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Email this5:36 pm
November 8, 2021
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If properly understood, only new deposits from external sources, outside Manulife:
^New account, 0 balance.
^^Once reaching deposit limit, withdrawing from account, and redepositing will not count anymore as new deposits.
Day Deposit Balance Reg Int. Promo Int.
1 -----100K -----100K ----1.50% ---3% Within limit
2 -----100K -----200K ----1.50% ---3% Within limit
3 -----300K -----500K ----1.50% -----3% Within limit
4 -----200K -----700K ----1.50% - Above limit
5 -----300K ----1000K ----1.50% - Above limit
* 4.50% promotional rate is for new deposits to a new personal, non-registered, Canadian-dollar Advantage Account. The promotional interest rate is made up of the regular posted annual variable interest rate of 1.50% and the variable annual promotional rate of 3.00%.
4:36 am
January 10, 2017
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Norman1 said:
Not sure if extra interest would be or would not be paid on extra interest earned during the 120 day Promotional Period when total previous extra interest and new funds deposited crosses the $500,000 limit.
Yes, this is the situation that is not clear wrt to the Terms and Conditions as written. Someone in this exact situation would need to chime in.
5:31 am
March 30, 2017
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online sign up takes like 2mins if u already have Manulife profile.
And account is immediately accessible too, pretty impressive.
6:01 am
April 21, 2022
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Lodown said
Norman1 said:
Not sure if extra interest would be or would not be paid on extra interest earned during the 120 day Promotional Period when total previous extra interest and new funds deposited crosses the $500,000 limit.Yes, this is the situation that is not clear wrt to the Terms and Conditions as written. Someone in this exact situation would need to chime in.
Have you calculated how much of a difference it would make and is it worth your time? I'm totally okay with the T&Cs as written, otherwise I would just move on.
7:19 pm
March 15, 2019
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savemoresaveoften said
And account is immediately accessible too, pretty impressive.
Is the new account also on your debit card as well?
7:56 pm
April 6, 2013
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No, a new Advantage account is not automatically added to the access card. The card will still use the existing Advantage account.
7:13 am
March 30, 2017
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COIN said
Is the new account also on your debit card as well?
I did not realize my debit card is inactivated lol.
But it shows up in my login and mobile app once logged out and logged back in.
7:55 am
April 6, 2013
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Yes, the new Advantage account will show up in the mobile app and in the web online banking without one having to call.
One should call if the Manulife Bank access card and PIN do not arrive. After a few months, mine still didn't show up. I suspected they were lost or intercepted.
I called and the agent found a card had not been mailed to me, for some reason.
8:05 am
January 10, 2017
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JohnnyCash said
Have you calculated how much of a difference it would make and is it worth your time? I'm totally okay with the T&Cs as written, otherwise I would just move on.
You are missing the point of this forum. We are all here to share information and to learn how best to deal with these FI's. Regarding this Manulife offer, if no interest is paid above $500k due to monthly interest earned, it is best invest no more than 492k-495k and put the remainder to work elsewhere.
8:41 am
April 6, 2013
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I think one would end up with more interest if one put in the full $500,000 in the first month and then withdraw the amount of the extra 3% interest (around $1,250) at the end of each month.
That would result in extra 3% interest paid on $500,000, on $498,750, and then on $497,500.
8:49 am
January 10, 2017
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Norman1 said
I think one would end up with more interest if one put in the full $500,000 in the first month and then withdraw the amount of the extra 3% interest (around $1,250) at the end of each month.That would result in extra 3% interest paid on $500,000, on $498,750, and then on $497,500.
Agreed if willing to do the management. My option above was for a 1 shot, with no further management needed.
9:48 am
November 18, 2017
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But - is there a provision that declares paid-in interest not eligible for promo status, as we've seen in a few other cases?
I tried looking but no luck yet.
RetirEd
11:07 am
April 6, 2013
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Yes. That is done through the specific definition of the term "Net New Deposits" in the fine print.
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