RBC savings accounts
RBC Royal Bank has six savings accounts you can use to save your cash and earn interest.
Here’s a look at RBC savings accounts, including the features and benefits of each so you can find the one that’s right for your banking needs.
Compare RBC savings accounts
RBC High Interest eSavings Account
One way to earn interest and save your money is through the RBC High Interest eSavings Account. This plan has $0 fee per month and offers a modest 1% interest rate on the amount in your balance. Another nice perk is that you do not need to keep a minimum balance in the account to earn interest.
RBC Day to Day Savings Account
Another option for those that want to earn and save is this basic savings account plan, the RBC Day to Day Savings Account. With this account, the more money you put into this account, the higher the interest rate you will earn. If you have more than $1,000 in your account, you will earn 0.01% interest. Any balance under this amount will get you a rate of 0.005%.
RBC Enhanced Savings Account
This savings account option also uses a tiered interest rate system, but is more suitable for those who intend to maintain a higher account balance. Balances up to $9,999.99 receive only 0.001% interest, and you won’t earn interest on amounts up to $4,999.99. However, the tier system really pays off at higher balances. Any amount over $250,000 will receive a 0.15% interest rate.
RBC NOMI Find & Save – Digital Savings Account
The RBC NOMI Find & Save – Digital Savings Account uses predictive technology to monitor the financial trends in your RBC chequing account and then makes a determination as to the amount of money it thinks it should set aside into your RBC savings account. With this account, you will earn an interest rate of 0.5% on all balances.
RBC Leo’s Young Savers Account
To start saving for your child’s future, you may want to open up an RBC Leo’s Young Savers Account. This account is for kids aged 13 and under and aims to set children on the right financial path. It advertises a $0 fee per month, and you’ll earn an interest rate of 0.01% on all balances in this account.
RBC U.S. High Interest eSavings Account
If you have an abundance of US dollars, make them work harder for you by opening up a RBC U.S. High Interest eSavings Account. With a $0 fee per month and a $0 minimum account balance required, you’ll pad your savings with an interest rate of 0.15%.
The benefits of banking with RBC
Like most big banks, you can expect a high level of customer service with RBC and a number of benefits including the following:
- RBC Internet and mobile banking. If you sign up for an RBC savings account, you can bank online using RBC’s Online Banking web portal. If you prefer banking on your mobile device, you can do that on the RBC Mobile app.
- RBC digital security guarantee. RBC guarantees full protection against any fraudulent transactions.
- Access to myFinanceTracker. Manage your money with expense tracking, budgeting and savings made easier for you.
- Access to NOMI. If you already have an RBC chequing account, you can choose to have your money smartly managed using predictive technology.
How to open an RBC savings account
Before you get started on your application, you should make sure that you meet the eligibility requirements for the specific savings account that you are interested in. Furthermore, have the necessary documents on hand so that you can correctly fill out the application form. Eligibility requirements might vary between savings account plans but generally include the following:
- Age. You need to be the age of majority in your province or territory of residence.
- Residency. You need to verify that you live in Canada.
- Identity verification. You need to confirm that you are opening this account for yourself and not on behalf of someone else.
- Visit a branch. If you’re trying to open an RBC Leo’s Young Savers Account, you’ll need to visit your local RBC branch with a parent or legal guardian to do so.
Information you will need for your application
After checking that you are eligible for the savings account you want, you will need to gather the following information in order to proceed with the application process.
Personal information. You’ll need to provide your personal information such as your address and your contact information. You’ll also need to verify your identity by providing an accepted form of identification, such as your driver’s licence or passport.
Frequently asked questions about RBC savings accounts
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