Last year RBC offered free iPad minis to new customers who opened select bank accounts, and now we have a similar promo offering up Apple products, in the form of a free Apple Watch Series 1 or 16GB unlocked iPhone SE for $79.
New customers who open an RBC Signature No Limit ($14.95 monthly fee) or RBC VIP Banking Account ($30 monthly fee) by September 1, 2017, will be eligible for the Apple Watch or discounted iPhone SE.
What’s the catch? Customers will be required to setup a payroll as a direct deposit, or two pre-authorized payments by October 1, 2017 to qualify. Once that’s complete, RBC will email you instructions on how to order your Apple Watch Series 1 or 16GB iPhone SE for $79.
You will need to stay with RBC for at least a year (Sept. 29, 2018), otherwise the fine print says RBC has the right to charge your account (or send you a bill) for the following amounts:
- 38mm Apple Watch Series 1 – $359
- 42mm Apple Watch Series 1 – $399
- 16GB unlocked iPhone SE – $500 (you’ve already paid $79 on top)
Say you signed up with RBC on their No Limit account starting on August 30, 2017, then stayed on for 13 months. That equals 13 payments of the $14.95 fee, or $194.35 in fees, at minimum, for you to keep your Apple Watch or iPhone SE.
Many RFD members suggest TD Canada’s All-Inclusive bank account as a better chequing account, since the $29.95 monthly fee is waived if a $5,000 balance is maintained, plus it comes with free cheques, a small safety deposit box, waived annual fee on Visa cards and more.
Let us know if you’re going to jump on this.