2.0% promo on new advantage accounts | Page 2 | Manulife Bank | Discussion forum

I have played this game before with Manulife, hence a bit of advice. If you are an existing customer and want to open a new Advantage account, make sure you link to the NEW account before you transfer monies into it - that is, any new monies from an outside FI need to go directly to the new Advantage account. I had made the mistake of using the link to my first Advantage account to transfer funds into it and then to my new Advantage account. Manulife then declared that since the funds were already in the original Advantage account, and were then transferred to the new Advantage account, the monies were not "New". Note their statement re this offer:
"2.00% promotional rate is for new deposits to a new personal, non-registered, Canadian-dollar Advantage Account. "
I had to have lengthy exchanges with their agents to convince them the monies were indeed new to Manulife, and eventually they somewhat reluctantly did agree to pay the promo rate.

Here's my take on what the various members have said.

1) Start date for the 4 months. To be safe I can arrange the new account opening and first deposit to be on the same or very close to the same date.

2) The bonus top-up is 1.85% so even if the regular rate drops to 0%, you will still get 1.85%.

3) Do not route new money through the old account. Deposit new money directly to the new account.

The 2% seems to be better than what Tangerine or Simplii are currently offering.

COIN said
Here's my take on what the various members have said.

1) Start date for the 4 months. To be safe I can arrange the new account opening and first deposit to be on the same or very close to the same date.

2) The bonus top-up is 1.85% so even if the regular rate drops to 0%, you will still get 1.85%.

3) Do not route new money through the old account. Deposit new money directly to the new account.

The 2% seems to be better than what Tangerine or Simplii are currently offering.  

Yes~ so I am going to move

Advantage account. Really it takes five seconds to open one. To add a joint owner, both have to be present and call, "not on speaker", one is being added, the other agreeing to it. Can be done over the phone with some reps, some will tell you to visit "an adviser" - hang up and call again.

Transfer takes one day. Rate good for 120 days from the day when account was opened.

I opened my first Manulife Bank Advantage Account.
When you go into you advantage account click on the account number. It will open up account details.

Under Account Details:
Account Name: Advantage Account
Account Balance;
Status:
Available Balance:
Funds on Hold:
Interest Rate: 0.15%
Promotion rate: 1.85%
Promotion end date: September 04, 2021
Opened date: May 07, 2021

Maybe this will help clarify doubts?

COIN said
Unlike Tangerine and Simplii and their silly games, when Manulife has a promo, it is open to all clients.  

I like it very much because the five major banks cannot give high interest.. so I enjoy this game

How can I easily close 2 of my advantage accounts, which were set up for prior promo rates. This is the 3rd account now .

julio said
Max: first rep - over 250K and up to 500K is OK, fourth rep (You are recording? This time Meee tooo) - will have "team" call me within two business days with the answer. They have till tomorrow.

Local "independent advisor": "I do not want your bsns, no trading involved, no money for me". I appreciated his honesty.  

1. the maximum is $250K
2. the independent advisor gets a very small commission, I believe 25bps annually based on the minimum monthly balances one keeps in the Advantage account.

P.S. - the Advantage Account is a very good all purpose (no charge chequing etc. and a tiny bit of interest paid on balance) account - no fees if you keep min $1000 balance. Manulife is a very secure, very conservative financial institution - I am surprised at the reps you spoke to - I have always found them to be very good. Perhaps the ones working at home during COVID are working in isolation or whatever. We are not in normal times.
Also, when they close the old account, the request goes to a specific office for action - the accounts will disappear from your sight in a few days . Be patient.