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2.0% promo on new advantage accounts
May 8, 2021
6:58 am
mustang
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That's what I was told when I called in, and asked

May 8, 2021
7:41 am
rhvic
Victoria, BC
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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
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That's dirty... Thanks for the warning...

May 8, 2021
6:11 pm
COIN
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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
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Thank you rhvic for the heads up.

May 9, 2021
9:22 am
annie
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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
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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
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Whats the enrollment deadline last day to enrol expiry?

May 10, 2021
6:05 am
JPenterprise
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Can always initiate a pull from external a/c to your new Advantage a/c.

May 10, 2021
6:41 am
Bud
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.

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