4.7% for 90 days on one's first eSavings account, opened by October 29, 2025 | RBC Royal Bank | Discussion forum

Is there anyone left that still qualifies as a first time e-Savings account holder?

" Here we go again..." as an offer, doesn't seem like it will resonate with most folks that visit this forum on a regular basis, thanks for mentioning it though.

I still qualify for the RBC e-Savings account.

COIN said
Doubt anyone on this board qualifies. We seem to be a rather seasoned savvy group of investors.

If we were truly investors, we wouldn't be monkeying around with savings accounts and GICs.

Norman1 said

Rail Baron said

What kind of fees and surcharges does RBC have up its sleeve for this type of account? For example, how long do you have to keep it open without paying a fee for "early" closing?

The RBC High Interest eSavings account is not really intended to be one's sole RBC bank account.

Each debit is $5 if it is neither the one free ATM withdrawal per month nor a transfer to another RBC Royal Bank personal deposit account under the same customer name.

According to Personal Deposit Accounts: Disclosures and Agreements, after 15 days, there is a $20 fee to close the account unless the account is closed in person.

One suggestion is to also open a RBC Day to Day Savings account. One debit is free each month and they are $2 each beyond that one. Transfers from the eSavings account to the Day To Day Savings account would be free if they are both under the same name.  

Sounds like there would be fees involved in transferring funds to another bank - at least through a "push" from the RBC account.

What about setting up PAD with my Q-Trade Cdn cash account. Could I then "pull" funds directly from this RBC High Interest e-Savings account, or "push" them in from Q-Trade for that matter?

I also used Day To Day Savings account for 1 free debit. Pulled from elsewhere.

BE ADVISED though that one free debit "per month" is your statement month, NOT calendar month.

mustang said
…
Today, I phone in to ascertain terms of a mobile check deposit
It is on hold for 4 business days-- pretty standard in my experience-- certainly not the worst
Since it is for savings, doesn't really matter to me
What does matter to me: I was told that while hold, the funds would earn no interest
That probably comes close to a deal breaker for me
…

Both are likely not true.

RBC's hold policy is at Cheque Hold Policy. The hold at RBC is four days only for Canadian cheques deposited in-person.

Deposited items are credited and interest paid usually based on the business day the item is deposited, not when item's hold ends. Only exception I've heard of are items that are sent "on collection" outside the regular clearing system.

Turns out you were spot on, Norman
I was in the branch today to get my access unlocked-- (that turned out to be a bit of an adventure as well). Apparently, I tick all the boxes to appear as a master criminal, to Royal Bank Fraud Squad!

I asked the teller if funds accrued interest while on hold
She didn't know. Kudos to her for checking with her supervisor, who said "yes", they do accrue interest while on hold
So, at the end of the day, in answer to my question, I got
1 No
1 Yes
1 Darned if I know

Wouldn't something like this be covered in agents basic training?
From my experience, I guess not

Among the (many) interesting aspects of my experience today getting my account unlocked, was the following:
I was told -- very clearly-- that I needed two pieces of photo id when I went to the branch.
So, my driver's license was acceptable-- but my health card was not!
They managed a work-around, by having me recite my sin number
This all left me more than slightly non-plussed

My current plan is to write a check on the Meridian account, and use the Royal Bank deposit app to deposit it straight into savings account there

Yes, my Meridian promo runs until Sept 24
So, the plan is to wait until then, write the check then, and deposit into the Royal account at that point
I was thinking of using the deposit app, but after experimenting with it a bit this morning, I'm now thinking taking the check to the bank might be a better idea