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Free iPhone 15 with $100K new deposit / transfer
November 10, 2023
7:17 pm
savemoresaveoften
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Wealthsimple currently runs a promo where $100k new deposit / transfer in qualifies for a free iphone15.
Referral (both parties) gets extra 0.5% bonus for cash balance, making it 5% total for first 3 months. They also give a small $5-10 referral bonus to both as well.

November 11, 2023
6:19 am
suburbs4life
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It’s tempting for sure. Time will tell.

November 11, 2023
6:54 pm
InterestThis
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FINE PRINT
https://help.wealthsimple.com/hc/en-ca/articles/20021641780123
Hold Period
Clients who receive a Reward may not spend or otherwise remove the minimum Net Funding Amount applicable to their eligible Reward out of their Wealthsimple account(s) (“Removal”) for 365 days from the end of the Promotion Period or the Reward retail value as stated in these Terms & Conditions may be deducted from their final withdrawal amount or otherwise recovered by Wealthsimple

November 11, 2023
6:56 pm
InterestThis
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So you are getting a 1% Reward.
Apple iPhone 15 (128GB) (MSRP C$1,129) / 100K = .0112

November 11, 2023
9:59 pm
everhopeful
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InterestThis said
So you are getting a 1% Reward.

Depends how much you value the iPhone 🙂 I'd rather have cash, and the 365 day stipulation (post #36) means that this promo should be compared against GIC rates rather than HISA rates.

November 12, 2023
2:47 am
mordko
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InterestThis said
So you are getting a 1% Reward.
Apple iPhone 15 (128GB) (MSRP C$1,129) / 100K = .0112  

If you need a phone then the value is over 2%. You need to add HST and whatever your tax rate is (you’d be buying using the after tax money).

If you don’t really need the phone then the value is zero unless you are planning on selling it.

November 12, 2023
4:40 am
savemoresaveoften
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InterestThis said
So you are getting a 1% Reward.
Apple iPhone 15 (128GB) (MSRP C$1,129) / 100K = .0112  

Wrong. You can open a brokerage account, rate% for $100k is 4.5% plus 0.5% bonus for 3 months= 5%. Or u can put it into cash etf and all earn at least 5%. So u are getting 5% on ur money plus a free phone.
I think cash account over $100k earn same interest rate. Keep in cash if you don’t want to take any market risk. Personally I will pick a few 7%+ dividend yield blue chip names and sprinkle a $100k into those names.

If it’s a shitty 1%, I wouldn’t recommend it nor did it myself sf-wink

November 12, 2023
6:12 am
mordko
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savemoresaveoften said

Wrong. You can open a brokerage account, rate% for $100k is 4.5% plus 0.5% bonus for 3 months= 5%. Or u can put it into cash etf and all earn at least 5%. So u are getting 5% on ur money plus a free phone.
I think cash account over $100k earn same interest rate. Keep in cash if you don’t want to take any market risk. Personally I will pick a few 7%+ dividend yield blue chip names and sprinkle a $100k into those names.

If it’s a shitty 1%, I wouldn’t recommend it nor did it myself sf-wink  

Sure but you can buy a blue chip in a Questrade or some other brokerage account which you surely have anyway. For cash you can get comparable promotions elsewhere. So the difference is in the Iphone.

November 12, 2023
6:27 am
savemoresaveoften
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mordko said

Sure but you can buy a blue chip in a Questrade or some other brokerage account which you surely have anyway. For cash you can get comparable promotions elsewhere. So the difference is in the Iphone.  

Of course, but doing it at Wealthsimple gets u a free phone worth $1k+ on top, what’s not to like ?

If anything one can argue lock in to 1y GIC at 6%. But if one going to invest $100k in stocks or stock like anyway, it’s a no brainer deal.
And one qualifies with $100k transfer in kind etc, so millennials are transferring in from quest trade etc to take advantage of the free phone. The WS offer is the most generous transfer in bonus out there right now. If one transfer in $2mm to Itrade,one gets $4500

November 12, 2023
6:52 am
mordko
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BlueSky said

I thought as well, WS is very competitive for a SA/checking offering a flat interest rate. I moved some money there to try it out, and it shows the date of the transfer, Sept. 29. Interest is also showing. So far so good. Have not yet made a transfer out.
What I don't like, is that their web version is limited in its functionalities, compared to the app.  

Yep. My wife needed a new phone so we transferred her TFSA account. In kind. Transfer took less than a week.

I think the case gets more difficult for accounts which hold USD assets; Wealthsimple does not allow Norbert’s gambit.

November 12, 2023
7:49 am
InterestThis
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Its not wrong, as you also have to subtract WS fees of 0.5%.
So you are locking in 100K for 1 year, and WS interest rates could drop at any time.
Getting a iphone is not a good reason to move an additional 100K.
Its also a bit of a trick as they bury the 365 day hold on your money.
If you are losing 2% by putting it into WS including their fees, then on 100K you are losing 2K in one year. (-iphone cost).
I have no doubt many people are duped by these kinds of promo's, that is why they do them, as it makes lots of profit for WS.

November 12, 2023
8:40 am
mordko
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InterestThis said
Its not wrong, as you also have to subtract WS fees of 0.5%.
So you are locking in 100K for 1 year, and WS interest rates could drop at any time.
Getting a iphone is not a good reason to move an additional 100K.
Its also a bit of a trick as they bury the 365 day hold on your money.
If you are losing 2% by putting it into WS including their fees, then on 100K you are losing 2K in one year. (-iphone cost).
I have no doubt many people are duped by these kinds of promo's, that is why they do them, as it makes lots of profit for WS.  

What 0.5% fees? None for DIY trading accounts and I am pretty sure they don’t charge for cash accounts (although I don’t have one).

I’ve just moved one TFSA account. So far $50 cash and an IPhone handouts. There are a few other perks which I didn’t know about. Still trying to figure out how I was duped.

November 12, 2023
8:46 am
Norman1
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For $100,000 of new assets, one can receive $500 from the latest offer from Scotia iTRADE.

Don't have to keep the $100,000 at Scotia iTRADE for a year. Keep only from March 31, 2024 until June 30, 2024. Must be net new since September 25, 2023.

November 12, 2023
9:55 am
savemoresaveoften
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InterestThis said
Its not wrong, as you also have to subtract WS fees of 0.5%.
So you are locking in 100K for 1 year, and WS interest rates could drop at any time.
Getting a iphone is not a good reason to move an additional 100K.
Its also a bit of a trick as they bury the 365 day hold on your money.
If you are losing 2% by putting it into WS including their fees, then on 100K you are losing 2K in one year. (-iphone cost).
I have no doubt many people are duped by these kinds of promo's, that is why they do them, as it makes lots of profit for WS.  

If u choose DIY, no fee, no trading commission. If u choose managed account, fee is 0.4% not 0.5%.
I never recommend anyone to pay anyone to manage their money, WS or not.
So no what u said is still wrong.

Did u actually do the research before replying ??

November 12, 2023
11:58 am
InterestThis
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Why are you shilling for WS? I use WS daily and know all about it.
Even with 4.5% that is still a loss.
And that 4.5% rate could drop like a stone at any time.
Get a GIC for a real locked in rate.
So why shill for WS?
I think its one of those goofy offers like, win a free ipad mini, which actually costs you hundreds in interest.
Its not some "great deal", WS does this to make money off people. Its marketing.

November 12, 2023
12:02 pm
InterestThis
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WS probably automatically takes that 100K and buys a bank GIC for 6%, and pockets the 1.5%, which is $1500 for the year.
Also they know most people will forget and withdraw money, or need the money, and then get CHARGED $1200 for their mistake.
What a joke.

November 12, 2023
2:37 pm
mordko
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- One is permitted to like a product you don’t. Its not “shilling”.

- May I ask why you would use WS daily if you hate it so much?

- Yes, its marketing. Yes, WS is making money. What’s wrong with that? I wouldn’t want to have my money with a company which is losing money. No, they are not putting it in a GIC. Thats just silly.

- Yes, the phone is a marketing gimmick. For someone who needs a phone its very neat; 2% handouts are quite rare as far as broker bribes are concerned.

- Moving money out soon after getting the bribe is kinda unethical - and seems too much like hard work. WS would have been extremely dumb to have no constraints on withdrawals. Expecting that seems unreasonable. Of course you can always withdraw; its your money. But paying for the phone is surely the right thing to do in that scenario.

- I wanted to check out WS anyway; they offer free trades and generally seem to be improving their offerings much faster than their competitors. Don’t have any experience with WS yet, but so far all the surprises were on the positive side. You get a bunch of perks for having just 100K in the account; even more for 500K. If I continue liking them after a few months, I will be moving more money in. They would have to start offering NG though before I move accounts with USD assets.

November 12, 2023
2:59 pm
InterestThis
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I like WS, I use it daily basically!
But any person who is making an investment decision based on an iphone, its irrelevant. If you want an iphone, buy an iphone.
Who in their right mind would tie up 100K for a year for an iphone?
There are multiple over 6% interest choices right now.
It sounds like shilling, all that is missing is a referral code.
But whatever, its a waste of time even talking about it.
Buy an iphone for work, and write it off as an expense.

November 12, 2023
4:43 pm
mordko
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Just to be clear, I don’t see this as “tying up money” in any way shape or form.

If you are going to need this money soon then of course its the wrong choice for you. I am not going to need TFSA assets for a couple of decades or so. They are going to sit somewhere and WS offers a better deal for buying/selling stocks than the other brokers even without the phone. Why should I buy an IPhone if I can get it as a bribe for doing something that I want to do anyway?

November 12, 2023
4:51 pm
savemoresaveoften
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InterestThis said
I like WS, I use it daily basically!
But any person who is making an investment decision based on an iphone, its irrelevant. If you want an iphone, buy an iphone.
Who in their right mind would tie up 100K for a year for an iphone?
There are multiple over 6% interest choices right now.
It sounds like shilling, all that is missing is a referral code.
But whatever, its a waste of time even talking about it.
Buy an iphone for work, and write it off as an expense.  

Maybe it’s just your sour grape cuz u don’t have 100k outside WS to transfer in to get a free phone,
Tie up ? Opening an account at WS is an investment decision ? We certainly don’t speak the same language.
I do agree it’s a waste of time with…

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