBC Preferred Money Market Savings Account. You can also deposit US cheques or cash at US ATMs and RBC branches. Unfortunately, you won’t be able to deposit Canadian funds in the same way.
How can I get in touch with customer service?
There are a number of options available for you to connect with RBC customer service:
By phone. You’ll be able to call into RBC’s toll-free hotline at any time of day or night to get help with your account.
In person. Visit a branch to speak to an RBC agent in person during normal business hours.
By mail. You can contact RBC by mail if you need to send in documents or don’t mind waiting to get a reply back.
By email. It’s easy to send an email to RBC through its general support email address or through your online banking.
Frequently asked questions about the RBC Preferred Money Market Savings Account
You won't need to pay monthly fees with this account if you keep your balance above US$1,000. You may need to pay fees if you fall below this amount, or exceed your monthly limit of six debits.
Unfortunately, no. You won't be able to send Interac e-Transfers using this account. That said, you will be able to send internal transfers to your other RBC accounts. This means that you can transfer your funds into your Canadian RBC account and send an Interac e-Transfer to family or friends from there.
Yes. You can expect to pay exchange rates to transfer your cash from CAD into US dollars, and vice versa. You can find out more about how much this will cost you by checking out RBC's exchange rate on its website.
Yes. Your money will be protected up to US by the Federal Deposit Insurance Corporation (FDIC) in the United States. This means that your investments will be safeguarded across borders.
Yes. You'll be able to download the RBC Mobile app using your phone. From there, you can sign up for an account and send and deposit money on the go.
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.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
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