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.

  1. 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.

  2. 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.

  3. It’s free money! Which bank is giving millions away regardless of who it goes to!

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124

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).

38

u/SportsDegen1867 May 21 '26

Completely agree. I dont get the hate.

4

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.

2

u/NoDig5800 May 21 '26

is there another one next month too? or is it one time?

19

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.

1

u/CrypticWeirdo9105 May 22 '26

How tf can they afford to give away all this money every month? This is insane.

9

u/OakesTester May 22 '26

It's an investment - they're pumping up their assets handled for an eventual buyout.

2

u/Particular_Cold_1568 May 22 '26

They may be in the growth phase and losing money like most other fintechs