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Interest rate dropped: Advantage Account
August 3, 2019
6:46 am
AlainJF
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theodor said
Hi again,
just spoke with a Manulife rep and was assured that the 0.25% reduction in their regular interest rate would be added to the promo rate. When I signed up the regular interest rate was 1.5% and the promo rate was 1.85%. I was assured that my promo rate would be adjusted upwards to 2.1% for the duration of the 6 months term. When I asked if this was confirmed anywhere on their website I was told no, but that the interest paid monthly would reflect the promised rate. I guess we will have to wait until August 1, 2019 to confirm but the impression I got from my conversation with the rep leads me to believe that Manulife will honor their promise.  

On my side, I have just did the math, and the my rate clearly went down by 0.25% on 25 july 2019. I was at 3.25% until the rate drop, and I am now at 3.00%. ( 1.25% + 1.75% )

August 3, 2019
9:35 pm
Loonie
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Sorry to hear this, theodor, but not really.surprised.
It appears you were lied to, and the answer to your question, #7 above, is "yes".
ManuLife is living up to its earlier negative reputation, although the T & C clearly allow them to basically do anything they want with the interest rate.
Best to just keep an eye on it (assuming your current rate is posted on your profile) and be ready to move your money out if you can get a better or more reliable deal elsewhere. The 3% 3 month GIC at EQ is over but there will likely be something else come up in September/October somewhere.

August 3, 2019
10:46 pm
smayer97
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Just keep in mind that with interest rates moving down (the US Feds reduced rate by 0.25%), offers will be coming down too.

August 4, 2019
7:28 am
Nehpets
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Loonie said
....not really.surprised.
It appears you were lied to,.....
ManuLife is living up to its earlier negative reputation...... The 3% 3 month GIC at EQ is over ......

From my experience in dealing with Manulife, it seems they have more than one call center, or if it's the same physical location, then lower quality substitutes replace other more competent CSR's. Perhaps it's on weekends, off hours or when traffic overloads the primary call center, but there are occasions when calls are answered by somewhat sleazy and incompetent CSR's who are clearly misinformed, poorly trained and generally make up responses to mislead with statements the CSR thinks the caller would like to hear just to get them out of the way....reminiscent to calling Rogers customer service....but I digress...sf-frown

With regard to a GIC alternative at this time, Peoples Trust at 3% for 15 months might be a worthwhile option.

Stephen

August 5, 2019
2:43 pm
Canadianbull
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I am really hoping for manulife to keep their current rate for at least another 3 months.

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