Direct Deposit Boosted Interest Rate Promotion (the “Promotion”)
Promotion Period. From September 26, 2023 at 12:01AM ET to November 24, 2023 at 11:59PM ET (the “Promotion Period”).
Eligibility. To be eligible for the Promotion, the person must:
be a new or existing Wealthsimple Cash (the “Cash”) account user, with all Wealthsimple accounts in good standing at the time of participation;
be a legal resident of Canada;
be the age of majority, or older, in their province/territory of residence at the time of participation;
be a recipient of the invitation to participate in the Promotion via e-mail and/or Wealthsimple app; and
meet the requirements set out below (the “Client”).
Qualifying Deposit. To participate in the Promotion, eligible Clients must set up automated direct deposits of their payroll or pension in the full amount to their Cash account during the Promotion Period (the “Qualifying Deposit”). Qualifying Deposits must recur at least once in a 30-day period. Deposits from insurance or other non-recurring deposits are excluded. Wealthsimple reserves the right to determine whether the deposit(s) satisfy the criteria to be eligible.
Boosted Rate. The 1% boosted interest rate (the "Boosted Rate") is in addition to the Client’s eligible regular interest rate.The Boosted Rate is an annualized rate, calculated daily, paid monthly. Please allow up to 7 business days following the date at which the first Qualifying Deposit is received for the Boosted Rate to be applied to the Client’s Cash account in accordance with these terms and conditions. This Boosted Rate is non-transferrable, cannot be applied retroactively, and remains subject to change, at Wealthsimple’s sole discretion. Wealthsimple reserves the right, in its sole discretion, to remove the Boosted Rate if Client cancels the Qualifying Deposits, no longer meets the requirements as set out in these terms, or otherwise no longer qualifies for the Promotion. The regular Cash account interest rate will not be affected by this Promotion. Maximum one (1) Boosted Rate per Client.
Release. By participating in the Promotion, Client assumes all risk of injury, illness, disease, death, or any other damage which may arise in connection with their participation in the Promotion. Without limiting the foregoing, client hereby: (a) forever releases and discharges Wealthsimple and its parent companies, subsidiaries, affiliates, related and associated entities and employees, directors, officers, suppliers, agents, sponsors and administrators of each (collectively, the “Releasees”), from and against any and all claims, actions, costs, liabilities, judgments, damages, obligations, losses, penalties, and expenses of any kind or nature whatsoever (including legal fees) (collectively, the “Claims”) in any way arising directly or indirectly out of any injury, loss, or damage that Client may suffer as a result of, or in connection with the participation in the Promotion or any promotion-related activity; and (b) indemnifies, defends and holds harmless the Releasees from and against any and all damages, loss and expenses, including legal fees, which may be suffered directly or indirectly by reason of the Client’s own negligence or willful misconduct during or in connection with the participation in the Promotion.
General. Wealthsimple reserves the right to amend, withdraw, cancel, or restrict the Promotion for any reason at any time without notice. Wealthsimple is the sole arbiter of these rules and any other issue arising under the promotion. If Wealthsimple suspects fraudulent or abusive behaviour, gaming of the system, inappropriate, offensive or derogatory language or information or a violation of these terms, Wealthsimple reserves the right to remove all promotions from the Wealthsimple account(s) and take any other action it deems appropriate including, but not limited to, removing the Boosted Rate or closing the Wealthsimple account(s). This Promotion cannot be used in conjunction with any other promotional offer, unless specified herein. An invitation to participate in this promotion does not provide assurance that you will be accepted as a customer of Wealthsimple. This offer is only valid for individuals in the location cited above that otherwise meet our eligibility requirements. Our standard terms (https://www.wealthsimple.com/en-ca/legal/terms) relating to your use of Wealthsimple and any agreements that apply to your Wealthsimple account(s) each apply and are not affected in any way by this offer.
Our Cash product is offered by Wealthsimple Investments Inc. (“WSII”), a member of the Canadian Investment Regulatory Organization, a Financial Transactions and Reports Analysis Centre of Canada registered money services business. The funds you add to a Cash account (the “Funds”) are ultimately held securely in trust with a single or multiple members of the Canada Deposit Insurance Corporation (“CDIC”). CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. Wealthsimple Payments Inc. and WSII are not CDIC member institutions. Under the trust framework, CDIC insures eligible cash balances up to $100,000 per beneficiary, per member institution, provided certain disclosure rules are met. Coverage is free and automatic. Learn more about how CDIC protection works. Funds must be spread across at least 3 CDIC member institutions in order for up to $300,000 in deposits to benefit from applicable CDIC coverage. The advertised interest rate for the Cash Account is derived from interest earned by Wealthsimple on the funds. The Funds are settled with any CDIC member(s) one business day following the date that Funds are reflected in the Account.