3.25% (for everybody) or 3.35% (for group benefits) for 6 months in new Advantage Accounts | Manulife Bank | Discussion forum

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3.25% (for everybody) or 3.35% (for group benefits) for 6 months in new Advantage Accounts
April 29, 2019
5:55 am
savemoresaveoften
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Edit by admin: added note about 3.25% offer available to everybody

3.25% for the first 6 months in new Advantage Accounts:

https://www.manulifebank.ca/personal-banking/bank-accounts/high-interest-chequing-savings-account.html

One of the terms on the website:

3.25% promotional rate is for a new personal, non-registered, Canadian-dollar Advantage Account. The promotional interest rate is made up of the regular posted annual variable interest rate of 1.50% and the variable annual promotional rate of 1.75%. Interest is calculated daily and paid monthly on net new deposits for the first 182 days (6 months) after account opening to a maximum of $500,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer is limited to one account per client and cannot be combined with other offers.

------------------------------------------

For Manulife group benefits users:

3.35% new account promotion for 6 months. Its 6 months from the date account is opened. Apply online and account is setup within minutes. It appears to be for group benefit members only but most report on RFD suggests it applies to all regardless. Able to open an account and see promo rate in profile right the way.

3.35% is the juiciest rate currently for 6 months money.

https://www.manulife.ca/campaigns/gbs-offer-page.html#advantage

April 29, 2019
7:06 am
Loonie
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Appears to be available to anyone but is dependent on the variable savings rate. If it drops, so does the rate on this deal. Currently 1.5%, where it has been since at least January, so it could drop. Still, it appears to be a good deal,
https://repsourcepublic.manulife.com/wps/wcm/connect/b092aec4-472f-4877-88d3-9b638ce1c4ca/bnk_adv_dgbw2019offerterms.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-b092aec4-472f-4877-88d3-9b638ce1c4ca-mwGcQOi

I had thought Manulife only worked through their own advisors ( or maybe brokers), but this seems to be directed at the public. Any comment from anyone more knowledgeable?

April 29, 2019
7:37 am
hotmony
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Apparently the launch for the next promo period is May 6

Manny said open new account first to maintain info then close old account to qualify ?

April 29, 2019
9:11 am
Doug
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Loonie said
Appears to be available to anyone but is dependent on the variable savings rate. If it drops, so does the rate on this deal. Currently 1.5%, where it has been since at least January, so it could drop. Still, it appears to be a good deal,
https://repsourcepublic.manulife.com/wps/wcm/connect/b092aec4-472f-4877-88d3-9b638ce1c4ca/bnk_adv_dgbw2019offerterms.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-b092aec4-472f-4877-88d3-9b638ce1c4ca-mwGcQOi

I had thought Manulife only worked through their own advisors ( or maybe brokers), but this seems to be directed at the public. Any comment from anyone more knowledgeable?  

Hi Loonie, yes, the Manulife Advantage Account, for the longest time, was made so you had to have a mobile banking or mortgage specialist come to your home to complete the account opening. In my analysis of mid-sized banks' financial statements for 2018, I noticed that they appear to have reinstated online account openings.

I thought about suggesting it to be re-added to the "comparison chart" on that basis, but since its regular rate was only 1.50-1.55% - the current minimum threshold, of which is currently under a bit of a review - I thought there wasn't any point in suggesting they be re-added to the chart. The product is not particularly compelling, from a rate or service fee perspective.

That being said, I would support Peter adding their HISA to the "promos" page when they have these decent, time-limited promo rates. If their GICs were more than call it 2.15-2.25%, they could also be added to the "GIC chart," provided that GICs, too, can be opened entirely online.

Cheers,
Doug

April 29, 2019
9:48 am
dougjp
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Comment re: " Not particularly compelling, from a .....service fee perspective". I can't seem to find any serious details about this account on their web site, except that certain fees are waived if the balance is over $ 1,000-. What if it isn't, ie; if I pull all funds out at the end of 6 months? What fees are there, under any circumstances?

A few other unanswered questions, admittedly I haven't gone all the way through the account opening process yet. Are joint accounts available? Are linked accounts available as with other online banks? Disclosure is very limited on that site.

April 29, 2019
9:54 am
Doug
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dougjp said
Comment re: " Not particularly compelling, from a .....service fee perspective". I can't seem to find any serious details about this account on their web site, except that certain fees are waived if the balance is over $ 1,000-. What if it isn't, ie; if I pull all funds out at the end of 6 months? What fees are there, under any circumstances?

That's exactly what I was referring to. That's not particularly compelling to maintain that account on a long-term basis (i.e., that minimum balance). Aside from the non-compelling regular interest rate, that minimum balance to avoid transaction fees may be enough to exclude it from the regular comparison chart. It could, like I said, be added to the "promos" page. I personally wouldn't take part for a short-term promo. I'm done with those games. sf-cool

A few other unanswered questions, admittedly I haven't gone all the way through the account opening process yet. Are joint accounts available? Are linked accounts available as with other online banks? Disclosure is very limited on that site.  

Yes, joint accounts are available. I knew some HSBC clients that had a Manulife all-in-one account and, I think, an Advantage savings account, and they were joint. As far as linked accounts go, I would say, "likely yes." I believe they also linked their HSBC accounts on the Manulife end, but unconfirmed.

Cheers,
Doug

April 29, 2019
1:11 pm
-bsv-
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I've just called and asked them who can use this offer. I was told that starting tomorrow they will an offer that's available for everybody.

They will offer 3.25% (1.5% regular + 1.75% bonus) for the 6 months after bringing in money from outside of Manulife. It will be eligible for all clients and new deposits until July 15th.

So looks like we have a new winner available for everybody.

April 29, 2019
1:17 pm
Doug
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-bsv- said
I've just called and asked them who can use this offer. I was told that starting tomorrow they will an offer that's available for everybody.

They will offer 3.25% (1.5% regular + 1.75% bonus) for the 6 months after bringing in money from outside of Manulife. It will be eligible for all clients and new deposits until July 15th.

So looks like we have a new winner available for everybody.  

Maybe, if you want to play those games. Didn't Simplii Financial just extend their HISA promo rate offer for 3.15%? Not that much difference between 3.15% and 3.35%.

I'll pass.

Cheers,
Doug

April 29, 2019
2:22 pm
-bsv-
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Doug said
Maybe, if you want to play those games. Didn't Simplii Financial just extend their HISA promo rate offer for 3.15%? Not that much difference between 3.15% and 3.35%.

Is Simplii available for everybody? I thought it's targeted only for the existing customers. I don't have an account with them.

Also, a bonus period ends June 30, while this 3.25% promotion will last for 6 months after opening an account. Looks like these guys are targeting those, who will look for HISA after RBC special is over. It also covers those from Simplii, since there is 2 weeks overlap.

But correct me if I am wrong, I may miss something...

April 29, 2019
2:34 pm
krwilson
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Could work perfect for my Tangerine deal ending June 30th.

April 29, 2019
2:42 pm
Doug
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-bsv- said

Doug said
Maybe, if you want to play those games. Didn't Simplii Financial just extend their HISA promo rate offer for 3.15%? Not that much difference between 3.15% and 3.35%.

Is Simplii available for everybody? I thought it's targeted only for the existing customers. I don't have an account with them.

Also, a bonus period ends June 30, while this 3.25% promotion will last for 6 months after opening an account. Looks like these guys are targeting those, who will look for HISA after RBC special is over. It also covers those from Simplii, since there is 2 weeks overlap.

But correct me if I am wrong, I may miss something...  

I suspect you probably negotiate a retention rate of 3.15% with Simplii Financial if it's on offer to most of their existing customers. And, they'll likely renew it at, or close to, 3%. sf-cool

Still, I wouldn't bother with opening a brand new account with Manulife Bank with non-compelling features and a less than compelling online banking experience. 🙁

Cheers,
Doug

April 29, 2019
3:10 pm
-bsv-
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Doug said

I suspect you probably negotiate a retention rate of 3.15% with Simplii Financial if it's on offer to most of their existing customers. And, they'll likely renew it at, or close to, 3%.

Still, I wouldn't bother with opening a brand new account with Manulife Bank with non-compelling features and a less than compelling online banking experience. 🙁

As I mentioned, I am not a Simplii client, so there is nothing to renegotiate for me 🙂

Are there any problems with Manulife non-registered account? I've heard about some issues with registered, but I assumed that HISA is much simpler operations, so there should not be problems. Except, for example, an outdated UI and some usability, which is not a big deal as I am not going to use it for a day to day banking.

April 29, 2019
3:25 pm
Doug
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I think that's what I was getting at (re: their outdated UI and online banking).

I'm not a Simplii Financial customer, either.

Cheers,
Doug

April 29, 2019
4:44 pm
Loonie
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A year or two ago, several people on this forum who had business with ManuLife Bank were hurrying as fast as they could to get rid of it. As I recall, this was because of fees and advisors who gave advice that was not in the best interests of clients.
If you get involved in this offer, you will probably have trouble getting them out of your hair.
And don't forget that the rate can be lowered at any time.
I won't be taking them up on this due to their bad rep as reported in the past by people I found credible.

April 29, 2019
5:08 pm
Doug
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Loonie said
A year or two ago, several people on this forum who had business with ManuLife Bank were hurrying as fast as they could to get rid of it. As I recall, this was because of fees and advisors who gave advice that was not in the best interests of clients.
If you get involved in this offer, you will probably hav trouble getting them out of yor hair.
And don't forget that the rate can be lowered at any time.
I won't be taking them up on this due to their bad rep as reported in the past by people I found credible.  

Thanks, Loonie, I'm with you on this. Don't get me wrong, I appreciate that Manulife Bank paid to take over the Mac's convenience store ATM contract, which substantially added to the surcharge-free Exchange ATM network in western Canada, but they could also lose that contract or opt not to renew it. And, even though their HISA can apparently be opened directly again, its features and services are completely uncompelling. sf-cool

Cheers,
Doug

April 29, 2019
8:48 pm
hotmony
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3.25 for 6 thought it 3.35 or is it 3.25 for everyone including new money existing? 3.35 for new accts?

April 29, 2019
10:32 pm
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hotmony said
3.25 for 6 thought it 3.35 or is it 3.25 for everyone including new money existing? 3.35 for new accts?  

My guess is that 3.35 for GBS clients. While 3.25 will be available on Apr 30 for all moneys outside of Manulife.

April 30, 2019
5:11 am
canadian.100
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I phoned Manulife - spoke to an excellent service agent - the Advantage account was revamped not that long ago - at one time it was only a HISA but it was turned into a combined Chequing/Savings Acct. Although the current promo rate is 3.25%, the normal rate is 1.5% - which is still not bad for a Chequing Savings combination at a major financial institution. One can open the account online (no advisor required) - there are almost no service charges if $1000 balance kept and there are no service charges at all for me-to-me transfers no matter what the balance. Also, transfers out are NOT limited to $3k except for interac etransfers, same as for other institutions. Linking to external accounts is easy - just upload a downloaded version of a void cheque.

It would appear some of the flaws have been rectified. eg
- don't need an advisor to open the acct
- no problem to close out after the promo ends using me-to-me transfer (no charge)
- interest rate can vary of course - same as any other institution

April 30, 2019
5:52 am
savemoresaveoften
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Suppose to be 3.35 for GBS clients. I am not one but after opening account, it showed me 3.35 anyway. Starting May1, they have promotion that applies to all at 3.25
Either way its a good rate to park money and no monthly maintenance fee etc even if balance < $1k. Transfer out via linked acct also free. Only a few items charges service fee if balance < $1k.

Used the app and also log in online and both seems to be comparable to other FI's. I dont seem to see alert preference which is one of the missing features ?

April 30, 2019
7:58 am
hotmony
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3.35 is advisor 3.25 is for new accounts, existing account holders can open a second new account online apparently, but what if the original account is online already..ugh

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