Manulife Personal Advantage Account - new account rate 2.15% for 4 months | Manulife Bank | Discussion forum

Great. Thx for sharing.

And for anyone else who have not figured it out, you do not see the promo rate UNTIL you click "Open an account".

The terms of one 2.35% offer are here.

Looks like it is for group plan members and for up to $50,000:

Manulife Bank’s 2.35% New Client Personal Advantage Account Interest Offer (the “Offer”) is available to clients who have never previously held a personal Advantage Account with Manulife Bank (“Eligible Account Owner(s)”) who open a new personal non-registered Canadian-dollar Advantage Account (“Eligible Account”) between June 26, 2020 and September 30, 2020 (the “Offer Period”) using an exclusive URL or applying through an authorized Manulife Bank representative.

To qualify for this offer, a new application for an Eligible Account must be received and accepted by Manulife Bank during the Offer Period. Each Eligible Account Owner can take advantage of this offer by making Eligible Deposits as defined herein to their Eligible Account during the Promotional Period. The Offer is limited to one Eligible Account per Eligible Account Owner as determined by the primary account owner. Manulife Bank’s 2.35% Personal Advantage Account Interest Offer, which is currently 2.35% (“Promotional Interest”) is made up of the regular posted variable annual interest rate of 0.15% (“Regular Rate”) and the variable annual promotional rate of 2.20% (“Promotional Rate”). Any change to the Regular Rate will result in a corresponding change to the Promotional Interest. For example, if the Regular Rate of 0.15% were to decrease to 0.05% the Promotional Interest would decrease to 2.25%. Subject to the limits and qualifications outlined in these terms and conditions, Manulife Bank will pay the Promotional Interest on net new deposits (funds not currently held in a Manulife Bank account as of June 26, 2020) made during the Promotional Period, up to a cumulative total of $50,000 (“Eligible Deposits”) into your Eligible Account during the Promotional Period.

To be eligible for this offer you must be an employee of a participating sponsor and apply online through your Manulife Group Benefits/Group Retirement secure member portal, your alumni website or employer website.
…

The fine print...

Manulife Bank’s 2.15% Personal Advantage Account Interest Offer, which is currently 2.15% (“Promotional Interest”) is made up of the regular posted variable annual interest rate of 0.15% (“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. For example, if the Regular Rate of 0.15% were to decrease to 0.05% the Promotional Interest would decrease to 2.05%. Subject to the limits and qualifications outlined in these terms and conditions, Manulife Bank will pay the Promotional Interest on net new deposits (funds not currently held in a Manulife Bank account as of September 17, 2020) made during the Promotional Period, up to a cumulative total of $250,000 (“Eligible Deposits”) into your Eligible Account during the Promotional Period. Any balance in excess of Eligible Deposits will earn interest at the Regular Rate. The Promotional Interest will be calculated daily and paid monthly beginning on the date of application and continuing 120 days (“Promotional Period”) on Eligible Deposits made during the Promotional Period.

rhvic said
Just curious what might happen in this scenario:

Say I currently have $100K in a Manulife Advantage account, for which the promotional rate ends in mid October. So, I open a new Advantage account at the new promo rate, and bring in an additional $100K as deposit to that account. Then after mid October, I transfer out to another FI the $100K which was in the first account. Do I still get the promo rate on the latest account deposit, or do they now say that my total is back to $100K and there is therefore no net increase in deposits?

Just wondering. Any pundits with an interpretation of how this might unfold?  

The part in bold is the correct one. Any amount above what you had on September 17, 2020 will be eligible for the 2.15%.

As one of the people who already has an Advantage account, I do not see the use of opening a new Advantage account once my current promo expires on Oct. 12. They use the date of Sept. 17 to look at your total deposits, and I already have $100K on file with them. To move in another $100K at 2.15% and leave the original $100K there at 0.20% leaves me with a blended rate of about 1.17%, which is not attractive.

When my current promo ends, I will simply move all but a few dollars out of Manulife to perhaps EQ at 1.70%, and wait for them to offer something like this again in the future.

Thankfully mine was out the day before ... was pure chance...moved it to DUCA for my existing 2.5% promo till Mar 2020. So I am able to take advantage of this if I need to.

GoJetsGo stated:
"I can now only find terms that indicate "...offer is for new clients who have never previously held a Manulife Bank Advantage Account" and a maximum eligible deposit of $50k. This matches what Smith was told.
Perhaps I'm looking at wrong terms & the original terms are still available. Otherwise I'll just cross fingers now for Tangerine to offer some early October magic."
-----------------------------------------------------------------------------------------------
In fact, as in the past, Manulife has multiple offers at the same time and changes terms and conditions vey quickly. The offer quoted by GoJetsGo is now for NEW clients only who attempt to open an Advantage Account from Manulife's HOME PAGE. The original offer for a new account for EXISTING clients should STILL BE AVAILABLE, with a maximum of $250,000. To access this 2.15% offer, existing clients must first log in to their account and then select "open a new Advantage Account" from the options on the left hand side. The offer should appear. Read the terms and conditions carefully. See my postings regarding restrictions in 9 & 11 above.

I opened an account on Sunday evening (3 days ago) because of the $250K eligible. Today I found out the scoundrels reduced the eligible amount to $50K so I called and closed the account.

This would have been my first time doing business with Manulife. I will never, ever do business with them. Thank you Manulife...

I can confirm that now it states:
"* The 2.15% new client personal Advantage Account interest offer is for new clients who have never previously held a Manulife Bank Advantage Account, and who open a new personal, non-registered, Canadian-dollar Advantage Account. .... Interest is calculated daily and paid monthly on net new deposits for the first 120 days (4 months) after account opening to a maximum of $50,000. "

whether via the first link above or even logging in... So they have really narrowed down the offer. It shows up EVERYWHERE now...seems like they really want to drive home these points...for customers who NEVER had an Advantage Account before, and only to a max of $50K.

By the way, the offer is only until Oct 31, 2020 to open the account.