Compare RBC savings account options

Looking to open an RBC savings account? Here’s what you need to know about how fees and features compare between RBC savings accounts, plus the latest Royal Bank interest rates.

Compare RBC savings accounts

RBC Day to Day Savings Account

5.9 Standard RBC Day to Day Savings Account

5.9 Standard

N/A

Up to 0.01%

$0

View details Compare product selection Compare

loading

Why we like it The RBC Day to Day Savings Account is a basic no-fee account designed for people who are just getting started with saving. The more money you deposit, the higher the interest rate you'll earn. Balances over $1,000 earn 0.01% interest and any balance under this amount will get you a rate of 0%. You also get free transfers to your RBC accounts and one free transaction per month. Pros & cons Pros No monthly fees Earn interest on every dollar Free transfers to other RBC accounts No minimum balance required Cons Low interest rates Only one free transaction per month, then it's $2 a transaction

RBC NOMI Find & Save

RBC NOMI Find & Save

N/A

0.15%

$0

View details Compare product selection Compare

loading

Why we like it The RBC Nomi Find & Save Account is a digital savings solution that uses predictive technology to automatically move small amounts of money from your linked RBC chequing account into savings based on your cash flow and spending patterns. Automatic Payment Protection ensures funds are moved back to your linked chequing account to cover upcoming payments and negative balances. The account comes with no monthly fees or minimum balance requirements and an interest rate of 0.15%. Pros & cons Pros Automatic savings No monthly fee or minimum balance Easy to pause Free RBC transfers Automatic payment protection Cons Requires an RBC chequing account Low interest rates Limited customization

RBC Enhanced Savings Account

RBC Enhanced Savings Account

N/A

0.00%

View details Compare product selection Compare

loading

Why we like it The RBC Enhanced Savings Account offers tiered interest rates but is more suitable if you intend to maintain a high account balance as you earn 0% interest on balances up to $4,999.99. For larger balances, you'll earn 0.001%–0.010%. This account also includes 1 free debit transaction per month, then each transaction costs $2 but you can transfer funds for free to other RBC accounts. Pros & cons Pros Higher balances equal higher rates No monthly fee or minimum balance requirements Free transfers to other RBC accounts Cons No interest on balances $4,999.99 and under Only 1 free debit transaction per month

RBC High Interest eSavings Account

8.1 Great RBC High Interest eSavings Account

8.1 Great

4.60%

0.55%

$0

View details Compare product selection Compare

loading

Why we like it The RBC High Interest eSavings Account is an online savings account that offers a promotional interest rate of 0.55%. There are no monthly fees or minimum balance requirements and you get free transfers to your other RBC accounts. You also get one free RBC ATM withdrawal per month. Pros & cons Pros Free transfers to other RBC accounts 1 free ATM withdrawal No monthly fee or minimum balance requirements Highest interest rate RBC offers Cons Additional transaction fees apply Promotional interest rate only lasts a few months

RBC Leo’s Young Savers Account

RBC Leo’s Young Savers Account

N/A

0.01%

$0

Get $50 when you open an RBC Leo’s Young Savers Account for your child. Valid until November 2, 2026. T&Cs apply.

View details Compare product selection Compare

loading

Why we like it 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 12 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. Pros & cons Pros No monthly fees or minimum balance Free and unlimited debit and Interac e-Transfer transactions Encourages financial habits early Cons Low interest rates Not available for teenagers

loading

What is the best RBC savings account?

The RBC High Interest eSavings account is the best option for those looking to grow their savings with ease. It offers no monthly fees, a competitive interest rate of 0.55% and no minimum balance requirements to earn this rate. You also get free transfers to your other RBC accounts and access to MyAdvisor, a digital platform that offers personalized savings plans, tips and advisor guidance to help you meet your financial goals.

Advantages of opening an RBC savings account

Here are some of the benefits that come with RBC savings accounts.

• 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 Banking Security Guarantee. RBC guarantees full protection against transactions you didn’t make or approve.
• RBC MyAdvisor. Get personalized savings plans, financial insights and goal-based recommendations, helping you make smarter financial decisions and stay on track with your goals.
• Access to NOMI. If you already have an RBC chequing account, you have the option of enabling automatic transfers to your RBC savings account using predictive technology that identifies doable transfer amounts based on your chequing account activity.
• Easy transfers between RBC accounts. All RBC savings accounts offer free transfers to other RBC accounts in your name.
• In-branch and ATM access nationwide. RBC has one of the largest branch and ATM networks in Canada, which can be helpful if you prefer in-person support.
• CDIC protection. RBC is a member of the Canada Deposit Insurance Corporation, so your deposits of up to $100,000 are covered if RBC fails.

Disadvantages of opening an RBC savings account

• Low interest. While RBC offers high promotional rates, its standard rates are relatively low, especially when compared to digital bank alternatives.
• Transaction fees. Most RBC savings accounts charge fees for any transaction beyond transferring funds to your own RBC account.

What other types of savings options does RBC offer?

Beyond standard savings accounts, RBC also offers other vehicles to help your money grow through various types of specialized savings and investment accounts. These accounts often come with tax advantages or reduced currency conversion fees, which can allow your money to grow faster than it would in a standard savings account. You can also link many of these accounts to investment vehicles, which can accelerate your savings growth over the long term.

The types of specialized savings accounts RBC offers are:

• U.S. High Interest eSavings Account
• RBC Euro eSavings Account
• Tax-Free Savings Account (TFSA)
• Registered Retirement Savings Plan (RRSP)
• Registered Education Savings Plan (RESP)
• Registered Retirement Income Fund (RRIF)
• Registered Disability Savings Plan (RDSP)
• First Home Savings Account (FHSA)

Requirements to open an RBC savings account

Before you open an RBC savings account, make sure you meet the following eligibility requirements:

• Age. In most cases, you need to be the age of majority in your province or territory.
• Residency. You need to verify that you live in Canada and have a Canadian address.
• Valid government-issued ID. You’ll need acceptable identification, such as a Canadian driver’s licence or passport, to verify your identity.

How to open an RBC savings account

You can open an RBC savings account online, in the RBC Mobile app, over the phone or in a branch. If you want to open your account online, you can follow these steps:

1. Head to RBC’s website and select the savings account you want to open.
2. Select Apply Online Now.
3. Input your full name, date of birth, phone number and email address.
4. Verify your identity by taking a picture of your government-issued ID and your face.
5. Set your Client Card PIN and online banking password.
6. Wait for an email confirmation and start using your account.

Alternative to opening a savings account with RBC

If maximizing your savings and earning the highest possible interest is your top priority, digital banks can be a strong alternative to RBC savings accounts. Online-only banks like EQ Bank, Tangerine and Simplii typically offer higher ongoing interest rates and frequent promotions because they have lower operating costs than big banks. However, these accounts rarely come with in-person services, so your choice ultimately depends on your financial priorities.

Some top alternatives to RBC savings accounts

8.2 Great Tangerine Savings Account

8.2 Great

4.50% for 5 months

0.30%

$0

Earn 4.50% interest for 5 months (on up to $1,000,000 in deposits) when you sign up by November 30, 2026. T&Cs apply.

Go to siteView details Compare product selection Compare

loading

Why we like it The Tangerine Savings Account is a no-fee, no minimum balance savings account. It's fully online with unlimited free transactions, free transfers and an interest rate of 4.50% for 5 months, then 0.30% thereafter. Compared with the RBC High Interest eSavings Account, Tangerine's promotional rate can be competitive but its ongoing rate tends to be lower once the offer ends. Pros & cons Pros No monthly fees or minimum balance Earn 4.50% interest for 5 months (on up to $1,000,000 in deposits) when you sign up by November 30, 2026 Unlimited free transactions and free transfers Automatic Savings Program Cons Ongoing interest rate drops significantly No physical branches

9.2 Excellent EQ Bank Notice Savings Account

9.2 Excellent

N/A

Up to 2.75%

$0

Go to siteView details Compare product selection Compare

loading

Why we like it Unlock competitive interest rates with the EQ Bank Notice Savings Account by agreeing to give 10 or 30 days' notice before withdrawing funds. Earn 2.75% interest if you choose a 30-day withdrawal notice period or 2.35% interest if you choose a 10-day notice period. These rates are much higher than what RBC savings accounts offer, making it a good option for savers who don't need instant access to their funds. Pros & cons Pros Earn 2.75% interest if you choose a 30-day withdrawal notice period or 2.35% interest if you choose a 10-day notice period. No fees or minimums Easy online setup CDIC-insured deposits Cons Requires advance notice to withdraw No physical branches

8.2 Great Simplii High Interest Savings Account

8.2 Great

4.60% for 5 months

0.30%

$0

Earn 4.60% interest for 5 months on up to $200,000 in savings. Offer ends October 31, 2026. T&Cs apply.

Go to siteView details Compare product selection Compare

loading

Why we like it Simplii's High Interest Savings Account is a digital savings account with a promotional interest rate of 4.60% for the first 5 months. After the promo period ends, its standard rate falls to 0.3%–0.75%, and you'll only get a higher rate than what the RBC High Interest eSavings account offers if you have over $1,000,000 saved. The account also has no monthly fees, no minimum balance requirements and free transactions. Pros & cons Pros Earn 4.60% interest for 5 months on up to $200,000 in savings. Offer ends October 31, 2026 No fees or minimum balance CIBC ATM network access Cons Rate drops after 5 months Not available in Quebec

8.6 Great Scotia High Interest Savings Account

8.6 Great

5.00% for 3 months

0.75%

$0

Receive a special welcome promotional interest rate of up to 5.00% for the first 3 months (90 days) when you open your first Scotia High Interest Savings Account. T&Cs apply.

View details Compare product selection Compare

loading

Why we like it The Scotia High Interest Savings Account offers a tiered interest rate structure. Balances between $0 and $10,000 will earn 0% interest. Balances higher than that will earn a standard interest rate between 0.75% and 2.2%, plus a bonus rate boost to bring the total possible interest rate to 5.00% for 3 months, based on the total balance between all eligible Scotoabank savings accounts. Interest is calculated daily and paid monthly. Its ongoing rates are higher than most RBC savings accounts. Pros & cons Pros $0 monthly account fee Earn ongoing rates between 0.75% and 2.2% on balances of $10,000 or more Insured for up to $100,000 Cons Balances under $10,000 do not earn any interest It's possible to earn higher rates with digital bank savings accounts

loading

Bottom line

RBC savings accounts are a solid choice if you value no monthly fees, easy transfers between RBC accounts and access to digital tools like NOMI and MyAdvisor. The RBC High Interest eSavings Account is a stand-out option thanks to its competitive promotional rate of 0.55%. However, RBC’s standard interest rates are lower than digital alternatives like EQ Bank, Simplii and Tangerine.

Frequently asked questions about RBC savings accounts

• Is there a monthly fee for RBC savings accounts?

  RBC savings accounts don't come with monthly fees or minimum balance requirements. But you may face charges for debits, Interac e-Transfers and other bank services.

• How much money do I need to keep in my RBC savings account?

  RBC savings accounts generally don't have minimum balance requirements. But be aware that some accounts, like the RBC Enhanced Savings Account, don't pay interest unless your balance reaches a certain threshold.

• Does Royal Bank have a high-interest savings account?

  Yes, Royal Bank has a High Interest eSavings Account. This account pays interest on every dollar, has no monthly fee and no minimum deposit requirement.

• What is the RBC High Interest eSavings Account rate?

  The interest rate on the RBC High Interest eSavings Account is 0.55%.

• How do I activate NOMI Find & Save?

  You can activate RBC NOMI Find & Save in the RBC Mobile app. Once you're logged in to the mobile app or online banking, you can view your account balance(s), transaction history and statements.

• How will NOMI transfer money from my RBC chequing account to my RBC savings account?

  For NOMI to work, you must have an RBC chequing account for at least 3 months. This enables NOMI to understand your financial patterns based on your banking activity. NOMI will transfer $50 per day from your chequing to your savings account, up to a maximum of 5X per week. Since NOMI Find & Save is personalized based on your transaction patterns, there may not be any transfers in some months.

• What is RBC's Right Account Guarantee?

  RBC's Right Account Guarantee guarantees a refund of your monthly account fees for up to 3 months if you aren't completely satisfied with your account.

More banking guides from our experts

Banking

Banking statistics and trends in Canada for 2025

Explore key banking statistics and figures from the Finder: Consumer Sentiment Survey January 2025.

Chequing Accounts

Best free (no-fee) chequing accounts in Canada for 2026

Compare the features of 8 of the best no-fee chequing accounts in Canada, and find out how to avoid transaction fees.

Banking

17 best new bank account offers for October 2026

Earn cash, rewards points, bonus interest rates and more with these new bank account offers and promotions.

Kids Banking

Best youth bank accounts in Canada

Learn about the different types of bank accounts for your teenager and how to choose the right one.

Chequing Accounts

Best chequing accounts in Canada for 2026

Compare chequing accounts and learn about our top picks. Compare different features and see which one is right for you.

Banking

Open a bank account online in Canada in 5 easy steps

Compare and open a bank account online in Canada in as little as 5 minutes. Learn what you need to apply and how to get started today.

Written by

Rebecca Low

Writer

Add to Preferred Sources

Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel. See full bio