Expired Hot Deals

Manulife 3% on TFSA/RRSP to 30Apr20

  • Last Updated:
  • Feb 23rd, 2020 7:44 am
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[OP]
Deal Expert
Jan 7, 2002
18335 posts
10927 upvotes
Waterloo, ON

Manulife 3% on TFSA/RRSP to 30Apr20

Deal Link:
Expiry:
April 30, 2020
3% on TFSA/RRSP to 30Apr20
There’s more than one way to earn high interest on your savings here at Manulife Bank. As a valued customer, you’re only a few clicks away from:
1. Growing your money tax‑free with a Tax‑Free Advantage Account (TFSA)
2. Building your retirement nest egg with a Registered Advantage Account (RRSP)
3. Or both!

First, open your new account online
When you login to online banking, click “Open a New Account” in the left menu, and answer a couple of questions. You’ll be ready to make your first contribution in moments.

Then make a deposit to start earning 3.00%* interest
It’s quick and convenient using online banking. Any new deposits you make by March 13, 2020 will earn this great promo rate until April 30, 2020.

Enjoy the everyday benefits of your new account
• High interest on your money without ever having to lock it in
• Even after April 30, 2020 you still earn one of the highest daily interest rates on the market (currently 1.20%1)
• A quick way to turn extra cash into tax‑efficient savings ... transfer in money every month or every pay
• No transaction fees2 to access your money
• Freedom to bank when and where it’s convenient, using online and mobile banking
• A secure investment3

Ready to get started? Login now

Please feel free to call us at 1‑877‑765‑2265 if you need any help.
This looks like it's only for existing customers, e.g. those who signed up for last year's 3.35%/3.25% HISA promo. Still if you want to part your TFSA/RRSP for this year until you decide how to invest it, then this is a good rate on cash.

Remember to consider any termination/transfer fees that may be charged on these accounts should you decide to transfer your cash elsewhere after 30Apr20. Some banks/brokerages will eat the transfer fees charged by the outgoing institution (in this case Manulife) when you transfer accounts to them.
veni, vidi, Visa
29 replies
Jr. Member
User avatar
Jun 6, 2018
119 posts
59 upvotes
How much is the termination/transfer fees from manulife? I think i have about 70k in there now
Member
May 2, 2017
445 posts
663 upvotes
Banana4Scale wrote: How much is the termination/transfer fees from manulife? I think i have about 70k in there now
Nice flex.
Deal Addict
User avatar
Dec 4, 2007
3804 posts
1451 upvotes
Quebec
If it's the same for their other promotion... They will lower the rate BEFORE the end of the promotion period.
Jr. Member
May 1, 2019
166 posts
257 upvotes
These are essentially high interest savings accounts that have locked in interests rates, and not investment funds, right? So you're locked in at 3% for the promo?

I'm puzzled about why I would do this, when I could stick it into a conventional investment TFSA/RRSP, like Wealthsimple could provide, and outperform the 3 percent. Or am I missing something?
Jr. Member
Aug 23, 2010
128 posts
37 upvotes
Toronto
briand1989 wrote: These are essentially high interest savings accounts that have locked in interests rates, and not investment funds, right? So you're locked in at 3% for the promo?

I'm puzzled about why I would do this, when I could stick it into a conventional investment TFSA/RRSP, like Wealthsimple could provide, and outperform the 3 percent. Or am I missing something?
One is a guaranteed interest rate and one is subject to market performance. Different risk levels for different people.
Jr. Member
User avatar
Jun 6, 2018
119 posts
59 upvotes
briand1989 wrote: These are essentially high interest savings accounts that have locked in interests rates, and not investment funds, right? So you're locked in at 3% for the promo?

I'm puzzled about why I would do this, when I could stick it into a conventional investment TFSA/RRSP, like Wealthsimple could provide, and outperform the 3 percent. Or am I missing something?
market right now is relatively overpriced and that's why warren buffet is holding lot of cash. Not saying you shouldn't invest but its not a good idea to dump all your cash in. and why would you go with Wealthsimple if you can get much better with etf (i.e voo)
Jr. Member
May 1, 2019
166 posts
257 upvotes
iasi2050 wrote: One is a guaranteed interest rate and one is subject to market performance. Different risk levels for different people.
Fair enough, I suppose. It just seems that 3% is a fairly easy mark to beat.
Newbie
Apr 24, 2015
40 posts
57 upvotes
Lancaster Park, AB
briand1989 wrote: These are essentially high interest savings accounts that have locked in interests rates, and not investment funds, right? So you're locked in at 3% for the promo?

I'm puzzled about why I would do this, when I could stick it into a conventional investment TFSA/RRSP, like Wealthsimple could provide, and outperform the 3 percent. Or am I missing something?
Sometimes I wonder about that too, but if it were so simple as sticking it into a conventional investment account and immediately outperforming ~3% then all those savings rate chasing threads and whole forums on HISAs etc. wouldn't have existed. Could it have to do with the amount of time you'd have to keep your money locked in an investment TFSA/RRSP like Wealthsimple to outperform 3%? One good thing about conventional HISA and TFSA is that you don't have to lock your money in, you can withdraw at any time and still have guaranteed interest earned.
Deal Addict
Dec 4, 2008
1377 posts
915 upvotes
I closed my account with them 2-3 weeks ago and still got this email... weird.
Jr. Member
Apr 5, 2009
181 posts
58 upvotes
Toronto
so this 3% only last for 47 days?

March 13, 2020 will earn this great promo rate until April 30, 2020.
Jr. Member
User avatar
Jun 6, 2018
119 posts
59 upvotes
xcai wrote: so this 3% only last for 47 days?

March 13, 2020 will earn this great promo rate until April 30, 2020.
oh is that what it is? I thought the deal was from now (when it gets deposited) till April 30, 2020
[OP]
Deal Expert
Jan 7, 2002
18335 posts
10927 upvotes
Waterloo, ON
briand1989 wrote: It just seems that 3% is a fairly easy mark to beat.
Perhaps if you want to play the casinostock market but not if you want any guarantees.
veni, vidi, Visa
[OP]
Deal Expert
Jan 7, 2002
18335 posts
10927 upvotes
Waterloo, ON
xcai wrote: so this 3% only last for 47 days?

March 13, 2020 will earn this great promo rate until April 30, 2020.
Read more, and more carefully, "Any new deposits you make by March 13, 2020 will earn this great promo rate until April 30, 2020."

That means if you make a deposit any time between today and 13Mar it will earn the 3% from the day you make that deposit until 30Apr, so as many as 99 days.
veni, vidi, Visa
Sr. Member
Mar 16, 2018
528 posts
525 upvotes
Hamilton
Even after April 30, 2020 you still earn one of the highest daily interest rates on the market
Image

Motusbank will give you 2.35% year round. The drop to 1.2% will wipe out any gains vs just going with a high return year-round. Motive is 2.4% but their TFSA is a little trickier to use. Alterna is 2.2% and is easy to use like Motusbank.

<insert standard caveat that a TFSA bank account for your retirement savings is a recipe for poverty, but it's great tool for home downpayment cash etc>

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