Wealthsimple Monthly Millionaire: How It Works, Prizes and Entry Rules

Most contests ask you to buy something. Wealthsimple’s Monthly Millionaire does the opposite: it rewards you for saving money you already own.

Every month, Wealthsimple clients can collect entries toward weekly prizes and a grand prize worth $1 million. Entering is free, registration is simple, and your money stays in your account.

That combination has made Monthly Millionaire a huge hit with Canadians—and easily one of the best free perks offered by a Canadian financial company.

What is Wealthsimple Monthly Millionaire?

Monthly Millionaire is Wealthsimple’s ongoing savings contest.

You register once, collect entries during the month, and get chances to win weekly prizes. At the end of the month, one participant wins the headline prize: $1 million.

Unlike a lottery ticket, entering does not require you to spend and lose money. The money you deposit is still yours. You can keep it in your chequing account, invest it or withdraw it later.

In other words, you are rewarded for doing something that is already good for you: saving.

How does Monthly Millionaire work?

Getting started takes only a few minutes:

1. Register for Monthly Millionaire through the Wealthsimple app, website or official contest page.
2. Open and fund a Wealthsimple chequing account.
3. Receive your starting entries.
4. Earn more entries by saving, transferring money, referring friends or completing special offers.
5. Check the Wealthsimple app when each week’s winners are revealed.

You generally receive one entry for every dollar in eligible net deposits. Setting up direct deposit can also double the entries you earn.

Wealthsimple sometimes adds extra ways to collect entries, including referral bonuses and simple activities inside the app. The exact bonuses and weekly prizes can change from one month to the next, but the main idea stays the same: the more you save, the more entries you collect.

Your entries build throughout the contest month, so entries earned early can be included in several weekly draws. When a new contest month begins, your total resets and you receive a new set of starting entries as long as you remain registered.

What can you win in the current contest?

The current Monthly Millionaire contest is all about homes. Wealthsimple is giving away one condo every week, with five condo prizes worth more than $4.4 million combined.

Here is the full lineup:

The October 1 draw is the final draw for the September contest period. Entries build during the month and do not reset after each weekly draw, so entering early gives your entries more chances to be selected.

There are also 150 EQ3 Bird swivel chairs available as bonus prizes during September. Even by Monthly Millionaire standards, this is a seriously fun month to enter.

You can see the complete current schedule and rules on Wealthsimple’s official contest page.

Is Monthly Millionaire really free?

Yes. There is no fee to register and no lottery ticket to buy.

You can earn entries by depositing money, but that money does not go to Wealthsimple as an entry fee. It remains in your account and continues to belong to you. The official rules also provide a no-purchase entry option.

That is what makes this contest so appealing. If you buy $20 worth of lottery tickets and lose, your $20 is gone. If you move $20 into your Wealthsimple account and do not win, you still have your $20.

You may even earn interest or invest the money while it is there.

Why has Monthly Millionaire been so successful?

Because it makes saving money feel exciting.

Normally, transferring $50 into your savings account is responsible—but not exactly thrilling. Monthly Millionaire adds a little moment of fun to it. You are still building your savings, but now that deposit also gives you more chances to win.

The contest is also extremely easy to understand. There are no complicated points systems or ten-page challenges. Register, save and receive entries.

Most importantly, the prizes are real. Wealthsimple publishes its recent Monthly Millionaire winners, including Canadians who have won $25,000, $50,000 and the full $1 million grand prize.

Not everyone will win, of course. But everyone can keep the money they saved—and that is already better than ending the month with a pile of losing lottery tickets.

You also get the usual Wealthsimple perks

Monthly Millionaire is a great bonus, but it is not the only reason Wealthsimple has become so popular in Canada.

Wealthsimple brings banking, saving and investing together in one clean app. You can hold your everyday money, automate your savings and invest through accounts such as a TFSA, FHSA or RRSP without jumping between several confusing platforms.

Depending on the product you use, Wealthsimple also offers perks such as:

• No monthly fee on its chequing account
• Interest paid on your chequing balance
• Commission-free stock and ETF trading
• Automatic deposits and recurring investments
• Fractional shares, so you can start investing with small amounts
• Free Interac e-Transfers
• No Wealthsimple ATM withdrawal fees, plus reimbursement of eligible ATM operator fees
• Higher-level benefits and partner rewards as your assets grow

You can compare the current accounts, rates and benefits on Wealthsimple’s plans and pricing page.

The app is also genuinely easy to use. You do not need to understand every investing term before getting started. Your balances, deposits, investments and contest entries are all shown clearly in one place.

How to get more Monthly Millionaire entries

The easiest approach is to connect the contest to money moves you already want to make.

You could:

• Move part of each paycheque into savings
• Set up direct deposit
• Automate a weekly contribution to your TFSA or FHSA
• Transfer an existing investment account to Wealthsimple
• Refer friends who want to join
• Check the app for temporary entry bonuses

The point is not to spend more money to chase a prize. It is to make your regular saving habits count for more.

Even a small automatic contribution can help. Saving $10 or $20 every week might not feel life-changing today, but it builds the habit that can make a big difference over several years—and it earns contest entries along the way.

Who can enter?

Monthly Millionaire is generally open to Canadian residents who have reached the age of majority in their province or territory.

Registration stays active from month to month, so you do not normally have to start over every few weeks. The prizes, entry limits and special bonuses can change, so check the current Monthly Millionaire details for the latest contest period.

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Is Wealthsimple Monthly Millionaire worth entering?

Absolutely.

It is free, takes only a few minutes to join and rewards you for saving instead of spending. You get a chance at a genuinely life-changing prize while keeping every dollar you put into your account.

Will you become the next Monthly Millionaire? Maybe.

But even if your name is never drawn, you will still finish with more money saved than you started with. That makes this one contest where entering is an easy yes.