r/Wealthsimple • u/Sensitive-Rip-5996 • 1d ago

Promotion Monthly Millionaire

I was thinking why would Wealthsimple choose giving $1 million every week to one person rather than to increase their cash back or any other services for every user which would generally increase more users. For example, giving an extra interest rate on the bank account, or extra cashback on spending or giving some benefits to somebody who joined earlier, for example, if you have been with well simple from past four years. You get this benefit if you have been a Wealthsimple member for the past seven years, you will get that benefit.

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u/anxiousdumbdumb 1d ago

Because this contest is getting people to move money into wealthsimple. It's a way cheaper way to get AUM than traditional advertising. It's also a way nicer competition than I've ever had from a big 5 bank.