Wealthsimple, contest explained

A million dollar draw, read properly.

Wealthsimple runs a monthly contest with weekly draws building to a one million dollar grand prize. It is real, it is free to enter, and it is a contest rather than a return. Here is what the terms actually say.

Checked Aug 10, 2026

Grand prize: $1,000,000drawn at the end of each monthly contest
In all of 2026: Up to 7one million dollar prizes, not twelve
Cost to enter: $0no purchase necessary
Also required: Skill testand odds depend on total entries

The number almost everyone gets wrong

You will see this written up as Wealthsimple handing out a million dollars every month. The terms do not say that. Wealthsimple's own published statement is that contests run monthly with up to a maximum of seven one million dollar prizes across all contests in 2026, alongside secondary cash prizes from three dollars to one hundred thousand.

Seven is not twelve. If you are deciding what to do with real money, that gap is the whole story, and it is the part the louder write ups leave out.

Illustration of paper entries drifting up into a pale sky

Five ways in. One costs money.

Entries stack across the weekly draws. The two marked in green are free and take about a minute between them.

01Register in the app500 entries

One time. Costs nothing.

02Net deposits in the window1 entry per $1

Capped at 100,000 entries per contest.

03A referral who qualifies5,000 entries

Per qualifying referral.

04Wealthsimple Presents QR code500 entries

One time.

05Active direct depositDouble rate

Doubles the per dollar rate on remaining draws.

Entry mechanics and prize structure are published by Wealthsimple at promotions.wealthsimple.com. Contests change month to month, so read the current rules before entering.

Illustration of a path forking toward a house on a hill or a distant sparkle

The honest read

Deposits buy entries at one per dollar, up to a hundred thousand. So the biggest entry counts belong to whoever moved the most money, and the odds still depend on the size of the whole pool. Moving money to improve contest odds is not an investing strategy.

If the money you are eyeing is rent, debt, or your emergency fund, a draw is not a reason to move it. Take the free entries. If you were already going to open or fund an account for your own reasons, treat the entries as a bonus rather than the reason.

Carrying high interest debt? Paying it down returns a guaranteed rate no draw can promise. Our debt action hub and calculators will run that math with you.

If you want the account anyway

Wealthsimple's standing welcome offer is a cash bonus when you fund your first deposit. That one does not depend on a draw.

Open a Wealthsimple account

This is a referral link. If you open and fund through it, Bremo may receive a referral fee, and the referral also earns contest entries for us. That is exactly the sort of incentive you should know about before you click. It did not change a word above. See how we make money.

Contest terms, eligibility and full rules are Wealthsimple's own, published at promotions.wealthsimple.com. Bremo is not affiliated with Wealthsimple beyond the referral relationship disclosed above. Nothing here is investment advice.