The RBC Day To Day Savings account account is a free savings product from one of Canada's largest and most well-established banking institutions. It's about as basic of a savings account as you'll find, but if that's what you're looking for, this product is a solid choice.
This savings account has very few benefits. It offers two tiers of interest rates, with the highest reaching only 0.01%. If earning significant interest is your goal, you should look elsewhere. But if you want to keep all your financial dealings under one roof, this account may work for you.
RBC Day to Day Savings features
Here's an overview of the features and details you can expect with this savings account:
Why You Want It
$0 monthly fee + Free and instant e-Transfers to RBC accounts.
Special Features
- Free access to MyAdvisor finance tracking service
Eligibility
- At least the age of majority in your province
- Opening a sole account in your own name
- Living in Canada
Provinces
ALL
Interest Rates
$0 - 999.99
0.005%
$1,000+
0.01%
Features
# Of Free Transactions
1
# Of Free Interac E-Transfers
0
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
RBC Day to Day Savings product rating: 3.1 stars
The RBC Day To Day Savings account is a convenient place to hold your money and offers relatively easy access. Still, it has a dismally low interest rate, and fees for most actions besides transfers to other RBC accounts. Unfortunately, your money isn't going to do anything for you in this account.
Still, the RBC Day To Day Savings account can be a convenient option for current RBC clients. There's something to be said for the security and peace of mind offered by a big bank like RBC, plus the convenience of keeping all of your financial products under one roof. Weigh these benefits against this account's mediocrity and you may just find the account is worth it for you.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of RBC Day to Day Savings
Yes, it's basic, but this account still has a few benefits worth noting:
Pros
No monthly fee
There is no monthly fee for the RBC Day To Day Savings account. Yes, this is a pretty common feature among savings accounts in Canada, but it's still worth noting. Chequing accounts cost at least $3 per month and/or require a minimum balance to waive the monthly fee, savings accounts are different.
Free transfers to other RBC accounts
Once you have funds deposited into this account, you can transfer funds to any of your other RBC bank accounts at no cost. By moving funds to, say, an RBC chequing account, you'll be able to make transactions like debit purchases and Interac e-Transfers when required.
Access to RBC’s MyAdvisor service
MyAdvisor is a digital service that helps you to manage and track your finances. You can connect with advisors (via a few different communication methods) for one-on-one advice sessions, receive personalized emails to help track your goals, and sign documents online instead of visiting a branch.
The cons of RBC Day to Day Savings
Unfortunately, there are some considerable downsides to this savings account:
Cons
Very low interest rates
While other high interest savings accounts offer regular rates as high as 2.75%, the RBC Day To Day Savings account's highest interest rate is just 0.01%. This is closer to what you'd expect from a chequing account, not a savings account.
No free Interac e-Transfers
RBC charges a $1 fee every time you use this account to make an Interac e-Transfer. Of course, as we mentioned above, you can bypass this if you also have a chequing account with RBC. Still, this fee can be frustrating for those who don't hold other RBC accounts.
No promotional incentives
While other banks offer surprisingly valuable welcome offers for new savings accounts, this one doesn't. Having a boosted promotional interest rate or just some kind of cash back bonus would be a nice touch for this account, and might give people a reason to take it for a test drive.
RBC Day to Day Savings alternatives
Here's how RBC Day To Day Savings account measures up compared to a few competing savings accounts:
 |  |  |  | |
|---|---|---|---|---|
| Account | RBC Day To Day Savings account | TD Every Day Savings Account | BMO Savings Amplifier Account | Tangerine Savings Account |
| Genius Rating | ||||
| Why You Want It | $0 monthly fee + Free and instant e-Transfers to RBC accounts. | Unlimited transfers to another TD account + Automated savings feature. | Earn 0.7% regular interest + A bonus 4.6% promo interest rate. | Start out strong with 4.5% interest + No minimum balance. |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | 1 | 1 | 0 | 0 |
| # Of Free Interac E-Transfers | 0 | N/A | 0 | 0 |
| Max Promotion Rate | N/A | N/A | 4.6% | 4.5% |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | November 02, 2025 | October 31, 2025 |
| Open an account See more RBC products Compare | Learn More See more TD products Compare | Learn More See more BMO products Compare | Open an account See more Tangerine products Compare |
* Interest calculated daily on the total closing balance and paid monthly. Rates per annum are subject to change without notice.
FAQ
What is RBC Day To Day Savings account?
The RBC Day To Day Savings account is a basic no fee savings account with a very low interest rate. Account holders can transfer to other RBC accounts for free, and they have access to RBC's RBC’s MyAdvisor service.
What is the interest rate on an RBC savings accounts?
RBC has 4 different savings accounts, with max interest rates ranging from 0.65% to 0.01%. The RBC Day To Day Savings account account has a tiered interest rate, offering a minimum 0.005% and max 0.01%.
Does the RBC Day To Day Savings account have a monthly fee?
The RBC Day To Day Savings account doesn't charge a monthly fee – none of RBC's savings accounts have a monthly fee. This is common for savings accounts in Canada, but users do pay for certain transactions and other bank fees.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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