[EXPIRED] 3.25% (for everybody) or 3.35% (for group benefits) for 6 months in new Advantage Accounts | Manulife Bank | Discussion forum

Appears to be available to anyone but is dependent on the variable savings rate. If it drops, so does the rate on this deal. Currently 1.5%, where it has been since at least January, so it could drop. Still, it appears to be a good deal,
https://repsourcepublic.manulife.com/wps/wcm/connect/b092aec4-472f-4877-88d3-9b638ce1c4ca/bnk_adv_dgbw2019offerterms.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-b092aec4-472f-4877-88d3-9b638ce1c4ca-mwGcQOi

I had thought Manulife only worked through their own advisors ( or maybe brokers), but this seems to be directed at the public. Any comment from anyone more knowledgeable?

Loonie said
Appears to be available to anyone but is dependent on the variable savings rate. If it drops, so does the rate on this deal. Currently 1.5%, where it has been since at least January, so it could drop. Still, it appears to be a good deal,
https://repsourcepublic.manulife.com/wps/wcm/connect/b092aec4-472f-4877-88d3-9b638ce1c4ca/bnk_adv_dgbw2019offerterms.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-b092aec4-472f-4877-88d3-9b638ce1c4ca-mwGcQOi

I had thought Manulife only worked through their own advisors ( or maybe brokers), but this seems to be directed at the public. Any comment from anyone more knowledgeable?  

Hi Loonie, yes, the Manulife Advantage Account, for the longest time, was made so you had to have a mobile banking or mortgage specialist come to your home to complete the account opening. In my analysis of mid-sized banks' financial statements for 2018, I noticed that they appear to have reinstated online account openings.

I thought about suggesting it to be re-added to the "comparison chart" on that basis, but since its regular rate was only 1.50-1.55% - the current minimum threshold, of which is currently under a bit of a review - I thought there wasn't any point in suggesting they be re-added to the chart. The product is not particularly compelling, from a rate or service fee perspective.

That being said, I would support Peter adding their HISA to the "promos" page when they have these decent, time-limited promo rates. If their GICs were more than call it 2.15-2.25%, they could also be added to the "GIC chart," provided that GICs, too, can be opened entirely online.

Cheers,
Doug

dougjp said
Comment re: " Not particularly compelling, from a .....service fee perspective". I can't seem to find any serious details about this account on their web site, except that certain fees are waived if the balance is over $ 1,000-. What if it isn't, ie; if I pull all funds out at the end of 6 months? What fees are there, under any circumstances?

That's exactly what I was referring to. That's not particularly compelling to maintain that account on a long-term basis (i.e., that minimum balance). Aside from the non-compelling regular interest rate, that minimum balance to avoid transaction fees may be enough to exclude it from the regular comparison chart. It could, like I said, be added to the "promos" page. I personally wouldn't take part for a short-term promo. I'm done with those games.

A few other unanswered questions, admittedly I haven't gone all the way through the account opening process yet. Are joint accounts available? Are linked accounts available as with other online banks? Disclosure is very limited on that site.  

Yes, joint accounts are available. I knew some HSBC clients that had a Manulife all-in-one account and, I think, an Advantage savings account, and they were joint. As far as linked accounts go, I would say, "likely yes." I believe they also linked their HSBC accounts on the Manulife end, but unconfirmed.

Cheers,
Doug

-bsv- said
I've just called and asked them who can use this offer. I was told that starting tomorrow they will an offer that's available for everybody.

They will offer 3.25% (1.5% regular + 1.75% bonus) for the 6 months after bringing in money from outside of Manulife. It will be eligible for all clients and new deposits until July 15th.

So looks like we have a new winner available for everybody.  

Maybe, if you want to play those games. Didn't Simplii Financial just extend their HISA promo rate offer for 3.15%? Not that much difference between 3.15% and 3.35%.

I'll pass.

Cheers,
Doug

Could work perfect for my Tangerine deal ending June 30th.

Doug said

I suspect you probably negotiate a retention rate of 3.15% with Simplii Financial if it's on offer to most of their existing customers. And, they'll likely renew it at, or close to, 3%.

Still, I wouldn't bother with opening a brand new account with Manulife Bank with non-compelling features and a less than compelling online banking experience. 🙁

As I mentioned, I am not a Simplii client, so there is nothing to renegotiate for me 🙂

Are there any problems with Manulife non-registered account? I've heard about some issues with registered, but I assumed that HISA is much simpler operations, so there should not be problems. Except, for example, an outdated UI and some usability, which is not a big deal as I am not going to use it for a day to day banking.

A year or two ago, several people on this forum who had business with ManuLife Bank were hurrying as fast as they could to get rid of it. As I recall, this was because of fees and advisors who gave advice that was not in the best interests of clients.
If you get involved in this offer, you will probably have trouble getting them out of your hair.
And don't forget that the rate can be lowered at any time.
I won't be taking them up on this due to their bad rep as reported in the past by people I found credible.

I phoned Manulife - spoke to an excellent service agent - the Advantage account was revamped not that long ago - at one time it was only a HISA but it was turned into a combined Chequing/Savings Acct. Although the current promo rate is 3.25%, the normal rate is 1.5% - which is still not bad for a Chequing Savings combination at a major financial institution. One can open the account online (no advisor required) - there are almost no service charges if $1000 balance kept and there are no service charges at all for me-to-me transfers no matter what the balance. Also, transfers out are NOT limited to $3k except for interac etransfers, same as for other institutions. Linking to external accounts is easy - just upload a downloaded version of a void cheque.

It would appear some of the flaws have been rectified. eg
- don't need an advisor to open the acct
- no problem to close out after the promo ends using me-to-me transfer (no charge)
- interest rate can vary of course - same as any other institution