Manulife Advantage Account | Page 3 | Manulife Bank | Discussion forum

Loonie said

Perhaps I don't know where to look but I couldn't find any statement about fees on ManuLife site. Nor could I find any info about this offer (or anything at all about rates for that matter). Maybe it came by email?

If you are thinking of dealing with them, make sure you get a copy of the Terms and Conditions and Fees BEFORE you sign up. Read these, then decide.
I would not trust info over the phone for this as you have nothing to back you up if there has been a "misunderstanding".

Service fee details are at Manulife Bank: Services and fees.

Current rates and the offer is mentioned at Manulife Bank Current Rates.

2% additional interest until May 31, 2016 on new deposits to March 15, 2016. For easy reference, these are the offer terms:

Tax-Free and Registered Advantage Account
Interest Offer Terms and Conditions

Manulife Bank’s Tax-Free and Registered Advantage Account Interest Offer of 3.00% (the “Offer”) is available to Manulife Bank’s Tax-Free Advantage Accounts and Registered Advantage Accounts (“Eligible Accounts”).

Manulife Bank’s Tax-Free and Registered Advantage Account Interest Offer of 3.00% (“Promotional Interest”) is made up of the regular posted variable annual interest rate of 1.00% (“Regular Rate”) and the variable annual promotional rate of 2.00% (“Promotional Rate”). Any change to the Regular Rate will result in a corresponding change to the Promotional Interest.

If you would like to take advantage of this offer and are not already the owner of an Eligible Account, Manulife Bank must receive and accept your application for an Eligible Account by March 15, 2016. Eligible Account holders can take advantage of this Offer by making a deposit to their Eligible Account from December 1, 2015 to March 15, 2016 (“Eligible Deposit Period”).

Subject to the limits and qualifications outlined in these Terms and Conditions, Promotional Interest will be paid on net new deposits (“Eligible Deposits”) received in an Eligible Account during the Eligible Deposit Period. Eligible Deposits will receive Promotional Interest from December 1, 2015 to May 31, 2016 (the “Promotional Period”). Withdrawals from an Eligible Account during the Promotional Period are subtracted from the Eligible Deposit balance. If an account is overdrawn at the start of the Promotional Period, the Eligible balance will not include any deposits required to bring the account balance to positive balance. Promotional Interest is calculated daily on the Eligible Deposit balance and paid monthly as two separate interest payments; 1) calculated using the Regular Rate and 2) calculated using the Promotional Rate. Eligible Accounts must remain open and in good standing in order to receive Promotional Interest.

Transfers between Eligible Accounts of the same type do not qualify for Promotional Interest.

Manulife Bank’s posted deposit rates are effective for deposit amounts of up to $2 million.

Manulife Bank reserves the right, in its sole discretion, to suspend, disqualify, limit or revoke the Offer to any person or account holder it finds or believes to be manipulating or otherwise abusing the process, fairness, integrity or operation of the Offer. Manulife Bank also reserves the right to, without advance notice, cancel this Offer and or modify or vary these Terms and Conditions, in whole or in part, at any time for any reason at its absolute discretion without notice.

All rates are as at December 1, 2015 and subject to change without notice.

Withdrawals from Registered Advantage Accounts may be subject to withholding tax.

Tax Free Savings Accounts (TFSAs) are subject to each individual’s eligibility and contribution limits as determined by Canada Revenue Agency. Only Canadian residents 18 years of age or older are eligible to open a TFSA or contribute to one. The account holder is the only person who can contribute to the TFSA. Contact your financial advisor for more details.

kanaka said

Saver-Mom said

I called and asked, the clerk said there were NO fees to transfer out RRSPs and TFSAs. That they do NOT cover any transfer in fees. And that yes, you have to deal through an adviser.

Fee Schedule is hard to find online.
....

No kidding! Is it ever hard to find!

I found it. It is Quick Reference Card AB0365E (Compare all the deposit options from Manulife Bank) on their Deposits information page for their advisors.

The transactions and fees are not the same for

1. their Advantage Account and
2. their Tax-Free Advantage Account.

This is an excerpt from the card (dated 11/2015). It agrees with the answer given to Saver-Mom:

Advisor compensation is the customary 25 bps (¼%) per annum on the minimum monthly balance of the account.