5-year: 3.15% (non-registered & RRIF), 3¼% (TFSA & RRSP) | Page 3 | Manulife Bank | Discussion forum

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5-year: 3.15% (non-registered & RRIF), 3¼% (TFSA & RRSP)
March 21, 2022
4:47 pm
Norman1
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COIN said
Many years ago, I was on a brief secondment to an insurance brokerage firm. Their commission for selling insurance products was 10% (maybe more now). So, insurance brokers might have a greater economic interest in selling insurance (not bank) products.

That sounds right. I was told by awhile back by an insurance broker that insurance product commissions are in the 10% to 20% range. That's substantially more than the deposit brokerage commissions of ¼ per year.

March 21, 2022
4:56 pm
Loonie
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I don't know, of course, but it would seem to me that if they were going to question it, it would be when spouses were in different tax brackets and the lower income one showed more interest income.
We were in that situation for a few years as one of us had more money (and thus more interest income) and the other had more income from other sources but less from interest, so that is why I was so careful about maintaining equal contributions as I was afraid the significant imbalance might attract attention.

It's very possible they don't care much between spouses as it would take them just as much unjustifiable time as us to track down income sources and argue with us, but I wouldn't count on it.

If you want to move non-registered investment income from one spouse to another, the legal way is to loan it to them as an official transaction with interest, and then they invest it at a higher rate (hopefully). I've never done this but I believe the gov't prescribes the loan rate. I'm sure there must be info about how to do this on the internet somewhere. Don't rely on me.

March 21, 2022
5:13 pm
Bill
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CRA does not prescribe the loan rate for spousal loans, it prescribes a minimum rate, i.e. currently can't be less than 1%, for tax purposes. The minimum prescribed rate is established when the loan agreement is entered into and remains for the duration of the loan. There are other rules, look them up if you're doing this.

March 21, 2022
5:17 pm
Norman1
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JenE said
Norman1, the site you suggest does show 3.25%, BUT it doesn’t show the B+ in the browser (I use a mini iPad so perhaps that’s why I show a B). It does show, however, a B. After speaking with Manulife Bank customer service, I can only conclude that the site you suggest is fraudulent. Which is really too bad! I was all set to invest a largish sum. I still haven’t had a call back from an advisor.

That keyhole in the middle of the padlock icon is not significant. The Microsoft Edge browser has the keyhole. Internet Explorer and Google Chrome browsers do not.

The site looks fine.

Domain manulifebank.ca was registered in October 2000, over twenty years ago. Registrant is Manulife Financial Corporation, one of Manulife Bank's parents.

Sectigo issued the site's TLS certificate in July 2021 to confirmed entity Manulife Financial in Toronto:

CN = manulife.com
OU = Enterprise Tech and Services
O = Manulife Financial
L = Toronto
S = Ontario
C = CA

Bloomberg: Manulife Bank of Canada confirms web site and toll free number.

March 22, 2022
4:07 am
JenE
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Thanks, Norman1, for the further information. An advisor returned my call last evening and said Manulife Bank is offering 3% for 5 year GIC. I’ll look into this further.

March 22, 2022
6:46 am
savemoresaveoften
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JenE said
Thanks, Norman1, for the further information. An advisor returned my call last evening and said Manulife Bank is offering 3% for 5 year GIC. I’ll look into this further.  

Website show 3.15% but advisor says 3% only ? Why is there such a discrepancy and it seems confusing what is the true rate they are offering ??

https://www.manulifebank.ca/current-rates.html

March 22, 2022
7:15 am
Norman1
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As well, the Manulife Bank 5-year GIC in their TFSA is still advertised to be 3¼% per annum.

Is the advisor shaving off 0.15% or ¼% per annum for additional compensation?

March 22, 2022
8:12 am
savemoresaveoften
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Is the advisor shaving off 0.15% or ¼% per annum for additional compensation?  

Thats pretty shameful when the rate is published on the site....

March 22, 2022
8:21 am
Norman1
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I agree.

Might be less hassles to visit a CIBC branch and ask about their recent 3.3% sale for CIBC Bonus Rate 5-year GIC's.

March 22, 2022
9:23 am
JenE
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OMG - finally was able to get through to Manulife Bank (an ordeal), and after I insisted that a person of knowledge (you, Norman1), had told me about 3.25% GIC TFSA rate, the rep “checked again, twice” and lo and behold found that Manulife Bank IS offering that special rate. Now I’ll see if the advisor I spoke to yesterday will confirm this and hopefully not try to shave anything off it. I’m at the point now that I’m not sure if I want deal with Manulife Bank at all! Well done, Norman1 and thanks. (I’ll also check out CIBC).

March 22, 2022
10:32 am
Loonie
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JenE said
OMG - finally was able to get through to Manulife Bank (an ordeal), and after I insisted that a person of knowledge (you, Norman1), had told me about 3.25% GIC TFSA rate, the rep “checked again, twice” and lo and behold found that Manulife Bank IS offering that special rate. Now I’ll see if the advisor I spoke to yesterday will confirm this and hopefully not try to shave anything off it. I’m at the point now that I’m not sure if I want deal with Manulife Bank at all! Well done, Norman1 and thanks. (I’ll also check out CIBC).  

I'm glad to hear the two of you were able to get to the bottom of this.

As for ManuLife, I hinted in #21 above that not everyone would want to deal with them for GICs. My conclusion after reading numerous posts about them over the years I've been on this forum is that I would not want to do business with them and especially not with their "advisors". Your recent difficulties getting straight answers reinforce that belief. I have no personal experience with them.
I haven't looked into the CIBC offer at 3.3, but if you can get what you want there, that's what I would do.
If you do decide to go with ManuLife, make sure you read everything you agree to carefully and keep a copy.

March 22, 2022
1:07 pm
JenE
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Duly noted, Loonie, thanks.

March 22, 2022
3:39 pm
Norman1
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I think one of the challenges is that the "advisors" offer Manulife Bank products but are not always employed by Manulife. Knowledge of the Manulife Bank products may vary among the "advisors" more than one expects.

I looked up one through the "Find an advisor" service. The person doesn't seem to work for Manulife or Manulife Bank. Instead, he seems be an independent agent offering Manulife Bank products along with insurance from various companies and mutual funds via Quadrus Investment Services.

March 22, 2022
5:47 pm
COIN
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"I looked up one through the "Find an advisor" service. The person doesn't seem to work for Manulife or Manulife Bank. Instead, he seems be an independent agent offering Manulife Bank products along with insurance from various companies and mutual funds via Quadrus Investment Services."

Sometimes or maybe often they will sell the product(s) that generates the most commission for them.

For those who may not be aware, I suggest also reading up on the PACE debacle.

March 23, 2022
5:31 am
Norman1
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There is definitely a conflict of interest and an incentive to sell the more lucrative products, like universal life policies, mutual funds, and seg funds, over plain GIC's.

Different agents resolve that conflict in different ways. I think some resolve it like the grocery stores do. They carry a range of products, realising that not everyone, is looking for tenderloin, for example, when they are shopping for beef.

March 23, 2022
5:51 am
bigzim
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I was able to secure 3.25% RRSP thru Scrivens just this week. However was told that it is now no longer available.

March 23, 2022
6:20 am
Norman1
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Manulife Bank has dropped their rates as well:

1 year 2 years 3 years 4 years 5 years
Non-registered and RRIF 1.75% 2.50% 2.90% 2.90% 3.00%
RRSP and TFSA 2.00% 2.50% 3.00% 2.90% 3.10%
March 31, 2022
2:55 pm
hwyc
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@JenE Manulife 3y GIC is 3.30% for TFSA right now (follow Norman1's link to the section from Tax-Free Savings Account).

Investment FAQ

How do I open a Guaranteed Investment Certificate (GIC)?

If you already have the money in your Manulife Bank account to purchase a GIC, it's as easy as calling us at 1-877-765-2265. We'll get you set up.

If you don't have the money in your Manulife Bank account just yet, you can get it there quickly with a Funds Transfer or a Mobile Deposit. Once the money is in your account, give us a call!

If you'd like help opening your GIC, you can meet with your Advisor. If you don't have an advisor but would like to meet with one, find one here, or send us an email with your request and your postal code and we'll help you find an advisor in your area.

March 31, 2022
7:18 pm
JenE
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Thanks, hwyc, but I went with Oaken’s 3 year 3.4% TFSA.

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