Types of RBC deposits
Royal Bank of Canada developed a product that grants access to money and a guarantee on the principal and interest — RBC Savings Deposit. You can use your funds whenever you need them. Moreover, you can switch to GICs or mutual funds at any time. Interest is calculated daily and paid semi-annually.
You can set up a pre-authorized contribution plan for your TFSA, RRSP, RESP, or RDSP, so you can save automatically. As little as $25 per week lets you get started. You can choose weekly, bi-weekly, or monthly contributions that are automatically debited from your chequing or savings account.
Requirements
To start using an RBC Savings Deposit, you must first have an existing RBC TFSA, RRSP, RRIF, RESP, or RDSP or an existing RBC Royal Bank chequing or savings account already set up.
Pros and cons
Here are the benefits of the RBC Savings Deposit:
- No minimum deposit required
- It is possible to access the funds at any time
- Original deposit and interest rate are guaranteed
Nevertheless, there is a strict eligibility requirement that can be considered a product's drawback:
- The product can only be held in a registered account such as an RBC TFSA, RRSP, RRIF, RESP, or RDSP
How to buy a savings deposit?
If you already use RBC Online Banking, you can buy an RBC Savings Deposit online or in-store.
To get more details, visit your branch or call customer support.
