Wealthsimple's Monthly Millionaire is a recurring cash contest where every Canadian with a funded Wealthsimple chequing account has a shot at winning $1 million. No ticket to buy, no skill involved. Deposit money you were already planning to save, and you're entered.
Here's how it works, how the prizes break down, and how to stack up your entries.
What is the Monthly Millionaire?
It's Wealthsimple's ongoing cash giveaway, running on a monthly cycle. Each contest period has four weekly draws building toward a grand prize:
| Week | Prize |
|---|---|
| Week 1 | $25,000 |
| Week 2 | $50,000 |
| Week 3 | $100,000 |
| Week 4 (Grand Prize) | $1,000,000 |
There are also thousands of smaller cash prizes, ranging from $3 to $500, drawn throughout the month. Your entries carry forward between weekly draws within a contest period, so you don't lose anything after Week 1.
A new contest period opens the day after each grand prize draw, so there's always a current cycle running. Exact start and end dates shift slightly each month, so check the Monthly Millionaire page in-app for the dates and prize details of whatever period is currently live.
How to enter
You need a Wealthsimple chequing account with at least $1 in it. The account's free, has no minimum balance, and earns interest, so there's no real cost to being eligible.
Once you're registered, there are five ways to rack up entries:
Sign-up registration, 500 entries. Register for the contest in-app or on the Monthly Millionaire page. You have to re-register each period since entries don't carry over month to month.
Net deposits, 1 entry per $1. Every dollar of net deposits during the contest window earns an entry, capped at 100,000 entries per contest. Net deposits means total deposits minus withdrawals, so a $50,000 deposit with a $5,000 withdrawal nets you 45,000 entries.
Referrals, 5,000 entries per friend. Refer a friend who signs up with your code and deposits at least $100 within 30 days, and you get 5,000 entries. Two friends is 10,000 entries, the same as depositing $10,000.
Direct deposit, doubles all your entries. Set up your paycheque to land in your Wealthsimple chequing account and every entry you've earned doubles on each draw. This is genuinely the highest-leverage move here: a $50,000 balance with direct deposit active gets you the same entries as a $100,000 balance without it.
Wealthsimple Presents QR code, 500 entries. Tune into a Wealthsimple Presents livestream and scan the QR code shown during it for bonus entries.
The 100,000 entry cap
Entries max out at 100,000 per contest period per person. Hitting that through deposits alone takes $100,000 in net deposits. With direct deposit active, you get there at $50,000, since your entries double on each draw day.
Referrals count toward your total too. Two referrals (10,000 entries) plus a $40,000 deposit with direct deposit active would put you right at the cap.
No purchase necessary
You don't actually need to fund an account to enter. Wealthsimple runs a no-purchase essay entry option too: submit a 100-word essay on how you'd grow your wealth with a million dollars, through the link on the Monthly Millionaire page. That's worth 500 entries for the initial submission.
How the referral bonus connects
Using referral code US0EBW when you sign up doesn't just get you the $25 cash bonus. Your deposit immediately starts earning Monthly Millionaire entries too. A $100 qualifying deposit gets you 100 entries on top of the $25 cash, and a $5,000 deposit gets you 5,000 entries. The two rewards stack automatically.
Once you're a member with your own referral code, every friend you refer adds 5,000 entries to your total, on top of the $25 cash bonus you both get.
Is it worth it?
The Monthly Millionaire doesn't ask you to do anything beyond keeping money in an account you'd probably be saving in anyway. Your odds improve with more deposits and referrals, and there's no real downside since your money stays accessible and keeps earning interest the whole time.
For anyone thinking about starting to invest or consolidating savings, it's just one more reason to move things over sooner rather than later.
🎁 Get in on the draw. Sign up at Wealthsimple with code US0EBW for your $25 bonus and start racking up Monthly Millionaire entries.
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