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Manulife after the promo expires - will they try to retain us??
May 15, 2020
4:07 am
smayer97
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I tried it. Had no problems. And I even have another Advantage acct with the previous promotion that expired, it seems I qualified to have this new promotion too (terms says you can only have one account, presumably only one 'promotional' account). Promo shows up as 0.3% + 2.3%.

BTW, the Manulife Advisor shows up as a Douglas Buss

May 15, 2020
8:36 am
mustang
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I got a 2.75% 5 month promo offer through my financial advisor
I was concerned that because I already had an advantage account, I would not be eligible. So, I quickly closed that old account
Followed the special link I had this morning, to open up the new advantage account
No problems going through it, except that when I went to log into the new account, it said to phone them. I did, and was told it would take a few days before this was open.

May 15, 2020
10:38 am
rhvic
Victoria, BC
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Thanks Norman1. I used the link you provided and signed into my existing Manulife account, easily set up a new Advantage account, and now have two - one which pays 0.3%, and one which pays 2.6%. No guesses as to in which one my money will be parked.

May 15, 2020
5:26 pm
Norman1
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Thanks, rhvic and smayer97, for sharing that a person can have multiple Advantage accounts with Manulife Bank with one of them on the offer.

"The Offer is limited to one Eligible Account per Eligible Account Owner" means that only one account can be on the 2.60% offer and not that someone cannot have more than one Advantage account.

Does one's linked accounts for the first Advantage account need to be linked again for the second account?

May 15, 2020
5:32 pm
Norman1
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Manulife Bank seems to have multiple offers running, mustang!

I found this 2.75%-for-four-months offer for the Ontario Pharmacists Association:
https://offers.manulifebank.ca/products/adva.603616.opa.html

May 16, 2020
4:22 am
smayer97
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Norman1 said
Thanks, rhvic and smayer97, for sharing that a person can have multiple Advantage accounts with Manulife Bank with one of them on the offer.

"The Offer is limited to one Eligible Account per Eligible Account Owner" means that only one account can be on the 2.60% offer and not that someone cannot have more than one Advantage account.

Does one's linked accounts for the first Advantage account need to be linked again for the second account?  

Account links are to your entire online profile...meaning any linked account is available for use by all accounts listed (barring account type restrictions and other general rules). This is true of all online banks...I have yet to see a single online bank that only links external accounts on a one-to-one basis, and I have accounts with many online banks.

May 16, 2020
9:34 am
Norman1
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That's good, smayer97, that Manulife Bank does keep the original profile intact even though one is now going through an advisor instead of being a direct client.

It is unfortunate that Manulife Bank doesn't attach the new offer to the existing account like Tangerine Bank and Simplii Financial does. I will end up with lots of Advantage accounts over time if I need to open a new Advantage account each time to accept their latest promo offer!

May 16, 2020
9:49 pm
Canadianbull
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Norman1 said
Manulife Bank seems to have multiple offers running, mustang!

I found this 2.75%-for-four-months offer for the Ontario Pharmacists Association:
https://offers.manulifebank.ca/products/adva.603616.opa.html  

Hi norman1:
What is the promotional code to access the preferred pricing offers?

May 17, 2020
7:54 am
Norman1
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Canadianbull said

Hi norman1:
What is the promotional code to access the preferred pricing offers?

Looks like Manulife Bank locked down that page for the Ontario Pharmacists Association!

The site did not ask for a promotional code before.

May 17, 2020
3:33 pm
Loonie
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Anyone taking bets on whether this promo rate will stay the course?

https://www.highinterestsavings.ca/forum/manulife-bank/interest-dropped/

May 17, 2020
3:51 pm
Norman1
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Their 2.6% offer is structured the same way as that previous 3.35% offer. The 2.3% top up is fixed but not their regular 0.3% interest:

Manulife Bank’s 2.60% Personal Advantage Account Interest Offer, which is currently 2.60% (“Promotional Interest”) is made up of the regular posted variable annual interest rate of 0.30% (“Regular Rate”) and the variable annual promotional rate of 2.30% (“Promotional Rate”). Any change to the Regular Rate will result in a corresponding change to the Promotional Interest. For example, if the Regular Rate of 0.30% were to decrease to 0.20% the Promotional Interest would decrease to 2.50%.

May 17, 2020
7:28 pm
Doug
British Columbia, Canada
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Manulife Financial Corporation (TSX: MFC) is trading at roughly 60% of its book value, according to TMXmoney, ~5-6 times its trailing 12 month earnings, and has an annualized dividend yield of 7%, with a conservative payout ratio.

No guarantees, certainly, but if anyone is exceeding their CDIC limit with Manulife Bank, they're effectively taking on the same level of risk as buying Manulife corporate bonds or subordinated debentures. sf-cool

Cheers,
Doug

May 17, 2020
8:37 pm
smayer97
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Norman1 said
Their 2.6% offer is structured the same way as that previous 3.35% offer. The 2.3% top up is fixed but not their regular 0.3% interest:

Manulife Bank’s 2.60% Personal Advantage Account Interest Offer, which is currently 2.60% (“Promotional Interest”) is made up of the regular posted variable annual interest rate of 0.30% (“Regular Rate”) and the variable annual promotional rate of 2.30% (“Promotional Rate”). Any change to the Regular Rate will result in a corresponding change to the Promotional Interest. For example, if the Regular Rate of 0.30% were to decrease to 0.20% the Promotional Interest would decrease to 2.50%.

  

The good thing is that lowest the rate can go to is 2.3%, which would require the base rate to got to 0% within 5 months. That is a hugely remote possibility IMO.

May 17, 2020
9:42 pm
Loonie
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It says the Promotional rate of 2.3 is a "variable" rate. Normally , variable rates are subject to change. They specify how the Regular rate might change but are silent on the question of the stability of the promotional rate, but both are described as "variable".

Given ManuLife's history, the quote Norman has given would not inspire confidence in me that the 2.3 couldn't change within the promotional period.

The Regular rate could go below zero but I believe it requires the government's permission. There was a Bank of Canada statement to that effect a while ago. I agree it's not likely, but, then, who'd have thought we'd be where we are now five months ago?
However, if it were to go below zero, I doubt any other FI offer would be any better.

I'm just flagging it as something to consider. I hope it works out for those who participate.

May 18, 2020
12:22 am
Canadianbull
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I applied to open a new account today. Below email was received from Manulife!

Advantage Account application has been submitted successfully and is now under review. Before we can open your new account, we just need to wrap up a few things on our side. This may take a couple of days.
We’ll update you on the status of your application by email as soon as possible.

May 18, 2020
2:18 am
smayer97
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Loonie said
It says the Promotional rate of 2.3 is a "variable" rate. Normally , variable rates are subject to change. They specify how the Regular rate might change but are silent on the question of the stability of the promotional rate, but both are described as "variable".

Given ManuLife's history, the quote Norman has given would not inspire confidence in me that the 2.3 couldn't change within the promotional period.

The Regular rate could go below zero but I believe it requires the government's permission. There was a Bank of Canada statement to that effect a while ago. I agree it's not likely, but, then, who'd have thought we'd be where we are now five months ago?
However, if it were to go below zero, I doubt any other FI offer would be any better.

I'm just flagging it as something to consider. I hope it works out for those who participate.  

I re-read the promo and actually BOTh rates are variable...something I missed the first time. Thanks for making your point. Oh well. Hope the rates hold.

May 18, 2020
5:44 am
cruzinalong
Ontario
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Loonie said
It says the Promotional rate of 2.3 is a "variable" rate. Normally , variable rates are subject to change. They specify how the Regular rate might change but are silent on the question of the stability of the promotional rate, but both are described as "variable".

Given ManuLife's history, the quote Norman has given would not inspire confidence in me that the 2.3 couldn't change within the promotional period.

The Regular rate could go below zero but I believe it requires the government's permission. There was a Bank of Canada statement to that effect a while ago. I agree it's not likely, but, then, who'd have thought we'd be where we are now five months ago?
However, if it were to go below zero, I doubt any other FI offer would be any better.

I'm just flagging it as something to consider. I hope it works out for those who participate.  

I admit that I tried a bonus rate for 120 days in May 2018. I still do not see why people would bother. Why bother? I purchased a GIC in January 2020. I will purchase my next GIC in January 2021. Enjoy the day.

May 19, 2020
5:08 pm
Londonguy
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Logged into my existing account using the OP link and was presented with the 2.60% offer, so I opened a new Advantage account -- took less than 30 seconds. Both my old Advantage account number and the new one populate when I pull up my accounts, plus I don't have to re-establish any external links either. Not a bad place to hide a few bucks at a decent rate for 5 months, even if I have to handle a few marketing initiatives along the way

May 22, 2020
3:09 am
Canadianbull
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Finally I have access to my new account. It took them 3 working days to complete the process of my application.

SmartSelect_20200522-035942_Banking.jpg

May 22, 2020
1:47 pm
davidgeorge
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I logged into my manulife account and opened a new advantage account. Unfortunately, I got 0.3% interest only. Should I call them to get promotional rate?
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