Savings Accounts in Canada

The easiest way to commit to a regular savings plan is to arrange for pre-authorized transfers from your banking account to your designated savings account. Simply specify the amount and how often you want the transfers to take place — for example, once a week, every two weeks or once a month. You may even want to schedule these to occur just after your paycheque is direct-deposited into your chequing account.

• Step 1: In your Online Banking, under Quick Payments and Transfers, click on Pay Bills and Transfer Funds.
• Step 2: On the left hand menu, click on Set Up Save-Matic.
• Step 3: Enter the Amount you want to save, choose your From and To accounts, When to start, and select how often from the Receive Frequency options, then click on Submit.
• Step 4. Review your information and click on Confirm.

• Sign in to the RBC Mobile app,
• Tap ‘More’
• Tap ‘NOMI Find & Save’ and turn it on.

After you turn on NOMI Find & Save, we will get to know your spending & saving habits in your source chequing account to find opportunities to save for you.

You can deposit cheques through the RBC Mobile app (Android and iPhone devices) or the RBC Canada app (iPad devices). Download the latest version of the apps from the relevant app store, select "Deposit Cheque" in the main menu and follow the on-screen prompts.

Absolutely! This is one of the easiest ways to commit to a savings plan. You can set up automatic, pre-authorized transfers from your chequing account to your designated savings account.

Just specify how much, how often and which date you want the transfer to happen. Here are the steps to set up your pre-authorized transfer.

• In RBC Online Banking, under ‘Quick Payments and Transfers’, click on ‘Pay Bills and Transfer Funds’.
• On the left-hand menu, click on ‘Set Up Save-Matic’.
• Enter the amount you want to transfer, your from and to accounts, when to start, and select how often from the ‘Receive Frequency’ options, then click on ‘Submit’.
• Review your information and click on ‘Confirm’.

You can also use NOMI Find & Save² as a tool to automatically set aside savings. It uses predictive technology to learn your transaction patterns, find extra dollars that it thinks you won’t miss and automatically set them aside for you. Then, you can transfer these extra dollars to any eligible chequing or savings account for free.

² The NOMI Find & Save Service will transfer funds from your designated source account to your NOMI Find & Save Account. The source account must be an eligible Royal Bank of Canada Canadian personal chequing account.

With Interac e-Transfers you can send funds to clients of other financial institutions as well as RBC, and you don't need to know the account number of the person you're sending money to. All you need is their email address or mobile phone number.

You can send an Interac e-Transfer from Online Banking, or Mobile Banking. Here’s how:

To send an Interac e-Transfer from Online Banking:

• From the Accounts Summary page, select "More Payment Options" on the right side of the page.
• Enter the payment amount of the transfer.
• Select the account you want the funds to be debited from.
• Open the “To” drop down list, select the Interac e-Transfer payee and Submit.

To send an Interac e-Transfer from Mobile Banking:

Select the Interac e-Transfers icon from the main page.

• Choose the account you would like to pay from.
• Select the recipient you wish to send funds to. If sending to a new recipient, select the + sign in the bottom left hand corner of the page.
• Follow the steps

Visit our Foreign Exchange Currency Converter to get the latest foreign exchange rates.

Savings accounts do not usually come with cheque books. Savings accounts primarily serve as tools to help you save money and earn interest on your savings—rather than make transactions.

With an RBC savings account, it’s easy to make electronic transfers to your other RBC Royal Bank accounts for free¹, 24/7. You can easily transfer money to an RBC chequing account that offers cheques.

¹ If you are converting to a different currency, you agree that you will be responsible for any cost or loss associated with the currency exchange, and we may charge this cost to your Account. You acknowledge that the exchange rate used may result in revenue being earned by us on the conversion.

The interest rate posted for a savings account is an annual interest rate, but the interest on the account is calculated daily—and paid monthly.

It’s calculated using a simple interest calculation, multiplying the principal amount (the total dollar amount you’ve deposited) by the daily interest rate (the annual interest rate divided by 365) and the number of days since the last interest payment (about 30 days).

For example, here’s how you would calculate the monthly interest earned in an RBC High Interest eSavings account if the annual interest rate is 4.70% and you’ve deposited $5,000.

• Principal: $5,000
• Annual Interest Rate: 4.70% or 0.047
• Daily Interest Rate: 0.047 / 365 = 0.000129
• Number of Days: 30

Interest Earned That Month = $5,000 * 0.000129 * 30 = $19.35

The interest rates for RBC savings accounts vary.