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

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[EXPIRED] 3.25% (for everybody) or 3.35% (for group benefits) for 6 months in new Advantage Accounts
May 12, 2019
9:44 am
butterflycharm
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Darn it. I went for regular page and applied for 3.25%. I wonder if there is a way to withdraw that application...

Thanks for the tip.

May 12, 2019
10:45 am
Doug
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Londonguy, can you post the link to the 3.35% promo? They may have changed the promo at some point, which they can do. As to your account's advisor coding, yes, that's what it looks like. It's likely Manulife Bank's way of showing that you're not an advisor-assigned account.

butterflycharm, what are you looking at as far as approximate dollar value? The 10 bps is not especially significant, even on $100-200,000, when you factor it on only 5-6 months. 3.25% is still a top tier HISA promo rate. And, I don't think you need to withdraw your application, but you could instead telephone Manulife and see if they'll honour 3.35% and show them the proof (from their website) where they offered, or still offer, 3.35%.

Cheers,
Doug

May 12, 2019
12:25 pm
GR
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From earlier posts, note that there were/are 2 promos.
The one at 3.35% was intended for those who are members of Manulife's group benefits program, although the link to this targeted promo was posted on this forum and was used by those who were not really eligible.
The other promo for 3.25% is for anyone who opens a new account and is available through Manulife's website.

May 12, 2019
12:27 pm
Londonguy
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May 12, 2019
12:29 pm
jtfrogger
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Doug said
Londonguy, can you post the link to the 3.35% promo? They may have changed the promo at some point, which they can do. As to your account's advisor coding, yes, that's what it looks like. It's likely Manulife Bank's way of showing that you're not an advisor-assigned account.

The link in the OP still shows 3.35%. It is: https://www.manulife.ca/campaigns/gbs-offer-page.html#advantage

It's the link I used to sign up, and my account shows that I am getting 3.35%. (1.5% interest + 1.85% promotional interest).

May 12, 2019
12:36 pm
Londonguy
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GR said
From earlier posts, note that there were/are 2 promos.
The one at 3.35% was intended for those who are members of Manulife's group benefits program, although the link to this targeted promo was posted on this forum and was used by those who were not really eligible.
The other promo for 3.25% is for anyone who opens a new account and is available through Manulife's website.  

Aha, a logical explanation at last. Interesting quirk that when I completed their online application using the 3.35% link, I was not asked to provide a group benefits identifier or asked whether I was an existing group plan member.

So I guess this means that Manulife might yet adjust my earn rate downward to 3.25%, but if that happens, I can live with it

May 12, 2019
12:37 pm
Doug
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GR said
From earlier posts, note that there were/are 2 promos.
The one at 3.35% was intended for those who are members of Manulife's group benefits program, although the link to this targeted promo was posted on this forum and was used by those who were not really eligible.
The other promo for 3.25% is for anyone who opens a new account and is available through Manulife's website.  

Thanks, GR, that's one of the most helpful clarifications of this thread. sf-cool

I knew there were two promos, but assumed one was for existing Manulife Bank Advantage Account holders and assumed that they were both the same rate.

So, to summarize, both promos were essentially "net new money" promos but they're both only to attract NTB (new-to-bank) Manulife Bank customers. If you're a Manulife group savings & retirement plan customer (wonder if the fact I still hold a Manulife group savings & retirement plan customer profile, but no plan assets would count?), then you qualify for a 3.35% promo. If you're a direct-to-consumer NTB Manulife Bank customer, you qualify for 3.25%.

The targeted nature of the 3.35% promo likely explains the reason why another user (dougjp or Londonguy?) experienced a delay in his opening an account, to verify whether or not they qualified for the slightly higher promo.

At any rate, butterflycharm, you chose the correct link as it sounds like you wouldn't have qualified for the 3.35%.

Thank you also to jtfrogger and Londonguy for their helpful replies. sf-cool

Peter may want to add to the "promos" page a separate Manulife Bank promo, linking to one of the relevant posts in this thread for each that delineate the difference between the 3.35% vs. 3.25% promos.

Cheers,
Doug

May 12, 2019
12:43 pm
Doug
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Slight clarification to my reply above in which I replied to GR's helpful clarification: in my post above, I referenced Manulife Group Savings & Retirement, but seeing the targeted promo, looks like it refers to Manulife Group Benefits (i.e., insurance, health & dental benefits, etc.) clients. sf-cool

As to Londonguy's further reply, that's a reasonable approach. I, too, would accept it if they lowered my rate to 3.25%, but I wouldn't go out of my way to alert them to my only qualifying for 3.25% either. 😉

Cheers,
Doug

May 12, 2019
12:48 pm
jtfrogger
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I should add that I don't technically qualify for the 3.35% promo, as I do not have group benefits through Manulife. I wasn't asked to confirm that I was, nor was it clear on the signup page that this was the case.

Now that I take a close look at the Terms & Conditions, it says that they can revoke the deal for me. I suspect that if they did do that, they would bump me down to the 3.25% promo. Obviously, I'd be fine with that. But they do have the right to eliminate the promo entirely, which would really annoy me.

The 3.25% promo wasn't available at the time I signed up. If it was, and was aware of the T&C difference between the two, I would have signed up for the lower promotion. It isn't worth the 10 bp to me to take the risk that they would take the entire promotion away.

May 12, 2019
12:53 pm
Londonguy
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jtfrogger said

Now that I take a close look at the Terms & Conditions, it says that they can revoke the deal for me. I suspect that if they did do that, they would bump me down to the 3.25% promo. Obviously, I'd be fine with that. But they do have the right to eliminate the promo entirely, which would really annoy me.

They still want your money and the new prospect. IMO a decreased earn rate would be the worst outcome to expect, not a cancellation that would aggravate a bunch of people they just tried to recruit

May 12, 2019
3:12 pm
Peter
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I've updated the topic title and original post to split the 3.25% (for everybody) and 3.35% (for group benefits) promotions.

May 12, 2019
3:15 pm
Doug
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Peter said
I've updated the topic title and original post to split the 3.25% (for everybody) and 3.35% (for group benefits) promotions.  

That works, and sounds great. Thanks, Peter! I think that will definitely make the promotions more clear. 🙂

Cheers,
Doug

May 12, 2019
3:19 pm
GR
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"So, to summarize, both promos were essentially "net new money" promos but they're both only to attract NTB (new-to-bank) Manulife Bank customers."
Doug,
To clarify your comment, my understanding is that current clients can also apply to open a NEW Advantage Account and will also be eligible for the 3.25% promo rate for 6 months for the NEW account.

May 12, 2019
4:51 pm
Doug
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GR said
"So, to summarize, both promos were essentially "net new money" promos but they're both only to attract NTB (new-to-bank) Manulife Bank customers."
Doug,
To clarify your comment, my understanding is that current clients can also apply to open a NEW Advantage Account and will also be eligible for the 3.25% promo rate for 6 months for the NEW account.  

Thanks, GR. I wasn't clear from reading the Advantage Account regular promo T&C whether a new Advantage Account would work or if it had to be the first one. Seems like that would prompt existing clients opening unnecessary extra accounts. Would be better to take a snapshot of the client's balance as at a day in the previous month. 🙂

Cheers,
Doug

May 12, 2019
5:17 pm
Norman1
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According to the 3¼% offer terms and conditions, one needs to open a new C$ Advantage Account during the Offer Period:

Manulife Bank’s 3.25% Advantage Account Promotional Offer (the “Offer”) is available to Manulife Bank Advantage Account clients (“Eligible Account Owner(s)”) who open a new personal non-registered Canadian-dollar Advantage Account (“Eligible Account”) between April 30, 2019 and July 15, 2019 (the “Offer Period”) using an exclusive URL or applying through an authorized Manulife Bank representative.

To qualify for this offer, a new application for an Eligible Account must be received and accepted by Manulife Bank during the Offer Period. Each Eligible Account Owner can take advantage of this offer by making Eligible Deposits as defined herein to their Eligible Account during the Promotional Period. The Offer is limited to one Eligible Account per Eligible Account Owner.

Could the catch be that Manulife Bank won't accept an application for a second C$ Advantage Account?

May 12, 2019
5:22 pm
Doug
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Thanks, Norman...yeah, that's what was confusing to me and why I thought it only applied to initial Advantage accounts opened. It's hard to say...it's definitely ambiguous.

I guess, if one had an existing account and opened up a new Advantage account, they could always call Manulife Bank and complain if they didn't receive the bonus interest. Usually banks are good natured on a first-time basis and would provide a goodwill gesture of compensation equivalent to the one month's promo interest and then advise the client that the remainder months' promo interest would not be paid. That may not be necessary, though, as one would, presumably, be able to look up their promotional interest rate on their newly opened, second Advantage account and see whether the promotional interest rate is specified?

Cheers,
Doug

May 12, 2019
7:43 pm
dealjunkie
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Beloved Manulife bank rated A+

http://m.manulife.com/Credit-Ratings

May 13, 2019
7:26 am
Doug
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hotmony said
Beloved Manulife bank rated A+

http://m.manulife.com/Credit-Ratings  

Yep, that sounds about right, slightly below the Aa+ and Aa- ratings of the "Big 5" Canadian banks, but above that of HSBC Bank Canada, Equitable Bank, and Home Trust Company.

Cheers,
Doug

May 13, 2019
7:31 am
butterflycharm
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I opened a second account (for someone else) and it gave me an account number right away. I think I know what may have happened.

Most likely: I answered all the credit check questions right.
Less likely: I applied on Monday rather than weekend.

I also see 3.35% using the new link so you DO NOT have to have a manulife plan to qualify.

May 13, 2019
7:38 am
Doug
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butterflycharm said
I also see 3.35% using the new link so you DO NOT have to have a manulife plan to qualify.  

Thanks, butterflycharm. That's good that you were able to open a second account. For clarity, did you login under the other link and open a supplementary account under the same profile? Otherwise, if you opened an account under a new profile, it will likely show up on future reports at Manulife and they may seek to merge your customer profiles together and give you only one debit card.

While the Group Benefits link appears to work, since the promo and T&C clearly state that you must be a Group Benefits member to qualify for the extra 0.10%, as GR and others pointed out, there is the possibility (which I view as low) that Manulife could claw back your promo interest rate to 3.25%. It seems like it's a bit of a loophole in their system in that don't have automated checks to verify you're a Group Benefits client - they just look at which link you originated. That doesn't preclude them from manually changing your promo interest rate or to closing this loophole in the future, though. So, I do think we should continue to note the difference in the two promos and mention the one as being targeted to Group Benefits clients.

Cheers,
Doug

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