Expired Hot Deals

[Manulife Bank] Earn 2.15% for 4 months when you open an Advantage Account

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  • Nov 5th, 2020 5:40 pm
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That! ^ ... or?
wra45mon wrote: Thanks for the info.

Even with the movement of funds out and coming back in from another account, it doesn't negate the below condition in the terms:

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)

If you had 100k on Sept 17 with Manulife, that fact doesn't get changed even by moving funds since Sept 17th had passed.


By any chance was the CSR aware of this condition when she gave her explanation?
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Darkman wrote: I called in ... and the good news is ... my max. is indeed $250k seemingly ...

BUT the bad news maybe ... it's "NEW money only" possibly ... after September 17.

And I had 100K in my first Advantage account (another promo that ended) ... until promo end date - Sept. 28 / 29.

Then if I bring in 200K for example ... the first 100K will not get the promo 2.15% rate (and only get regular 0.15% rate) ... or?


If so -- it's not good for me then ... cuz really the rate on the above mentioned amount would only be something like 1.15% ... instead of 2.15% ... or something like that?

Any comments?

Did someone say they deposited 100 dollars ... just to see / to test this .. or?
Unfortunately what you've described there is exactly the problem. Similar to your situation, I already had $250K at Manulife under a previous promotion, so to get the new 2.15% deal, I would have to put in another $250K and also accept 0.15% on the first $250K. NFW I was going to do that, so I split everything up between Tangerine, Simplii and Canadian Tire, which are all at 2.00%
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threadhead wrote: Unfortunately what you've described there is exactly the problem. Similar to your situation, I already had $250K at Manulife under a previous promotion, so to get the new 2.15% deal, I would have to put in another $250K and also accept 0.15% on the first $250K. NFW I was going to do that, so I split everything up between Tangerine, Simplii and Canadian Tire, which are all at 2.00%
I hear you ... Thanks.

So I opened the account for nothing then, lol ..

Oh well ... no biggie :)
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Frank3s in #140 explains how to move out old bonus money from Manulife after funding the new promotion with new money so Manulife will give you interest on the full amount. Must wait for the hold period for new money to be over.


Frankie3s
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ffonly wrote: ↑
I do t think that would work according g to their definition of “new money” which is anything over your existing balance as of sept 17th. If u pull out 100k and then put it back in I believe it would still be considered “old money”. I could be wrong and look forward to seeing how your conversation goes with the Rep tomorrow
I called Manu and here is the answer from a Manu CSR who knew her stuff. Let's take a look, if you currently have an existing advantage acct paying 2.60% and then open up a new advantage account for the 2.15% promo here are the rules:

a) You CANNOT transfer funds from your existing 2.60% advantage promo acct over to the new 2.15% advantage promo account EVER. This money is considered existing funds as mentioned by the posters above who were 100% correct in what they had said.

b) You also CANNOT transfer the funds out of your existing 2.60% advantage promo account to an external bank where the funds originally came from and then bring the funds back into the new advantage 2.15% promo account, they are tracking this and will disqualify the amount if brought back into the 2.15% advantage promo account.

Here's what you CAN do,

a) if you already have an exisitng advantage account under the 2.60% promo and you open up a new 2.15% advantage account, you can fund the new 2.15% with new money upto the 250K or 50K limit (whichever you have). After this amount of new money shows in "Available Balance" on the 2.15% advantage promo account meaning the 5 day hold has cleared, you can now proceed to empty any funds in the old 2.60% promo account back to your external bank and you will earn 2.15% interest on all of the funds currently in your 2.15% advantage promo account Upto the promo limit of either 250k or 50k (whichever you have). This scenerio is good to fund the new 2.15% to its maximum of either 250k or 50k.

The key here is to fund the new 2.15% advantage account to its maximum 250K or 50K limit with new money and not do anything with the money in the existing 2.60% promo account until the funds in the new 2.15% promo account show as available funds (meaning they've cleared and that'll be in 5 business days).

b) If you have funds in the 2.60% promo account and then open up a new 2.15% promo account and did not fund this new account to its max of 250K or 50K, you need to transfer the funds from your 2.60% promo account to an external bank account. If you want to bring this money back in for the 2.15% promo, it will need to come back from a different account and/or bank from which it was originally transferred to.

For example, you had 100k in the 2.60% promo account and 150k in the new 2.15% promo account. After the 2.60% promo has ended, you transferred the 100k to TD account ending in 445 (as an example). If you want to bring the 100k back into Manu for the 2.15% promo it CANNOT come from the TD account ending in 445. If you have another TD account other then the one ending in 445 (as an example) say ending in 998 you will need to transfer the 100k to the TD account ending in 998 first and then transfer that over to the Manu 2.15% promo account and then you'll be earning interest on the full 250K at 2.15%.

Another example would be you had 100K in the exisitng 2.60% promo account and then opened up a new 2.15% advantage account and funded that with 150k. At the end of the 2.60% promo you transferred the 100k to an the external bank account that you had originally funded it with say Tangerine. You later on decided to fund the Manu 2.15% promo account with 100k and transferred the funds from any other bank than Tangerine. let's say CIBC. Your promo Manu advantage account 2.15% will pay you 2.15% on the entire 250k or 50k (whatever your promo) balance because the transfer was seen as new money since it did not come from the original bank the 100k from the original 2.60% was transferred from and back to.

Hope this helps.
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profile wrote: Frank3s in #140 explains how to move out old bonus money from Manulife after funding the new promotion with new money so Manulife will give you interest on the full amount. Must wait for the hold period for new money to be over.


Frankie3s
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Jul 5, 2004
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ffonly wrote: ↑
I do t think that would work according g to their definition of “new money” which is anything over your existing balance as of sept 17th. If u pull out 100k and then put it back in I believe it would still be considered “old money”. I could be wrong and look forward to seeing how your conversation goes with the Rep tomorrow
I called Manu and here is the answer from a Manu CSR who knew her stuff. Let's take a look, if you currently have an existing advantage acct paying 2.60% and then open up a new advantage account for the 2.15% promo here are the rules:

a) You CANNOT transfer funds from your existing 2.60% advantage promo acct over to the new 2.15% advantage promo account EVER. This money is considered existing funds as mentioned by the posters above who were 100% correct in what they had said.

b) You also CANNOT transfer the funds out of your existing 2.60% advantage promo account to an external bank where the funds originally came from and then bring the funds back into the new advantage 2.15% promo account, they are tracking this and will disqualify the amount if brought back into the 2.15% advantage promo account.

Here's what you CAN do,

a) if you already have an exisitng advantage account under the 2.60% promo and you open up a new 2.15% advantage account, you can fund the new 2.15% with new money upto the 250K or 50K limit (whichever you have). After this amount of new money shows in "Available Balance" on the 2.15% advantage promo account meaning the 5 day hold has cleared, you can now proceed to empty any funds in the old 2.60% promo account back to your external bank and you will earn 2.15% interest on all of the funds currently in your 2.15% advantage promo account Upto the promo limit of either 250k or 50k (whichever you have). This scenerio is good to fund the new 2.15% to its maximum of either 250k or 50k.

The key here is to fund the new 2.15% advantage account to its maximum 250K or 50K limit with new money and not do anything with the money in the existing 2.60% promo account until the funds in the new 2.15% promo account show as available funds (meaning they've cleared and that'll be in 5 business days).

b) If you have funds in the 2.60% promo account and then open up a new 2.15% promo account and did not fund this new account to its max of 250K or 50K, you need to transfer the funds from your 2.60% promo account to an external bank account. If you want to bring this money back in for the 2.15% promo, it will need to come back from a different account and/or bank from which it was originally transferred to.

For example, you had 100k in the 2.60% promo account and 150k in the new 2.15% promo account. After the 2.60% promo has ended, you transferred the 100k to TD account ending in 445 (as an example). If you want to bring the 100k back into Manu for the 2.15% promo it CANNOT come from the TD account ending in 445. If you have another TD account other then the one ending in 445 (as an example) say ending in 998 you will need to transfer the 100k to the TD account ending in 998 first and then transfer that over to the Manu 2.15% promo account and then you'll be earning interest on the full 250K at 2.15%.

Another example would be you had 100K in the exisitng 2.60% promo account and then opened up a new 2.15% advantage account and funded that with 150k. At the end of the 2.60% promo you transferred the 100k to an the external bank account that you had originally funded it with say Tangerine. You later on decided to fund the Manu 2.15% promo account with 100k and transferred the funds from any other bank than Tangerine. let's say CIBC. Your promo Manu advantage account 2.15% will pay you 2.15% on the entire 250k or 50k (whatever your promo) balance because the transfer was seen as new money since it did not come from the original bank the 100k from the original 2.60% was transferred from and back to.

Hope this helps.
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Without commenting on whether going though all of that hassle is worth your time, even for a hardcore RFDer it hardly seems worth it just to try to get 2.15% instead of 2.00% -- plus it might not even work
Last edited by threadhead on Oct 22nd, 2020 11:51 am, edited 1 time in total.
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threadhead wrote: Unfortunately what you've described there is exactly the problem. Similar to your situation, I already had $250K at Manulife under a previous promotion, so to get the new 2.15% deal, I would have to put in another $250K and also accept 0.15% on the first $250K. NFW I was going to do that, so I split everything up between Tangerine, Simplii and Canadian Tire, which are all at 2.00%
Can't recall if I read it somewhere above or not ... but did anyone (who already had money at Manulife past Sept 17th, 2020) try to put in the new opened account, say, 100 dollars ... and then see at the end of the month if the interest paid to them would be indeed 0.15% total ... or if somehow they would get 2.15% total? :)
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threadhead wrote: Without commenting on whether going though all of that hassle is worth your time, even for a hardcore RFDer it hardly seems worth it just to try to get 2.15% instead of 2.00% -- plus it might not even work
Canadian tire is 1.8% now
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AlexS37855 wrote: Canadian tire is 1.8% now
CT account is still paying 0.20% bonus on the 1.80% = 2.00% if you qualified yourself under the VIP program before it expired
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This deal appears to be dead. Can't see 2.15% anywhere when clicking the link in OP, just 0.15%.
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My wife has group retirement plan with them through work and for members of that there is a 2.25% for 4 months max $50000
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S5 wrote: This deal appears to be dead. Can't see 2.15% anywhere when clicking the link in OP, just 0.15%.
worked for me, i logged in and got 0.15% + promotional rate 2.1%
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fromage wrote: worked for me, i logged in and got 0.15% + promotional rate 2.1%
Are you a member of a group retirement plan with Manulife like yyz64's wife? Is it limited to 50k?

The OP was about a 2.15% promo offer, what you guys are describing seems like a different TARGETED offer(2.25%). All I see as an existing client without a group retirement plan is 0.15% when I try to open a new account. Another website has indicated the offer in the OP expired Oct 31.
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S5 wrote: Are you a member of a group retirement plan with Manulife like yyz64's wife? Is it limited to 50k?

The OP was about a 2.15% promo offer, what you guys are describing seems like a different TARGETED offer(2.25%). All I see as an existing client without a group retirement plan is 0.15% when I try to open a new account. Another website has indicated the offer in the OP expired Oct 31.
no not a member or anything. not sure what my limit is. havent transfered the money yet.

honestly i think i just opened an account thru their website

[edit] $50k maximum.

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