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RBC launches new high interest U.S. dollar online savings account

TORONTO, May 1, 2008 — High interest, no minimum monthly balance and free unlimited real-time online transfers to other RBC accounts are just some of the benefits of RBC's new U.S. dollar, high interest, online personal savings account, launched today, the first offered by a major Canadian bank. The new RBC US High Interest eSavings account will offer an introductory rate of 1.50 per cent based on the current short-term interest rates in the U.S. and is ideal for Canadians accustomed to setting aside U.S. dollars.

"This online account is designed for people who hold U.S. funds and are looking to earn higher interest on their savings," said Max Thompson, head, GICs and Savings. "The majority of our account holders who have our existing personal U.S. dollar account do not write cheques, so we are pleased to offer an alternative solution that is better suited to their savings needs."

According to an RBC poll released last week, nearly half of Canadians who travel to the U.S. purchase their U.S. dollars at the last minute. In fact, most Canadians (64 per cent) tend to keep their U.S. dollars at home. "What we have found is that many people may not be aware of how they can make their U.S. dollars work better for them," Mr. Thompson added. "Instead of keeping U.S. dollars in a drawer where it can get lost or forgotten, consumers can put their U.S. dollars in an account where they earn interest and it's safe. With our new RBC US High Interest eSavings account, anytime they feel the exchange rate is right for them, our clients can easily transfer funds from their Canadian account to their US eSavings account."

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Media contact:
Jackie Braden, RBC, Media Relations, (416) 974-2124


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05/01/2008 08:32:39