Wealthsimple Max Out Mondays Final Week Deposit Promotion (February 21 to March 1, 2023)
What is the Promotion?
The Max Out Mondays Final Week Deposit Promotion (the “Promotion”) is open to new and existing Wealthsimple clients who make a deposit or transfer into their Wealthsimple Managed Investing, Stocks & ETFs, Crypto, Save and/or Cash account from February 21, 2023 at 12:01 a.m. Eastern Time (ET) to March 1, 2023 at 11:59 p.m. ET (the “Promotional Period”). Direct deposits and deposits into a GRSP are excluded. Transfers must be received from a third party not affiliated with Wealthsimple to be eligible. Wealthsimple will deposit a cash value into your account based on the net amount you deposit (the “Bonus”):
Deposit amount Bonus
$1,000-$2,499 $5
$2,500–$4,999 $15
$5,000–$49,999 $25
$50,000–$249,999 $250
$250,000-$499,999 $2,000
$500,000+ $4,000
When will my Bonus be paid?
The Bonus will be applied to your account (the “Promotional Account”) within 10 business days after the Promotional Period, or 10 business days of your deposit or transfer being complete, whichever comes later. All transfers and deposits must be initiated during the Promotional Period, and must be completed within 60 days of the end of the Promotional Period, to be eligible.
Customers who receive a Bonus must maintain their net deposits across their Wealthsimple accounts for 180 days from the end of the Promotional Period or their Bonus payment may be deducted from their final withdrawal amount or otherwise recovered by Wealthsimple. Withdrawals, transfers out, e-transfers and card spending are all considered withdrawals and affect the calculation of net deposits. This Bonus is non-transferrable and cannot be combined with other sign-up offers or promotion codes and cannot be applied retroactively. You are only eligible to receive the Bonus if you are a new or existing Wealthsimple client, and you otherwise meet our eligibility requirements. Limit of 1 Bonus per qualified user. Must be a resident of Canada.
Source:
https://help.wealthsimple.com/hc/en-ca/ ... 2609418267
Comparison to other welcome bonus from the banks:
https://forums.redflagdeals.com/various ... c-2575435/
Comparison to Bank's Savings account promotion: BMO 5.25% till end of May
https://forums.redflagdeals.com/bmo-sav ... a-2596517/
CASH.TO Gross yield 5.02% MER 0.13% Net 4.89%
https://horizonsetfs.com/ETF/cash/#product-facts
* IMO only worth it if you have 250k+ cash
* Transfer 250k to WS and buy CASH.TO Versus 5.25% in BMO for 180 days: (5.25-4.89)% * 250k * 180/365= $444 difference.
The Max Out Mondays Final Week Deposit Promotion (the “Promotion”) is open to new and existing Wealthsimple clients who make a deposit or transfer into their Wealthsimple Managed Investing, Stocks & ETFs, Crypto, Save and/or Cash account from February 21, 2023 at 12:01 a.m. Eastern Time (ET) to March 1, 2023 at 11:59 p.m. ET (the “Promotional Period”). Direct deposits and deposits into a GRSP are excluded. Transfers must be received from a third party not affiliated with Wealthsimple to be eligible. Wealthsimple will deposit a cash value into your account based on the net amount you deposit (the “Bonus”):
Deposit amount Bonus
$1,000-$2,499 $5
$2,500–$4,999 $15
$5,000–$49,999 $25
$50,000–$249,999 $250
$250,000-$499,999 $2,000
$500,000+ $4,000
When will my Bonus be paid?
The Bonus will be applied to your account (the “Promotional Account”) within 10 business days after the Promotional Period, or 10 business days of your deposit or transfer being complete, whichever comes later. All transfers and deposits must be initiated during the Promotional Period, and must be completed within 60 days of the end of the Promotional Period, to be eligible.
Customers who receive a Bonus must maintain their net deposits across their Wealthsimple accounts for 180 days from the end of the Promotional Period or their Bonus payment may be deducted from their final withdrawal amount or otherwise recovered by Wealthsimple. Withdrawals, transfers out, e-transfers and card spending are all considered withdrawals and affect the calculation of net deposits. This Bonus is non-transferrable and cannot be combined with other sign-up offers or promotion codes and cannot be applied retroactively. You are only eligible to receive the Bonus if you are a new or existing Wealthsimple client, and you otherwise meet our eligibility requirements. Limit of 1 Bonus per qualified user. Must be a resident of Canada.
Source:
https://help.wealthsimple.com/hc/en-ca/ ... 2609418267
Comparison to other welcome bonus from the banks:
https://forums.redflagdeals.com/various ... c-2575435/
Comparison to Bank's Savings account promotion: BMO 5.25% till end of May
https://forums.redflagdeals.com/bmo-sav ... a-2596517/
CASH.TO Gross yield 5.02% MER 0.13% Net 4.89%
https://horizonsetfs.com/ETF/cash/#product-facts
* IMO only worth it if you have 250k+ cash
* Transfer 250k to WS and buy CASH.TO Versus 5.25% in BMO for 180 days: (5.25-4.89)% * 250k * 180/365= $444 difference.
Churning: CIBC Aventura VI *2, CIBC Aeroplan VI, BMO Airmiles WE
Chequing: CIBC
Credit card: Rogers WE, Triangle WE, Costco MC, NBC WE
Brokerage: WS Trade, CIBC IE
Chequing: CIBC
Credit card: Rogers WE, Triangle WE, Costco MC, NBC WE
Brokerage: WS Trade, CIBC IE
