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Add Manulife Bank to the HISA Chart
April 13, 2023
6:06 pm
JohnnyCash
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Manulife Bank has seems to have changed their interest rate strategy for their Advantage account from a regular low base rate and occasional promo, to a higher everyday rate.

https://www.manulifebank.ca/personal-banking.html

April 13, 2023
6:51 pm
Dean
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.
From what I've seen, Peter doesn't add FI's to his HISA Chart because of recent (two or three month) 'Hiccup' rates.

I'm guessing Manulife will have to establish a sustainable pattern before it gets added, and I don't expect that to happen any time soon.

My Two Centavos,

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

April 14, 2023
6:30 am
JohnnyCash
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Manulife started upping their base rate several months ago, they are only now clearly coming out and stating their intentions to maintain a higher interest rate for the Advantage account.

April 14, 2023
7:09 am
canadian.100
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Dean said
.
From what I've seen, Peter doesn't add FI's to his HISA Chart because of recent (two or three month) 'Hiccup' rates.

I'm guessing Manulife will have to establish a sustainable pattern before it gets added, and I don't expect that to happen any time soon.

My Two Centavos,

    Dean

  

Then bottom feeders like Alterna, EQ, Motus etc should be taken off the list. Their rates are lower than Manulife. The Manulife Advantage is a combined Chequing and Savings with 2.85% and no service charges at all if u maintain a 1K balance. A good product from a large profitable FI.

April 14, 2023
8:33 am
Dean
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canadian.100 said

Then bottom feeders like Alterna, EQ, Motus etc should be taken off the list. Their rates are lower than Manulife. The Manulife Advantage is a combined Chequing and Savings with 2.85% and no service charges at all if u maintain a 1K balance. A good product from a large profitable FI.  

Peter manages the HISA Chart quite well. FI's are added/deleted, if & when it's warranted.

Remember that the Big FI SA's usually pay Less than 1.0% (or Nothing at all),
so those 'bottom feeders' on that chart are actually fairly good.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

April 14, 2023
10:00 am
Wayno
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Manulife Bank has recently been in the news with claims of transparency issues for their inadequate security protection of customer information.

Insider says Manulife Bank didn't protect customers' highly private information for years
CBC News · Posted: Apr 03, 2023

https://www.highinterestsavings.ca/forum/general-financial-discussion/insider-says-manulife-bank-didnt-protect-customers-highly-private-information-for-years/

April 15, 2023
7:54 am
Doug
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JohnnyCash said
Manulife Bank has seems to have changed their interest rate strategy for their Advantage account from a regular low base rate and occasional promo, to a higher everyday rate.

https://www.manulifebank.ca/personal-banking.html  

I do not think Manulife Bank needs to be re-added to the comparison chart. If I remember correctly, they've been in the chart at least once, and maybe twice. The first time they were removed because accounts had to be opened with the assistance of a mobile banking specialist who would come to your home. The second time was due to persistently low rates and ho-hum offerings. 2.85% is what I would call a "bottom-feeding" rate; it's in the bottom tier, and the account offers little to no compelling features not already offered elsewhere. Moreover, Manulife Bank is slowly eroding their own Manulife Bank ATMs as Circle Ks and Couche-Tarde locations switch from one third-party ATM servicer to multiple ATM servicers, such that eventually they'll likely no longer have a single FI behind the ATMs.

If they were offering, say, 3.5% and were to stay there for at least six months, then I think we could consider it. sf-cool

Cheers,
Doug

April 15, 2023
7:56 am
Doug
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canadian.100 said

Then bottom feeders like Alterna, EQ, Motus etc should be taken off the list. Their rates are lower than Manulife. The Manulife Advantage is a combined Chequing and Savings with 2.85% and no service charges at all if u maintain a 1K balance. A good product from a large profitable FI.  

^ +1 to this

April 15, 2023
8:12 am
JohnnyCash
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Doug said

^ +1 to this  

Yeah @Doug, I agree with you reasoning for not adding Manulife when it would end up being amongst other bottom-feeders which should be removed from the list too.

April 16, 2023
1:15 am
RetirEd
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For historical sake (and research) I'd prefer to change the listed outfits as rarely as possible.
RetirEd

RetirEd

April 16, 2023
11:09 am
Doug
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RetirEd said
For historical sake (and research) I'd prefer to change the listed outfits as rarely as possible.
RetirEd  

While I get this reasoning, I don't think this should necessarily dictate new additions to, or, crucially, removals from the comparison chart. We could easily still provide historical rate data, perhaps via the profile pages for each financial institution and, optionally, a historical rate chart.

That said, we should continue to be conservative in new additions to the chart, given the initial 'pop' we often see in terms of premium rates, only to see them fall back to bottom feeder position.

Cheers,
Doug

April 16, 2023
11:26 am
cgouimet
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I prefer to keep "our" HISA and GIC lists to the main ones we're interested in. Anything else can be had at CANNEX:

https://www.cannex.com/public/depa01e.html

and

https://www.cannex.com/public/term02e.html

CGO
April 16, 2023
11:28 am
Doug
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cgouimet said
I prefer to keep "our" HISA and GIC lists to the main ones we're interested in. Anything else can be had at CANNEX:

https://www.cannex.com/public/depa01e.html

and

https://www.cannex.com/public/term02e.html  

+1 to this also

April 16, 2023
12:54 pm
Briguy
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One advantage of the Manulife Advantage account ( if you keep at least 1000.00 in it ) is they have no ATM charge and no FX ATM withdrawals at any machine displaying Mastercard, Maestro, or Cirrus symbols worldwide.

Another advantage is that since Manulife Advantage debit card is part of the Exchange network you have access in the USA to over 40,000 ATMs for free at the Allpoint network.
https://www.theexchangenetwork.ca/Traveling-to-the-US.aspx

A third advantage is that it's a debit card, so you can use it at Asian restaurants, since they usually only accept cash or debit card.

I don't actually have a Manulife account so I don't know how reliably the debit card works world wide.

April 16, 2023
4:16 pm
Doug
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Briguy said
One advantage of the Manulife Advantage account ( if you keep at least 1000.00 in it ) is they have no ATM charge and no FX ATM withdrawals at any machine displaying Mastercard, Maestro, or Cirrus symbols worldwide.

Another advantage is that since Manulife Advantage debit card is part of the Exchange network you have access in the USA to over 40,000 ATMs for free at the Allpoint network.
https://www.theexchangenetwork.ca/Traveling-to-the-US.aspx

A third advantage is that it's a debit card, so you can use it at Asian restaurants, since they usually only accept cash or debit card.

I don't actually have a Manulife account so I don't know how reliably the debit card works world wide.  

But this is also true of the Motive Financial no-fee chequing and HISAs as well as Alterna Bank no-fee chequing and HISAs. Requiring a $1,000 minimum balance to waive fees, while lower than the Big Five banks, seems like an onerous requirement to me.

Manulife Bank has also recently devalued their credit cards and added fees, to the point of making them completely uncompetitive. While they may well retain their banking business, they aren't investing in the business; it's just a "meh, as long as it makes us a bit of money on the side, that's okay, but it gets none of our capital expenditures or marketing dollars" sort of business.

Cheers,
Doug

April 16, 2023
4:29 pm
Briguy
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Doug said

But this is also true of the Motive Financial no-fee chequing and HISAs as well as Alterna Bank no-fee chequing and HISAs. Requiring a $1,000 minimum balance to waive fees, while lower than the Big Five banks, seems like an onerous requirement to me.

Manulife Bank has also recently devalued their credit cards and added fees, to the point of making them completely uncompetitive. While they may well retain their banking business, they aren't investing in the business; it's just a "meh, as long as it makes us a bit of money on the side, that's okay, but it gets none of our capital expenditures or marketing dollars" sort of business.

Cheers,
Doug  

AFAIK you'd have to pay the banking industry customary 2.5 percent exchange rate plus interchange rate for Alterna and Motive compared to just interchange rate for Manulife's debit card at a foreign ATM.

April 16, 2023
5:41 pm
Doug
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Briguy said

AFAIK you'd have to pay the banking industry customary 2.5 percent exchange rate plus interchange rate for Alterna and Motive compared to just interchange rate for Manulife's debit card at a foreign ATM.  

Oh, you were referring to the foreign exchange currency markup; I thought you said surcharge-free. It's definitely not the latter. As to the former, many credit cards offer this already, and EQ Bank offers it with it. That is an extremely niche use case unlikely to appeal to more than a few dozen people across the country. 😛

May 1, 2023
7:09 am
Peter
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Thanks for all the discussion on this. It does seem like Manulife Bank should be added back to the HISA chart soon.

September 25, 2023
10:54 am
Peter
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I've now added Manulife Bank to the savings account comparison chart: https://www.highinterestsavings.ca/chart/

September 26, 2023
4:27 pm
Alexandre
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