4.60% (formerly 4.70% and 4.80%) on TFSA, RRSP and Advantage Accounts | Page 4 | Manulife Bank | Discussion forum

Norman1 said

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.  

Norman,

We are referring to the same account, currently at 4.80%. According to the supervisor, the T & C state "one eligible account" and this supposedly means that a client can only have one promo account at a time. The T & C state that eligible deposits are net new deposits after Dec. 11, and the supervisor indicated that means the promo rate applies only to balances above ALL Advantage account balances at Dec. 11.

JohnnyCash said
I'm in this situation also, currently on the 4.95% until February 26th. I'll open a 4.80% account by March 10th for 120 days knowing full well there was a snapshot taken on December 11th which will exclude any funds on deposit that day.  

Same like you I'm on one Advantage account that says 4.95% until February 26, 2025.

However, I opened a new Advantage account on January 14, 2025 that shows 4.80%. Did I make a mistake by not waiting until March to open the new Advantage account?

COIN said
Same like you I'm on one Advantage account that says 4.95% until February 26, 2025.

However, I opened a new Advantage account on January 14, 2025 that shows 4.80%. Did I make a mistake by not waiting until March to open the new Advantage account?  

It's not really a mistake, just open another 4.8% account before March 10th. Transfer out all your funds when the 4.95% promo ends to and external account, then move everything back into the new 4.8% account. You should then have 120 days on the new promo.

JohnnyCash said

It's not really a mistake, just open another 4.8% account before March 10th. Transfer out all your funds when the 4.95% promo ends to and external account, then move everything back into the new 4.8% account. You should then have 120 days on the new promo.  

Thanks. I think I'll close the new Advantage account and then open a new new Advantage account before March 10th.

Lodown said
Anyone have the link stating offer is good until March 10th?  

https://advisor.manulife.ca/content/dam/manulife-advisor-portal/documents/en/marketing-materials/bank/advantage-account/updf/bank-advantage-account-terms-conditions-tc041e.pdf?_gl=1*1xpoykh*_gcl_au*MjI2NDY2NTExLjE3MzA0OTkxMTM.*_ga*NzUzNDkyMDE2LjE3MzQ3MDYwMzc.*_ga_NMELKF1VPY*MTczNDcwNjAzNi4xLjEuMTczNDcxMTM3NS41OC4wLjA.

Links to the terms conditions are in the footnotes of the web pages:

* 4.70% promotional rate is for new deposits to a new personal, non-registered, Canadian-dollar Advantage Account. The promotional interest rate is made up of the regular posted annual variable interest rate of 1.85% and the variable annual promotional rate of 2.85%. Interest is calculated daily and paid monthly beginning on the date the account is opened and continuing 120 days (4 months) on net new deposits to a maximum of $500,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer is limited to one account per client and cannot be combined with other offers. The offer and rates are as of January 30, 2025 and subject to change without notice. Click here for full terms and conditions.

* 4.80% promotional interest is for new deposits to Tax-Free Advantage Accounts and Registered Advantage Accounts. The promotional interest rate is made up of the regular posted variable annual interest rate of 1.05 % and the variable annual promotional rate of 3.75%. Interest is calculated daily and paid monthly from December 12, 2024 to April 30, 2025 on net new deposits to the account received from December 12, 2024 to March 10, 2025 to a maximum of $250,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer and rates are as at December 12, 2024 and subject to change without notice. See full terms and conditions and visit manulifebank.ca for current rates.

COIN said
I called them and they said I have to open a new Advantage account. Can't use any of the old ones and still get the 4.70%.

No big deal but I also have to change my debit card to add the new Advantage account.  

You can ask them to move and attach your current card to the new account. I'm assuming you haven't closed the old account.

I would wait. The 120 days of the 2.85% top up (to 4.70%) start "on the date the account is opened".

Greedy Guy said

I called last week and asked your question. I was told to open the new account on Feb 27 or later  

Thank you. Also, would I need to close the old Advantage account when the promo ends or can I keep both accounts open at the same time?

The Rock said

Thank you. Also, would I need to close the old Advantage account when the promo ends or can I keep both accounts open at the same time?  

There's no requirement to close an account with an expired promo, it's a personal choice. I have left my original account open from 2018, makes it quick and easy when opening an account when a new promos gets offered. To avoid confusing which account has an ongoing promotional rate in effect, I just rename them. Other than the original account, I do however close accounts that have expired offers, otherwise it gets messy.