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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
Online
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.
