Personal Finance

Manulife Advantage 2.40% Promo interest rate, unlimited transactions w/ $1000 min. bal- Application now available online

  • Last Updated:
  • Jul 30th, 2018 6:51 pm
[OP]
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May 11, 2014
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Iqaluit, NU

Manulife Advantage 2.40% Promo interest rate, unlimited transactions w/ $1000 min. bal- Application now available online

Previously, you had to go through a Manulife adviser to open this account. Manulife looks like they are getting into the banking game.

-2.40% promo interest until Aug 31st (1.25% normal)
-Unlimited transactions including Interac transfers with $1000 minimum balance
-Exchange Network ATM access

Disadvantages
-no branches
-cheques cost extra
-No monthly account fee, but have to have minimum $1000 for unlimited transactions

https://manulifebank.ca/wps/wcm/connect ... g-20180409
https://tinyurl.com/y8zjp63k (fees webpage)

Looks not bad.
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9 replies
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Sep 11, 2006
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Doesn't seem worth it with Tangerine offering 2.75%. Manulife should try to step up their game.
[OP]
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May 11, 2014
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Iqaluit, NU
Shadow Rider wrote: Doesn't seem worth it with Tangerine offering 2.75%. Manulife should try to step up their game.
Tangerine charges $1 per e-Transfer while Manulife it is unlimited provided you have the minimum balance. One could theoretically transfer money quickly to an account that gives unlimited transfers or use the free Tangerine version, but having it included in the account is convenient.
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Sask Pension Plan Upto $6300/yr in Credit Card spending on RRSP contributions
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Deal Addict
Oct 22, 2015
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I wonder if they have ongoing promos to try to keep you after August or if this is a one time promo and that's it?
It is an interesting account. I wonder if it will be a hassle to open cause they have to get your identity somehow since they are online bank.
There was an article on this recently
https://www.theglobeandmail.com/investi ... in-canada/
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Jan 16, 2007
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I find it a strange account, as it's kind of in the middle of everything (not as bad as top 5s with minimum requirements, but other online banks have no minimum) - so I find it hard to see precisely what market they are trying to capture.
Jr. Member
Apr 1, 2009
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Anyone have any idea how this account could tie into their US$ account offering. Wondering if there would be any advantages in the future for some US$ options and uses.
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joshnet wrote: I find it a strange account, as it's kind of in the middle of everything (not as bad as top 5s with minimum requirements, but other online banks have no minimum) - so I find it hard to see precisely what market they are trying to capture.
Probably trying to compete more with the credit unions right now (both Meridian and DUCA have 3% promos going on), and trying to get more customers since Manulife isn’t a well known bank to most.
I like credit unions and Honda Civics.
Member with DUCA Credit Union.
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Jan 16, 2007
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jacnel wrote: Probably trying to compete more with the credit unions right now (both Meridian and DUCA have 3% promos going on), and trying to get more customers since Manulife isn’t a well known bank to most.
Ooh, that's a good thought. Out here in the Atlantic region our credit unions aren't that great (I investigated once and it would cost me more money to use them) so I always forget they are real players elsewhere.
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joshnet wrote: Ooh, that's a good thought. Out here in the Atlantic region our credit unions aren't that great (I investigated once and it would cost me more money to use them) so I always forget they are real players elsewhere.
Yeah :D. And I can’t believe how bad the Atlantic credit unions are, you’re supposed to be cheaper not more expensive!!
I like credit unions and Honda Civics.
Member with DUCA Credit Union.
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Feb 1, 2018
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Montréal
Does anyone have one of these accounts who would be willing to share some data points?

* Is this account available to Quebec residents?
* Are ATM withdrawals in the US and internationally really no-fee if you keep an $1,000 min balance? Or does that apply only to Canadian ATM withdrawals on the Exchange Network?
* What's the FX fee on withdrawing foreign currency / foreign debit transactions?
* Does the bank card work reliably overseas?
* Does the online banking site / app require SMS authentication to log in?
* ...And, perhaps most importantly: what's the catch? 'Cause this kinda sounds too good to be true.

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