RBC Day to Day Savings Account review
- Promotional Rate
- N/A
- Interest Rate
- 0.01%
- Transaction Fee
- 1 free debit, free RBC transfers
- Minimum Balance
- $0
Our verdict
Earn interest on your savings and get free RBC transfers when you sign up for the RBC Day to Day Savings Account.
The RBC Day to Day Savings Account is a good fit for customers who are interested in earning interest on their savings. It offers no minimum deposit requirements, zero monthly fees, free RBC transfers and one free debit on your account each month. You may want to avoid this account if you plan to make a number of transactions since every one you make beyond the monthly limit will cost you $2.
Pros
-
No monthly fees
-
Tiered interest rates
-
Free internal transfers
Cons
-
Low interest rates
-
Limited debits
-
Fees for Interac e-Transfers
The RBC Day to Day Savings Account lets you earn a tiered interest rate based on how much money you keep in your account. With this account, you can earn between 0.005% and 0.01% on your savings with no minimum deposit requirements. Just be prepared to pay fees anytime you take money out unless you’re transferring to another RBC account.
What are the benefits of the RBC Day to Day Savings Account?
You’ll be able to take advantage of the following perks with this fee-free savings account:
- No monthly fees. You won’t have to pay a monthly fee to sign up for your account.
- Tiered interest rates. You can earn between 0.005% and 0.01% on your savings, depending on how much you keep in your account.
- Free internal transfers. You’ll be able to send unlimited free transfers between your RBC accounts with the click of a mouse.
- No minimum deposits. It’s possible to get your account up and running with as little as $1.
- Easy savings mechanisms. You can set up automatic deposits from your chequing account to your Day to Day Savings Account to reach your savings goals faster.
- Specialized advice. You can get tailored insights into your financial situation when you sign up for RBC MyAdvisor (which comes free with this savings account).
- Mobile cheque deposit. You can put money into your account by snapping a picture of any cheque you want to deposit using your mobile phone.
What should I look out for?
While there are a number of benefits you’ll get with the RBC Day to Day Savings Account, you should also keep an eye out for the following drawbacks:
- Low interest rates. The interest rates you’ll earn on this account are lower than what you’ll get with several other no-fee RBC savings accounts.
- Limited debits. You’ll only get one free debit per month, and after that, you’ll be required to pay $2 per transaction.
- Fees for Interac e-Transfers. You’ll have to pay $1 for every Interac e-Transfer that you send to friends or family.
- ATM charges. You’ll be required to pay $2–$5 every time you want to withdraw money from an ATM depending on whether it’s an RBC ATM and whether you’re withdrawing domestically or internationally.
Compare other savings accounts
Simplii High Interest Savings Account
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Transaction Fee
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e-Transfer Fee
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Minimum Balance
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KOHO Earn Interest
Interest Rate
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Transaction Fee
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e-Transfer Fee
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Scotiabank MomentumPLUS Savings Account
Interest Rate
5.25% for 3 months, 0.75% thereafter
Transaction Fee
$5.00
e-Transfer Fee
$0
Minimum Balance
$0
How do I open an RBC Day to Day Savings Account?
Follow these steps to open an RBC Day to Day Savings Account online:
- Go to RBC’s website and naviate to the RBC Day to Day Savings Account page.
- Select Sign Me Up. If you’re already an RBC customer, apply for this account by signing into online banking.
- Enter your personal information such as your full name, date of birth, Social Insurance Number and email address.
- Verify your identity by consenting to a credit check (if applying on a web browser) or scanning your ID (if applying on the RBC mobile app). Submit your application and wait for approval.
- If you’re not already registered for RBC online banking, get set up using your new savings account information.
Eligibility requirements
To apply for an RBC Day to Day Savings Account, you must:
- Be a resident of Canada with a Canadian address
- Signing up via web browser: Be at least the age of majority in your province or territory (18 or 19).
Signing up via RBC mobile app: Be at least 13 years old (14 in Quebec). - Signing up via web browser: Consent to a credit check to verify your personal information.
Signing up via RBC mobile app: Verify your information by scanning personal ID like a driver’s licence or passport.
Required information
- Your name, residential status and contact information
- Your Social Insurance Number (optional) and date of birth
- Basic employment information
How do I deposit or withdraw money from an RBC Day to Day Savings Account?
You can easily take money out of your account by withdrawing cash from an ATM or visiting a branch in person. You can also transfer money out of your account using a free internal RBC transfer or by sending an Interac e-Transfer to family or friends.
To deposit money, you just need to visit an ATM or a branch to make a deposit by cash or cheque. You can also transfer money into your account or deposit a cheque using the RBC mobile app.
How can I get in touch with customer service?
You can easily connect with RBC by using the following channels:
- Phone
- Secured messaging via online banking
- In-person service at a local branch
- Letter mail
Frequently asked questions
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