Finally, one of the big banks has started a high interest savings account that is competitive with other financial institutions like PC Financial. RBC has introduced their High Interest eSavings Account that currently pays out 4% interest / year.

If you look at the details below, this account will work out great for those of you who already have RBC accounts as the transfers between accounts are free. For those who don’t have RBC accounts, there will be a transfer fee to port your money from RBC to your own bank account.

RBC is a great option for starting your account and offers many benefits as you can read below. That said, if you are strictly looking for the highest interest rates available, then EQ Bank currently has the best offers as of May 2020. I highly suggest you also read my EQ Bank review first and compare it with this one, before making your final decision.

The details:

Features and Fees

Monthly fee Per transaction fees
Unlimited Online Banking transfers from this account to other RBC Royal Bank accounts in your name Free
All other debit transactions, cheques, in branch, ATM, Telephone, or Online Banking bill payments $5.00 each
Interac* and Plus* System ATM network access fees3 Interac: $1.50PLUS System: $3.00
(within Canada and USA)PLUS System: $5.00
(outside Canada and USA)
Overdraft protection5 N/A
Stop payments Regular fees apply
Interac Email Money Transfers $1.50
Search for Records/Trace Items greater than 90 days old6 Regular fees apply
Cross Border Debit22 $0.75
Deposited item returned NSF Regular fees apply
Recordkeeping Options:
eStatement with Cheque Images free** Free
Monthly Paper Statement (consolidated/combined***) Free
Cheque Images returned with paper statement $2.00
Bankbook Not available
Other Services
Access to Online and Telephone Banking4 Free

Because I don’t bank with RBC, I will be sticking with the PC Financial Interest PLUS Savings account as the fees involved with the RBC account are too much for me.


  1. Jon Lee on March 22, 2007 at 9:01 am

    How are the regular RBC chequing accounts? Also, PC gives the annual bonus of 0.03% or something, not a lot but its something.

  2. Canadian Dream on March 22, 2007 at 11:28 am

    Good to know RBC has finally got a product like this, but it is said to see in the fine print that the 4% interest rate is only good to July 2007 after which it will drop to 3.25%. So I’m keeping with ING for now.


  3. FrugalTrader on March 22, 2007 at 11:33 am

    Jon: I don’t bank with RBC, but i’m sure that they are similar to the other big banks with fees up the ying yang for regular chequing accounts. I usually stick with accounts with have free transactions with a min balance.

    C. Dream: Sneaky sneaky.. those big banks always have stipulations. Thanks for the heads up.

  4. Blain Reinkensmeyer on March 22, 2007 at 12:14 pm

    Good find here Frugal, doesn’t seem to be any major catches with it as well from what I can see from what you posted.

  5. Blain Reinkensmeyer on March 22, 2007 at 12:16 pm

    Minus the $5 fees everytime you conduct an atm transactions, and if I am reading this right, in branch are still $5? If so that’s a bad beat, most banks will charge nothing for branch atm transactions…

  6. FrugalTrader on March 22, 2007 at 12:53 pm

    Blain: I think the trick here is if you already have an RBC chequing account to transfer to your chequing account first (which is free).

  7. Canadian Money on March 22, 2007 at 2:28 pm

    The TD Bank has a similar account that pays 3 percent. Not sure how it compares to RBC with respect to fees. The (Casera?)Credit Union in Winnipeg has a similar account that pays 3.25 percent.

  8. Canadian Capitalist on March 22, 2007 at 6:57 pm

    How is this better than E*Trade Cash Optimizer which today pays 4.15% without any fees of any kind? I bank with RBC but wouldn’t touch this product because this is just an introductory rate for four months. After that the rate will be 3.25% which is lower than ING and no where nearly as good as some other savings accounts.

  9. Canadian Capitalist » This and That on March 23, 2007 at 12:16 am

    […] Million Dollar Journey reports that RBC has a new high interest savings account with an interest rate of 4%. However, before you jump at the RBC offer, read the fine print: the offer is only until July 31st after which the rate will be an under whelming 3.25%. E*Trade’s Cash Optimizer still offers the best rate at 4.15%. […]

  10. Thomas on April 11, 2007 at 3:35 pm

    It will be interesting to see which big banks follow suit.

  11. mir18 on July 12, 2007 at 1:41 am

    HSBC is also doing an introductory rate of 5% until October, then dropping to 3.5%…but the best interest rate you can get is at ICICI bank Canada, at 4.5%!!!

  12. ed on August 9, 2007 at 9:56 pm

    HSBC is 5% until Oct 10 and then it drops to prime. It was 3.5% before they started offering this 5% deal. It may not be 3.5% it could be lower or higher.

    The big bonuses HSBC is you can use BMO ABM as well for fast cash. I have no clue were you can find a ICICI ABM.

    But ING is still offering the $13 if you

  13. dax on November 11, 2007 at 9:20 pm

    I just enrolled in this program. It is now past July 2007. I will be getting 4%. You think it will only be for 4 months?

  14. Serg on November 27, 2007 at 2:41 pm

    Here is how you can get RBC checking account without monthly fee

  15. bleah on December 9, 2007 at 11:24 pm

    Ugg, I feel so silly, I opened this account thinking it would help me Save for my Travels in 6 months, thinking it make interest per month, but now im to understand its per year? My face is red.

  16. Ann on December 17, 2007 at 12:07 pm

    I have dealt with ICICI and it was a good experience. No holds on money transferred back into my PC chequing so could use funds right away.

  17. […] of  a high interest savings account (@ PC Financial) and personal line of credit.  The RBC savings account is also a decent choice where it currently returns 4%, and if you already have a regular chequing […]

  18. Neil on January 20, 2008 at 12:06 am

    What is the current rate on the e savings account at rbc?
    Is it a tiered rate. So much interest up to the top rate.
    I don’t believe you get 4% ON ALL YOUR MONEY. I cant find
    the rate schedule on the rbc web site.

  19. FrugalTrader on January 20, 2008 at 12:33 am

    Neil, just checked their site and their interest rate has dropped to 3.8%. To my knowledge, the 3.8% applies to every dollar in the esavings account.

  20. DAvid on January 20, 2008 at 1:28 am
  21. John on March 21, 2008 at 1:41 am

    I’ve been watching the RBC e-savings account and it looks pretty clear that RBC boosted the rate for a few months (after the introductory period) to give a false impression that it was competitive with ING. Now that they’ve sucked in your money, their rate is consistently inferior to ING. IIt was just a marketing gimmick to fool the clients.

  22. Bob Howse on March 21, 2008 at 11:07 pm

    $5.00 charge for every online bill payment???? President’s Choice PAYS ME PC points for every online bill payment I make! And their interest rate is better. And it’s not tiered.

  23. DAvid on March 22, 2008 at 4:43 pm

    Does PCF allow online bill payments from their High Interest accounts? Their website is unclear on the topic, as it just speaks about transfers to and from their regular account.


    • FrugalTrader on March 22, 2008 at 10:36 pm

      David, just confirmed that PCF does not allow bill payments directly from savings accounts. It makes sense as they require a 1 day delay for withdrawals.

  24. bleah on March 22, 2008 at 10:10 pm

    Well if you are like me, my high interest savings is my second account and i do all my transfers online. I dont use that account for paying bills, I keep it for earning the interest. I use those hefty fees as a deterrant from using debit etc, and it works for me. as for the 3.8%, thats a whole lot better than what a regular savings pays, a few measly cents.

  25. david on May 10, 2008 at 10:09 pm

    I can’t believe this, but RBC just dropped their rate to 2.5%! How is this a “High Interest” savings account now?

  26. adam on October 28, 2008 at 5:11 pm

    This is just astounding. RBC high interest account 2.5% interest rate. what a load of ##. i just got back from poor old Poland. every day on tv i was seeing ads for savings accounts that payed from 6%. Online i found one that payed out 7% over a year. Just shows u how much we are getting ripped off here. year by year my family is regretting ever coming to Canada.
    This is a list of bank percentages. its in polish. the percentages shown are a bit higher because they are based on 18 allocations with variable change percentages, whats show is is the average you would achieve over the 18 month period. the bottom line is after all the fine print your getting betweek 6-8% a year.

  27. DAvid on October 28, 2008 at 9:11 pm


    However if you tell the rest of the story: consumption loans start at about 13% if you want a loan longer than 12 months; mortgages at 7.4%; and loans ‘for other purposes’ start at about 9% (National Bank of Poland website). In Canada just now you can get a car loan for about 7%, a mortgage at about 5%, and a LOC as low as 4%. In the not too distant past mortgage rates in Poland were about 25%.

    Do your research before moving — the grass often looks greener on the other side of the fence.


  28. Sampson on February 6, 2009 at 4:26 pm

    I feel this account was made with me perfectly in mind. I don’t do normal banking with RBC (I do it with PCF), however, 80-90% of my family’s investments are through RBC Direct Investing.

    This account is great because transfer within the RBC family are free. This means that any cash paid out in my non-RRSP investment accounts (both the TFSA and normal non-registered account) can be moved into this eSavings high interest account. Easy and I can actually earn interest on that money.

    I don’t know about other discount brokerages, but RBC DI does not pay interest on any cash held in ANY of the self-directed accounts.

    So those investing with RBC DI, this is a great account to use to park money since transactions into the investing accounts have be linked the the eSavings account.

    They also have a US eSavings too so both CAD and US trades can be made.

  29. dude on June 17, 2009 at 2:13 am

    Hahaha. Sadly, now it’s 0.750 percent interest.

  30. lokaty on May 30, 2011 at 7:17 pm

    It will be interesting to see which big banks follow suit.

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