RBC does not offer a product specifically branded as a high yield savings account

Royal Bank of Canada (RBC) does not have a savings account marketed under the name "high yield savings account." RBC's standard savings products—including the RBC Savings Account and RBC eSpeed Savings Account—pay rates that are typically lower than what you would find at online banks or credit unions that specialize in high yield products.

If you are looking for the highest possible rate on savings at RBC, your best option is the RBC eSpeed Savings Account, which is RBC's online-only savings product. However, even this account's rate is usually below what competing institutions offer. The rate RBC pays changes regularly and varies based on your balance and account type, so you will need to check RBC's current rates directly to compare them against other banks.

RBC does offer high interest rates on certain products—primarily GICs (may provide Investment Certificates) and promotional rates on specific deposit products—but these are not savings accounts and come with different terms and restrictions.

Key Takeaways

  • RBC's eSpeed Savings Account is its highest-rate savings option, but it typically pays less than online banks and credit unions that focus on high yield savings.
  • RBC's standard savings accounts pay rates well below what you can find elsewhere, so comparing RBC's current rate to other banks is essential before opening an account.
  • If you want a true high yield savings account, you may need to look outside RBC to institutions like Tangerine, EQ Bank, or other online-only banks.
  • RBC does offer higher rates on GICs and promotional deposit products, but these lock your money away or come with specific conditions that differ from a savings account.

How RBC's savings rates compare to other banks

RBC's savings account rates are typically 0.5 to 1.5 percentage points lower than what online banks and some credit unions offer. For example, if RBC's eSpeed Savings Account pays 1.5% APY, competing online banks may offer 4% to 5% on a high yield savings account with no minimum balance and no monthly fees.

The gap exists because RBC operates a large branch network and offers services that online-only banks do not. You pay for that convenience through lower rates. If your priority is earning the highest rate on savings, RBC is not the right choice. If you value in-person banking and are willing to accept lower rates, RBC may still work for you.

You can check RBC's current rates on their website or by calling a branch. To compare fairly, look at the APY (annual percentage yield), not just the interest rate, and check whether there are minimum balance requirements or monthly fees that reduce your actual earnings.

RBC's other high-rate products and what they are

RBC advertises higher rates on GICs and promotional savings offers, but these are not the same as a high yield savings account. A GIC locks your money for a set term—usually 30 days to 5 years—and you cannot withdraw it early without a penalty. In exchange, RBC pays a higher rate than it does on a regular savings account.

RBC also runs promotional offers on savings accounts from time to time, offering a higher rate for a limited period (often 3 to 6 months) to attract new customers. These rates drop back to the standard rate once the promotion ends, so they are not a long-term solution if you want consistently high yields.

If you have money you do not need to access when ready, a GIC may make sense. If you need your money to stay liquid and accessible, a GIC is not an option, and you should compare RBC's savings rate to other banks' high yield savings accounts.

Why RBC's rates are lower than online banks

RBC has higher operating costs than online-only banks because it maintains thousands of branches, employs tellers and advisors, and offers services like in-person deposits and account management. Those costs come out of the interest RBC can afford to pay on deposits. Online banks have no branches and minimal staff, so they can pass more of their revenue back to customers as interest.

This is not a flaw in RBC—it is a trade-off. You are choosing between convenience and rate. Some people value the ability to walk into a branch and speak to someone in person. Others prioritize the highest possible return on their savings and do not need a physical location.

Alternatives if you want high yield savings outside RBC

If you want a true high yield savings account, consider online banks and credit unions that specialize in deposit products. Tangerine, EQ Bank, and Simplii Financial are Canadian options that typically offer rates 2 to 3 percentage points higher than RBC. These accounts have no monthly fees, no minimum balance, and allow you to withdraw your money whenever you need it—just like a regular savings account, but with better rates.

Credit unions in your province may also offer competitive rates on savings accounts. Credit union rates vary by institution and province, so you will need to check with your local credit union directly.

You do not have to choose between RBC and a high yield account. Many people keep a chequing account at RBC for convenience and open a high yield savings account elsewhere for money they are saving. Transfers between banks take 1 to 3 business days, so this approach works well if you do not need when ready access to your savings.

What to look for when comparing savings accounts

When you are comparing RBC to other banks, look at these factors: the APY (not just the interest rate), any minimum balance requirement, monthly or annual fees, and whether the rate is promotional or permanent. A bank advertising 5% APY with a $10,000 minimum balance and a $15 monthly fee may actually pay you less than a bank offering 4.5% APY with no minimums and no fees.

Also check how often the rate changes. RBC and other banks adjust their rates regularly based on the Bank of Canada's policy rate. A bank that raised its rate quickly when the Bank of Canada increased rates may also drop it quickly if rates fall. Look at the bank's rate history if you can find it, or ask the bank directly how often they adjust.

Finally, confirm that the bank is covered by deposit insurance. In Canada, the Canada Deposit Insurance Corporation (CDIC) insures deposits up to $100,000 per depositor per institution. Most major banks and many online banks are CDIC members. Credit unions are covered by provincial deposit insurance, which usually offers similar protection.

Frequently Asked Questions

Can I get a higher rate at RBC if I have a large balance?

RBC does not offer tiered rates on savings accounts—meaning you do not earn a higher percentage just because you have more money. Your rate is the same whether you have $1,000 or $100,000 in the account. Some banks do offer higher rates for larger balances, so this is worth checking when you compare institutions.

Does RBC offer any savings account with no monthly fee?

RBC's eSpeed Savings Account has no monthly fee and no minimum balance. The standard RBC Savings Account also has no monthly fee. The trade-off is that both accounts pay low interest rates compared to online banks.

What happens to my rate if the Bank of Canada changes interest rates?

RBC and other banks adjust their savings rates in response to changes in the Bank of Canada's policy rate, but they do not always move at the same time or by the same amount. RBC typically adjusts within a few days of a Bank of Canada announcement, but there is no may provide. Check RBC's website or call a branch to see the current rate.

Can I move money from RBC to a high yield account at another bank?

Yes. You can transfer money from RBC to another bank through online banking (usually 1 to 3 business days) or by visiting a branch and asking for a bank draft. There is no penalty for moving your money, and you can keep your RBC account open if you want to use it for chequing or other services.