• RBC Canada No Fee Savings Accounts Review

    RBC Canada offers four different savings accounts for Canadians. Although there are four no fee savings account options, only one account really seems to be the ideal option for anyone looking to save money on fee's and earn high interest. The best RBC savings account is the RBC High Interest eSavings Account. We have reviewed this account below along with the three other RBC savings accounts.

    RBC High Interest eSavings Account: 1.25% (No Monthly Fees)

    The RBC High Interest eSavings Account is a pretty good savings account option for many Canadians. RBC needed to create this banking option for their customers because they were losing customers to banks such as ING and Ally who started offering very high interest, and continue to offer the highest interest to Canadians. The great thing about the RBC eSavings Account is that it offers a competitive rate of interest (currently 1.25%) and enables you to easily transfer funds online to and from your existing RBC accounts. Customers can set up automatic and future transfers absolutely free. ATM Transfers to and from accounts are free but you will pay when you try and take money from your eSavings account at an ATM. ATM Withdrawals and Debits ($5.00 Fee) Email Money Transfers ($1.50) teller assisted transactions ($5.00) Pre Authorized Payment ($5.00). If your looking for a convenient place to park some money and leave it alone, the RBC eSavings Account is a great option. But you may want to check out ING and Ally bank as well.

    RBC Enhanced Savings Account Review: Horrible Tiered Min Balance Interest Rate (0.05 - .50%)

    The Enhanced Savings Account option from RBC is very similar to the eSavings Account listed above but with a few differences. Interest on this savings account is tiered and only begins paying interest on balances above $5,000. The other major difference is the interest rate. It is tiered starting at $5,000 up to a maximum $250,000. The rate the Enhanced Savings account pays is much lower than the eSavings. The tiered rate starts at 0.05% up to a maximum .50% This is really low compared to the 1.25% the eSavings account pays. The advantage of this savings account over the other ones is customers are allowed one free debit from this savings account each month, and your ATM withdrawals and Debits are cheaper at $1.50 a transaction opposed to $5.00 in the eSavings account. Of course the price you pay with this account, is the horrible interest rate. There are no monthly fee's to use the Enhanced Savings Account.

    RBC Canada Day to Day Savings Account: Tiered Interest No Min Balance (.05 - .25%)

    The RBC Day to Day Savings Account is very similar to the Enhanced Savings account with a few differences. The best part of the RBC Day to Day Savings Account is that it pays interest on all balances. Interest is not very high though and is tiered up to a maximum .25% on a $5,000 balance. This account has the same fee schedule as the Enhanced Savings Account and enables clients 1 free withdrawal / debit in each calendar month. The only fee's associated with this account are transaction fee's, no monthly fees.

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