What is the Wealthsimple Cash x Balance Rewards promotion?

From May 1, 2022 - July 31, 2022 (the “Promotion Period”) eligible Wealthsimple Cash account holders will earn 2% bonus back on the balance in their Cash account (the “Bonus”), up to a maximum balance amount of $1,000.  The 2% earn rate, which may be subject to change, is the annualized rate, calculated daily during the Promotion Period, and will be paid monthly according to the payment schedule, directly into your Wealthsimple Cash account.  Only Wealthsimple Cash clients who are verified students at the University of Waterloo or Laurier University during the Promotion Period are eligible for this Promotion.    

FAQs 

Does this mean Wealthsimple is a bank?

No, but we offer some of the same great features as banks! That said, all deposits in your Cash account are held by our banking partners, not by Wealthsimple, and rewards earned with your Wealthsimple card and balance aren’t classified as interest. We work closely with our partners to give you some of the same perks and conveniences that banks do.

When will I receive my bonus?
Bonuses will be paid out following the below payment schedule:

• Bonus accumulated from May 1-31 will be paid out within 7 business days of June 1, 2022
• Bonus accumulated from June 1-June 30 will be paid out within 7 business days of July 1, 2022
• Bonus accumulated from July 1-July 31 will be paid out within 7 business days of Aug 1, 2022

What does 2% annualized rate, calculated daily mean? 

Interest is calculated based on a “daily closing balance”, the value in the account at 11:59 EST each day, and paid monthly. For example, let's say you deposit $1,000 into your Cash account and leave it there for 365 days. You'll receive around $20.00 for the year (2%*1000). Since interest is calculated daily and paid out monthly, you'll receive around $1.70 each month, which is expressed as the following (using May as an example): (31/365)*20 = 1.70. Each month you will receive slightly more interest, thanks to the monthly compounding. Note that the in-app counter is just an estimate and that the interest is calculated outside of the app.

Terms and Conditions

The Promotion is valid for a limited time to new and existing Wealthsimple Cash clients who are a student at the University of Waterloo or Laurier University only. 

Payment Schedule

• Within 7 business days of June 1, 2022
• Within 7 business days of July 1, 2022
• Within 7 business days of Aug 1, 2022

The Promotion is sponsored by Wealthsimple Technologies Inc. (“Wealthsimple”). Wealthsimple reserves the right to amend, withdraw or restrict the Promotion at any time without notice. Wealthsimple is the sole arbiter of these rules, the calculation of Bonus, and any other issue arising in connection with the Promotion. If Wealthsimple suspects fraudulent or abusive behaviour, gaming of the system or a violation of these terms, Wealthsimple reserves the right to remove the Bonus from the applicable Wealthsimple Cash account and take any other action it deems appropriate including, but not limited to, closing the applicable Wealthsimple Cash account. This offer is only valid for individuals in Canada that otherwise meet Wealthsimple’s eligibility requirements. Wealthsimple’s standard terms (https://www.wealthsimple.com/en-ca/legal/terms) relating to your use of Wealthsimple products and any agreements that apply to the Wealthsimple Cash account each apply and are not affected in any way by this Offer.

Our Cash product is offered by Wealthsimple Payments Inc., a FINTRAC registered money services business. The funds you add to the Cash Account Funds are held securely in our omnibus custodial account with Canadian Western Trust Company, a federal trust company regulated by the Office of the Superintendent of Financial Institutions under the Trust and Loan Companies Act.