Spring 2024 - new account 5.75% for 120 days | Manulife Bank | Discussion forum

https://www.manulifebank.ca/personal-banking/bank-accounts/high-interest-chequing-savings-account.html

Personal Advantage Account Interest Offer – Spring 2024 Terms and Conditions

Manulife Bank’s 5.75% 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 March 19, 2024 and June 7, 2024 (the “Offer Period”).

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 5.75% Personal Advantage Account Interest Offer, which is currently 5.75% (“Promotional Interest”) is made up of the regular posted variable annual interest rate of 2.85% (“Regular Rate”) and the variable annual promotional rate of 2.90% (“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 2.85% were to decrease to 2.75% the Promotional Interest would decrease to 5.65%. Subject to the limits and qualifications outlined in these terms and conditions, Manulife Bank will pay the Promotional Interest on Net New Deposits made during the Promotional Period, up to a cumulative total of $500,000 (“Eligible Deposits”) into your Eligible Account during the Promotional Period. Any balance in excess of Eligible Deposits will earn interest at the Regular Rate. Net New Deposits are funds from an external source and cannot be transferred from an existing Manulife Bank account. All funds held by the client in existing Manulife Bank account(s) on March 18, 2024, will not count as Eligible Deposits. Any withdrawals from the Eligible Account during the Promotional Period will be subtracted from the Eligible Deposit balance. The account must have a positive balance to be eligible for the Offer; any deposits required to bring the account balance to zero are not eligible. The Promotional Interest 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, the second calculated using the Promotional Rate. Eligible Accounts must remain open and in good standing in order to receive Promotional Interest. After the Promotional Period, all deposits up to $5,000,000 will earn interest at the Regular Rate.

Manulife Bank reserves the right, in its sole discretion, to suspend, disqualify, limit or revoke the Offer to any person or Eligible Account Owner(s) it finds or believes to be manipulating or otherwise abusing the process, fairness, integrity or operation of the Offer. Manulife Bank also reserves the right to, without prior notice, cancel this Offer and/or modify or vary these terms and conditions, in whole or in part, at any time if the offer becomes commercially unviable or for any other reason at its absolute discretion. This Offer cannot be combined with other promotional rate offers. If Manulife Bank is unable to run the Offer as planned for any reason, including infection by computer virus, bugs, tampering, unauthorized intervention, fraud, technical failures, or any other causes beyond the reasonable control of Manulife Bank which corrupt or affect the administration, security or proper conduct of this Offer, Manulife Bank reserves the right at its sole discretion to, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it in any way.

All rates are as at March 19, 2024 and subject to change without notice.

Might move my funds here when my Tangerine 5.25% promo ends on May 31.

Top Dogg said
Are there any fees associated with Manulife Bank’s Personal Advantage Account?  

"With the Advantage Account, there are no monthly fees and there is never a charge to deposit money into your account. Plus, when you keep a balance of just $1000 in your account, all your everyday banking transactions are free."

The Rock said

"With the Advantage Account, there are no monthly fees and there is never a charge to deposit money into your account. Plus, when you keep a balance of just $1000 in your account, all your everyday banking transactions are free."  

Thanks for the reply and info, much appreciated!

Top Dogg said

What do you mean it's not guaranteed? So that means they can stop offering the promotional interest rate at any time? I'm moving my funds from Simplii today but just not sure to which FI yet.  

In simple terms, the base rate will move in lockstep ( up or down ) with the BoC rate. The promotional rate will remain the same throughout the offer period. It's great when BoC rates are rising, not so much on the way down.

JohnnyCash & Greedy Guy,

Thanks for the reply. So it's sort of treated like a money market fund per say? I'm going to call right away and open an account. If the rate drops too much, I'll just move the funds out. Plus even if the rate drops, it will still beat any other HISA's rate or offerings out there.

norris2 said
I have existing Advantage accounts and I was able to create a new account before the end of March and the bonus interest posted. I believe it's the 5th time I've done this, I guess I should call in and close the old accounts.  

Do u create the new account online DiY or they have to do it for u ?

norris2 said

No, I've never called in, just followed the link at https://www.manulifebank.ca/personal-banking.html  

thats good to know. Will have this in the backpocket when DUCA drops below 5.75%

The only real decent option I have right now with regards to HISA's is the Tangerine promotional interest rate of 4.25% since my Simplii Financial 5.50% promotional offer ran out at the end of March. So the 5.75% promotional interest rate with Manulife has piqued my interest.

Other than that, I was thinking of moving the funds to a High Interest Savings ETF such as the CASH or HSAV one with Horizon. Does anyone have any experience with their High Interest Savings ETF's or recommend any other good funds in that class?

I was also looking at Hamilton ETF's as well. Does anyone have any experience with them?