3.25% (for everybody) or 3.35% (for group benefits) for 6 months in 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

sp_Feed Topic RSS sp_TopicIcon
3.25% (for everybody) or 3.35% (for group benefits) for 6 months in new Advantage Accounts
April 30, 2019
11:05 am
tc
Member
Members
Forum Posts: 32
Member Since:
August 27, 2015
sp_UserOfflineSmall Offline

Just signed up,got 3.35%
Linking external accounts is the easiest so far.
Also asked about joint acct, yes you can open one but you will not get 3.35% if both you and spouse already has one.
Does anyone has any concerns going over CDIC limits?
After all it's backed by Manulife
Thanks

April 30, 2019
11:24 am
Doug
West Kelowna
Member
Members
Forum Posts: 2475
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

canadian.100 said
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  

Thanks for the added details.

The minimum monthly balance to waive transaction fees, though, combined with its lack of a compelling/competitive regular rate of interest still don't warrant its inclusion in the "comparison chart," in my view. It could be added to the "promos" page on occasion of them having a decent promo, but that's about it at this point. sf-cool

Cheers,
Doug

April 30, 2019
11:25 am
-bsv-
Member
Members
Forum Posts: 21
Member Since:
January 8, 2016
sp_UserOfflineSmall Offline

Doug said
It could be added to the "promos" page on occasion of them having a decent promo, but that's about it at this point. sf-cool

Totally makes sense.

April 30, 2019
11:28 am
Doug
West Kelowna
Member
Members
Forum Posts: 2475
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

tc said
Just signed up,got 3.35%
Linking external accounts is the easiest so far.
Also asked about joint acct, yes you can open one but you will not get 3.35% if both you and spouse already has one.
Does anyone has any concerns going over CDIC limits?
After all it's backed by Manulife
Thanks  

They're slightly smaller than Tangerine in terms of deposits and larger than Tangerine in terms of mortgages and HELOCs. On that basis, I would put them in the same camp as Simplii Financial and Tangerine in terms of relative size (i.e., deposits and loans/mortgages). If you are comfortable going over CDIC limits with Simplii Financial and Tangerine, then I think you can apply the same logic to Manulife Bank. It's a personal call, though. If I had a accounts with Manulife Bank, I probably would, but I don't and don't plan to open accounts with Manulife for the aforementioned reasons. sf-cool

Now, if Manulife got their act together, beefed up their online banking system and revamped their products and GIC rates to be competitive with Motus and Motive, then absolutely, they'd be in contention for me to open an account with them. You can also make in-branch deposits at RBC branches using a special deposit form. I'm not certain if the deposits show up instantaneously in your Manulife accounts, though, but likely would show up on the next business day. 🙂

Cheers,
Doug

April 30, 2019
11:29 am
-bsv-
Member
Members
Forum Posts: 21
Member Since:
January 8, 2016
sp_UserOfflineSmall Offline

tc said
Just signed up,got 3.35%

The only thing - I don't see this promo announced anywhere on the website. Did you see this special only after signing up?

April 30, 2019
12:16 pm
tc
Member
Members
Forum Posts: 32
Member Since:
August 27, 2015
sp_UserOfflineSmall Offline

-bsv- said

tc said
Just signed up,got 3.35%

The only thing - I don't see this promo announced anywhere on the website. Did you see this special only after signing up?  

I used the link on post no 1 and 3.35% shows on the bottom of the page.
Tc

April 30, 2019
1:00 pm
tc
Member
Members
Forum Posts: 32
Member Since:
August 27, 2015
sp_UserOfflineSmall Offline

Doug said

They're slightly smaller than Tangerine in terms of deposits and larger than Tangerine in terms of mortgages and HELOCs. On that basis, I would put them in the same camp as Simplii Financial and Tangerine in terms of relative size (i.e., deposits and loans/mortgages). If you are comfortable going over CDIC limits with Simplii Financial and Tangerine, then I think you can apply the same logic to Manulife Bank. It's a personal call, though. If I had a accounts with Manulife Bank, I probably would, but I don't and don't plan to open accounts with Manulife for the aforementioned reasons. sf-cool

Now, if Manulife got their act together, beefed up their online banking system and revamped their products and GIC rates to be competitive with Motus and Motive, then absolutely, they'd be in contention for me to open an account with them. You can also make in-branch deposits at RBC branches using a special deposit form. I'm not certain if the deposits show up instantaneously in your Manulife accounts, though, but likely would show up on the next business day. 🙂

Cheers,
Doug  

Thanks Doug
The parent Manulife Insurance being so huge,what are the chances that they won't back Manulife Bank?

April 30, 2019
1:36 pm
Doug
West Kelowna
Member
Members
Forum Posts: 2475
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

tc said

Thanks Doug
The parent Manulife Insurance being so huge,what are the chances that they won't back Manulife Bank?  

They're not obligated to, as far as I understood it. They're legally separate entities. So, I would go with comparing it to other institutions of a similar size, being Simplii Financial and Tangerine (which are owned by CIBC and Scotiabank).

Cheers,
Doug

April 30, 2019
3:46 pm
jtfrogger
Member
Members
Forum Posts: 6
Member Since:
January 3, 2019
sp_UserOfflineSmall Offline

The $1000 minimum balance is really only relevant if you are using it like an active chequing account. These are the things where they charge a fee if you are under the minimum balance: "Everyday banking fees for ABM cash withdrawals, Interac direct payments (debit), Interac e-Transfer and bill payments are waived when the account balance is $1,000 or more"

There are no monthly service fees on the account and no fees for any type of deposit. There are also no fees for transferring money to another bank. Surprisingly, there isn't even a charge if you write a cheque or have a pre-authorized withdrawal.

If you just treat it like a HISA with no other features, there are no fees regardless of your balance.

I signed up for an account yesterday & added the info for linking an external account. When I logged in today, the link to the external account was set up, so I initiated my first transfer. Everything was easy to do and the user interface is better than average. I was expecting much worse given the negative feedback on here.

Once my money is moved over, I'll probably use some of the features like bill payments & interac e-transfers. But since the balance will be over $1k, I won't pay for these transactions.

Once the promo is over, I'll move all the money to another institution. At that point, I won't be using any of the features that have fees associated with them. If they have a promo for existing clients in the future, I may move money back in. If the account is closed for being dormant, no big deal.

April 30, 2019
5:01 pm
-bsv-
Member
Members
Forum Posts: 21
Member Since:
January 8, 2016
sp_UserOfflineSmall Offline

jtfrogger said
Once the promo is over, I'll move all the money to another institution. At that point, I won't be using any of the features that have fees associated with them. If they have a promo for existing clients in the future, I may move money back in. If the account is closed for being dormant, no big deal.  

That's exactly what I would like to do 🙂

April 30, 2019
9:58 pm
Loonie
Member
Members
Forum Posts: 5039
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

As regards exceeding the CIC limit, T&C state:

"Manulife Bank will pay the Promotional Interest on net new deposits (funds not currently held in a Manulife Bank account) made during the Promotional Period, up to a cumulative total of $500,000 (“Eligible Deposits”) into your Eligible Account during the Promotional Period. Any balance in excess of Eligible Deposits will earn interest at the Regular Rate."

May 1, 2019
7:34 am
Doug
West Kelowna
Member
Members
Forum Posts: 2475
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Loonie said
As regards exceeding the CIC limit, T&C state:

"Manulife Bank will pay the Promotional Interest on net new deposits (funds not currently held in a Manulife Bank account) made during the Promotional Period, up to a cumulative total of $500,000 (“Eligible Deposits”) into your Eligible Account during the Promotional Period. Any balance in excess of Eligible Deposits will earn interest at the Regular Rate."  

Thanks, Loonie. These caps on "net new money" promos are common. Tangerine and, I think, Simplii Financial do something similar. I didn't look into that specifically as I think the poster was wondering about exceeding his CDIC limits. But, it's good to know that there's a cap on the promo. sf-cool

Cheers,
Doug

May 1, 2019
10:18 am
hotmony
Member
Members
Forum Posts: 384
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Apparently when the promo starts may 6 anyone can open a second account online at http://www.advantageaccount.ca in same name and qualify for 3.25 @ 6. Seems like a new twist..

May 1, 2019
10:33 am
Doug
West Kelowna
Member
Members
Forum Posts: 2475
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

hotmony said
Apparently when the promo starts may 6 anyone can open a second account online at http://www.advantageaccount.ca in same name and qualify for 3.25 @ 6. Seems like a new twist..  

Interesting they purchased a separate domain name just for this product.

It's an interesting product and I realize there's no monthly fees, but I still wouldn't use the product while it maintains a minimum monthly balance of $1,000 to waive transaction fees.

If they eliminated that balance requirement, it'd be more competitive than Tangerine's Savings account, which doesn't allow ATM access.

Cheers,
Doug

May 1, 2019
11:21 am
hotmony
Member
Members
Forum Posts: 384
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Product good for larger deposits

May 1, 2019
11:38 am
GR
Member
Members
Forum Posts: 161
Member Since:
September 15, 2017
sp_UserOfflineSmall Offline

hotmony said
Apparently when the promo starts may 6 anyone can open a second account online at http://www.advantageaccount.ca in same name and qualify for 3.25 @ 6. Seems like a new twist..  

The 3.25% promo offer for 6 months is available already today either through a link on Manulife's home page or through the special link shown above.

For those who were able to sign up for the 3.35% promo, in spite of not being group benefit clients, just a word of caution from their terms & conditions:
"Manulife Bank reserves the right, in its sole discretion, to suspend, disqualify, limit or revoke the Offer to any person or Eligible Account Owner(s) it finds or believes to be manipulating or otherwise abusing the process, fairness, integrity or operation of the Offer."

May 1, 2019
11:47 am
hotmony
Member
Members
Forum Posts: 384
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Nothing in terms conditions about those who already hold an advantage account from past, by opening second could it be considered "abuse of process" set out in their t&c?

May 1, 2019
4:54 pm
tc
Member
Members
Forum Posts: 32
Member Since:
August 27, 2015
sp_UserOfflineSmall Offline

Doug said

Thanks, Loonie. These caps on "net new money" promos are common. Tangerine and, I think, Simplii Financial do something similar. I didn't look into that specifically as I think the poster was wondering about exceeding his CDIC limits. But, it's good to know that there's a cap on the promo. sf-cool

Cheers,
Doug  

That's what I was after.
How safe is it to go over the CDIC limit?
I have no problem over the limit with Simplii and Tangerine because of their parents.
I hope the same logic applies to Manulife Bank.

May 1, 2019
5:54 pm
hotmony
Member
Members
Forum Posts: 384
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline
May 1, 2019
6:06 pm
Doug
West Kelowna
Member
Members
Forum Posts: 2475
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

tc said

That's what I was after.
How safe is it to go over the CDIC limit?
I have no problem over the limit with Simplii and Tangerine because of their parents.
I hope the same logic applies to Manulife Bank.  

If you want my opinion on what I'd do if I banked with Manulife Bank, yes, I'd go over my CDIC limit. It's also only for a short term. While no guarantee, they have a parent company that is as large, or larger than, each of Scotiabank and CIBC. And, they just had a favourable court ruling related to a type of annuity product they'd previously sold that, if it was unfavourable, would've allowed the product owner to make an unlimited number of contributions at very favourable investment and payout rates (google Muddy Waters Research + Manulife for the hedge fund/shortseller research report on it). The court more or less threw out that case. sf-cool

Just keep in mind that (a) it's only up to $500,000 (the promo interest) and that (b) it needs to be a new Advantage Account (opened online from an eligible link on their public website). Reportedly, they're going to open it up to net new deposits on existing accounts, but to be safe, I'd open a new account.

Cheers,
Doug

Please write your comments in the forum.