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Email this1:51 pm
April 21, 2022
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Norman1 said
In a previous Manulife Bank offer, the promotional interest only (not the regular interest) earned promotional interest.I didn't see anything in the offer terms about exceeding previous high balances. The Eligible Deposit balance doesn't have to be maintained for the entire 730 day Promotional Period.
Have they ever applied that exception in the past?
6:24 am
June 22, 2023
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dommm said
Sorry if these questions have already been answered, but five pages is a lot to read through. Will the interest earned on deposits also qualify for the 3% annual rate, or will it be separated and only receive the standard 1.5% rate? If I withdraw money from the account and later deposit it back, will the new balance need to exceed the previous high balance before it qualifies for the 3%? Thanks.
My August Regular Interest was $35.29 and the Promo Interest was $35.22 (you are richer than you think??!!). Regular interest was within 7/100 of a penny compared to my spreadsheet, but rounded up in my favour. Thus, I believe this answers your question.
However, the word of today is minutiae.
Saying of the day: Penny-wise but pound-foolish
8:17 am
April 6, 2013
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Manulife Bank is doing as they did in the previous promotion. The bank is paying the additional 1½% Promotional Rate interest only on
- Net New Deposits, funds from an external source, and
- previous Promotional Rate interest.
Manulife Bank’s 3.00% Personal Advantage Account Interest Offer, which is currently 3.00% (“Promotional Interest”) is made up of the regular posted variable annual interest rate of 1.50% (“Regular Rate”) and the variable annual promotional rate of 1.50% (“Promotional Rate”). …
2:08 pm
June 22, 2023
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NokomisStation said
My August Regular Interest was $35.29 and the Promo Interest was $35.22 (you are richer than you think??!!). Regular interest was within 7/100 of a penny compared to my spreadsheet, but rounded up in my favour. Thus, I believe this answers your question.
However, the word of today is minutiae.
Saying of the day: Penny-wise but pound-foolish
The 7 cent solution (albeit not nearly as much cache as Sherlock Holme's 7% solution) is as follows:
July Base Interest and Promo Interest were each in the amount of $51.34 times 1.5%/365days*31 days = $0.0654 or 7 cents for the fans of Roman centurions.
Talking about beating a dead horse.
So, Manulife's Scottish roots in effect have reduced my August annualized effective interest rate on an average August daily balance of $27,696.24 from 3.00% to 2.9975%. This percentage will continue to be reduced with the passage of time unless I really bulk up my Manulife Advantage Account balance dramatically.
9:38 am
October 7, 2018
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I just logged in to add an account and noticed the end date is now October 30, 2026. I will not likely need this account until December, so I will wait until around Oct 29th to add one for myself unless it is extended again.
10:24 am
April 21, 2022
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maGIC said
I just logged in to add an account and noticed the end date is now October 30, 2026. I will not likely need this account until December, so I will wait until around Oct 29th to add one for myself unless it is extended again.
Interesting, but not surprising that they extended the offer period. I opened an account late July, maybe i can close my current one and open another around the end of October to have two full years from then.
12:32 pm
June 22, 2023
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JohnnyCash said
Interesting, but not surprising that they extended the offer period. I opened an account late July, maybe i can close my current one and open another around the end of October to have two full years from then.
The Offer is limited to one Eligible Account per Eligible Account Owner as determined by the primary account owner.
Nice try John Boy. Can you imagine the Walton family trying to the game the system. So much for selective logging practices. Let's clear cut the forests Grampa Walton! These new chainsaws are awesome.
12:43 pm
April 21, 2022
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NokomisStation said
The Offer is limited to one Eligible Account per Eligible Account Owner as determined by the primary account owner.
Nice try John Boy. Can you imagine the Walton family trying to the game the system. So much for selective logging practices. Let's clear cut the forests Grampa Walton! These new chainsaws are awesome.
Yes, I noticed the " one Eligible Account per Eligible Account Owner ". What you seem to be missing is I stated I would close the current account, then I would open another one afterwards which should meet the eligibility requirement stating only one account for the 3% 2 year promo.
5:41 pm
September 29, 2017
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Offer has now been extended to Oct 30, 2026
6:44 am
October 27, 2020
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Being in Ontario, I froze my credit with both Equifax and TransUnion.
I currently do not have any Manulife account.
To open a new Advantage account to take advantage of the 3% interest rate for 2 years, I suppose I will need to unfreeze my credit with both agencies first?
7:11 am
January 1, 2018
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I'm now using and depositing into our Joint HISA earning 3.0%, and couldn't help but notice how fast a transfer-in via Linked account goes through ... late yesterday, 6-figures transfer from TD, and this morning it showed up, and the best part NO HOLDS of any kind ! This surprised me, as every other FI I deal with or have, often takes days to show up and sometimes more "business days" before those funds are available to do whatever.
I contacted them via online Chat and it was confirmed they do not do Holds in most cases, but reserve the right to do so if they feel it's warranted. Interesting ?
I liked JohnnyCash idea [108] as I too opened ours in July; but for me, I plan to just live with the 3 mth diff at the end of the 2yr "promo" period. Maybe that date will get extended too ?
And what are the chances with GIC rates going up often, almost everywhere, the BofC will raise their benchmark rate soon, and that 3.00% will go up in lockstep ? Thoughts on this ?
7:42 am
April 6, 2013
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The two-year offer on the Advantage account is a fixed 1½% top-up. So, any increase to the account's regular 1½% interest rate will increase the total 3% rate.
The regular rate on the Advantage account is not tied to GIC rates, Bank of Canada rate, or Manulife Bank's 4.45% prime rate. The rate will change depending on Manulife Bank's need for short term funds. I suspect the 3% promotion will attract lots of funds and the bank won't have reason to increase the rate on the account.
Manulife Bank posts funds transfers into the Advantage account the day the transfer is scheduled. Yes, sometimes a hold is not applied to funds pulled in.
11:16 am
April 6, 2013
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Jim Sherat said
I liked JohnnyCash idea [108] as I too opened ours in July; but for me, I plan to just live with the 3 mth diff at the end of the 2yr "promo" period. …
It would be risky to close the account and open another later within the Offer Period. Manulife Bank may consider the Advantage account opened earlier, in July, to be the one Eligible Account for the offer, even if the account is no longer open.
