So, I’ve been banking at RBC (aka Royal Bank of Canada) since I was 9 or 10.  Back then, I opened a Leo’s Young Savers Account for Children.  Free everything, but no Interac.  Maybe Interac wasn’t invented yet back in … 1998.  Who knows.

Fast forward 10 years later, I still have the Leo’s Young Savers Account (which is strange since I thought the maximum age was 17 before you got automatically transfered to an RBC Student or Day-to-Day account).  Up until yesterday it was my only savings account which is terrible considering I don’t think I earn any interest on it what-so-ever.  In addition to that I have about $15,000 in GIC’s as well as an RBC Rewards VISA with a $2,000 limit that I have never carried any interest on.

Yesterday I signed up for an RBC High Interest eSavings account.  It gives me a 2.75% interest rate.  With this account I get

• Unlimited online banking transfers from this account to other RBC Royal Bank accounts.
• All other debit transactions, cheques, in branch, ATM, Telephone, or Online Banking bill payments – $5.00

Those are the most relevant features.  This account works for me because I do most of my banking online anyways and I plan to use this account as a start up for my Emergency Fund as well as other big-purchase/long-term savings that I have to do.  I transferred $1,000 from my Young Savers account into this account yesterday.

I’m pretty excited.  Is it silly to be excited about opening up a new bank account?  I know PC and ING offer better rates, but sad to say, I am pretty loyal to RBC.  As a life long customer with a wide variety of products and accounts with this bank, I am happy to keep in all “in the family” so to speak.  Once I graduate I may diversify but for now, with everything at RBC, my life is just a little easier to manage!