Watch your Money Grow with High-interest Savings Options
Your everyday banking account is a great way to access your money for your daily financial needs. At some point, however, you will want to compliment your usual account with one or more high-interest savings options. These high-interest solutions allow you to earn as much interest as possible while minimizing risk. You can also choose an option that gives you as much flexibility as you want.
High-interest, low-risk, savings options are ideal if you:
- are earning more money at your job and want a minimum risk way of earning more interest.
- transferred savings from your home country to a Canadian account that is ideal for everyday banking but now want to earn more interest.
- want to set aside money for an emergency fund that is separate from your everyday bank account, and is earning good interest.
- are saving for a special event such as a vacation or a wedding ceremony.
- are saving for a big purchase such as a car, downpayment or home renovation
- want a temporary solution to store some money outside of your everyday bank account while you decide what to do with it — this is known as "parking" your money.
The Right High-interest Bank Account for You
At RBC Royal Bank, you’ll find a high-interest saving solution that works best for your needs. Best of all, your money will be safe and guaranteed.
Remember, though, that these options are not meant for day-to-day banking. In order to offer you the highest interest rate possible, you will be charged a small fee for some transactions that would normally be free with other accounts.
RBC High Interest eSavings
This account is ideal if you prefer to do your banking online rather than by ATM or telephone. It is not meant to be used as your everyday banking account but your money is available to you online 24 hours a day, seven days a week. Here are just some features:
- Earn high interest on every dollar you deposit into this account
- Free online acces
- No monthly fee
- No minimum balance
- Free unlimited deposits, online or in-person
- Free unlimited online transfers from this account to any other RBC Royal Bank account in your name
- Free eStatement including cheque images for cheques that are less than 90 days old
RBC Enhanced Savings
If you plan to hold at least $5,000 in a high-interest savings account, this is for you. The RBC Enhanced Savings account offers tiered interest rates — meaning that the higher your balance, the more interest you will earn. Here are some features:
- Tiered interest rates begin with balances of $5,000 or more
- One free monthly debit
- One free monthly payroll credit
- Free eStatement including cheque images for cheques that are less than 90 days old
GICs Offer another High-interest Savings Solution
Guaranteed Investment Certificates (GICs) are yet another way to grow your money substantially while minimizing risk.
For many people, GICs can be an excellent high-interest investment option. While they can be more complicated and less liquid than a high-interest savings account, they come with many different options to explore. Find out more about GICs to see if they’re right for you.
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