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[Wealthbar] $50 cashback for investing and maintaining $1000 balance for 60 days (GCR or HIS)

  • Last Updated:
  • Jul 4th, 2020 3:35 pm
[OP]
Newbie
Jul 8, 2017
19 posts
20 upvotes

$50 cashback for investing and maintaining $1000 balance for 60 days (GCR or HIS)

Deal Link:
Retailer:
Wealthbar
Through HIS: https://cashback.highinterestsavings.ca ... offer/3038
Through GCR: https://www.greatcanadianrebates.ca/details/WealthBar/

$10,000 managed free for the first year.

Their ETF portfolios have these risk profiles: Safety, Conservative, Balanced, Growth and Aggressive https://www.wealthbar.com/investments/etf
MER about 0.20%

Under current circumstances this may or may not be a good deal to different people. What do you think?

They also have a referral program outside of this deal, expiry end of April.
Thread Summary
title is incorrect, you only need to fund the account within 60 days with 1000 to get the 50.
109 replies
Member
Apr 17, 2015
352 posts
208 upvotes
Toronto, ON
Jon Lai wrote: Is this basically a WealthSimple competitor?
They are one of the many robo advisors available in Canada, yes.
Member
Mar 14, 2009
368 posts
443 upvotes
Toronto
Great timing for me! I manage my own passive ETF strategy through Questrade. But given current events I was motivated to finish my estate planning and looking for something my spouse could easily move to if needed.

Settled on Wealthbar (for the moment) because they have the financial planning and on-demand advisor access that she'd need, plus they said they could walk her through the transfers and account setup from scratch as well. And the fee + MER is similar to other options.

Cons:

/ Don't love the portfolio construction - for instance the growth and aggressive ETFs use only corporate or high-yield bond ETFs---I'd like to see something less risky. Plus hedged to CAD on some ETFs adds drag. And instead of buying the broad market they're only buying TSX 60 and S&P 500. And no emerging markets---10% real estate instead? Doesn't fit for me.

/ Don't love the 'private fund' portfolios they have for people of higher net worth that include private equity, etc. The MER is high. Might get a better deal if you have that many assets going with a traditional shop. And I'm concerned they might try to talk my spouse into it at some point instead of sticking with the passive strategy. Plus now they are owned by CI I could see it drifting even more to the typical sales-driven approach to advisory. On the plus side as a registered portfolio manager they do have a fiduciary duty to do the right thing for their clients.

In the end the advisory/planning access outweighed the cons for me. Wealthsimple also offers advisory but I've heard they are under-resourced so quality is poor. This seemed a good-enough decision to move forward with for now. Curious if other who have looked for robo + solid advisor access have found other appealing options.
Jr. Member
User avatar
Sep 5, 2018
111 posts
34 upvotes
Is this worth it? I imagine putting the 1k in my wealthsimple will generate a lot more than $50
Newbie
Sep 28, 2019
24 posts
22 upvotes
Is this 5% gain worth taking $1000 from my HISA and opening an account with Wealthbar? I am thinking of funding the account with $1000, receive the $50, and then withdraw and close the account afterwards.
Jr. Member
Oct 21, 2017
171 posts
103 upvotes
I choose super conservative options in the questionnaire and it advised a HISA as the portfolio type. Am I still eligible for the bonus if its not invested in the market or is this still considered an account? This seems like the safest way to get $50
AT&T 25GB
Sr. Member
Oct 17, 2012
829 posts
636 upvotes
Vancouver
If you have neither, Wealthsimple usually has an offer for $50 bonus for depositing 500
Member
Feb 14, 2018
269 posts
181 upvotes
I did this about a week ago. Already recieved the money in GCR. Do I have to wait 60 days before taking money out of WealthBar? Or was that just a maximum time frame?
Newbie
Jun 30, 2018
75 posts
40 upvotes
I’m not seeing to maintain $1000 for 60 days. The offer says to fund $1000 within 60 days. So I think it’s ok to withdraw $1000 once receive the cash back.
Newbie
Jul 5, 2017
68 posts
25 upvotes
I also already rec'd the $50. Very quick and easy.
Newbie
Dec 16, 2017
39 posts
5 upvotes
Signed up now, will let you know who quickly it goes
Sr. Member
User avatar
Nov 30, 2007
507 posts
75 upvotes
North York
sunnysidesolutions wrote: If you have neither, Wealthsimple usually has an offer for $50 bonus for depositing 500
Nice, any limits on when you can withdraw?
coolsam wrote: I’m not seeing to maintain $1000 for 60 days. The offer says to fund $1000 within 60 days. So I think it’s ok to withdraw $1000 once receive the cash back.
Have you or someone been able to confirm? If this is the case, this is a no brainer
Sr. Member
Oct 17, 2012
829 posts
636 upvotes
Vancouver
stasik wrote: Nice, any limits on when you can withdraw?
You have to deposit $500 and keep it in for 90 days. On any of these account types (only 1, and only on your first new account opening, when you signup with the right promo code):
Wealthsimple Inc. Cash (Individual or Joint), TFSA, Corporate, RRIF, Spousal RRIF, RRSP, Spousal RRSP, Smart Savings.

The terms are at this link below. In order to get the offer, you have to sign up using one of the promos. They happen quite frequently, I have seen it in Instagram ads, and on Fido Xtra in the past - which is when I took advantage of it.
What is the Wealthsimple Exclusive Funding Bonus?

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