Toronto-based Wealthsimple has launched a promotion for select new and existing clients, offering an iPhone 15 or iPhone 15 Pro for deposits or transfers of at least $100,000 CAD. The promotion is valid from today, November 1, 2023, at 12:01 a.m. ET to December 15, 2023, at 11:59 p.m. ET. To qualify, funds must be transferred from a third party not affiliated with Wealthsimple.
Eligibility for the reward will be calculated based on the net amount of cumulative deposits and transfers into Wealthsimple accounts, minus any withdrawals or transfers out during the promotional period.
To be eligible for the reward, clients must:
The reward is non-transferable and cannot be combined with other offers. Limit is one promotion participation per client.
Qualified clients will receive their iPhone 15 or iPhone 15 Pro within eight weeks after the promotional period ends or eight weeks after the deposit or transfer is complete, whichever comes later. A confirmation email will be sent within 3-4 weeks of the promotional period ending to those who meet the criteria.
All transfers and deposits must be initiated during the promotional period and completed within 60 days of the end of the promotional period to be eligible. A tracking number for the shipment may be provided.
Look, it may be cheaper and less of a hassle to just buy an iPhone 15 or iPhone 15 Pro outright from Apple. But if you have cash to move and want a free iPhone 15 or iPhone 15 Pro, this might be one way to get it.
Click here to sign up for Wealthsimple and get a $25 cash bonus with your first $100 deposit.
Wealthsimple is an affiliate partner of iPhone in Canada and allows readers to support the site.
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Sorry for being pedantic, but wow what a misleading title. It’s not free at all when you deposit 100 times the worth of the device….it just means you get 1 percent back from doing so….or even less.
Not really… I mean… lets say you ~1100 shares of AAPL stock parked in Questrade. You move those stocks to WealthSimple and you get a free iPhone Pro. Fee structure is similar anyhow.
There’s usually a fee to move money out of a brokerage… so you have to evaluate whether it’s worth the hassle, but the AAPL stock would still be 1100 shares of AAPL stock. I’m not sure what accounts and fee structures would qualify… but if it’s their managed portfolio, I think it has a 0.5% fee… so on 200k so $1000 in fees… which is the true cost. If you’re not paying anything to keep that in, say, Questrade with their self-managed account… then yeah, this isn’t a great deal…
But if you’re going from Questrade Managed to WealthSimple Managed… fees are pretty much identical
For how long the deposited funds must sit on the account before they can be moved?
I think it will take more than a free iPhone to move $100k?!?
Are WealthSimple on crack? Why wouldn’t I put that $100K in to a 1 year GIC at 5%? The $5000 interest, can buy you 5 iPhones.
they are on crack lol
they are on crack lol
You could park that money in a GIC in WealthSimple as well. And hey… if you already have the account in something like Questrade, you’re just moving money around for a free phone. Account fees are comparable between QT and WS anyhow.
that’s my 3 years salary….