3.25% (for everybody) or 3.35% (for group benefits) for 6 months in new Advantage Accounts | Page 7 | 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
May 13, 2019
8:28 am
canadian.100
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Would an individual Manulife insurance policy make one eligible for the higher rate?
I presume Group Benefits means one would be a plan member through one's employer. Right?

Confusing why some posters above would get the higher rate when not part of a Group Benefits.

May 13, 2019
12:42 pm
Doug
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canadian.100 said
Would an individual Manulife insurance policy make one eligible for the higher rate?
I presume Group Benefits means one would be a plan member through one's employer. Right?

Confusing why some posters above would get the higher rate when not part of a Group Benefits.  

Indeed, it is a bit confusing why they've specifically limited, officially, the 10 bps premium to the promo interest rate offer at Manulife Bank to Group Benefits clients. Looking at this website, it looks it would be limited to clients that have a workplace, including a union, health and dental benefits plan through Manulife Group Benefits. Looking at the Group Retirement webpage, there are two different product offerings, one being Manulife Group Retirement (the original Manulife group retirement and savings plans) and the other being Manulife Group Savings & Retirement/VIP Room (acquired from Standard Life ca. 2015). In any case, Group Benefits seems to be the officially eligible stream. sf-cool

Unofficially, and likely due to a technical system loophole, people have reported obtaining the 3.35% promo offer by signing up through a different link. However, bear in mind that Manulife can either cancel or simply downgrade to the 3.25% offer, retroactive to the official start of that offer period. I view the chance of the former happening as extremely unlikely due to the negative backlash that would result and much less likely in the case of the latter. Still, something to keep in mind.

Hope that helps,
Doug

May 13, 2019
12:50 pm
canadian.100
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Thanks Doug.
Appreciate the info and agree with the perspective you have provided.

May 14, 2019
7:11 am
butterflycharm
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Doug said

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  

I opened a new account for someone else to answer your question. But I also went ahead and opened a new account for me using the option of "I am already a client" but using the correct link and I got a second account for 3.35%. Best to keep all this hush hush as I think they will reverse for all of us.

I am now thinking to keep the 3.25% open as well just in case and put $1000 in it in case they cancel my 3.35% account. That might be the best strategy for everyone.

May 14, 2019
7:31 am
Doug
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butterflycharm said

I opened a new account for someone else to answer your question. But I also went ahead and opened a new account for me using the option of "I am already a client" but using the correct link and I got a second account for 3.35%. Best to keep all this hush hush as I think they will reverse for all of us.

I am now thinking to keep the 3.25% open as well just in case and put $1000 in it in case they cancel my 3.35% account. That might be the best strategy for everyone.  

Thanks for clarifying that you were able to open a second account by "signing in" (instead of "signing up" a second time) with Manulife Bank, butterflycharm. Very helpful and useful information. 🙂

I agree with you that it's likely best to not over-promote the Group Benefits targeted 3.35% promo, but nonetheless do think that at most, they would change your second account to 3.25% and not cancel it.

I think they're just not advanced in terms of technological and automated processes for these "net new money" promos as, say, a Tangerine. That's why we're seeing these apparent loopholes. In time, I expect they'll eventually upgrade their systems to cross-reference whether someone is indeed a Group Benefits client. In the meantime, I suspect you will just have the good fortune of enjoying the higher promo (although both are very good).

Cheers,
Doug

May 14, 2019
10:43 am
butterflycharm
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Doug said

Thanks for clarifying that you were able to open a second account by "signing in" (instead of "signing up" a second time) with Manulife Bank, butterflycharm. Very helpful and useful information. 🙂

I agree with you that it's likely best to not over-promote the Group Benefits targeted 3.35% promo, but nonetheless do think that at most, they would change your second account to 3.25% and not cancel it.

I think they're just not advanced in terms of technological and automated processes for these "net new money" promos as, say, a Tangerine. That's why we're seeing these apparent loopholes. In time, I expect they'll eventually upgrade their systems to cross-reference whether someone is indeed a Group Benefits client. In the meantime, I suspect you will just have the good fortune of enjoying the higher promo (although both are very good).

Cheers,
Doug  

NP. This is def a loophole but I also do not see any mention of group plans in their terms which I have a copy of. The reps on phone told me it's for "employees only" which again is not in the terms so I am taking it as it's for everyone.

May 14, 2019
5:48 pm
hotmony
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3.35 t&c dont say anythin about havin to be in group plan maybe theyll upgrade from 3.25 with a call

System allows for another new account to be opened side by side wonder if it would allow a third or fourth new account

May 14, 2019
10:21 pm
Norman1
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Doug said

I agree with you that it's likely best to not over-promote the Group Benefits targeted 3.35% promo, but nonetheless do think that at most, they would change your second account to 3.25% and not cancel it.

Manulife Bank could cancel the promo on the second account. According to the 3¼% offer terms and conditions, only one Eligible Account per Eligible Account Owner:

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.

May 17, 2019
7:19 am
smayer97
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BTW, just signed up with Manulife. Process has been easy as pie online, including linking a couple of banks (SO MUCH BETTER than my recent experience with DUCA).
Still awaiting final confirmation of linked accounts.

May 21, 2019
5:58 am
manulifebank
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Hi everyone! I represent Manulife Bank and just wanted to jump in to clear up a few things.

We’re thrilled with the excitement generated with our offers. We’ve noted some questions in this forum that we thought we could help with.

The 3.35% promotional offer is reserved for Manulife Group Benefits and Group Retirement Plan members. If you have an existing Group Benefits or a Group Retirement Plan with Manulife, congratulations - you’re eligible! If you’re not an existing member, we currently have a 3.25% offer available. You can apply here. Terms and conditions of the offer are available here.

Not only do you get a fantastic rate with our Advantage Account, but you also get the flexibility of a chequing account, free unlimited daily banking transactions when you keep at least a $1,000 balance and easy withdrawals at over 3,600 bank machines that are part of the Exchange Network.

We want to thank those of you who spoke positively about Manulife Bank. If you still have questions or you’d like more information about Manulife Bank, feel free to review our fact sheet.

Visit manulifebank.ca or contact us to learn more.

May 22, 2019
6:34 am
Nehpets
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Doug said
Did you click on the link from the Advantage Account 3.35% banner ad on the Manulife Bank website or http://www.advantageaccount.ca? If so, then they should honour it. I would phone them back and let me know the originating link, so they can verify it was eligible. sf-cool.......
Doug  

Late response to Post #69:

Finally received finalized Manulife Advantage account opening, and surprisingly, the promo rate is 3.35%. Originally used the link in post#1, that pointed to the 3.35% promo, and was erroneously told by a CSR the rate would be 3.25%

Of course, as was stated in the original promo page of the Manulife website, the 3.35% promo ended May 15, and the link in Post #1 takes you to the 3.25% promo page.

I therefore withdraw my earlier criticism of Manulife for thinking they played a bait and switch game with rate promotions..sf-embarassed

Stephen

May 22, 2019
7:25 am
hotmony
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Thanx for the deal Manubank, raise the cap to a mill.

May 22, 2019
9:21 am
canadian.100
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I will try out Manulife Advantage - see how it goes - not sure the 1.5% rate after the 6 months will be attractive compared to the other digital/online competition. I think 1.75% might be enough to retain some new clients. There still seems to be a fair amount of service charges even though they say "daily banking" is free. Not sure what "daily banking" includes and excludes with $1000 or without $1000 minimum balance.

May 22, 2019
9:39 am
jtfrogger
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canadian.100 said
There still seems to a fair amount of service charges even though they say "daily banking" is free. Not sure what "daily banking" includes and excludes.  

The fee schedule is pretty simple and fair. It is detailed here.

Any deposits are free.

On the withdrawal side, most basic things are free: cheques, pre-authorized withdrawals, transfer to your account at another bank, and ATM withdrawal as long as it is on the Exchange Network.

This is more than I would generally need out of a HISA. I normally just transfer to another account and deal with everything else there. Cheques, pre-authorized withdrawals and ATM access is a bonus.

The withdrawals that have fees are: Interac e-transfer, debit transaction, bill payments, and an ATM withdrawal outside of Canada or from a non-Exchange Network ATM in Canada. And these fees are waived if you have at least $1,000. But if you don't have $1k in your account, do you really need these features?

I find this fee structure extremely generous. I am used to scheduling a transfer from a HISA to a normal chequing account and doing all bill payments and email transfers from there. With this account, I can pay bills right out of this account without that necessary step (since I have more than $1k).

May 22, 2019
9:54 am
canadian.100
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jtfrogger said

The fee schedule is pretty simple and fair. It is detailed here.

Any deposits are free.

On the withdrawal side, most basic things are free: cheques, pre-authorized withdrawals, transfer to your account at another bank, and ATM withdrawal as long as it is on the Exchange Network.

This is more than I would generally need out of a HISA. I normally just transfer to another account and deal with everything else there. Cheques, pre-authorized withdrawals and ATM access is a bonus.

The withdrawals that have fees are: Interac e-transfer, debit transaction, bill payments, and an ATM withdrawal outside of Canada or from a non-Exchange Network ATM in Canada. And these fees are waived if you have at least $1,000. But if you don't have $1k in your account, do you really need these features?

I find this fee structure extremely generous. I am used to scheduling a transfer from a HISA to a normal chequing account and doing all bill payments and email transfers from there. With this account, I can pay bills right out of this account without that necessary step (since I have more than $1k).  

Yes the fee structure per their site certainly seems extremely generous, so I called just to confirm for 2 types of withdrawals. The agent said interac e-transfers are not free even with $1000, nor are ABM withdrawals from a non Exchange ABM even with $1000. So I gave up at that point.
So if you are correct, then I guess the agent was not. That is not encouraging.
PS Of course "any deposits are free - that would be weird if there was a charge to make a deposit. Dont think I have seen any bank that would charge for deposits.

May 22, 2019
10:42 am
jtfrogger
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canadian.100 said

Yes the fee structure per their site certainly seems extremely generous, so I called just to confirm for 2 types of withdrawals. The agent said interac e-transfers are not free even with $1000, nor are ABM withdrawals from a non Exchange ABM even with $1000. So I gave up at that point.
So if you are correct, then I guess the agent was not. That is not encouraging.
PS Of course "any deposits are free - that would be weird if there was a charge to make a deposit. Dont think I have seen any bank that would charge for deposits.  

I have done an Interac email money transfer. The amount that was taken from my account was the amount that was sent. No fees were added on. It is possible that they will try to charge me at the end of the month, since I only did it last week. If they do, I will be sure to challenge it. It's only a dollar, but it would change how I use the account.

If you got different information from a CSR, then that is concerning. It wouldn't be the first bank that doesn't inform their CSRs what the actual terms are.

May 22, 2019
11:30 am
Top It Up
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canadian.100 said

Yes the fee structure per their site certainly seems extremely generous, so I called just to confirm for 2 types of withdrawals. The agent said interac e-transfers are not free even with $1000, nor are ABM withdrawals from a non Exchange ABM even with $1000.  

Check this link to confirm your understanding of Interac e-Transfers

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

May 22, 2019
12:42 pm
canadian.100
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Thanks - that is a good link.

I copied and pasted below from site and if you look under "Fees" "Withdrawals"
https://www.manulifebank.ca/personal-banking/bank-accounts/high-interest-chequing-savings-account.html

(verbatim from my copied/pasted link above)
These fees are waived when you maintain a balance of $1,000.

Services Fees
Transferring money to your account at another Canadian bank No charge
Pre-authorized withdrawal No charge
Withdrawals in Canada at ABMs that are part of THE EXCHANGE® Network No charge
Withdrawals in Canada at ABMs that aren't part of THE EXCHANGE® Network $1.50 (so is this item fee waived too?)
ABM withdrawal outside of Canada $3.00 (so is this item fee waived too?)
Debit card purchase $1.00
Bill Payment $1.00
Sending an Interac e-Transfer $1.00
Writing cheques No charge

From that section's wording, one might assume ALL the items above become "service charge waived" if one maintains the minimum $1K, but not so - eg withdrawals from non Exchange ABM. Anyways not to belabour this - in my opinion the site could be just a bit clearer. As I said I plan to give a trial run to this combined account for chequing and savings for the next few months and see how it works and costs - will pay bills online, will use interac e-transfer, will use ABMs, will issue cheques and keep some savings here too.

May 22, 2019
12:53 pm
smayer97
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smayer97 said
BTW, just signed up with Manulife. Process has been easy as pie online, including linking a couple of banks (SO MUCH BETTER than my recent experience with DUCA).
Still awaiting final confirmation of linked accounts.  

Just an update...
everything went smooth as butter... linked accounts were done in 1 day. Only downside was I was never notified. I had to check online. Otherwise, easy-peasy.
Transfer from Meridian via pull from Manulife was executed and completed same day.
All was really easy.

May 22, 2019
3:40 pm
rk
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I have a question for manulifebank ... I have Manulife Group Benefits, so I am eligible for 3.35%. If I open the account, can I add a joint account holder? If yes, do I need to call in, or can I do it online? My spouse does not have Manulife Group Benefits, so if I add her as a joint account holder, will the rate go down to 3.25%?
Thank you in advance.

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