See chart for additional account differences.
| Name of account |
RBC Tax-Free Savings Account |
RBC High Interest eSavings Account |
Contribution/
Deposit Limits |
No limit to the number of deposits, but subject to annual contribution limits ($5,000 in 2009).
Excess contributions may be subject to penalty tax of 1% per month; assessed by the Canada Revenue Agency (CRA). |
No deposit limitations |
| Investment Option(s) |
Has multiple investment options:
Savings Deposit - High interest paid on every dollar; calculated daily and paid semi annually, in June and December.
RBC® GICs – (Non-redeemable, Redeemable, Canadian Market-Linked, Global Market-Linked)
RBC Mutual Funds (excluding Third Party Funds and RBC Managed Portfolios) |
Is an online savings account
High interest paid on every dollar; calculated daily and paid monthly. |
| Taxation of Interest/ Investment Income |
Investment returns – whether interest, dividends or capital gains – are not taxed, even when withdrawn. |
Interest income is taxable. |
| Access to Funds |
Withdraw anytime (subject to investments chosen). Withdrawn amount can be re-contributed anytime after the year of withdrawal. |
Unlimited online banking transfers to other RBC Royal Bank® accounts in same name. |
| Account Ownership |
Individual ownership only (must be of legal age who are residents of Canada and have a social insurance number). |
Individual or joint ownership. |
