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Spring 2024 - new account 5.75% for 120 days
April 4, 2024
5:36 pm
Top Dogg
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norris2 said

Yes, all opened under the same account/profile  

I tried four times the past two days to sign up for an Advantage Account but can't get past the QR code scan. I tried on my phone and on my computer. I called their customer service three times about it and they say there's nothing they can do except for contacting an advisor to help me do it. The CSR that I spoke with yesterday said that I could just email them a copy of my driver's license as an alternative to verify my identity but then the CSR that I spoke with today said that's not possible. It seems like they don't really care if you're able to sign up for an Advantage Account or not.

April 6, 2024
4:44 am
kesa
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is Manulife generally slow at opening new accounts?

April 6, 2024
8:53 am
MG
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kesa said
is Manulife generally slow at opening new accounts?  

I was already a customer and just opened a second Advantage Account to avail the promo rate. Pretty instantaneous for me. Do not recall the process when I set up my original account.

April 6, 2024
12:28 pm
Top Dogg
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I had to contact my advisor's secretary yesterday and she's opening the Advantage Account for me. It should be all set up by Monday (we'll see what happens). Like I was saying, I had no choice but to go this route since I couldn't get past the QR code scan with the online signup process.

April 6, 2024
12:58 pm
Greedy Guy
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MG said

I was already a customer and just opened a second Advantage Account to avail the promo rate. Pretty instantaneous for me. Do not recall the process when I set up my original account.  

I have used Manulife Bank for several years without issues. The opening account process took a few minutes; most of the time was for reading the Terms & Conditions. Fund transfer showed up in my new account 1 day after I signed up.

April 6, 2024
2:52 pm
Top Dogg
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Greedy Guy said

I have used Manulife Bank for several years without issues. The opening account process took a few minutes; most of the time was for reading the Terms & Conditions. Fund transfer showed up in my new account 1 day after I signed up.  

It wasn't that easy and straightforward for me, I only wish I had the same experience setting up an account there as you did. I had to get my advisor involved to set up the account for me. I spoke with several CSR's and even a manager and still couldn't do it on my own.

April 6, 2024
2:54 pm
Top Dogg
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norris2 said

Yes, all opened under the same account/profile  

Can you please clarify. So that means after this 5.75% promotional interest rate runs out after 4 months and if Manulife offers another promotional interest rate, I can just open up a brand new account and get on the new promotional interest rate?

April 6, 2024
7:48 pm
Greedy Guy
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Top Dogg said

Can you please clarify. So that means after this 5.75% promotional interest rate runs out after 4 months and if Manulife offers another promotional interest rate, I can just open up a brand new account and get on the new promotional interest rate?  

I did this many times

April 6, 2024
8:48 pm
mebe
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If you can't successfully open the online account, try using Incognito mode (of chrome browser), or Private mode (of Firefox browser). I also don't like the location of the Submit button (far right side, Above the last paragraph, instead of at bottom of page).

Note: if you already have active account(s), you can choose to Not have new debit card sent, and instead call Manulife to add your new account linked to your previous active Debit card. Each Debit card can be linked to 2 accounts (one to checking, and one to Savings). However, if you lose your card, you'll have both accounts at risk, unless Manulife can remove your older account from old debit card. Not sure if they can.

April 6, 2024
10:56 pm
Top Dogg
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Greedy Guy said

I did this many times  

Cool and note to self 🙂

Thanks for the heads up!

April 6, 2024
10:59 pm
Top Dogg
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mebe said
If you can't successfully open the online account, try using Incognito mode (of chrome browser), or Private mode (of Firefox browser). I also don't like the location of the Submit button (far right side, Above the last paragraph, instead of at bottom of page).

Note: if you already have active account(s), you can choose to Not have new debit card sent, and instead call Manulife to add your new account linked to your previous active Debit card. Each Debit card can be linked to 2 accounts (one to checking, and one to Savings). However, if you lose your card, you'll have both accounts at risk, unless Manulife can remove your older account from old debit card. Not sure if they can.  

I tried Chrome/Edge with the help of the CSR and neither worked. It's ok, my advisor is opening one of for me and it will be ready on Monday.

By active account does that also include funds as well? I do have Manulife investment funds. I personally don't want a debit card for the Advantage Account. If I need cash, I'll just transfer to another FI such as Tangerine.

April 8, 2024
1:34 pm
mebe
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Even if you have zero Manulife accounts or Manulife investments, you always have the option to select that you don't want a debit card sent (anybody opening an Advantage account can select the option for no card, even if it's your first account).

April 8, 2024
7:26 pm
Top Dogg
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mebe said
Even if you have zero Manulife accounts or Manulife investments, you always have the option to select that you don't want a debit card sent (anybody opening an Advantage account can select the option for no card, even if it's your first account).  

Thanks for the heads up. Yea I realized that today when I signed up for an account. I opted for one but I highly doubt I'll ever use it since I'll only be using the account until the promotional interest rate runs out.

April 20, 2024
7:52 am
MAC99
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I now know that holds for incoming funds can range from 2 to 8 business days. As well when you initiate the transfer you do not accrue interest until the funds are received. When moving the funds back to an external account you must date the transaction for the next business day.

Rather slow in my opinion, as I think 5 day holds are long.

Guess it will be a one and done for use only when they have a rate promotion like this as their rates and timelines are otherwise terrible as compared to Motive.

April 20, 2024
11:48 am
Top Dogg
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My external transfer made it into my Advantage Account the next day. My Advantage Account was opened on April 9th and the funds were in the account the following day on April 10th. Yes there was a hold on my funds for several days after but I'm not sure how many days it was. Once the funds are in the account, you're still accruing interest when the funds are on hold, correct?

April 20, 2024
2:04 pm
MAC99
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Yes, you accrue interest upon funds landing in your Manulife account. I opened my account April 17th and money landed on the 19th. It’s now locked until the 26th at an unknown time.

April 21, 2024
12:39 pm
Top Dogg
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MAC99,

Yes exactly, you don't know when the funds will be released or rather unlocked. You just have to keep checking every day to see when the funds go from "Funds on Hold" to "Available Balance".

Are you going to close your account once the promotional 4 month period ends? I'm thinking if you don't and then move all your funds out then you will be charged those fees since you need to keep a minimum balance of $1,000 to waive all the fees.

April 21, 2024
1:15 pm
MAC99
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I’ll keep my account open with a nominal balance, say $20, and wait to see if there’s another promotion.

Transfers are no charge and that’s all I’ll be doing so no need to maintain a $1,000 dollar balance.

Fee schedule: https://advisor.manulife.ca/content/dam/manulife-advisor-portal/documents/en/rates/bank/manulife-bank-personal-accounts-services-and-fees-guide-ab0178e.pdf

April 21, 2024
7:25 pm
Moneyman2
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How do you get the $$ out at the end of the promotion? Any fees involved? Locked into Duca @6% until end of June. Will take almost 2 weeks to get my $$ out with their new crazy withdrawal rule of $20k per 25 hours or something like that. Will be looking for a place to park my $$.

April 21, 2024
7:32 pm
MAC99
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I posted the fee schedule. Transfers in and out are no charge.

Limiting withdrawals seems absurd to me!

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