The RBC iPad offer has just wrapped up in the fall of 2023. It is one of the best bank promotions in Canada. This RBC new account offer is available until October 31, 2023 (it got extended twice, once in July and once again in September). This post will go over the details on how you can get yourself a free iPad in Canada. Technically not free but almost free.
Right now there is no iPad offer but the RBC New Account Offer is an Apple Watch Series 9 until April 1, 2024.
This is the first time I have seen an Apple Watch being offered as a promotion!
Post last updated: January 2024
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RBC IPad Offer 2023
What kind of iPad is RBC giving away?
When you sign up for a RBC new account, you can get an Apple 10.9” Apple iPad (10th Generation Wi-Fi iPad 64GB) in your choice of Silver, Blue, Yellow or Pink.
The deadline for account sign up is October 31, 2023.
To get this RBC new account offer, you have to sign up for a new RBC account, one of these accounts below:
|RBC Signature No Limit Banking Account
|$16.95 monthly fee (or $4/month with the Value Program Rebate)
|RBC VIP Banking Account
|$30.00 monthly fee (or $18/month with the Value Program Rebate)
For the RBC Signature No Limit banking, other perks include a $39/year credit card rebate.
For the RBC VIP Banking account, you can get a free safety deposit box, free personalized cheques, and a $120/year credit card rebate.
How to Get a Free IPad from RBC
Here are the RBC iPad offer 2023 conditions.
After signing up for a new RBC account before October 31, 2023, you still need to complete a few steps to qualify for the free iPad.
To get the free iPad, by January 9, 2024 you have to complete TWO of the following:
- Arrange for automated and recurring payroll direct deposit or monthly recurring pension direct deposit
- Set up at least 2 pre-authorized bill payment to a service provider or pre-authorized payment to an RBC mortgage, loan, Royal Credit Line or contribution to your RBC investment account
- Set up at least two (2) bill payments to a service provider (e.g., utility bill, cable, etc.) from RBC online banking or using the RBC app.
The great thing is that you can open a new RBC account online in 5 minutes and you don’t need to go into the RBC branch.
To get the Apple Series 9 Watch, it is similar to get the iPad- you have to sign up by April 1, 2024 and complete two of the above steps before July 9, 2024.
How long does it take for you to get your free iPad?
In about 8 weeks after you complete your qualifying criteria. You will get a tracking number from the courier for your free iPad delivery. Therefore, instant gratification junkies wouldn’t be thrilled about this unfortunately.
So if you want a free iPad, you should plan ahead.
You will receive an email after you complete the qualifying criteria with instructions on how to order your Apple iPad.
This is similar for the Apple Series 9 GPS watch as well, the earliest you will receive an email is February 6, 2024- you have to complete the qualifying criteria before this.
Is It Really a Free iPad?
Unfortunately, the RBC iPad offer is not technically a free iPad since you have to pay the monthly bank account fees.
However, let’s say if you sign up at the end of July 2023 and you pay 15 months of fees, it will be around $210. You have to keep your account open until at least October 2024.
After that if you cancel, your iPad will cost about $255 if you factor in the monthly bank fees.
Considering the same iPad at the Apple store will cost $599, this is over 50% off from regular price.
The Apples Series 9 GPS Watch at the Apple store costs about $549+ tax so it is a similar promotion to the Apple iPad.
This is still pretty darn good.
If you’re really interested in getting an iPad and you don’t mind the hassle, this is a good deal.
Even better ‘deal’ if you can write off your banking fees as a tax deduction for your business.
Some big Canadian banks have bank accounts whereby if you keep a minimum balance (e.g. $3000 or $4000) monthly, your monthly account fee is waived. However, this is not the case for RBC.
Unfortunately even if you have the multi-product rebate with the RBC Value Program, it doesn’t completely cover the monthly fee of these two chequing accounts.
The monthly fee is still around $4 a month with the Value Program for the No Limit Banking Account and is around $18.00 for the RBC VIP Banking Account.
You can phone to set up the Value Program.
The Value Program allows you to save on monthly fees, you have to have 2 or more additional eligible RBC product categories, and complete at least 2 out of 3 regular account activities (a pre-authorized payment, direct deposit or bill payment) with your enrolled account each month to qualify for the Value Program.
Who is Eligible for the iPad Offer
Not everyone is eligible for the iPad offer, especially for those who tend to churn bank account promotions in Canada.
If you have had a personal banking RBC account in the last five years, you won’t qualify for this RBC new account offer.
Also, you have to keep your RBC new account open until at least October 31, 2024, which is over a full year of keeping the account open.
For more information, here’s a link to the 2023 RBC iPad offer. It takes 5 minutes to sign up for a bank account.
RBC iPad Alternatives
RBC doesn’t always just give iPads for free, they mostly recently provided Apple RBC iPods for free (with a six month subscription to Apple Music) and currently are giving away an Apple Series 9 Watch.
How often does the RBC iPad promotion come around?
I would estimate that the RBC iPad promotion occurs about once a year.
The last time the RBC iPad offer was available was in the fall of 2023.
If you’re looking a huge list of other bank account promotions in Canada, check this post out.
All of these banks below will waive your monthly bank fees if you have a certain minimum account balance with them, so they will essentially be free, compared to the “almost” free gift that RBC is handing out.
- TD Bank will give you a $400 Amazon cash
- Bank of Montreal will give you $400 cash with BMO’s new account offer
- CIBC has a $400 new account promotion
- Scotiabank will give you $350 cash with their Scotiabank Preferred Package or Scotiabank Ultimate Package
Hope you found this post helpful and hope you enjoy your iPad!
In summary, if you don’t mind the hassle of opening up a new bank account, paying fees for at least a year, and moving your direct deposits around to save around $350, then this deal is for you.
However, if you’re looking to just buy an iPad (maybe you have children that need to use an iPad so you as a parent can survive a 17 hour airplane flight), it might be cheaper and less of a hassle to buy a gently used iPad on Facebook Marketplace or something.
You may also be interested in:
- Best joint bank accounts in Canada
- Tangerine Promotions
- No Fee Banking in Canada
- New brokerage account promotions in Canada
Which is your favourite RBC new account offer?
GYM is a 40 something millennial writing about personal finance since 2009 and interested in achieving financial freedom through disciplined saving, dividend and ETF investing, and living a minimalist lifestyle. Before you go, check out my recommendations page of financial tools I use to save and invest money. Don’t forget to subscribe for a free dividend yield spreadsheet and the free Young Money Bootcamp PDF.