Lower $100,000 limit on Advantage Account 3.25% (everybody)/3.35% (group benefits members) offer | Manulife Bank | Discussion forum

Good catch, Norman.
This does not suggest a deposit limit, but rather a limit to how much of that deposit will attract the promo rate.
This contrasts with DUCA's decision to put a limit on deposits for their 3% offer and grandfather those who'd already exceeded it.

I try as best I can to limit the number of FIs that I deal with and to eliminate those with the worst ethics because they need so much extra monitoring and create anxiety.
With sneaky decisions like this, ManuLife does not recommend itself to me. I'm sticking with my earlier assessment of them, #14, https://www.highinterestsavings.ca/forum/manulife-bank/3-35-for-6-months-new-acounts-promotion-advantage-account/

Manulife, please clarify if the $100,000 limit applies or not to accounts opened before June 18th? Your lawyers description of "The offer and rates are as of June 18, 2019 and subject to change without notice" does not convince me one way or another whether Manulife is capping all accounts or just those opened after June 18.

D/E ratios on banks are misleading. A bank could have a huge deposit base (liabilities) and a huge loan book (assets) that mirror each other, and way out of proportion with true long term debt (bonds) and equity (prefs + commons).

A typical loan/deposit ratio might be between 0.8-0.9 and that is the important item, along with net margin. To the extent the ratio is getting too low, banks will want to discourage more deposits, and if too high, attract deposits.

Loonie said
Good catch, Norman.
This does not suggest a deposit limit, but rather a limit to how much of that deposit will attract the promo rate.
This contrasts with DUCA's decision to put a limit on deposits for their 3% offer and grandfather those who'd already exceeded it.

I try as best I can to limit the number of FIs that I deal with and to eliminate those with the worst ethics because they need so much extra monitoring and create anxiety.
With sneaky decisions like this, ManuLife does not recommend itself to me. I'm sticking with my earlier assessment of them, #14, https://www.highinterestsavings.ca/forum/manulife-bank/3-35-for-6-months-new-acounts-promotion-advantage-account/  

Before you jump to a conclusion that Manulife is sneaky and unethical, Loonie - I phoned Manulife to find out the correct story - the agent confirmed that only new accounts opened June 18 and after are subject to the $100K limit eligible for receiving the bonus rate. Accounts opened prior to June 18 will get the bonus rate for balances of up to $500K. Balances over these amounts are permitted but don't get that bonus part over the 1.5% base interest.
So let's check facts before jumping to the wrong conclusion!

EQ Bank did the same a few months after they started. I had signed up at the start at $500,000 limit but when I went to sign up my parents it had dropped to $100,000.

savemoresaveoften said .....One can always choose to not trust anything, anyone. .... 

In which case one ends up with a waiter and a couple of cats as their circle of friends......(F. Reagan)

AltaRed said
My view is Manulife has something going here with their 4 in 1 offering that will eat into both the big 5 and digital online banks.  

I'm more in line with AltaRed here. Manulife's new All-in Package needs some work to make it appeal more broadly, such as those that don't mind sticking a minimum balance in a GIC, HISA, or the like, to waive chequing account fees. And, they also need to offer online opening with both issuers, Manulife Bank and Manulife Trust. As far as their sneakiness, I wouldn't say they're any sneakier than any others (i.e., Tangerine) which have changed their promotional rates of interest downward in relation to a posted rate increase such that you don't benefit on the upside with interest rate rises. Their T&C allow this, so while $100,000 is a low limit, I can certainly see why. They likely exceeded their deposit raise targets already and don't want to impact their profitability.

For now, I'd rank Manulife Bank somewhere in the middle of the pack in terms of no-fee chequing (but ahead of Motus Bank) and in the bottom tier in terms of GICs. On promo rates, they're at the top.

Cheers,
Doug

I got the 3.35% rate without being a group client, confirmed on phone by a CSR

Here is wording from Manulife Bank via secure email after I posed the question...If you wish something in writing....might be best to contact them directly.

"Thank you for your Manulife Bank inquiry. Because your account was opened prior to June 18th, your limit remains at $500,000.00. I'm sorry for any confusion this has caused. Your acct was opened May 14th and the promotion runs until November 13th.

If you have any further questions or require immediate information, please contact us at 1-877-765-2265. A Bank Service Representative will be available to serve you Monday to Friday from 8am to 8pm and on Saturday and Sunday from 9am to 5pm."