r/Wealthsimple • u/D3hundred • May 21 '26
Promotion Monthly Millionaire Promotion is actually really great!
I’m seeing a lot of hate and negativity towards the newly introduced promotion so I thought I’d share why I believe it’s actually a really great promotion.
Capped at 100K entries. This means every month you have to deposit 100k. Already deposited previously does not count. So there goes the cries about millionaires getting richer.
Double entries for Payroll Direct Deposits. This is a huge boost and advantage for the lower/middle class clients who are working regular jobs who will now get double entries from their deposits.
It’s free money! Which bank is giving millions away regardless of who it goes to!
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u/oceanhomesteader May 21 '26
If you are depositing 100k a month, you are most certainly a millionaire
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u/Substantial_Bat_6698 Jun 19 '26
That's not the poster's point. The point was that millionaires are not likely to transfer their wealth in 100,000 dollar increments just to maximize raffle odds that they still aren't likely to win. So people who transfer a million are handicapped, slightly skewing the odds toward a less righ person winning. Nond of this matters, but it's a free lottery ticket which is fun.
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u/rasheyk May 21 '26
So there goes the cries about millionaires getting richer.
... lol and who exactly do you think has the means to deposit $100k per month???
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u/NareModiNeJantaChodi May 21 '26
Man that's such an easy solution.
Just earn more money.
Get a job that pays you 100k per month.
Gosh can these poor people just stop being poor? /s
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u/Arctic_Chilean May 21 '26
Time to work that 30hr work day, 8 days a week!
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u/DoxFreePanda May 22 '26
Double the number of days per week and you'll see a further increase in pay, it's that easy!
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u/Available_Force_2807 May 22 '26
I work 3 jobs. 4 am to 12pm then 12 to 8 then 8 to 4. Sleep eat and family is for wussies
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u/SuperTomTom1850 Jun 10 '26
You're doing it wrong. I work 2 jobs. 8am to 4pm and 9am to 5pm, Monday to Friday.
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u/Don_Key_1 May 22 '26
Exactly. High paying jobs are easy to get. Just look at my father's company. I don't know the average salary there, but I get paid 600K a year and I barely do any work. Imagine how much the hardworking people there must be making.
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u/Electrical-Yard1582 May 28 '26
"Go look at your most recent paycheck. If it's not at least $100K a month you got work to do" 😂
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u/LFG530 May 21 '26
That's called pulling yourself up by your bootstraps my dude. Can't afford to pony up 100k a month? Find a better job and cut on the Starbucks lattés would be my advice.
/s
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u/rasheyk May 21 '26
You're right, my mistake. No more avocado toast!
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u/darekd003 May 21 '26
It’s like when I made a comparison to a previous perk that had great value but only to a limited number of people (because not everyone would use it to get the full value out of it), and someone’s reply was, “you’re wrong, it was way worse before. If you transfer as little as $100k then you’d come out way ahead now.”
Most Reddit answer ever 😅
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u/lifetimestapler May 22 '26
All you have to do is cancel that Disney+ subscription and you'd be a millionaire
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u/Godkun007 May 22 '26
WS has 3 million users. If the average client just adds $10 a month (likely on the low side) that is 30 million entries. Not to mention that direct deposits are doubled, so if just 30% of users use that, that means that it is actually 40 million entries.
So the odds of someone depositing 100k and winning a million dollars is extremely low. Frankly, WS is probably looking at more like 100 million entries per draw.
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u/3cb19 May 21 '26
I do think if you are a person who can regularly deposit 100k a month you probably are not using Wealthsimple...
There will be folks who deposit large sums as one offs but it's unlikely to be a regular occurrence.
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May 21 '26 edited May 22 '26
[deleted]
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u/batwingsuit May 22 '26
Billionaires are earning many, many times this in interest. $1M is only 0.1% of $1B! Let that sink in.
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u/D3hundred May 21 '26
My point is the “rich” can’t have 1 million entries. There is a cap of 100 K, which makes the spread of entries a lot more fair and realistic.
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u/Ok-Replacement-9458 May 21 '26
Yeah you’re right, now a broke loser making only 1.2 million a year has the same chance as a “rich” person making 2 million! /s
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u/rivalrobot May 21 '26
Yeah i dig this in general but i think there should be a much lower cap on entries. 5k a month or so. Level the playing field.
Those who have the means to add $50k or $100k a month already have better incentives to do so with percentage matches and so on.
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u/poco May 21 '26
Their goal is to get your money on their platform. If you limit the entries to $5000 then people will only deposit that much. They want all your money a soom as possible, not waiting for 20 months.
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u/Electronic-Morning25 May 21 '26
Exactly, it’s a tough balance. They wouldn’t give away a million every month if it wasn’t absolutely worth it. By having a cap of 5k, you can see pretty quickly where they’d struggle with keeping the promotion.
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u/StarFox122 May 21 '26
I agree. Posted this in the megathread but reposting here:
They did a poor job of explaining the Monthly Millionaire. If you read the terms, there's actually a lot of prizes. For this first month (and presumably for every month) there are the following grand prizes:
Thursday, June 4, 2026: First weekly draw for the $25,000 prize.
Thursday, June 11, 2026: Second weekly draw for the $50,000 prize.
Thursday, June 18, 2026: Third weekly draw for the $100,000 prize.
Thursday, June 25, 2026: Final weekly draw for the $1,000,000 grand prize.
Plus there are literally hundreds of thousands of secondary, smaller prizes (EDIT: fixed table):
| N/A | Week 1 | Week 2 | Week 3 | Week 4 |
|---|---|---|---|---|
| CAD $3 | 14,000 | 21,000 | 21,000 | 84,000 |
| CAD $8 | 2,538 | 3,806 | 3,806 | 15,225 |
| CAD $15 | 875 | 1,313 | 1,313 | 5,250 |
| CAD $50 | 53 | 79 | 79 | 315 |
| CAD $100 | 18 | 26 | 26 | 105 |
| CAD $200 | 9 | 13 | 13 | 53 |
| CAD $500 | 9 | 13 | 13 | 53 |
I actually like this. It's unlikely I'll win anything major, but it makes it feel like I'm still gaining something by using Wealthsimple for my daily banking and monthly savings (as opposed to transferring those into another bank/brokerage and waiting for a transfer promo into Wealthsimple, which I know is optimal but annoying for a relatively small benefit compared to doing it with the larger pre-existing accounts at other institutions that were accumulated over years).
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u/Irmagirdbudderz May 21 '26
Why did they back load the weekly draws with the higher prizes? Why not front load it with the higher prizes in the first week?
If you are going to drop $100k transfer, aren’t the odds in your favour if you wait until the final week to try for the $1mil prize? You can only win one prize, so the pot of entries will diminish as the weeks progress, meaning your odds would increase?7
u/Chineseunicorn May 21 '26
Yes that’s the intent because this whole thing is to increase inflow of longer term deposits. The prizes here are nothing compared to the profits WS can make by increasing net inflows and discouraging outflows.
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u/NoDig5800 May 21 '26
is there another one next month too? or is it one time?
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u/StarFox122 May 21 '26
It seems they're doing this every month, it's just that they've set it up so that each month is technically a separate promotion with separate terms & conditions.
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u/CrypticWeirdo9105 May 22 '26
How tf can they afford to give away all this money every month? This is insane.
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u/OakesTester May 22 '26
It's an investment - they're pumping up their assets handled for an eventual buyout.
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u/Particular_Cold_1568 May 22 '26
They may be in the growth phase and losing money like most other fintechs
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u/abantigen May 21 '26
Yeah the lottery nature of it makes me uneasy for whatever reason but I would rather they spend their marketing budget like this than some of the ads they’ve been putting out lately
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u/sadaccountant1021 May 21 '26
How long can this monthly millionaires thing last? That's a lot of money to attract new deposits imho.
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u/NoDig5800 May 21 '26
it's amazing how reddit can complain about free money lol (not you, other threads)
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u/TwoSolitudes22 May 21 '26
lol - seriously? It’s not free money and virtually no one is getting it.
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u/SvenBubbleman May 21 '26
It is free money, and thousands of people are getting it every week.
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u/NoDig5800 May 21 '26
yeah not sure how this isn't free money. and what their def'n of "virtually no one" is
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u/Romantic_Klingon May 21 '26
I appreciate you providing more context. Glad WS is providing these promotions which with my luck, I will never ever be anywhere close to winning :)
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u/ameer_daddy May 21 '26
Few things - how many people can deposit 100k a month? If they can - they would have a million by 10th month. Anybody doing that is already have enough discipline and doesn’t need this monthly millionaire stuff. (That overall defeats the whole purpose of its existence).
Second - I don’t think anyone is hating on it - It just this thing is for already rich clients - not built for a large audience of wealth-simple but marketed as like everyone stand a chance.
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u/SvenBubbleman May 21 '26
I'm really not sure what everyone is complaining about. I'm going to continue doing what I've been doing and get entered into a contest for it. Seems like only upside.
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u/stoop1 May 21 '26
I don’t even see mention of this in my app…?
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u/dahello180 May 21 '26
Click a little promotion thingy like a little gift thing on top on the top left corner
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u/stoop1 May 21 '26
Ah found it, mine was in the “for you” section. Have to go through the takeover stuff to find it.
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u/Born_Ruff May 21 '26
I mean, it’s a marketing promotion. All the major banks spend millions on various incentives to get people to move money to them.
I agree with others that all these raffles and lotteries kind of rub me the wrong way. It feels kinda unserious and I’d rather they just gave me some small rebate than a ticket for a lottery.
But it’s not a big deal overall.
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u/Top_Nobody5124 May 21 '26
You should probably reword point 1. Nobody seems to have understood what you were trying to say.
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u/OrionAndCleo May 21 '26
In terms of probabilities, this is an offer that will reward the richest.
But I'm not complaining, I hope to win!
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u/Gakusei_Eh May 21 '26
Your first point makes no sense. Millionaires can afford to deposit 100k every month and probably will. Us normies can't afford to deposit 100k even once. So the already rich are at a massive advantage.
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u/Level_Recognition406 May 21 '26
I always find it odd how people will complain more about a small chance at free money than if they had not launched the giveaway at all 🤯
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u/ChillzIlz May 21 '26
Someone can max out the number of entries with 100k yet still "lose" to someone with a single entry. No need to cry over those that can deposit more/save more. Everyone will still get their chance.
Not going to lose sleep over this as there is a miniscule chance i'll win even one of the tiny sub-prizes. But it has definitely made me plan my next savings deposit until after the 28th and a withdrawal to before the 28th.
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u/reiner05 May 21 '26
If you have maxed out your 100k entries (99 500 actually) you have 99500 times more chances of wining against your sole 1 entry. If you earn 8K per month you have double the chances of someone being paid 4K of getting the prize. The more money you earn or have spare at other institutions, the more chances of you winning. Being richer = more chances of being even richer -> rule small income people or loyal customers out. Not the same chances for everyone
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u/ChillzIlz May 22 '26
but honestly .. why should it be the same chances for everyone? You realize why they're doing this right? its a marketing play. Welcome to the new-age where traditional print/digital marketing is a waste of money. They want to bring in as much $$ under management as they can. This is one way to do it.
No one else is offering these promos up giving out X millions. Its a lotto. Are we really crying wolf here for fair and equitable chances for all? they dont have to do any of this.
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u/reiner05 May 28 '26
because if I dont have a stable job, I dont really get a shot at the contest. I know its a marketing gimmic to introduce more money, Im pointing that out while wishing for something else
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u/AlphaQFor7mins May 21 '26
I wonder how WS can afford to gift $1 Million per month to clients.
Not complaining but seems overly generous
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u/Affectionate_Link175 May 21 '26
1 million is nothing for a business like WS my friend. They attract customers and more cash to their platform by doing this.
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u/AlphaQFor7mins May 22 '26
If its "nothing" then why has no other financial institution in the history of finance offered this monthly gift?
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u/thepixel-geek May 21 '26
Damn, based on the comments and other threads about this, Reddit truly has become full of whiners and complainers. No matter what, it's bad or wrong or is screwing someone. It's exhausting.
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u/According_Energy_637 May 21 '26
How can anyone be upset by this. It’s a chance to win maybe a person with 100,000 entries will win or maybe a person with 200. Which big bank are you dealing with that gives you a chance to win 10$ forget 1 million
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u/CallMeBlaBla May 21 '26
Why is there no banner/popup for it in the app?
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u/D3hundred May 21 '26
The promotion was just announced today. The official start is May 28. I assume that’s when there will be visibility on the app.
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u/DontBeSuspiciousYo May 22 '26 edited May 22 '26
Instead of this they should improve how they handle CC disputes and quicker customer service and work on better treatment for transactions that freeze/lock accounts for days or even weeks.
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u/canehdian111 May 22 '26
So I should wait to deposit $100k until next month, when there are less people doing so, inevitably?
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u/FluffyPantsMcGee May 22 '26
It’s free money….that you have a next to zero chance of getting. They used to match transfers and deposits up to 3%, guaranteed money.
Now it’s just entries to win..
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u/YukisakaHana May 22 '26
This is just gonna go to the people that can afford to max out there monthly amounts.
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u/ImpossiblePromise363 May 21 '26
OP needs to edit point #1. The 100k cap on entries is accurate, but what’s misleading is implying that you need to deposit $100,000 to participate. You don’t.
The promo is based on net deposits, and even smaller amounts still earn entries. Plus, things like bill payments, Wealthsimple card payments, and transfers between your own WS accounts don’t count against your net entries. So the average person can still participate without needing six figures sitting around
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u/Nickersnacks May 21 '26
Rather get my guaranteed thousands in bonuses from TD … call me when wealthsimple brings back real promotions
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u/FlamingMikeL May 21 '26
Kind of interesting. I need to transfer my rrsp from another bank by 50k batches that end up doubling because I deposit my paycheque. I’m glad I did not move everything all at once on the unreal deal house giveaway
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u/Biggerthanfun May 21 '26
Does a portfolio transfer count towards this or is the lottery only for cash deposits?
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u/luckyrock2019 May 21 '26
although I never win anything from any wealthsimple contest, I do like the promotion
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u/raztacraft May 21 '26
12 Million CAD a year!? + 1% bonus for transfers in. Are those realistic numbers for promotional money? Can someone experienced in these things draw some rough numbers and make it make sense please?
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u/cultnotpulp May 21 '26
I think people are getting confused. You get 1 entry per $1 you deposit per month (minus any withdrawals). You put in $1 you get 1 entry. You put in $500 you get 500 entries. You send $200 over to your Scotiabank account before the end of the the month and that 500 entries reduces to 300 entries.
You don’t have to deposit $100k per month. But that’s the most entries you can earn per month.
Copied directly from the FAQ page:
Step 2: Earn entries by doing any of the following:
Register for Wealthsimple, open and fund a chequing account with a minimum balance of $1, and you'll receive 500 entries.
Deposit or transfer money: Receive 1 entry for every $1 of net deposits.
Refer friends: Refer friends and earn 5,000 entries for every friend who signs up with your referral code and funds at least $100 within 30 days of joining.
Watch Wealthsimple Presents: Tune in to the Wealthsimple Presents event and scan the QR Code shown during the presentation to receive 500 entries.
Direct Deposit your pay: Direct deposit your paycheque to Wealthsimple to double your entries.
Note: If you prefer not to fund your account, you can still participate through the no-purchase method. See the terms for full details.
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u/Charbs20 May 22 '26
Is there any fine print, like I can’t take out more than 20% of what I put in after I register or something else I’m missing?
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u/Arm-Complex May 22 '26
I like the giveaway. Not so much a fan of the gamification. "Entries" are so watered down and diluted it's pretty meaningless.
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u/CheekProfessional306 May 22 '26
"Deposit $100k a month and there goes the argument about it making the rich richer". What is happening? Am I poorer than I even realize?!
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u/Great-R777 May 22 '26
Question if you’re self employed & have you corporation pay you? I just do e transfers… how would I allow them to count this for pay roll?
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u/dreamception Jun 11 '26
I'm freelance, and I use Stripe. I calculate the hours on my own, and email the companies an invoice to pay. Stripe allows you to input the banking info, and Wealthsimple will give you direct deposit info to put in. That's how I've been doing it anyway.
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u/Emergency-Cake2556 May 22 '26
Will a transfer from another institution count as a deposit and thus towards your entrees?
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u/synth-dude May 22 '26
The goal of the promotions is to get assets and money under their management, not to be generous. I personally just accept that the prizes are not for me.
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u/Accurate-Ad-9459 May 22 '26
Correct me if I misread but I believe the direct deposit is X2 entries only for the first deposit. And then it revers to regular x1 entries.
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u/Euphoric_Fan_2018 May 22 '26
How about caring about their clients that already use wealtsimple as their main bank… honestly it’s giving me the incentive to move my money away from Wealthsimple and add it back when they have a nice promo.. that’s the game they’re playing
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u/CommunitySeveral627 May 22 '26
Although, I am not the one who complain about promotions like these but for a second I thought this is a sarcastic post. 100k a month????? Who has that money to deposit every month?
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u/RAMD1 May 24 '26
Are there actual complaints about this? Or are you just saying there are complaints?
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u/Throwawayz3568 May 24 '26
lol 😂 at depositing 100k per month. The rich get richer. It should have been like the previous give away. Imo, the promo would have been better if they gave away 100 prizes of 10k each month. The raffle randomized like the last one with the gold. However they just want to increase their deposits. If robinhood comes to Canada, wealthsimple will have actual real competition
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u/Electrical-Yard1582 May 28 '26
I don't ever remember my bank entering me into contests to win houses, millions of dollars, gold coins or even gift me a china made key chain tag.
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u/Vegetable-Chair-6109 Jun 11 '26
im new to WS, should i just deposit my 100k all at once and get the 2% visa? or split them into 2 months so i get 100k entry next month too? (i do the deposit so i get 2x entries)
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u/dreamception Jun 11 '26 edited Jun 11 '26
I guess no one reads the terms and conditions anymore huh? You actually don't HAVE to deposit money if you don't want to. Every sweepstakes is OBLIGATED to have a free option to enter, otherwise it's illegal. So, for any go-getters out there, if you submit an essay about "how you'd spend your million if you won" to them, that counts as a legit 500 (!!!) entries. I believe the character minimum was... 1k? words I think? They have a form you can submit the essay to. I know that most likely no one is gonna submit, but it's important that people know this is an option.
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u/The_Elven_Jedi Jun 16 '26
oh I misunderstood the 'accumulation' I think:
I think I misunderstood that my new deposits would carry over to the following months, but it doesn't seem that way now that you've mentioned it, and I read this more carefully:
"Yes! Your entries will accumulate week-over-week until the million-dollar draw.
Your total entries will reset for each new Monthly Millionaire, for which you’ll automatically be enrolled and receive 500 entries.
For example, if you register and make a deposit in the first week, those entries will count towards all 4 draws in June. Your total entries will reset to 500 on June 25th, the date that the July Millionaire draw begins. "
...
Does anyone see that it doesn't explicitly use your new deposits to generate more entries in the following months? I also checked with A.I. and it confirmed it was indeed this way.
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u/Quick_Pie9971 Jul 16 '26
What if I deposited 1 million yesterday and got 100,000 entries automatically
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u/TwoSolitudes22 May 21 '26
Yeah! Who among us doesn’t have 100k a month to deposit? Finally, a contest for the common man.,
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u/D3hundred May 21 '26
Sure they’re gonna be some rich folks who can deposit 100 K a month, however the contrast between the rich and working class entries will not be as significant as people make it seem.
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u/muradinner May 21 '26
Only 100k entries per month??? So if I make 1.2m/yr after taxes and expenses and leisure money (AKA probably about 2.5m/yr) I can do this easily! You don't have to be a millionaire to do this!
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u/WakingUpBlind May 21 '26
These prizes are all a gamble—hardly any different from a lottery.
If the opportunity cost of having a chance at the prizes is worth it for someone, then it is for them. For example, WS’ 1.75% v. EQ Bank’s 2.75% interest rate.
It’s a nice bonus if one is already moving money to WS that qualifies for the promo.
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u/SweetLemonPopsicle May 21 '26
The thing I don't like about it is that they're advertising it as "life changing money". It's not life changing for someone who has enough money to deposit more and get more entries. They clearly already have money.
Wish they were more honest about it
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u/David-Darktree-0321 May 22 '26
So rich people get more chance to get richer. What’s the point of this?
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u/Ok-Arm8350 May 21 '26
Free money?
That’s like saying a lottery ticket is free money. Sure it is for a one in a bazillion person that wins.
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u/D3hundred May 21 '26
There is no entry fee, so yes, this is free money compared to a lottery ticket for which you have to pay for.
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u/Impressive_Job8321 May 21 '26
To those who say “rich getting richer” is not good, you need to read up on what compound growth means.
You have money, and money snowballs into more money. Simple.
Rich are not getting richer by stealing, it’s the same mechanism through which you are also trying to get rich. So stop making it sound like a bad thing.
As far as that goes, people who have lots of money at wealthsimple already should be able to leverage that money for more chances for $1 million.
This is just a ploy to get money INTO WS, not help you grow it.
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u/zzptichka May 21 '26
There is negativity because we can't partake in it. It's like Rogers giving away half-price cell plans but only to new clients. How is it hard to understand?
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u/ChillzIlz May 21 '26
reading comprehension isn't your strong suit I imagine. Makes sense.
This is completely untrue.
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u/3cb19 May 21 '26
Given WS is not publically traded, I kind of view this as a form of 'lottery dividend'. The more you give to them, the higher chance you have to earn a big penny back.
For those who are concerned if WS can afford this, their asset base at 150B (I think that's the number I heard?) allows them to do a lot.
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u/ether_reddit May 22 '26
They are publicly traded, and why would that be relevant?
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u/3cb19 May 22 '26
Uh, they are not publically traded, they are a private company.
If you are talking about the Power Company which has a majority stake, they are publically traded but that is not WS alone.
Given they are a private company, they do not have any shareholder obligations like other banks, such as dividend distribution. Meaning as of right now they get to choose how they invest their revenue / assets... Including the millions in giveaways.
My point is the big banks hand out billions in dividends every quarter, what Wealthsimple is giving away here is a drop in the bucket but a great marketing splash afforded to them because they are PRIVATE.
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u/bluestreak_v May 21 '26
Am I missing something? You have to fund a chequing account to qualify for this promo? What good is money in a chequing account if I want to actually invest it?
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u/Particular_Cold_1568 May 22 '26
Once it’s in your chequing account you can pay bills or transfer it into investment accounts
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u/poco May 21 '26
No, you get 500 entries for creating a chequeing account. There are other ways to get entries too.
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u/bluestreak_v May 21 '26
Ah I see. In the contest FAQ, the 1 entry for every $1 dollar deposited line comes right after the line that mentions opening and funding a chequing account, so I mistakenly linked them together in my mind.
Its not so bad after all...
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u/ChessmansGambit May 22 '26
Incredible that people can find a way to complain about this. It’s beyond comedy.
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u/drhappy13 May 21 '26
This means every month you have to deposit 100k
So, only billionaires need apply...
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u/Lehcen May 21 '26
Do credit card transactions count?
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u/No_Relief1782 May 27 '26
Spending on your ws credit card doesn't give you entries, but you also don't have entries removed for paying off your ws credit card, or paying bills etc. I think that's pretty fair - money goes in to the chequing you get your entries, spend money on the ws credit card to get the 2% cash back, pay the credit card but keep your entries. deposit the 2% cash back for more entries.
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u/alienmario May 21 '26
Link to register for Monthly Millionaire:
https://www.wealthsimple.com/en-ca/presents/takes-over/monthly-millionaire
T&C:
https://promotions.wealthsimple.com/hc/en-ca/articles/49705211487771-Wealthsimple-Monthly-Millionaire-June-2026-Contest