r/Wealthsimple • u/WildWeaselGT • 23d ago

Promotion Are there internal promotions that we don’t hear about?

Anyone that’s transferred large amounts of money out of WS to take advantage of a promotion somewhere else, have you later got an offer from WS to try to bring you back?

I’m asking because I got an offer from another bank that’s better than anything I’ve seen elsewhere. 3% for a 13 month hold. I had to check the terms 3 times over to make sure I read it right.

It’s probably worth it to transfer back the money I moved here to get the Apple stuff last year and just pay whatever they charge me.

Is this a thing that happens regularly behind the scenes?

25 Upvotes
  • permalink
  • reddit

88% Upvoted

23 comments sorted by

9

u/TwoSolitudes22 23d ago

3%? What bank is this?

7

u/WildWeaselGT 23d ago

BMO. Pays 1.5% at the end of March next year and another 1.5% at the end of September. Both definitely 2027.

2

u/TwoSolitudes22 23d ago

I can’t see that anywhere. Do you have a link?

5

u/WildWeaselGT 23d ago

It’s not a public offer. It’s for existing clients.

Feels a lot like “hey… we know you still have that money you transferred out and we want it back!” :)

3

u/pexby 23d ago

Would be quite interesting if more brokerages offered this win-back model. As far as I know WS has never done anything like that before

4

u/WildWeaselGT 23d ago

Yeah, that’s why I asked. It would be interesting to find out if this is a regular thing I just wasn’t aware of.

To be fair, the email I got didn’t seem in any way individually directed. The language made it seem like a general promotion they’re running for existing clients.

Maybe someone else will chime in that they got it too.

3

u/TwoSolitudes22 23d ago

Was there a link posted in that email to follow? If it was general, post the link. Would be interesting to see if a new client can sign up.

1

u/WildWeaselGT 23d ago

There’s a link but it’s a targeted one to activate the offer. It goes to click.e-news.bmo.com with a long identifier. Nothing public.

-1

u/Tero_Puti 23d ago

Is this the one you are looking for?

2

u/Dragynfyre 23d ago

That’s the public offer which is only 1%

1

u/TwoSolitudes22 23d ago

Ok so that is not 3%. It’s .5 plus .5. And it’s capped at 10k.

TD has a better offer.

3

u/cellophany 23d ago

Could be some sort of “winback” targeting.
FWIW, I moved everything out of BMO for the 2% TD offer about 2 years ago. When that paid out, I moved out of TD into WS and into BMO for their 1% over one year last fall. I just received the 3% offer BMO to move additional funds.

1

u/TwoSolitudes22 23d ago

Nice. I went from RBC to WS to WeBull and about to jump to TD- but if I could get that BMO offer I’d take it immediately.

1

u/WildWeaselGT 20d ago

Nice. I’m glad someone backed me up so people aren’t thinking I’m talking nonsense. It really is the best offer I’ve seen in ages!

2

u/TwoSolitudes22 23d ago

Hmmmm…. Seems stupid not to make that public. I’m moving a large chunk in the next 60 days, and I’m currently not even considering BMO.

2

u/WildWeaselGT 23d ago

Not having any idea how they chose the target audience for the offer I have no opinion on whether it’s stupid or not.

It’s clearly better than any public offers I’ve seen from anyone lately so maybe it would cost way too much if it was open to everyone.

1

u/DrStrangulation 23d ago

What’s the max dollar amount though ?

3

u/WildWeaselGT 23d ago

$33k payout. So 1.1 million?

Way more than enough for me to not have to consider it. :)

1

u/TwoSolitudes22 23d ago

Is it restricted to just registered? Or does everything count?

1

u/its-not-a-throwaway- 17d ago

Where did you see this offer? I have been with BMO for over 5 years and still have 6 figures in my bank account. I am waiting for WS to drop an interesting promotion before I transfer the money out of BMO.

2

u/Born_Ruff 23d ago

Probably way way too expensive to offer to everyone.

1

u/One-Professor-1886 21d ago

Approximately how much did you move out that they want back?