Spring 2023 - new account 5% on net new deposit | Manulife Bank | Discussion forum

A couple more details from the Ts & Cs:
- max $500,000 new money
- non-registered only
- if regular rate changes during promo period, total paid will also change (promo rate fixed at 2.15%)
- must open a new Advantage account

It's easy enough to open a new account, but I don't really need another bank card that I'll never use. I wish they'd just pay on net new deposits to an existing Advantage account.

I wonder if you transfer existing Advantage account balances to another FI and then back in to the new account would they be able to track that money? The way they set up these promos makes me suspect not.

Is the tenor 4 months from the time you open the new Advantage account?

So, it would be September 27th if you open the new account on May 27th?

According to the Spring 2023 promotion terms and conditions, the offer is for 120 days, not four months, starting from when the account is opened:

…The Promotional Interest [currently 2.85% + 2.15% = 5.00%] will be calculated daily and paid monthly beginning on the date the account is opened and continuing 120 days (“Promotional Period”) on Eligible Deposits made during the Promotional Period. Promotional Interest is calculated daily on the Eligible Deposit balance and paid monthly as two separate interest payments: the first calculated using the Regular Rate [currently 2.85%], the second calculated using the Promotional Rate [of 2.15%]. …

Only the 2.15% top up is fixed, not the 5.00% total promotional interest:

… Any change to the Regular Rate [currently 2.85%] will result in a corresponding change to the Promotional Interest [that is currently 2.85% + 2.15% = 5.00%]. For example, if the Regular Rate of 2.85% were to decrease to 2.75% the Promotional Interest would decrease to 4.90%. …

"Any change to the Regular Rate [currently 2.85%] will result in a corresponding change to the Promotional Interest [that is currently 2.85% + 2.15% = 5.00%]. For example, if the Regular Rate of 2.85% were to decrease to 2.75% the Promotional Interest would decrease to 4.90%. …"

If the regular rate were to increase to 2.95%, would the promotional rate be increased to 5.10%?

The offer now appears to be valid for existing Advantage accounts a s well. Got this in an email today:

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Earn 5.00%* interest on any net new deposits to your existing Advantage Account from May 24 to September 30, 2023. That’s right – you don’t need to open a new account to get this great rate. Simply make a deposit and you’re earning 5.00% interest on it until September 30.
After your bonus offer ends, you’ll continue earning one of the strongest everyday interest rates in Canada – 2.85%** as of May 24. That’s much higher than the rates at other online or big Canadian banks, so your money will continue earning more – long after the bonus interest ends.
Now could be the perfect time to take your savings to new heights, so make a deposit today!

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Manulife has granted my wish from post #2??

But I have not received an email from Manulife Bank (nor has wife). No notice in my account online either.

The offer is not quite as good as the 120-day offer as it has a fixed end date. I'll be waiting to take advantage of the 120-day offer until the end of this month when my promo elsewhere ends.

COIN said
Got an email from Manulife Bank to-day. Here below is an extract.

"Keep growing your money and reaching for your savings goals even when your promotional interest rate offer ends.
The good news is you’ll keep earning interest at our great everyday rate."  

Which is 2.85% as of today, AFAIK.