Toronto-based Wealthsimple recently launched a new referral program bonus, offering cash rewards for both existing and new clients.
Wealthsimple is being used by over 3 million Canadians, with over $20 billion in assets under management, while there is up to $300,000 CDIC coverage on eligible deposits, while management fees are 4x lower than the average Canadian mutual fund. The service is essentially a robo advisor that allows online investing with no minimums or paperwork–as everything is handled online.
Under this promotion, when an existing client refers a friend, both parties will receive a $25 cash reward once the new client signs up and funds any Wealthsimple account with at least $1. This initiative is set to encourage more users to join Wealthsimple’s various financial services.
For Premium ($100,000 in assets) or Generation ($500,000 in assets) clients of Wealthsimple, an additional cash reward is available. This bonus is contingent on the referred friend funding a qualifying amount into any Wealthsimple account within 30 days of account opening.
The Base Bonus is credited within 24 hours of the new account being opened and funded, while the Additional Bonus, if qualified, is applied within 10 business days after the referee’s funding period ends. However, these bonuses are not applicable if the referred individual is already a Wealthsimple client.
Referring a friend is simple: clients need to use the Wealthsimple app, tap on the gift icon, and share their referral code. The Base Bonus is valued at $25, and the Additional Bonus can be up to $975, depending on the net funding amount by the referred friend. That’s $1,000 CAD in total bonuses available.
To claim the Base Bonus, the referred friend must open and fund an account using the referrer’s code. The Base Bonus must be claimed within 30 days in the app. For the Additional Bonus, available only to Premium and Generation clients, the referred friend must fund a qualifying amount. The Additional Bonus is based on the net funding amount and is directly applied to the respective Wealthsimple accounts.
Clients who forgot to use a referral code during sign-up can still apply the code within 30 days of account opening. The referral program is open to Wealthsimple clients who are residents of Canada, with the referee being a new client to Wealthsimple.
Wealthsimple emphasizes that the bonuses do not require the purchase of stocks or crypto. Investment decisions remain the sole responsibility of the client, with Wealthsimple not providing specific investment advice. Rewards do expire, with the Base Bonus needing to be claimed within 30 days, and accounts must be in good standing to receive the Additional Bonus.
How to get started with Wealthsimple’s automated or self-directed investing for RRSP, TFSA, crytpo and more? Use referral code THEZZA to get your first $25 bonus and more.
Disclosure: Wealthsimple is an affiliate partner and allows readers to help support independent media.
