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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.

August 26, 2019
9:20 am
CHUCK21
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HELLO STRANGERS,
I HAVE THE SAME PROBLEM AS MOST OF YOU. THEY DROPPED MY RATE BY .25% WITH NO WARNING. I JUST CALLED AND RECEIVED THE SAME LINE AS MOST OF YOU. IN 10 YEARS I HAVE NEVER HAD A FI CHANGE A PROMOTION UNTIL THE DUE DATE.
I ASKED IF THEY WOULD HAVE RAISED MY PROMOTION BY THE SAME AMOUNT HAD THE BANK OF CANADA RATE RISEN BY .25%. THE ANSWER WAS YES. DOES ANYONE BELIEVE THAT?
I SPOKE TO A REGULAR CALL ANSWERER THEN A MANAGER WHO TOWED THE COMPANY LINE AND OFFERED TO LET ME SPEAK TO AN EVEN HIGHER UP MANAGER.
I AM USUALLY, REASONABLY FAITHFUL TO A COMPANY WHO'S RATES ARE COMPETITIVE BUT NOT IN THIS CASE. MANULIFE HAS A QUESTIONABLE DEGREE OF ETHICS. WHEN I GET MY FUNDS OUT I WILL NEVER GO BACK TO THEM.
P.S. SORRY FOR THE CAPS.

August 26, 2019
9:42 am
krwilson
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So glad I stopped from signing up with them a while ago. It does get tedious and tiresome to keep opening new accounts and when the report is like this....NOT GOOD. To me it is not acceptable to do this, even if the fine print says they can do it. As CHUCK21 states, bye bye, forever...and the word will spread.

I put most of my spare cash into the 3 month EQ Bank GICs, and will followup till January 31st with the Tangerine offer.

August 27, 2019
7:38 am
savemoresaveoften
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While one always want the highest rate possible as a recipient of the rate, one has to be realistic when the rate is not guarantee, unlike a GIC. The savings account rate are subject to change at any time, and I don't think anyone whining about NOT getting a heads up is warranted.
I surely suffer from it too, but I will not accused them of being sneaky or me being misinformed. Opening an account online is not that difficult nor time consuming to be fair, whether one think its worthwhile or not is up to debate.

Anyway I don't work for MFC, I opened the account and still enjoy 3.1% without needing my fund to be locked in. Certainly wish it is still 3.35% but it is what it is.

If anything I am now looking where the funds go once promotion rate is over.

August 27, 2019
7:45 am
Nehpets
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savemoresaveoften said
While one always want the highest rate possible as a recipient of the rate, one has to be realistic when the rate is not guarantee, unlike a GIC. The savings account rate are subject to change at any time, and I dont think anyone whining about NOT getting a heads up is warranted. .............If anything I am now looking where the funds go once promotion rate is over.  

You have expressed a realistic and rational point of view, with which I agree.

I wish my hair didn't turn white without warning, but.......

Stephen

August 27, 2019
9:01 am
CHUCK21
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WHEN A FI CALLS ME ON THE TELEPHONE AND OFFERS X RATE FOR X TIME I EITHER TAKE THE OFFER AND INVEST FUNDS OR I POLITELY DECLINE. savemoresaveoften I HAVE FOUND THIS SITE TO BE MORE MATURE THAN NAME CALLING AND DO NOT APPRECIATE BEING CALLED A WHINER BECAUSE I ADD MY NARRATIVE TO AN ALREADY BLEAK THREAD ABOUT MANULIFE. YES, HISA RATES CAN CHANGE BUT SPECIAL OFFER RATES ARE NOT SPECIAL OFFERS IF THEY CAN CHANGE THE RATE AT WILL. IF NOBODY ON THIS SITE HAD A BEEF TO AIR IT WOULD NOT BE SO INFORMATIVE. IF YOU THINK THAT WHAT THEY DID IS ETHICAL THEN I THINK YOU MIGHT WORK FOR THEM OR BE A SHILL.
AGAIN, PLEASE EXCUSE THE CAPS.

August 27, 2019
12:35 pm
Loonie
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I made my suspicions about ManuLife clear from the get-go.

However, that aside, it seems to me that there 2 kinds of high HISA rates. In one, the rates happen to be high, and one lucks out by receiving them for a period of time. The TFSA rate that Peoples Trust had for several years at 3% would be an example.

On the other hand, there are HISA Promo rates, where an FI enthusiastically advertises its rate, then, in the fine print, says it's not really guaranteed for the specified period.

I think that they need to have a good excuse for lowering the rate on the latter type. I'm not saying it couldn't happen, but to allow it to happen when there is no good reason is not acceptable, at least to me. A "good reason" would be something they could not have anticipated and which is obviou to the consumer who follows the news.
To lower a Promo rate arbitrarily is to act in bad faith in my opinion.

August 27, 2019
5:13 pm
julio
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Still at 3% for me, if the listed "account details" can be trusted.

October 7, 2019
7:26 am
Canadianbull
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Dropped another .05% today.
New Interest rate: 1.20%
Promotion rate: 1.85%
Total: 3.05%

October 7, 2019
7:26 am
Shawguy
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Canadianbull said
Dropped another .05% today.
New Interest rate: 1.20%
Promotion rate: 1.85%
Total: 3.05%  

You beat me. I just posted on rfd and was coming here next. Lol

October 7, 2019
7:58 am
Canadianbull
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Lol sf-cool

October 7, 2019
12:22 pm
Nehpets
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Canadianbull said
Dropped another .05% today.
New Interest rate: 1.20%
Promotion rate: 1.85%
Total: 3.05%  

Yes, but for those whose accounts were opened at the lower rate option of 3.25% at the start, the current decreased rate is:

Interest rate 1.200%
Promotional rate 1.750%
Total: 2.95%

DUCA is beginning to look good again, with their promo of 3% until January 31, 2020.

Stephen

October 7, 2019
1:24 pm
Loonie
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Agreed. I've been using the DUCA promo since it began. The rate has been consistent. No headaches or tearing out of hair involved.sf-wink

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