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RBC Preferred Money Market Savings Account

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RBC Preferred Money Market Savings Account
Promotional Rate
N/A
Regular Interest Rate
0.2%
Transaction Fee
6 free debits, free RBC transfers
Minimum Balance
$0
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Our verdict

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 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.

Pros

  • No monthly fees with minimum balance
  • Earn interest in US dollars
  • Tiered interest rates

Cons

  • Limited debits
  • No Interac e-Transfers
  • Foreign exchange rates

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

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..

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.

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Simplii High Interest Savings Account
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Neo High Interest Savings Account
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N/A
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KOHO Earn Interest
KOHO Earn Interest
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Scotiabank MomentumPLUS Savings Account
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6.05% for 3 months
1.30%
$5.00
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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:

  1. Go to RBC’s website and find the page for the RBC Preferred Money Market 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 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

Frequently asked questions

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