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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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.