Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026

RBC Royal BankHigh-Interest Savings

RBC High Interest eSavings Account

Q: Is there a minimum balance required for the RBC High Interest eSavings Account?

$0 -- no minimum balance required; can open with any contribution.

Our take: the big-bank savings option — a strong 90-day promo and instant transfers if your chequing is at RBC, but the regular 0.55% rate is the weakest here.

#3 Best savings

At a glance4.60% promotional rate on deposits up to $1,000,000 for your first 3 months (new eSavings accounts only)

Open an account on RBC’s site →

Goes straight to RBC
Our review

The RBC High Interest eSavings Account is a no-fee, no-minimum-balance savings account from Canada’s largest bank by assets. New accounts earn a promotional 4.60% rate for the first 3 months on deposits up to $1,000,000, then the balance moves to RBC’s standard 0.550% rate. It’s built for people who already bank with RBC and want a low-effort place to park savings, rather than for shoppers chasing the highest ongoing rate on the market.

2.0out of 5

MoneyMint rating

#9 of 13 savings accounts · How we rate

Regular rate

2/10

Promotional rate

7/10

Fees and minimums

10/10

Access and liquidity

4/10

Cash bonus

0/10

$55

interest on $10,000 over a year at this account’s effective rate. Compare savings rates →

At a Glance

Monthly Fee

$0no minimum balance required

Account Type

High-Interest SavingsRBC Royal Bank; CDIC member

Interest Rate

0.550%standard rate; 4.60% promo for the first 3 months (see below)

Free Withdrawals

1 / monthfrom an RBC ATM or branch

Non-RBC ATM Fee

Reported $2–$5per third-party reviews — confirm at rbcroyalbank.com

Interac e-Transfer

Reported $1 eachper third-party reviews — confirm at rbcroyalbank.com

Welcome Offer

4.60% for 3 monthsup to $1,000,000, new eSavings accounts only

Note: RBC’s own product page confirms the 0.550% standard rate and the 4.60%-for-90-days promotional rate (up to $1,000,000, new accounts only, offer stated to expire in late October 2026 — confirm the exact date before relying on it). The withdrawal and e-Transfer fee figures above come from third-party reviews, not RBC’s own published fee schedule — verify exact current fees at rbcroyalbank.com before opening.

Pros & Cons

Pros

No monthly fee, no minimum balance to open or maintain
Strong short-term promotional rate (4.60%) on deposits up to $1,000,000
CDIC deposit insurance up to $100,000
Free, instant transfers to and from other RBC accounts
Save Matic tool can automate transfers from chequing into savings
Backed by Canada’s largest bank, with full branch, phone, and app support

Cons

Standard ongoing rate (0.550%) is well below many online-only high-interest savings accounts
Only one free withdrawal per month; additional RBC ATM or branch withdrawals reportedly cost extra
Interac e-Transfers reportedly aren’t free on this account
Promotional rate is for new eSavings accounts only — existing RBC savings customers don’t qualify
Full value depends on already banking with RBC for the free-transfer benefit

Who It’s For

Best For

Existing RBC customers who want a no-fee place to park savings inside their existing banking relationship
Savers who value a big bank’s branch and phone support over chasing the highest posted rate
People using the 90-day promo window for a short-term lump sum, like an emergency fund top-up

Not For

Anyone chasing the best ongoing rate on the market — RBC’s 0.550% standard rate lags dedicated online savings accounts
People who withdraw or move money frequently, given the one-free-withdrawal-per-month structure
Savers with no other RBC account, who lose the free-transfer convenience

Not Sure? Three Accounts People Compare It With

All savings accounts →

Simplii Financial High Interest Savings Account

Pick this instead if you already bank with Simplii Financial.

Fee $0Promo 4.6%

Read review

EQ Bank Personal Account

Pick this instead if you want a better ongoing rate (1%+).

Fee $0Rate up to 2.75%Bonus up to $20

Read review

BMO Savings Amplifier Account

Pick this instead if you want the highest promotional rate and are happy to open a BMO chequing account to get it.

Fee $0Promo 5.000%Term 120 days

Read review

RBC High Interest eSavings Account

No monthly fee · 4.6% promo rate

Open an account on RBC’s site →Compare all accounts

Jen, founder of MoneyMint

Reviewed by Jen. Every figure on this page was checked against RBC’s official page on September 25, 2026.

This is general information, not personalized financial advice — consider your own banking needs and consult a professional for decisions specific to your situation. Fees, rates, and offers are set by RBC Royal Bank and can change without notice; always confirm current terms on the issuer’s official page before applying.

Frequently Asked Questions

Does the RBC High Interest eSavings Account charge a monthly fee?

The RBC High Interest eSavings Account has a monthly fee of $0.

What interest rate does the RBC High Interest eSavings Account offer?

0.550% standard annual rate after the promotional period ends (confirmed on rbcroyalbank.com, August 2026). New RBC HISA customers earn a promotional 4.60% interest rate on deposits up to $1,000,000 for 3 months from account opening. Confirmed live on rbcroyalbank.com as of August 2026; offer expires October 27, 2026 at 3:00pm ET.

Is there a minimum balance required for the RBC High Interest eSavings Account?

$0 — no minimum balance required; can open with any contribution.

How many free transactions does the RBC High Interest eSavings Account include?

One free RBC ATM cash withdrawal per month; additional RBC ATM withdrawals $5.00 each. Interac e-Transfers $1.00 each. Cross-border debits $1.00 each. Non-RBC ATM access $2.00 (Interac Canada) or $3.00-$5.00 (PLUS System, varies by location).

Does the RBC High Interest eSavings Account have a welcome bonus or promotional offer?

Promotional 4.60% interest rate on up to $1,000,000 for 3 months on a new HISA.