Open a High Interest Savings Account

Q: How do high interest savings accounts work?

With an RBC High Interest eSavings account , you earn interest on every dollar you save. Interest is calculated daily and paid monthly to grow your savings faster.

High Interest Savings Account Features

High interest rate on every dollar
Free account transfers 24/7 with no delay^{legal bug 2}
Including ATM and unassisted telephone fund transfers, from this account to any other RBC Royal Bank personal deposit account in your name.
Free access to RBC Online, Mobile, and Telephone Banking^{legal bug 3}

No minimum deposit requirements
Ability to set up Save Matic from your banking account to your savings account
Know what your money is up to with MyAdvisor
A powerful digital service that can help capture all of your savings and investments in one place.

See How Our Interest Rates Can Boost Your Savings

The right interest rate can make a big difference in how quickly your savings grow. A higher rate means your money works harder for you, helping you reach your goals – whether it’s a big purchase, a life experience or an emergency fund – faster. See how our rates can help bring your goals within reach sooner.

Take a look at our interest rates

What is a High Interest Savings Account?

A high interest savings account (often referred to as a HISA) is a type of savings account that offers a higher interest rate than a standard savings account. Your money can grow faster over time, while still being available to you when you need it. Interest is calculated daily on the closing balance and paid monthly. It is a secure and convenient way to save for something that’s important to you.

More Great Account Features

Details	Fees
Monthly Fee	Free
Currency	Canadian
Monthly Debits included^{legal bug 4}	1 Free RBC ATM cash withdrawal / month
Account transfers	Free transfers between any RBC Royal Bank personal deposit accounts in your name
Debits Exceeding Monthly Limit	$5.00 each

Details	Fees
Monthly Fee	Free
Currency	Canadian
Monthly Debits included^{legal bug 4}	1 Free RBC ATM cash withdrawal / month
Account transfers	Free transfers between any RBC Royal Bank personal deposit accounts in your name
Debits Exceeding Monthly Limit	$5.00 each
Interac and PLUS System ATM Network Access Fees^{legal bug 5}	Interac: $2.00 PLUS System: $3.00 (Within Canada and U.S.) PLUS System: $5.00 (Outside Canada and U.S.)
Interac e-transfer	$1.00 each
Cross-Border Debit^{legal bug 4, legal bug 6, legal bug 7}	$1.00 each
eStatement and eNotifications	Free — including cheque images viewed online less than 90 days old
Access to Online, Mobile, and Telephone Banking^{legal bug 3}	Free

Savings Accounts for Kids

It’s never too early for kids to start saving. A children’s savings account can help kids develop smart money habits while giving them a place to grow their savings. Take a look at our accounts for kids 0-12 and students 13+.

Explore Youth and Student Accounts

Ways to Bank

Manage Your Savings Account Online, Anytime

Check your balances, pay bills, set up alerts, send money and more – whenever you need to.

Learn More about online banking

Bank Anywhere

Take care of your banking from wherever you are, anytime you want.

Learn More about mobile banking

Ways to Apply

Ways to Apply for a RBC High Interest eSavings account

Apply Online
Call 1-800-769-2561 (Lines Open 24/7)
Call 1-800-769-2561 (Lines Open 24/7)
Visit Us

Apply Online

Getting your account opened is easy and can be done online in just 10-15 minutes. Simply answer a few questions to get started.

Apply Online Now

NOMI Insights

NOMI helps you manage your everyday finances by providing you with timely and personalized trends and overviews based on your spending and saving habits.

Tell Me More about NOMI Insights

Kickstart Your Savings

Set up "memorized" online transfers using RBC Save-matic to put automated payments into your savings account.

Tell Me More about Pre-authorized Savings Plan

High Interest Savings Account FAQ

What is a high interest savings account?

A high interest savings account such as RBC High Interest eSavings is a type of account that typically offers a higher interest rate than traditional savings accounts. Interest is calculated daily and paid monthly to grow your savings faster. We also run interest rate promotions at different times of the year. Check out our current offers.

How do I open a high interest savings account?

You can open an RBC High Interest eSavings account online, in the RBC Mobile^{legal bug 11} app, by visiting a branch or by calling us at 1-800-769-2561 (lines are open 24/7).

What are the best savings account rates?

At RBC, the RBC High Interest eSavings account typically offers the highest interest rate. For details on current rates, please see our savings accounts.

How do I send an Interac e-Transfer?

With Interac e-Transfers you can send funds to clients of other financial institutions as well as RBC, and you don't need to know the account number of the person you're sending money to. All you need is their email address or mobile phone number.

You can send an Interac e-Transfer from Online Banking, or Mobile Banking. Here’s how:

To send an Interac e-Transfer from Online Banking:

From the Accounts Summary page, select "More Payment Options" on the right side of the page.
Enter the payment amount of the transfer.
Select the account you want the funds to be debited from.
Open the “To” drop down list, select the Interac e-Transfer payee and Submit.

To send an Interac e-Transfer from Mobile Banking:

Select the Interac e-Transfers icon from the main page.

Choose the account you would like to pay from.
Select the recipient you wish to send funds to. If sending to a new recipient, select the + sign in the bottom left hand corner of the page.
Follow the steps

What are the Foreign Exchange rates?

Go to our Exchange Currency Converter to get the latest foreign exchange rates.

How do high interest savings accounts work?

With an RBC High Interest eSavings account, you earn interest on every dollar you save. Interest is calculated daily and paid monthly to grow your savings faster.

Are high interest savings accounts safe?

Yes, the RBC High Interest eSavings account is a safe place to keep money that you don’t need to access every day. Deposits you make to your high interest savings account are eligible for protection by the Canada Deposit Insurance Corporation (CDIC).

How do I set up Save-Matic?

The easiest way to commit to a regular savings plan is to arrange for pre-authorized transfers from your banking account to your designated savings account. Simply specify the amount and how often you want the transfers to take place — for example, once a week, every two weeks or once a month. You may even want to schedule these to occur just after your paycheque is direct-deposited into your chequing account.

Step 1: In your Online Banking, under Quick Payments and Transfers, click on Pay Bills and Transfer Funds.
Step 2: On the left hand menu, click on Set Up Save-Matic.
Step 3: Enter the Amount you want to save, choose your From and To accounts, When to start, and select how often from the Receive Frequency options, then click on Submit.
Step 4. Review your information and click on Confirm.

How do I turn on NOMI Find & Save?

Sign in to the RBC Mobile app,
Tap ‘More’
Tap ‘NOMI Find & Save’ and turn it on.

After you turn on NOMI Find & Save, we will get to know your spending & saving habits in your source chequing account to find opportunities to save for you.

Learn More about NOMI Find & Save about NOMI Find & Save

Do you offer Mobile Cheque Deposit?

You can deposit cheques through the RBC Mobile app (Android and iPhone devices) or the RBC Canada app (iPad devices). Download the latest version of the apps from the relevant app store, select "Deposit Cheque" in the main menu and follow the on-screen prompts.

Learn More about Mobile Cheque Deposit

How to choose the best savings account for my goals?

When choosing a savings account, you’ll want to consider how it helps you reach your goals. Factors that are important to consider include:

The interest rate – The higher the rate, the faster your money can grow
Any fees – Monthly fees, fees for withdrawals or other charges could eat into your savings
Accessibility – Do you need easy access to your money? With some accounts, there are multiple steps or fees for withdrawing funds
Minimum balance – Some accounts pay higher interest when you reach minimum balance thresholds

Better Banking Gives You More

Enjoy one year of no annual fee cross-border banking^3,13

Get a U.S. credit card and bank account tailored to your needs and unlock the wonderful world of cross-border banking for Canadians.

Get Cross-Border Banking

Security Guarantee

Get 100% reimbursed for unauthorized transactions.^{legal bug 8}

Learn More about Security Guarantee

Legal Bug 1)

The interest rate is an annual interest rate. It is a simple interest calculation. Interest is calculated daily on the closing credit balance and paid monthly. Interest rate is subject to change at any time without notice.

Legal Bug 2)

Fees may apply on the account from which the money has been transferred.

Legal Bug 3)

Transaction fees may apply for bill payments or funds transfers made through Online Banking and are separate from access fees.

Legal Bug 4)

RBC Virtual Visa Debits, Third-party payment Debits, RBC Royal Bank loan payments, RBC Royal Bank mortgage payments, pre-authorized and self-serve RBC Royal Bank credit card payments and contributions to RBC investment accounts (such as GICs, Royal Mutual Funds, Registered Savings Plans, Registered Education Savings Plans, Registered Disability Savings Plans and Tax-Free Savings Accounts) from your RBC Day to Day Banking Account, U.S. Personal Account, Leo’s Young Savers Account or RBC Student Banking Account are free of charge. All other Debit Transactions from these Accounts are counted as Debit Transactions towards the free monthly Debit Transactions included in the Account, and give rise to an Excess Debit Transaction Fee if the total free monthly Debit Transactions are exceeded.

Legal Bug 5)

ATM - RBC ATM Access fees waived
An ATM operator surcharge (also called convenience fee) may be charged by other ATM operators. The convenience fee is not a Royal Bank fee. It is added directly to the amount of your cash withdrawal. All clients who use non-RBC ATMs may be charged a convenience fee regardless of the type of account they hold.

ATM use outside Canada
Each account cash withdrawal at an ATM outside Canada displaying the PLUS System symbol, and any fees that may be imposed by any third party for using the ATM, are converted to Canadian dollars at an exchange rate which is 2.5% above the bench mark rate set by the payment card company when the transaction is posted. Exchange rates fluctuate and, as such, the rate applied will usually differ from the posted exchange rate at the time of the transaction.

ATM - Unlimited banking transactions including Interac and PLUS System network fees waived
ATM operator surcharge (also called a convenience fee) may be charged by other ATM operators. The convenience fee is not a Royal Bank fee and is added directly to the amount of your cash withdrawal. All clients who use non-RBC ATMs may be charged a convenience fee regardless of the type of account they hold. Each account cash withdrawal at an ATM outside Canada displaying the PLUS System symbol, and any fees that may be imposed by any third party for using the ATM, are converted to Canadian dollars at an exchange rate which is 2.5% above the bench mark rate set by the payment card company when the transaction is posted. Exchange rates fluctuate and, as such, the rate applied will usually differ from the posted exchange rate at the time of the transaction.

ATMs - 3 withdrawals from other bank ATMs refunded per Monthly Cycle
ATM operator surcharge (also called a convenience fee) may apply. It is charged by a third party and added directly to the amount of your cash withdrawal. Totals are not cumulative, and if not used, may not be carried over into the next Monthly Cycle.

Legal Bug 6)

On operating account only. $1 per cross border debit transaction on companion accounts. Not available on U.S. Personal Account.

Legal Bug 7)

Foreign currency purchases paid by withdrawal from your Canadian dollar account are converted to Canadian dollars at an exchange rate 2.5% over the Interbank Spot Rate (as defined by Acxsys Corp.), effective at time of processing. Since exchange rates fluctuate, the rate applied will usually differ from the posted exchange rate at the time of your purchase.

Legal Bug 8)

For a definition of an unauthorized transaction and for full details regarding the protections and limitations of the RBC Online Banking Security Guarantee, please see your Electronic Access Agreement. This guarantee is given by Royal Bank of Canada in connection with its Online Banking service.

Legal Bug 9)

The Bonus Interest Rate on March 14, 2025 of 3.95% within the RBC New eSavings Client Bonus Interest Rate Offer (“Offer”) is available to residents of Canada who are of the age of majority in the province or territory in which they reside as of the date the Eligible eSavings Account is opened and who were not the Primary Owner of an RBC High Interest eSavings Account at any time before the beginning of the Qualifying Period (as defined below), and who open a new RBC High Interest eSavings Account (“Eligible eSavings Account”) as the Primary Owner between March 14, 2025 and 3:00 PM EST on June 3, 2025 (the “Qualifying Period”). (Note: For added clarity, you will not qualify for this Offer by switching from another account type to an Eligible eSavings Account.) The Bonus Interest Rate on March 14, 2025 was 3.95% and is only applicable to deposits made in the Eligible eSavings Account for 3 months (90 days) from the date the Eligible eSavings Account was opened (the “Promotional Period”) and up to a maximum of $1,000,000 of the Eligible eSavings Account’s total balance. Any balances over $1,000,000 will be paid the Regular Interest Rate. “Promotional Interest Rate” is a combination of the Bonus Interest Rate plus the Regular Interest Rate. For example, if on March 14, 2025, the Regular Interest Rate was 0.75% per annum and the Bonus Interest Rate was 3.95% per annum, the Promotional Interest Rate would be 4.70% per annum. The Regular Interest Rate is subject to change without notice, and the most current rate is posted on our Personal Accounts Interest Rates webpage, which may be viewed at https://www.rbcroyalbank.com/rates/persacct.html. At the end of the Promotional Period, all balances will earn interest at the Regular Interest Rate only. Regular Interest Rate and Bonus Interest Rate are annualized rates, and (subject to certain exceptions) are calculated daily and paid monthly. Any Eligible eSavings Account that, prior to the payment of interest at the Bonus Interest Rate, is closed or switched to another product type which is not an RBC High Interest eSavings Account will forfeit any such interest calculated during the month in which the Eligible eSavings Account is closed or switched. Offer and interest rates are subject to change without notice. Offer may be withdrawn at any time. Conditions apply. For other defined terms and complete terms and conditions that apply to this Offer, please visit www.rbc.com/march/hisa25.

Legal Bug 10)

Total of 90 days: For the purpose of this RBC New eSavings Client Bonus Interest Rate Offer and any related marketing, any reference to a period of 3 months means a period of 90 calendar days regardless of how many calendar days may fall within any given calendar 3-month period.

Legal Bug 11)

RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc.

Open a high interest savings account online

Earn 4.70% interest^{legal bug 9, legal bug 10} for 3 Months.

High Interest Savings Account Features

See How Our Interest Rates Can Boost Your Savings

See How Our Interest Rates Can Boost Your Savings

What is a High Interest Savings Account?

More Great Account Features

Savings Accounts for Kids

Savings Accounts for Kids

Ways to Bank

Ways to Apply

Ways to Apply for a RBC High Interest eSavings account

Better Banking Gives You More