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RBC U.S. High Interest eSavings Account Review

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Earn a decent interest rate on your US dollar savings with this fee-free savings account.

The RBC U.S. High Interest eSavings Account is a cross-border account that lets you earn interest on any savings you hold in US dollars. You'll earn 0.050% interest on your balance and you'll get fee-free RBC transfers.

$0

Minimum Balance

Details

OfferThe RBC U.S. High Interest eSavings Account is a cross-border account that lets you earn interest on any savings you hold in US dollars. You'll earn 0.050% interest on your balance and you'll get fee-free RBC transfers.
Minimum Balance$0
Deposit Insurance$100,000
More Info

The RBC U.S. High Interest eSavings Account is a cross-border account that lets you earn interest on any savings you hold in US dollars. You’ll earn 0.05% interest on your balance and you’ll get fee-free RBC transfers. Just be aware that you’ll still have to pay foreign exchange rates when you transfer money between your RBC accounts, and you’ll be charged $3 for every debit beyond your first transaction each month.

Expert review

The RBC U.S. High Interest eSavings Account lets you earn interest on any US dollars you hold in your account. It offers no minimum deposit requirements, zero monthly fees, free RBC transfers and one free debit per month. Just be aware that you’ll have to pay foreign exchange rates to transfer money between your RBC accounts and you won’t be able to send Interac e-Transfers with this account.

What are the benefits of the RBC U.S. High Interest eSavings Account?

The RBC U.S. High Interest eSavings Account comes with a number of benefits:

  • No monthly fees. You won’t have to pay monthly fees to set up or maintain this account.
  • Earn interest in US dollars. You’ll earn 0.05% interest on your account in US dollars, which will be more than you’d earn in Canadian dollars.
  • Fee-free internal transfers. You can send money between your RBC accounts without paying a bank fee (though you’ll still have to pay the markup on foreign exchange).
  • No minimum deposits. You won’t need to keep a minimum balance in your account to remain eligible to make deposits and withdrawals.
  • Specialized advice. It’s easy to see what your investments and savings are doing when you sign up for an RBC MyAdvisor account.
  • Mobile banking. You can manage your transactions and banking details hassle-free using the RBC Mobile app.

What should I look out for?

While the RBC U.S. High Interest eSavings Account comes with a number of perks, you should also be mindful of a couple of drawbacks:

  • Limited debits. You’ll only get one free debit per month and after that you’ll be required to pay $3 per transaction.
  • No Interac e-Transfers. You won’t be able to send Interac e-Transfers using this account – even for a fee.
  • No ATM withdrawals. You won’t be able to withdraw cash from an ATM or carry out any cross-border debits.

Compare RBC with other savings accounts

Name Product Interest Rate Promotional Interest Rate Min. Bal / Min. Deposit Account Fee
EQ Bank Savings Plus Account
1.50%
$0 / $0
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Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank.
Tangerine Savings Account
0.10%
2.10%
$0 / $0
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Earn 2.10% interest for 5 months (up to a maximum of $1,000,000) as a new Tangerine client when you open your first savings or chequing account and use the promo code EARNMORE. Plus, get up to a $150 bonus when payroll requirements are met. Apply online by January 31, 2021.
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How do I open an RBC U.S. High Interest eSavings Account?

Follow these steps to open an RBC U.S. High Interest eSavings Account online:

  1. Go to RBC’s website and find the page for the RBC U.S. High Interest eSavings 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 U.S. High Interest eSavings 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?

There are very few ways that you’ll be able to withdraw your funds from the RBC U.S. High Interest eSavings Account other than by transferring them to other RBC bank accounts. This is because you won’t be able to withdraw money using an ATM, and it’s not possible to send Interac e-Transfers to family or friends.

For deposits, you’ll be able to put money into your bank account using an ATM or by visiting a branch. You can also transfer money into your RBC U.S. High Interest eSavings Account using your other RBC accounts.

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 can call into RBC’s toll-free number 24 hours a day, 7 days a week.
  • In person. Visit a branch to speak to an RBC agent in person during normal business hours.
  • By mail. Send inquiries or documents to RBC’s head office in Toronto, or to a local branch if that makes more sense.
  • By email. Contact RBC by sending a secure message through your online banking account.

Frequently asked questions about the RBC U.S. High Interest eSavings Account

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