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.
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.