4.80%* on TFSA, RRSP and Advantage Accounts | Page 3 | Manulife Bank | Discussion forum

thanks to Norman and smayer for responses.

smayer97 said

Manulife Bank has a $50K/day withdrawal limit. I believe they do not allow override of this limit, even with a phone call. Call them to confirm if this is still true.

TIP: If you have a joint account, you can perform the transfer from each login. Each limit is tried to the profile so is treated separately, effectively doubling your withdrawal limit.  

Deb said
To answer smayer97's questions, I've been moving money in and out of Manulife whenever they have a good promotion. Very easy to transfer funds in and out of your external linked account. Today I wanted to transfer in more than their posted limit of $50,000 for online transactions as I had a GIC at another bank mature, and I was was put through to an agent on the phone almost immediately. The transaction went through smoothly and promptly.  

Thanks for that but moving money in is usually not a limitation for most FIs (Duca might now be an exception). My comment was about transferring money out.

Have you confirmed that you can override the $50K daily limit via phone for transfers out?

Thanks

smayer97 said

Yes.  

Thanks for the reply smayer97. I'll give it a shot the next time I decide to move funds to Manulife pending the quality of their promotional offer. I'm currently still with Motive Financial and on the 4.90% promotional interest rate. I find it odd though that Manulife will allow you to have multiple Advantage Accounts to take advantage of promotional offers. But hey if that be the case, then I'll be on the case..heh.

Lesson 2: or rename the account. I will sometimes name a promo account that is finished "Expired", to avoid depositing into the wrong account. I've kept my original account from 2018 and usually get around to closing the ones I no longer need.

JohnnyCash said
Lesson 2: or rename the account. I will sometimes name a promo account that is finished "Expired", to avoid depositing into the wrong account. I've kept my original account from 2018 and usually get around to closing the ones I no longer need.  

Thanks for the "hack". I think I'm just going to close my existing Advantage Account as I currently have no funds in there in hopes that a solid promotional offer comes up. I know my Advisor's secretary won't like it when she has to sign me up for a new Advantage Account with Manulife as she handled everything for me last April..lol.

smayer97 said

4.8% for 120 days for non-registered account opened on or before 3/10/25.

Rate on TFSA and RRSP expires 4/30/25.  

Thanks for the heads up. I think once my Motive Financial 4.90% promotional rate runs out on February 17th, I'll open up another Advantage Account. But before doing that, I'll close my current Advantage Account.

Top Dogg: I don't know about your "advisor's" secretary, but the advisor just might get a bonus or commission for each account opening. Remember, if the bank wants the money badly enough, they're motivated to get that short-term cash.

picassocat said
Hi,

is it like Tangerine where you exit all your funds and wait for another promo, is that how it works when the promo is over ?  

Yes, that is what happens. And sometimes I have waited a very long time for new promos with them. Even if you empty your account, be sure to log back in monthly as they may just apply a promo to your existing Advantage Account without notifying you. That is what happened to me.

The 0.20% difference is from the BoC announcement last month.

GR said
Has anyone had this new Advantage account promo with 4.80% interest and also had the previous Advantage promo account with 4.95% interest? If so, in December 2024, did you earn the promo rates on the FULL amount(s)?

A supervisor advised that a client is really only eligible for ONE Advantage account promo at a time. Also, for the new 4.80% account, the promo rate really only applies to net new deposits which bring the balance in excess of the balance in any open Advantage accounts at December 11, 2024. …
 

That's not what the terms of my 4.80% offer says. The terms don't mention the balances of any other Advantage accounts affecting the Net New Deposits of the account with the offer.

Could the difference be from the cut in the Regular Rate of the Advantage Accounts, around December 12, from 2.15% to 1.95%?

The 4.80% offer I have is not for 4.80%. The offer is for an additional 2.85% to what the regular interest is each day.