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Promo at Manulife
January 29, 2018
9:30 am
goldenhawk
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January 29, 2018
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There's a decent promo at Manulife. 2,4% until Mai.

http://www.manulifebank.ca/wps.....a699c3f6bf

January 29, 2018
9:45 am
2of3aintbad
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I am hesitant to invest in an FI that cannot do basic arithmetic or put a logical sentence together. Can someone please explain where 2.30% came from:

Manulife Bank’s exclusive personal Advantage Account interest offer, which is currently 2.40% (“Promotional Interest”) is made up of the regular posted variable annual interest rate of 1.25% (“Regular Rate”) and the annual promotional rate of 1.15% (“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 1.25% were to decrease to 1.15%, the Promotional Interest would decrease to 2.30%.

January 29, 2018
9:47 am
Top It Up
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Opening a bank account is NOT straight forward - from their website

Opening a bank account

To open either of these accounts, simply contact your financial advisor. If you don't have a financial advisor, we can help you get the professional advice you need to make well-informed choices about your financial future. Find a financial advisor.

We believe that financial decisions should be made with the help and insight of a trusted advisor. That's why Manulife Bank offers its products and services through financial advisors – and has been doing so since 1993. We help provide clients with the banking products that will put their wealth creation and debt-management plans into action.

------------------------------

I don't have a financial advisor BUT if I did, and he thought I should chase a time-limited promo offer, he wouldn't be my financial advisor after giving me that advice.

January 29, 2018
12:08 pm
Taxpayer717
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2of3aintbad said
I am hesitant to invest in an FI that cannot do basic arithmetic or put a logical sentence together. Can someone please explain where 2.30% came from:

Manulife Bank’s exclusive personal Advantage Account interest offer, which is currently 2.40% (“Promotional Interest”) is made up of the regular posted variable annual interest rate of 1.25% (“Regular Rate”) and the annual promotional rate of 1.15% (“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 1.25% were to decrease to 1.15%, the Promotional Interest would decrease to 2.30%.  

From what I understand is that the new promo 2.30% rate would come from subtracting .10 % change from 2.40% current promo rate. Does that make sense?

January 29, 2018
12:15 pm
Loonie
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Any "bank" that makes you link up with one of their "financial advisors" in order to open up a bank account has bigger intentions on your portfolio than is revealed above. Personally, I wouldn't touch this, even if it were 3%!

See previous posts by kanaka re: this bank.

January 29, 2018
1:47 pm
Bill
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"Any change to the Regular Rate will result in a corresponding change to the Promotional Interest". So, yes, if the regular rate goes down by .1% so does the promo rate.

January 29, 2018
5:05 pm
2of3aintbad
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Taxpayer717 said

From what I understand is that the new promo 2.30% rate would come from subtracting .10 % change from 2.40% current promo rate. Does that make sense?  

Yes, I read it again. It is the use of the word "Promotional" in 2 different contexts that confused me. If it said, "Variable regular rate" plus "fixed promotional rate 1.15%" for a "Variable total rate", I would understand. I guess I don't speak English real good. Or maybe I speak English good, but not Bank Promo so good. Fortunately, I can make an appointment with a financial advisor who will explain this to me, and point out how much better I would be to turn over my money to him to invest in real good high MER funds, instead of the advertised offer that only special people can get.

January 29, 2018
5:33 pm
2of3aintbad
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Bill said
"Any change to the Regular Rate will result in a corresponding change to the Promotional Interest". So, yes, if the regular rate goes down by .1% so does the promo rate.  

The promo rate doesn't go down, only the 'Promotional Interest'. Just when I thought I had it figured out ...

January 29, 2018
6:15 pm
Bill
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2of3 and Taxpayer, you are correct, sloppy reading on my part - ignore what I said!

January 29, 2018
6:49 pm
2of3aintbad
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Bill said
2of3 and Taxpayer, you are correct, sloppy reading on my part - ignore what I said!  

Bill, I was trying to point out the confusing use of the term "Promotional" in 2 different phrases. No need to ignore, your comment just confirms what I was trying to say.

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