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Free iPhone 15 with $100K new deposit / transfer
November 12, 2023
7:03 pm
InterestThis
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Oh well, no referral code bonus.
And yes, very sour grape, for very dumb promos that are a rip-off where you lose at least 1.5%, and WS could drop their rate down at any moment and you are stuck.
This WS promo is trash.
Anyone with a brain can buy an iphone, and do a CCA depreciation or straight expense, and not lose any money.

November 12, 2023
8:09 pm
RetirEd
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Don't forget that Wealthsimple isn't paying full retail on those iPhones. They would no doubt negotiate a bulk deal.

Does this matter to you? Maybe not, but it does affect what their marketing department does to attract your cash.

In general, any perk that costs you isn't likely to be worth it. Like subscription discounts, such as the one recently promoted by Canadian Tire. $90 a year for a points program update!

RetirEd

November 12, 2023
8:12 pm
mordko
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Must be missing something… Its possible. How much does it cost me? In what way?

November 12, 2023
10:02 pm
everhopeful
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There is a cost if you use Cash (or Save) account, as a lower rate compared to a GIC.

There is a cost to the managed investing as a .4-.5% per year.

The self-directed investing is the best way to take advantage of this promo (if you have 100k of securities to transfer, or think that this is a great time to buy). Just watch out for the currency conversion on USD trades.

November 12, 2023
10:14 pm
Norman1
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The offer requires the client to pay Wealthsimple either the C$1,129 MSRP for the Apple iPhone 15 or the C$1,449 MSRP for the Apple iPhone 15 Pro if the client doesn't keep the $100,000 or $200,000 with Wealthsimple for at least 365 days after the promo end of December 15, 2023.

The risk is that Wealthsimple may change its offerings during those 365 days and it becomes no longer worthwhile to keep that $100,000 or $200,000 at Wealthsimple.

November 13, 2023
1:02 am
HermanH
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Norman1 said
The risk is that Wealthsimple may change its offerings during those 365 days and it becomes no longer worthwhile to keep that $100,000 or $200,000 at Wealthsimple.  

HSBC offered similar promotions and that is exactly what happened. After the promotional bonuses were paid, their rates dropped into the toilet and my funds were 'trapped' for another year. I didn't lose out, but I didn't make anything additional, either. That's the last time I fall for one of those long-term conditional promotions. I either get my promos immediately and can leave or I simply ignore whatever gimmickry offered.

Fool me once, et al.

November 13, 2023
4:06 am
mordko
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HermanH said

HSBC offered similar promotions and that is exactly what happened. After the promotional bonuses were paid, their rates dropped into the toilet and my funds were 'trapped' for another year. I didn't lose out, but I didn't make anything additional, either. That's the last time I fall for one of those long-term conditional promotions. I either get my promos immediately and can leave or I simply ignore whatever gimmickry offered.

Fool me once, et al.  

OK, I used HSBC promotion more than once, and nothing became “trapped”. And I made nice extra $s vs alternatives. The day HSBC HISA promotion ended, my cash said “good bye”. No idea why you became trapped but you are doing something wrong and it does not mean that everyone and everything is the same.

WS promotion does not work like that. It's not for a fixed term so not comparable.

November 13, 2023
4:14 am
mordko
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everhopeful said
There is a cost if you use Cash (or Save) account, as a lower rate compared to a GIC.

There is a cost to the managed investing as a .4-.5% per year.

The self-directed investing is the best way to take advantage of this promo (if you have 100k of securities to transfer, or think that this is a great time to buy). Just watch out for the currency conversion on USD trades.  

Ok, I use self-directed investing and understand what you mean but don’t look at it like that. If one needs his investments managed then WS is competitive so no cost at all. And WS HISA is extremely competitive, particularly if we ignore 6-months HISA promotions. Comparisons with GIC are unfair. You can withdraw from WS HISA. If you don’t need the phone then don’t take it. If you do and take all your money out after getting the phone, then paying for it is only fair.

The USD point is very true. Its not a good place for USD assets until they start allowing NG.

November 13, 2023
4:55 am
savemoresaveoften
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RetirEd said
Don't forget that welathsimple isn't paying full retail on those iPhones. They would no doubt negotiate a bulk deal.

Does this matter to you? Maybe not, but it does affect what their marketing department does to attract your cash.

In general, any perk that costs you isn't likely to be worth it. Like subscription discounts, such as the one recently promoted by Canadian Tire. $90 a year for a points program update!  

All brokerage ARE offering transfer-in / new account perks in similar shape and form. Just because WS offers a phone instead of cash does not make it more evil or have a hidden agenda.
Yes of course it’s marketing, and if they can buy the phone from Apple for $500, good for them, cuz I can’t. So their cost is totally irrelevant to me.
As for comparing GIC, the only fair point as money needs to stay in WS for a year, like a GIC. BUT u can withdraw it (cost u the phone ) while a GIC you simply can’t.
For someone who wants to transfer in $100k and keep in cash to earn 4.5%, don’t do this promo.
Finally for rate change, all accounts that give u flexibility to withdraw do not offer 6% guarantee for a year, as simple as that.

People always think promo are always ‘too good to be true, something must be wrong’. To quote an example, Airmiles recently did a dollarama max pass, bot the pass for $10, use it at dollarama and earn bonus airmiles. I did it 7 days in a row, bought Amazon gift card $30 * 7, received a total of 2800 cash airmiles back which is almost $295.back. So spent $220 and get $295 back. Does that cost me anything ? No I net made $75. I buy from Amazon and I redeem the airmiles at Metro and Shell. Why BMO does such a stupid promo you may ask, that’s their marketing budget.

November 13, 2023
6:10 am
mordko
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People always think promo are always ‘too good to be true, something must be wrong’. To quote an example, Airmiles recently did a dollarama max pass, bot the pass for $10, use it at dollarama and earn bonus airmiles. I did it 7 days in a row, bought Amazon gift card $30 * 7, received a total of 2800 cash airmiles back which is almost $295.back. So spent $220 and get $295 back. Does that cost me anything ? No I net made $75. I buy from Amazon and I redeem the airmiles at Metro and Shell. Why BMO does such a stupid promo you may ask, that’s their marketing budget.

I admire you. That’s a lot of work for $75.

November 13, 2023
7:40 am
InterestThis
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Airmiles, Dollarama and Metro got what they wanted, more purchases, and drawing customers into their ecosystem.
Same as WS, there are plenty of people who think they are getting something "free" when they are paying for it.
Some people prefer to not waste time being manipulated with these childish toy games, and just buy what they want.

November 13, 2023
7:46 am
InterestThis
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Norman1 said
The offer requires the client to pay Wealthsimple either the C$1,129 MSRP for the Apple iPhone 15 or the C$1,449 MSRP for the Apple iPhone 15 Pro if the client doesn't keep the $100,000 or $200,000 with Wealthsimple for at least 365 days after the promo end of December 15, 2023.

The risk is that Wealthsimple may change its offerings during those 365 days and it becomes no longer worthwhile to keep that $100,000 or $200,000 at Wealthsimple.  

And the day will never come where I pay a company a financial PENALTY to use MY OWN MONEY. Just think about how insane that is, WS will charge you $1129 for the privilege of using your own money. Yes they are banking on the "Robinhood" crowd of dummies.

November 13, 2023
7:58 am
mordko
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IMHO, its getting more and more ludicrous with every comment. They would be charging you for the phone if you do a hit and run. Not to use your own money. Absolutely the right thing for WS to do; very clearly spelled out.

Now… here is a real question. Not that it matters but it does have me confused and curious.

I transferred a Questrade TFSA to WS. In kind. Got a $50 bonus from WS. The Iphone is supposedly on the way.

Questrade is showing $150 admin fee for the transfer. Plus HST. WS is reimbursing it by adding to the WS TFSA.

I don’t see where QS took the fee from. I only had $8.47 cash in the account (the rest being shares). Questrade has an activity entry called “Canadian Shareowners Invest TFSA Transfer.” Never seen such an entry before. It has the $150 fee plus HST minus $8.47 against it. But the money hasn’t been charged to any balances on the remaining Questrade accounts. The WS account has all the shares plus the bribes in cash. Puzzled.

November 13, 2023
8:46 am
Peter
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Please take a moment to review the forum rules, specifically the first two:

1. Be nice to each other! No swearing or derogatory comments allowed.
1a. No childish name calling, or disrespect against anyone, including the moderators & admins. Disagreeing with someone is one thing, but name calling is not tolerated here at all.

2. Feel free to correct anybody who gives misinformation, but remain polite, stick to the facts rather than focusing on the person's character, and give people the benefit of the doubt.
2a. People need time to reflect and process new information. You do not have to win every argument. There are plenty of other sites and platforms that tolerate aggressive arguing. This is not one of them.

November 13, 2023
10:02 am
NorthernRaven
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A couple of things that may have got lost in the noise, that I noticed when I looked at the terms:

  1. You can get an iPhone Pro instead of an iPhone if you do $200K+
  2. "The Reward will be sent within 8 weeks following the end of the Promotion Period, or 8 weeks after the Net Funding Amount is received, whichever is later", so they might not send it out until Feb 9th (they don't have to send the essential choice of color request for 3-4 weeks after the promo).
  3. You can choose color (eventually), but you can only choose the base 128GB storage version, and can't pay the difference to bump the storage, or upgrade from iPhone to iPhone Pro, or the Plus/Max versions.
  4. For those considering a brokerage transfer of existing securities, there's "...cannot be combined with other offers or promotion codes..." wording, and it isn't clear if this would supersede the standard offer to repay transfer fees from your existing institution.
  5. For the suggestion that Wealthsimple is getting a bulk deal on the iPhones, probably not so much. Apple is notorious for having little or no margin on their phones. If you look a cell companies, they actually sell iPhones at around $30 over Apple's list price, presumably because they need a little extra overhead. It is much different on Android phones, where you are usually getting some sort of break off list price in one way or another, since "list price" is a much more notional concept for those.

Although I don't have any real interest in hopping around brokerages for one-time bribes, I'm actually about to replace my iPhone 7 this month, so this caught my eye for a second - in theory I could transfer a chunk of my TDDI account over. Getting a phone in February after going through the hoops isn't that attractive, although I guess I'll have to take a second look.

November 13, 2023
10:12 am
mordko
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I got the transfer fee rebate already and WS are saying they are sending the phone, so that shouldn’t be a concern. The timing might be; lets see. Thats a really good point, although I personally don’t care.

What does 40 basis points loss refer to? That lost me. Surely WS share account reduces costs vs TDDI - assuming its TSX assets.

November 13, 2023
10:15 am
NorthernRaven
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mordko said
I got the transfer fee rebate already and WS are saying they are sending the phone, so that shouldn’t be a concern. The timing might be; lets see. Thats a really good point, although I personally don’t care.

What does 40 basis points loss refer to? That lost me. Surely WS share account reduces costs vs TDDI - assuming its TSX assets.  

Actually, I was just going to strike that out. It looks like it is only the robo-investing accounts that have the 0.4% (0.5% < $100K) fee, not the self-directed accounts.

November 13, 2023
10:15 am
mordko
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mordko said

Now… here is a real question. Not that it matters but it does have me confused and curious.

I transferred a Questrade TFSA to WS. In kind. Got a $50 bonus from WS. The Iphone is supposedly on the way.

Questrade is showing $150 admin fee for the transfer. Plus HST. WS is reimbursing it by adding to the WS TFSA.

I don’t see where QS took the fee from. I only had $8.47 cash in the account (the rest being shares). Questrade has an activity entry called “Canadian Shareowners Invest TFSA Transfer.” Never seen such an entry before. It has the $150 fee plus HST minus $8.47 against it. But the money hasn’t been charged to any balances on the remaining Questrade accounts. The WS account has all the shares plus the bribes in cash. Puzzled

  

Ok, this puzzle got resolved. Questrade charged WS the $150 fee directly and WS reduced cash reimbursement amount by the same amount.

November 13, 2023
10:48 am
savemoresaveoften
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mordko said
I got the transfer fee rebate already and WS are saying they are sending the phone, so that shouldn’t be a concern. The timing might be; lets see. Thats a really good point, although I personally don’t care.

What does 40 basis points loss refer to? That lost me. Surely WS share account reduces costs vs TDDI - assuming its TSX assets.  

I was told by the new biz rep that cover my acct confirmed once dec15 promotion end, email will be sent out for color selection and address to send phone too. She said about 3-4 weeks. Also if u r deemed important enuf to them, there are more choices than the 2 advertised phones at diff $$ level. It’s on a case by case Others have reported similar.

November 13, 2023
11:18 am
HermanH
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mordko said
No idea why you became trapped but you are doing something wrong and it does not mean that everyone and everything is the same.

I was trapped the way Norman1 identified; I had to keep the balance at HSBC for 1 year after the promo paid and their HISA rate had dropped into the toilet. Otherwise, I would be subject to clawback. Of course, I could have 'escaped', by paying back the promotional bonuses received and then moving my funds. In the end, I was neither behind nor ahead. I've learnt my lesson.

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