2.0% promo on new advantage accounts | Page 2 | Manulife Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
2.0% promo on new advantage accounts
May 8, 2021
6:58 am
mustang
Member
Members
Forum Posts: 205
Member Since:
January 7, 2020
sp_UserOfflineSmall Offline

That's what I was told when I called in, and asked

May 8, 2021
7:41 am
rhvic
Victoria, BC
Member
Members
Forum Posts: 465
Member Since:
May 28, 2013
sp_UserOfflineSmall Offline

I have played this game before with Manulife, hence a bit of advice. If you are an existing customer and want to open a new Advantage account, make sure you link to the NEW account before you transfer monies into it - that is, any new monies from an outside FI need to go directly to the new Advantage account. I had made the mistake of using the link to my first Advantage account to transfer funds into it and then to my new Advantage account. Manulife then declared that since the funds were already in the original Advantage account, and were then transferred to the new Advantage account, the monies were not "New". Note their statement re this offer:
"2.00% promotional rate is for new deposits to a new personal, non-registered, Canadian-dollar Advantage Account. "
I had to have lengthy exchanges with their agents to convince them the monies were indeed new to Manulife, and eventually they somewhat reluctantly did agree to pay the promo rate.

May 8, 2021
8:47 am
smayer97
Member
Members
Forum Posts: 768
Member Since:
September 29, 2017
sp_UserOfflineSmall Offline

That's dirty... Thanks for the warning...

May 8, 2021
6:11 pm
COIN
Member
Members
Forum Posts: 1106
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

Here's my take on what the various members have said.

1) Start date for the 4 months. To be safe I can arrange the new account opening and first deposit to be on the same or very close to the same date.

2) The bonus top-up is 1.85% so even if the regular rate drops to 0%, you will still get 1.85%.

3) Do not route new money through the old account. Deposit new money directly to the new account.

The 2% seems to be better than what Tangerine or Simplii are currently offering.

May 9, 2021
6:36 am
JPenterprise
Member
Members
Forum Posts: 46
Member Since:
December 23, 2018
sp_UserOfflineSmall Offline

Thank you rhvic for the heads up.

May 9, 2021
9:22 am
annie
Member
Members
Forum Posts: 55
Member Since:
September 18, 2020
sp_UserOfflineSmall Offline

COIN said
Here's my take on what the various members have said.

1) Start date for the 4 months. To be safe I can arrange the new account opening and first deposit to be on the same or very close to the same date.

2) The bonus top-up is 1.85% so even if the regular rate drops to 0%, you will still get 1.85%.

3) Do not route new money through the old account. Deposit new money directly to the new account.

The 2% seems to be better than what Tangerine or Simplii are currently offering.  

Yes~ so I am going to movesf-cool

May 9, 2021
9:24 am
annie
Member
Members
Forum Posts: 55
Member Since:
September 18, 2020
sp_UserOfflineSmall Offline

rhvic said
I have played this game before with Manulife, hence a bit of advice. If you are an existing customer and want to open a new Advantage account, make sure you link to the NEW account before you transfer monies into it - that is, any new monies from an outside FI need to go directly to the new Advantage account. I had made the mistake of using the link to my first Advantage account to transfer funds into it and then to my new Advantage account. Manulife then declared that since the funds were already in the original Advantage account, and were then transferred to the new Advantage account, the monies were not "New". Note their statement re this offer:
"2.00% promotional rate is for new deposits to a new personal, non-registered, Canadian-dollar Advantage Account. "
I had to have lengthy exchanges with their agents to convince them the monies were indeed new to Manulife, and eventually they somewhat reluctantly did agree to pay the promo rate.  

Yes~ So the external bank needs to reconnect to the new accountsf-cool

May 10, 2021
4:18 am
Bud
Member
Banned
Forum Posts: 1375
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Whats the enrollment deadline last day to enrol expiry?

May 10, 2021
6:05 am
JPenterprise
Member
Members
Forum Posts: 46
Member Since:
December 23, 2018
sp_UserOfflineSmall Offline

Can always initiate a pull from external a/c to your new Advantage a/c.

May 10, 2021
6:41 am
Bud
Member
Banned
Forum Posts: 1375
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Bud said
Whats the enrollment deadline last day to enrol expiry?  

June 18 apparently will it stick could they kill it before then

May 10, 2021
8:18 am
COIN
Member
Members
Forum Posts: 1106
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

This is weird. So, I submitted my application to open a new Manualife Bank account and it opened the following TWO accounts.

1) Everyday banking account

2) High interest savings account

Question: Which is the account that qualifies for the 2% interest?

UPDATE: Apparently, I chose the wrong option on my first attempt. I think I did it correctly on my second attempt.

May 10, 2021
4:06 pm
julio
Member
Members
Forum Posts: 136
Member Since:
November 21, 2015
sp_UserOfflineSmall Offline

Advantage account. Really it takes five seconds to open one. To add a joint owner, both have to be present and call, "not on speaker", one is being added, the other agreeing to it. Can be done over the phone with some reps, some will tell you to visit "an adviser" - hang up and call again.

Transfer takes one day. Rate good for 120 days from the day when account was opened.

May 11, 2021
10:41 am
COIN
Member
Members
Forum Posts: 1106
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

Please note when you log-in to your Manulife account, you will see two options to open a new account. The correct option for the 2% promo is the one on the right.

BTW: I made the near fatal mistake of initialing choosing the option on the left. Fortunately, we caught this mistake when I called Manulife and spoke to a live human.

May 11, 2021
10:56 am
Alexandra
British Columbia
Member
Members
Forum Posts: 458
Member Since:
September 24, 2019
sp_UserOfflineSmall Offline

I opened my first Manulife Bank Advantage Account.
When you go into you advantage account click on the account number. It will open up account details.

Under Account Details:
Account Name: Advantage Account
Account Balance;
Status:
Available Balance:
Funds on Hold:
Interest Rate: 0.15%
Promotion rate: 1.85%
Promotion end date: September 04, 2021
Opened date: May 07, 2021

Maybe this will help clarify doubts?

May 11, 2021
6:39 pm
COIN
Member
Members
Forum Posts: 1106
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

Unlike Tangerine and Simplii and their silly games, when Manulife has a promo, it is open to all clients.

May 11, 2021
6:49 pm
annie
Member
Members
Forum Posts: 55
Member Since:
September 18, 2020
sp_UserOfflineSmall Offline

COIN said
Unlike Tangerine and Simplii and their silly games, when Manulife has a promo, it is open to all clients.  

I like it very much because the five major banks cannot give high interest.. so I enjoy this gamesf-cool

May 12, 2021
5:45 pm
COIN
Member
Members
Forum Posts: 1106
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

Alexandra said
I opened my first Manulife Bank Advantage Account.
When you go into you advantage account click on the account number. It will open up account details.

Under Account Details:
Account Name: Advantage Account
Account Balance;
Status:
Available Balance:
Funds on Hold:
Interest Rate: 0.15%
Promotion rate: 1.85%
Promotion end date: September 04, 2021
Opened date: May 07, 2021

Maybe this will help clarify doubts?  

This is very helpful. It is visual proof that we are getting the 1.85% top-up.

Question: Has anyone tried to convince Manulife to raise the ceiling from $250,000 to a higher limit?

May 13, 2021
12:40 pm
anita555
Member
Members
Forum Posts: 33
Member Since:
January 17, 2021
sp_UserOfflineSmall Offline

How can I easily close 2 of my advantage accounts, which were set up for prior promo rates. This is the 3rd account now .

May 13, 2021
3:06 pm
julio
Member
Members
Forum Posts: 136
Member Since:
November 21, 2015
sp_UserOfflineSmall Offline

You have to call them. 877-765-2265. They answer rather quickly, as I found out after calling them four times about the same issues, which are still not resolved (closing old accnts., promo max for two accounts, joint + single, is what?) One call 46 minutes - go figure.

Closing: request was "send" on Friday to close five old account, on Wednesday one of them was closed, others were, of course, "send" to be closed.

Max: first rep - over 250K and up to 500K is OK, fourth rep (You are recording? This time Meee tooo) - will have "team" call me within two business days with the answer. They have till tomorrow.

Local "independent advisor": "I do not want your bsns, no trading involved, no money for me". I appreciated his honesty.

May 13, 2021
3:45 pm
canadian.100
Member
Members
Forum Posts: 934
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

julio said
Max: first rep - over 250K and up to 500K is OK, fourth rep (You are recording? This time Meee tooo) - will have "team" call me within two business days with the answer. They have till tomorrow.

Local "independent advisor": "I do not want your bsns, no trading involved, no money for me". I appreciated his honesty.  

1. the maximum is $250K
2. the independent advisor gets a very small commission, I believe 25bps annually based on the minimum monthly balances one keeps in the Advantage account.

P.S. - the Advantage Account is a very good all purpose (no charge chequing etc. and a tiny bit of interest paid on balance) account - no fees if you keep min $1000 balance. Manulife is a very secure, very conservative financial institution - I am surprised at the reps you spoke to - I have always found them to be very good. Perhaps the ones working at home during COVID are working in isolation or whatever. We are not in normal times.
Also, when they close the old account, the request goes to a specific office for action - the accounts will disappear from your sight in a few days . Be patient.

No permission to create posts

Please write your comments in the forum.