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Manulife Personal Advantage Account - new account rate 2.15% for 4 months
September 24, 2020
3:08 pm
hwyc
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Manulife Bank’s 2.15% Personal Advantage Account Interest Offer (the “Offer”) is available to Manulife Bank Advantage Account clients (“Eligible Account Owner(s)”) who open a new personal non-registered Canadian-dollar Advantage Account (“Eligible Account”) between September 21, 2020 and October 31, 2020 (the “Offer Period”) using an exclusive URL or applying through an authorized Manulife Bank representative.

To see the offer - regular 0.15% + promotional 2.00%, click "Open an account" on the Advantage Account page.

September 24, 2020
4:37 pm
smayer97
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Great. Thx for sharing.

And for anyone else who have not figured it out, you do not see the promo rate UNTIL you click "Open an account".

September 24, 2020
5:25 pm
speedwagen
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I went to my promo page bookmark & found a rate of 2.35%. Not sure if that's the same promo with a different rate, but I couldn't access the terms & conditions. Also, not sure if they run their promos same as Tang with the promo rate only applicable to balances above those of a specified date or because you have to open a new acc't, contrary to Tang, the promo rate is on the full balance in the new acc't. Anyone familiar with that aspect?

Anyone who can access the terms of the 2.35% offer, please post them here. Thx.

September 24, 2020
7:05 pm
Norman1
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The terms of one 2.35% offer are here.

Looks like it is for group plan members and for up to $50,000:

Manulife Bank’s 2.35% New Client Personal Advantage Account Interest Offer (the “Offer”) is available to clients who have never previously held a personal Advantage Account with Manulife Bank (“Eligible Account Owner(s)”) who open a new personal non-registered Canadian-dollar Advantage Account (“Eligible Account”) between June 26, 2020 and September 30, 2020 (the “Offer Period”) using an exclusive URL or applying through an authorized Manulife Bank representative.

To qualify for this offer, a new application for an Eligible Account must be received and accepted by Manulife Bank during the Offer Period. Each Eligible Account Owner can take advantage of this offer by making Eligible Deposits as defined herein to their Eligible Account during the Promotional Period. The Offer is limited to one Eligible Account per Eligible Account Owner as determined by the primary account owner. Manulife Bank’s 2.35% Personal Advantage Account Interest Offer, which is currently 2.35% (“Promotional Interest”) is made up of the regular posted variable annual interest rate of 0.15% (“Regular Rate”) and the variable annual promotional rate of 2.20% (“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 0.15% were to decrease to 0.05% the Promotional Interest would decrease to 2.25%. Subject to the limits and qualifications outlined in these terms and conditions, Manulife Bank will pay the Promotional Interest on net new deposits (funds not currently held in a Manulife Bank account as of June 26, 2020) made during the Promotional Period, up to a cumulative total of $50,000 (“Eligible Deposits”) into your Eligible Account during the Promotional Period.

To be eligible for this offer you must be an employee of a participating sponsor and apply online through your Manulife Group Benefits/Group Retirement secure member portal, your alumni website or employer website.

September 24, 2020
9:21 pm
smayer97
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Thx for clarifying that. It seems like the other promo for 2.15% is for all...just need to create a new ACCOUNT...so not just NEW CUSTOMER and open to individuals ...unless I missed something 😉

September 25, 2020
9:21 am
JustMe2016
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The fine print...

Manulife Bank’s 2.15% Personal Advantage Account Interest Offer, which is currently 2.15% (“Promotional Interest”) is made up of the regular posted variable annual interest rate of 0.15% (“Regular Rate”) and the variable annual promotional rate of 2.00% (“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 0.15% were to decrease to 0.05% the Promotional Interest would decrease to 2.05%. Subject to the limits and qualifications outlined in these terms and conditions, Manulife Bank will pay the Promotional Interest on net new deposits (funds not currently held in a Manulife Bank account as of September 17, 2020) made during the Promotional Period, up to a cumulative total of $250,000 (“Eligible Deposits”) into your Eligible Account during the Promotional Period. Any balance in excess of Eligible Deposits will earn interest at the Regular Rate. The Promotional Interest will be calculated daily and paid monthly beginning on the date of application and continuing 120 days (“Promotional Period”) on Eligible Deposits made during the Promotional Period.

September 25, 2020
1:08 pm
rhvic
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Just curious what might happen in this scenario:

Say I currently have $100K in a Manulife Advantage account, for which the promotional rate ends in mid October. So, I open a new Advantage account at the new promo rate, and bring in an additional $100K as deposit to that account. Then after mid October, I transfer out to another FI the $100K which was in the first account. Do I still get the promo rate on the latest account deposit, or do they now say that my total is back to $100K and there is therefore no net increase in deposits?

Just wondering. Any pundits with an interpretation of how this might unfold?

September 25, 2020
1:47 pm
JustMe2016
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rhvic said
Just curious what might happen in this scenario:

Say I currently have $100K in a Manulife Advantage account, for which the promotional rate ends in mid October. So, I open a new Advantage account at the new promo rate, and bring in an additional $100K as deposit to that account. Then after mid October, I transfer out to another FI the $100K which was in the first account. Do I still get the promo rate on the latest account deposit, or do they now say that my total is back to $100K and there is therefore no net increase in deposits?

Just wondering. Any pundits with an interpretation of how this might unfold?  

The part in bold is the correct one. Any amount above what you had on September 17, 2020 will be eligible for the 2.15%.

September 25, 2020
8:43 pm
GR
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Another restriction in the fine print of the 2.15% promo offer is that the new offer can't be combined with any other promotional rate offers. So, it appears that if you currently have an account with a promo rate, you can't open a new promo account simultaneously. Also, as noted above, if you open a new promo account after the current one ends, only the net new deposits IN EXCESS OF your balance on Sept. 17, 2020 in ANY Manulife Bank account, would qualify for the promo rate.

It seems that this new 2.15% promo offer is open to new clients who can apply directly online from their website home page.

September 27, 2020
11:58 am
smith57
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I called today, I was told only new customers receive the promotional 2%+ interest rate offer. If you have an Advantage account, you are not eligible for the promotion. Even new funds were not eligible. If someone was told otherwise, please post a message. Thank you.

September 27, 2020
1:20 pm
GR
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smith57 said
I called today, I was told only new customers receive the promotional 2%+ interest rate offer. If you have an Advantage account, you are not eligible for the promotion. Even new funds were not eligible. If someone was told otherwise, please post a message. Thank you.  

What you were apparently told is contrary to the terms and conditions of the 2.15% offer. Existing clients who already have an Advantage account with a promo rate must wait till the old promo ends to open a new account. The amount of new deposits exceeding the balance(s) at Sept. 17 qualifies for the promo rate for 120 days. A new promo account can be opened by an existing client by using the link to open a new advantage account either at the bottom of Manulife's home page or on the left hand side of your own account page when you log in.

https://www.manulife.ca/content/dam/manulife-advisor-portal/documents/en/marketing-materials/bank/advantage-account/updf/bank-advantage-account-terms-conditions-tc013e.pdf

September 27, 2020
4:04 pm
rhvic
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As one of the people who already has an Advantage account, I do not see the use of opening a new Advantage account once my current promo expires on Oct. 12. They use the date of Sept. 17 to look at your total deposits, and I already have $100K on file with them. To move in another $100K at 2.15% and leave the original $100K there at 0.20% leaves me with a blended rate of about 1.17%, which is not attractive.

When my current promo ends, I will simply move all but a few dollars out of Manulife to perhaps EQ at 1.70%, and wait for them to offer something like this again in the future.

September 28, 2020
10:53 am
mustang
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100% agree with your analysis, rhvic
I'm in exactly the same boat, came to the same conclusion
Mine will be moving over to Motive

September 28, 2020
4:23 pm
smayer97
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Thankfully mine was out the day before ... was pure chance...moved it to DUCA for my existing 2.5% promo till Mar 2020. So I am able to take advantage of this if I need to.

September 29, 2020
8:07 pm
GoJetsGo
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smith57 said
I called today, I was told only new customers receive the promotional 2%+ interest rate offer. If you have an Advantage account, you are not eligible for the promotion. Even new funds were not eligible. If someone was told otherwise, please post a message. Thank you.  

Appears to me that Manulife has used the "subject to change without notice".

I can now only find terms that indicate "...offer is for new clients who have never previously held a Manulife Bank Advantage Account" and a maximum eligible deposit of $50k. This matches what Smith was told.

Perhaps I'm looking at wrong terms & the original terms are still available. Otherwise I'll just cross fingers now for Tangerine to offer some early October magic.

September 29, 2020
9:15 pm
GR
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GoJetsGo stated:
"I can now only find terms that indicate "...offer is for new clients who have never previously held a Manulife Bank Advantage Account" and a maximum eligible deposit of $50k. This matches what Smith was told.
Perhaps I'm looking at wrong terms & the original terms are still available. Otherwise I'll just cross fingers now for Tangerine to offer some early October magic."
-----------------------------------------------------------------------------------------------
In fact, as in the past, Manulife has multiple offers at the same time and changes terms and conditions vey quickly. The offer quoted by GoJetsGo is now for NEW clients only who attempt to open an Advantage Account from Manulife's HOME PAGE. The original offer for a new account for EXISTING clients should STILL BE AVAILABLE, with a maximum of $250,000. To access this 2.15% offer, existing clients must first log in to their account and then select "open a new Advantage Account" from the options on the left hand side. The offer should appear. Read the terms and conditions carefully. See my postings regarding restrictions in 9 & 11 above.

September 30, 2020
5:19 am
hwyc
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Back on September 24, the T&C pdf I downloaded was TC013E. Today the 30th, the same link in #1 leads to TC014E ... that was quick sf-confused

September 30, 2020
10:17 am
JustMe2016
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I opened an account on Sunday evening (3 days ago) because of the $250K eligible. Today I found out the scoundrels reduced the eligible amount to $50K so I called and closed the account.

This would have been my first time doing business with Manulife. I will never, ever do business with them. Thank you Manulife...

September 30, 2020
11:47 am
Londonguy
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JustMe2016 said
I opened an account on Sunday evening (3 days ago) because of the $250K eligible. Today I found out the scoundrels reduced the eligible amount to $50K so I called and closed the account.

This would have been my first time doing business with Manulife. I will never, ever do business with them. Thank you Manulife...  

Sorry to hear you had a bad experience. Sometimes things don't work out.

Just for the record, there are two different Manulife offers floating out there at the moment. One is a company initiative to open new accounts that has a $50K cap. The second promotion is being offered through a specific Manulife advisor, and while it's restricted to their definition of "new money", it's open to either new or existing customers and has a cap of $250K. You must have unknowingly signed up for the lower one, but it would have been an easy mistake to make because the caps are buried in each offer's Terms & Conditions that hardly anyone ever reads.

Also FWIW I already have a $250K cap Manulife promo on the go from this past summer, so according to the T&C of either of these new promos, I don't meet the requirements. And before anyone says don't sweat the T&C, I'm aware that some people are advocating that there are ways to game the "new money" definitions. However, I'm not prepared to make the effort (and also sacrifice a week's interest) playing third party FI account hopscotch to try to qualify, not to mention that (a) such tricks might not even work, and (b) compared to CT's 2.00% I'd only be chasing an extra 15 BPS for 4 months anyway.

So I won't be participating either, just not for the same reason

October 1, 2020
3:46 am
smayer97
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I can confirm that now it states:
"* The 2.15% new client personal Advantage Account interest offer is for new clients who have never previously held a Manulife Bank Advantage Account, and who open a new personal, non-registered, Canadian-dollar Advantage Account. .... Interest is calculated daily and paid monthly on net new deposits for the first 120 days (4 months) after account opening to a maximum of $50,000. "

whether via the first link above or even logging in... So they have really narrowed down the offer. It shows up EVERYWHERE now...seems like they really want to drive home these points...for customers who NEVER had an Advantage Account before, and only to a max of $50K.

By the way, the offer is only until Oct 31, 2020 to open the account.

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