Open an RBC Chequing Account, Get a Free Apple Watch

Open a new RBC chequing account this quarter and get a new Apple Watch! Banks regularly offer cash bonuses in the hundreds of dollars for opening a new chequing account and completing a few requirements, but it’s nice to see RBC get a bit more creative by offering an Apple Watch instead.

RBC VIP Banking or RBC Signature No Limit Banking

Both accounts qualify for a bonus of an Apple Watch and here’s a rundown of the differences between them.

Open a RBC chequing account, get a free Apple Watch

RBC VIP Banking is RBC’s most premium chequing account and comes with the premium perks you’d expect: unlimited transactions, no RBC fees at ATMs worldwide, free cheques, 12 free bank drafts a year, and a $120 credit card annual fee rebate for the primary cardholder.

The monthly fee is $30 and RBC does not offer a fee waiver with any minimum balance. With VIP Banking, you can open up to two additional Canadian dollar deposit accounts and one U.S. dollar account with no fees.

RBC Signature No Limit Banking is RBC’s mid-tier offering, still offering unlimited transactions and a $48 annual fee waiver on an eligible credit card. You get 3 non-RBC ATM fees waived a month, and the monthly fee is $16.95. RBC also does not offer a fee waiver with a minimum balance on this account.

How to Get a New Apple Watch

RBC’s list of requirements to receive a new Apple Watch are really quite simple. You must open one of the above two bank accounts by June 1, 2026, and complete two of the following criteria by August 10, 2026:

• Your payroll or pension as a direct deposit
• Two pre-authorized monthly payments
• Two eligible bill payments to a service provider

Just to be thorough, you need to be a resident of Canada and of the age of majority in your province to open a bank account. You also need to have either never had a bank account with RBC or not received any promotional bonus from RBC in the past five years.

That’s it! There are no other requirements, like opening a new credit card or transferring money into the account.

Apple Watch vs. Other Bank Account Bonuses

There are many other fantastic bank account bonuses going on right now: Scotiabank is offering up to $700, BMO up to $800, and TD up to $750, just to name a few.

Most banks layer on additional requirements to unlock the full bonus, but the first ~$500 usually comes from a simple set of requirements similar to what RBC is asking for here.

RBC is offering an Apple Watch Series 11 GPS, 42mm or 46mm, with the standard sport band. The 42mm costs $549, while the 46mm costs $589 CAD. There’s also sales tax, so RBC is technically offering a stronger value proposition.

Up to $665.57 in value

Of course, the actual value depends on whether you’d realistically spend $549+ on an Apple Watch in the first place. For example, if you’re okay with an older model or picking up a refurbished watch, RBC’s offer is not actually “worth” $549+.

Compared to a straightforward $700+ cash bonus, RBC’s offer is a bit more subjective. If you were already planning to buy an Apple Watch, this is arguably the strongest chequing account offer in Canada right now. But if you’d rather have cash in your pocket, or would never spend $550+ on a smartwatch yourself, then the Scotia, TD, or BMO offers will still come out ahead for you.

Takeaway

RBC’s latest chequing account promotion is one of the more interesting bank offers we’ve seen recently, replacing the usual cash bonus with a brand-new Apple Watch worth up to roughly $665 after tax. The requirements are straightforward, making this an easy promotion to complete if you’re eligible.

Whether this is the “best” bank account offer ultimately depends on how much you value an Apple Watch. If you were already planning to buy one, RBC’s offer is extremely compelling. If you’d rather have cash, competing offers from Scotia, TD, and BMO may still come out ahead.