Spring 2023 - new account 5% on net new deposit | Manulife Bank | Discussion forum

A couple more details from the Ts & Cs:
- max $500,000 new money
- non-registered only
- if regular rate changes during promo period, total paid will also change (promo rate fixed at 2.15%)
- must open a new Advantage account

It's easy enough to open a new account, but I don't really need another bank card that I'll never use. I wish they'd just pay on net new deposits to an existing Advantage account.

I wonder if you transfer existing Advantage account balances to another FI and then back in to the new account would they be able to track that money? The way they set up these promos makes me suspect not.

Is the tenor 4 months from the time you open the new Advantage account?

So, it would be September 27th if you open the new account on May 27th?

According to the Spring 2023 promotion terms and conditions, the offer is for 120 days, not four months, starting from when the account is opened:

…The Promotional Interest [currently 2.85% + 2.15% = 5.00%] will be calculated daily and paid monthly beginning on the date the account is opened and continuing 120 days (“Promotional Period”) on Eligible Deposits made during the Promotional Period. Promotional Interest is calculated daily on the Eligible Deposit balance and paid monthly as two separate interest payments: the first calculated using the Regular Rate [currently 2.85%], the second calculated using the Promotional Rate [of 2.15%]. …

Only the 2.15% top up is fixed, not the 5.00% total promotional interest:

… Any change to the Regular Rate [currently 2.85%] will result in a corresponding change to the Promotional Interest [that is currently 2.85% + 2.15% = 5.00%]. For example, if the Regular Rate of 2.85% were to decrease to 2.75% the Promotional Interest would decrease to 4.90%. …