RBC does offer high-interest savings accounts, but the rate depends on which product you choose and how much you deposit

Royal Bank of Canada (RBC) has multiple savings products with different interest rates. The main ones are the RBC High-Interest Savings Account (HISA), the RBC Savings Account, and promotional rates tied to specific deposit products. The HISA typically pays a higher rate than the standard savings account, but the actual percentage changes based on market conditions and RBC's pricing decisions. You can check the current rates on RBC's website or by calling their customer service line.

The rate you receive also depends on how you hold the account. RBC offers different rates for registered accounts (like TFSAs and RRSPs) versus non-registered savings accounts. Some promotional offers appear periodically, especially for new customers or large deposits, but these are temporary and revert to the standard rate after the promotional period ends.

Key Takeaways

  • RBC's High-Interest Savings Account pays a higher rate than a standard RBC Savings Account, though both rates fluctuate with market conditions.
  • The interest rate you receive varies depending on whether the account is registered (TFSA, RRSP) or non-registered, and RBC updates rates regularly.
  • RBC occasionally runs promotional rates for new customers or large deposits, but these are temporary and revert to standard rates after the promotion ends.
  • You can open an RBC HISA online, by phone, or in branch, and interest compounds daily and is paid monthly.

How RBC's HISA differs from a standard savings account

RBC's High-Interest Savings Account is designed to pay more interest than the RBC Savings Account. The HISA has no monthly fee and no minimum balance requirement, though some promotional rates may explore only to deposits above a certain threshold. Interest accrues daily and is deposited to your account monthly, so you earn interest on your interest each month.

The standard RBC Savings Account typically pays a lower rate and may have different features, such as a monthly fee if your balance falls below a certain level. If you are comparing the two, the HISA is usually the better choice for money you plan to leave untouched, because the higher rate outweighs the lack of other features.

Where to find RBC's current rates

RBC publishes its current savings rates on its website under the Deposits and GICs section. You can view rates for the HISA, standard savings accounts, and registered account options (TFSA HISA, RRSP savings) all in one place. The rates shown are the ones you will receive when you open a new account, though existing customers may see different rates depending on when their account was opened.

If you want to confirm the rate before opening an account, you can also call RBC at 1-800-769-2511 or visit a branch in person. Customer service representatives can tell you the current rate for the specific account type you are interested in and answer questions about how interest is calculated.

How interest compounds and when you receive it

RBC calculates interest on your HISA balance daily. This means the bank looks at how much money is in your account each day and applies the annual interest rate to that amount. The daily interest is added to a running total throughout the month, and the full amount is deposited to your account on a set date each month (usually the last business day).

Because interest compounds monthly, you earn interest on the interest you received the previous month. Over time, this compounding effect means your balance grows faster than if interest were paid only once a year. The longer your money stays in the account, the more noticeable this effect becomes.

RBC HISA rates compared to other banks

RBC's HISA rate is competitive but not always the highest available in Canada. Other banks, including online-only banks and credit unions, sometimes offer higher rates because they have lower operating costs. The difference between RBC's rate and the highest rate available might be 0.5% to 1.5% annually, depending on market conditions and which banks you compare.

The trade-off is that RBC offers the convenience of branch access, customer service by phone, and integration with other RBC products like chequing accounts and credit cards. If you value that convenience and already bank with RBC, the HISA may be worth using even if the rate is slightly lower elsewhere. If you are purely focused on the highest rate, you may want to research online banks and credit unions in your province.

How to open an RBC HISA

You can open an RBC High-Interest Savings Account online through RBC's website, by phone at 1-800-769-2511, or in person at any RBC branch. Online opening is usually the fastest option and takes about 10 minutes. You will need to provide your Social Insurance Number, proof of identity, and proof of address (such as a utility bill or lease).

If you already have an RBC chequing account, opening a HISA is even simpler—you can often do it through online banking or by calling customer service without submitting documents again. Once the account is open, you can transfer money into it from your other RBC accounts or from accounts at other banks using electronic transfer.

Registered account options at RBC

RBC offers HISA products within registered accounts, including TFSA HISAs and RRSP savings accounts. These accounts hold the same type of high-interest savings product but sit inside a registered account structure, which means the interest earned is sheltered from tax (in a TFSA) or tax-deferred (in an RRSP). The interest rates for registered HISAs may differ slightly from non-registered rates, so check RBC's website for the specific rate that applies to the account type you want.

If you have contribution room in a TFSA or RRSP, using a HISA within that registered account is a straightforward way to earn interest on money you want to keep accessible while getting the tax benefits of the registered account structure.

Frequently Asked Questions

What is the minimum balance needed to open an RBC HISA?

RBC does not require a minimum balance to open a High-Interest Savings Account. You can open the account with any amount and begin earning interest when ready. Some promotional rates may require a minimum deposit to may have access to, so check the current promotion details when you open.

Can I withdraw money from my RBC HISA whenever I want?

Yes. RBC HISAs are savings accounts, not GICs or term deposits, so you can withdraw your money at any time without penalty. You can make transfers online, by phone, or in branch, and the money usually reaches your other account within one to two business days.

Does RBC charge a monthly fee for the HISA?

No. The RBC High-Interest Savings Account has no monthly maintenance fee. You will not be charged for holding the account or for making deposits and withdrawals, though your bank may charge fees for other services like wire transfers or overdrafts.

How often does RBC change its HISA interest rate?

RBC changes its savings rates periodically in response to changes in the Bank of Canada's policy rate and market conditions. There is no fixed schedule—rate changes can happen weekly or monthly depending on the economic environment. You can check RBC's website regularly or sign up for rate alerts to stay informed.

Is my money safe in an RBC HISA?

Yes. RBC is a member of the Canada Deposit Insurance Corporation (CDIC), which means deposits up to $100,000 per account holder per institution are insured against bank failure. Your HISA balance is covered by this insurance as long as it does not exceed the limit.