Toronto-based Wealthsimple has launched a new promotion offering select clients a free iPhone 16 or 16e when they set up eligible paycheque direct deposits into their Wealthsimple Cash account.
The program, which began rolling out on July 28, 2025, is part of a limited test for existing customers and is not yet widely available.
The promotion works on a lease model. Clients who deposit at least $4,000 per month can get the iPhone 16e (128GB) free for three years, while those who deposit $8,000 or more monthly will receive the standard iPhone 16 (128GB) at no cost.
Normally, the phone would cost $30/month, but Wealthsimple covers the lease as long as the deposit threshold is met. Clients can also choose to upgrade to more advanced models (such as the iPhone 16 Pro or Pro Max) or larger storage options for a small monthly fee.
The phone remains the property of the leasing provider for the duration of the 36-month term. At the end of the period, users can either return the device in good condition or buy it out at a discounted rate—$225 for the iPhone 16e, for example. If a user stops direct depositing their paycheque during the term, they can continue the lease by paying the $30/month fee or opt to buy out the device early.
Wealthsimple emphasizes that users are free to spend or transfer their deposited income immediately — there’s no requirement to keep funds in the account. The iPhones are unlocked and compatible with all major Canadian carriers. While AppleCare+ and insurance aren’t included, users can choose to purchase coverage on their own.
Currently, the offer is invite-only and not available in Quebec. Wealthsimple says it’s testing the program with a small group of clients to assess interest and gather feedback. If successful, it could roll out to more users in the future.
Last fall, Wealthsimple similarly offered a promo for a free iPhone 16, but that required depositing a huge chunk of money. Back in June, Wealthsimple revealed new features coming that it says will hopefully convince more people to ditch their traditional bank.
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So, we wait for an invite by Wealthsimple first? Or can start paycheck direct deposit to our account for the iPhone?
What a shit offer.