Manulife after the promo expires - will they try to retain us?? | Manulife Bank | Discussion forum

rhvic said
I am getting close to the expiry date of my Manulife promotion period, and I am wondering if they will try to retain any of their customers who signed on for it.

Has anyone whose promo period has already expired been offered anything better than the base rate (which I think is 1.15%)?

If not, I am prepared to quickly move funds out of Manulife to better rates at other FIs.  

I contacted them after my promo expired 2 days ago. Nothing available for retention except base rate which is 1.2%.

The offer may only be for Manulife group benefits members.

I found mention of a Manulife Bank 2.80% offer for their Canadian-dollar Advantage Account: GB flexible financial solutions

With Manulife Bank complementing your group benefits plan, you now have access to flexible financial solutions to help put more money in your pocket. …

2.80% promotional rate is for 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 1.20% and the variable annual promotional rate of 1.60%. Interest is calculated daily and paid monthly on net new deposits for the first 150 days (5 months) after account opening to a maximum of $100,000. 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 October 31, 2019 and subject to change without notice. …

The link to the full terms and conditions is broken (HTTP 404 not found).

canadian.100 said
.... The agent said the 2.8% offer is good for up to $100K in new funds to a new Advantage account. You can open a new account even if you already have an Advantage Account. The offer is good for 150 days and then reverts to the base 1.2%. Sign up for the new offer is until end of November.  

Much too complicated when compared to other FI's and CU's that we are all familiar with that run periodic rate promos with the sole stipulation that it requires new money.

No need to open new accounts and play unnecessary games.

Had high hopes for Manulife at first, but seeing their behavior the past several months add them to my avoid list.

Added later: Called to close accounts, originally opened for recent promo, and although the cancellation was quick and efficient, I was surprised (or perhaps not) that there was no retention offer, not even a mention of retention, or inquiry as to why I was closing the accounts.

Stephen

AA regular posted rate is 0.30% now. However, there is currently "150 days Promotional Period" offer.

Personal Advantage Account Interest Offer Terms and Conditions
Manulife Bank’s 2.60% Personal Advantage Account Interest Offer (the “Offer”) is available to Manulife Bank Advantage Account clients (“Eligible Account Owner(s)”) who open a new personal non-registered Canadian-dollar Advantage Account (“Eligible Account”) between April 22, 2020 and May 22, 2020 (the “Offer Period”) using an exclusive URL or applying through an authorized Manulife Bank representative.

… seen today on RFD under hot deals.

canadian.100 said

I could not find this promo online anywhere. Where did you find it? and What does exclusive URL mean? Is this targetted to some group? Thx.  

See the bolded text. It looks like it's a private URL, possibly accessible only via logged in online banking, that provides the offer. It would be helpful if @hwyc could provide a screenshot from his or her private offer page to confirm this. It does say you can ask a Manulife Bank representative to activate or invite you to the offer.

Cheers,
Doug

I found one page with a special Apply Now! link:

YourStyle Financial: Earn 2.60%* on your savings AND bank for free**.

* The 2.60% 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 0.30% and the variable annual promotional rate of 2.30%. Interest is calculated daily and paid monthly on net new deposits for the first 150 days (5 months) after account opening, 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 is limited to one account per client and cannot be combined with other offers. The offer and rates are as of April 22, 2020 and subject to change without notice. See full terms and conditions and visit manulifebank.ca/rates for current rates.

**Everyday banking fees for ABM cash withdrawals, debit payments, e-transfers and bill payments are waived when the account balance is $1,000 or more. All other everyday withdrawal and deposit transactions are free at any balance. Visit manulifebank.ca for additional details.

That Apply Now! link in the middle of their page looks like an exclusive URL. It has a promo ID AMay260 and a six-digit referral ID. I clicked on it and was directed to a Manulife Bank page with the offer of 2.60% for five months.

It looks like YourStyle Financial is a Manulife representative: "In appreciation of my business, Manulife Bank just offered me a special promotion on their combined personal savings and chequing account, called the Advantage Account. I’m excited to share it with you…"

According to their contact page, the Winnipeg company offers financial planning and is licensed from "British Columbia to Ontario."

Well it turns out you CAN have more than one Advantage account. Nice!

I closed my Advantage savings account about a month ago.

Did anyone here open new advantage account by using above link?

Any issues?