Personal Finance

Manulife "combined checking/savings" - 2.4% promo

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  • Apr 28th, 2019 12:58 pm
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[OP]
Member
Jan 4, 2017
346 posts
202 upvotes

Manulife "combined checking/savings" - 2.4% promo

https://manulifebank.ca/wps/wcm/connect ... oo_unbrand

a "combined checking/savings account" with 2.4% interest promo til August 31 and 1.25% afterwards, unlimited free transfers including e-transfers and no-fee transfers between canadian financial institutions (sounds like online electronic funds transfers?) - with minimum $1000 balance. Comes with debit card with interac flash, they're on the Exchange network.

The minimum balance is reasonable, especially since the account pays interest. Might be interesting to those who don't want to churn promos but want something for daily use that pays more than typical checking accounts?
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May 8, 2009
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They lure you with candy (welcome bonus) but hold you to a $1k minimum balance, meaning after the promo interest is over, best to cancel and move funds elsewhere. To be fair, not many FI's offer unlimited e-transfers with low or no minimum balance.
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Jul 22, 2015
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zcypher wrote: https://manulifebank.ca/wps/wcm/connect ... oo_unbrand

a "combined checking/savings account" with 2.4% interest promo til August 31 and 1.25% afterwards, unlimited free transfers including e-transfers and no-fee transfers between canadian financial institutions (sounds like online electronic funds transfers?) - with minimum $1000 balance. Comes with debit card with interac flash, they're on the Exchange network.

The minimum balance is reasonable, especially since the account pays interest. Might be interesting to those who don't want to churn promos but want something for daily use that pays more than typical checking accounts?
I suggest transferring to Alterna Bank after this promo, 2.05% is the daily rate on the eSavings (acts like a chequing account) and free e-transfers.
They also use the Exchange network.
[OP]
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Jan 4, 2017
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Yep, for churners definitely best to close and transfer after promo! 2.3% flat rate at EQ and 2.7% promos at Tangerine. But for those that wouldn't churn and would always have $1k+ anyway, having >1% on their main "checking" might be appealing too. I can't speak to what the online UI looks like though.
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Dec 3, 2017
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MoneyHypeMike wrote: I suggest transferring to Alterna Bank after this promo, 2.05% is the daily rate on the eSavings (acts like a chequing account) and free e-transfers.
They also use the Exchange network.
Yep you can use the exact same Manulife ATMs and get a better rate with Alterna
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Jul 1, 2007
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There's probably going to be some kind of closing fee that'll make it more expensive to churn.

Great deal, but the only downside that'll probably make it difficult to make them your main checking account is their antiquated (1990s era) online banking.
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Jr. Member
Apr 19, 2017
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zcypher wrote: Yep, for churners definitely best to close and transfer after promo! 2.3% flat rate at EQ and 2.7% promos at Tangerine. But for those that wouldn't churn and would always have $1k+ anyway, having >1% on their main "checking" might be appealing too. I can't speak to what the online UI looks like though.
2.7 tangerine must've been targeted. I don't have that
Newbie
Aug 4, 2018
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Anyone else taking up this Manulife Bank's combined chequing-savings Advantage Account(AA) with its "3.35% promotional rate" for 182 days (6 months) offer (expiring May 15, 2019). It's no-fee to do money transfers Me to Me and deposit anywhere.

As a complete one stop shop, Manulife AA does provide "direct access" to more flexible day to day banking utility than transaction limited accounts offering 3%+ teaser like what Canadian Tire Bank(CTFS) offers; however, AA still wants that "minimum $1,000 balance" to waive fees on the extra goodies (i.e., $1000+ deposit makes unlimited bill pay/PAP/e-Transfer/Exchange ATM/Interac debits as free as other chequing-HISA hybrid mentioned in previous post-replies).
Whereas less used CTFS HISA prefers "inactive" balances with "customer restricted" to mailing in cheque(s) for online depositing or moving money in/out Me to Me only; meanwhile, customers still accept that trade-off for their 3.2% "mail invite only" promo that ends June 30, 2019.

Both Manulife and CTFS HISAs has the same everyday rate of 1.5% after their promos.
Also, compare both with the limited conditions of three transactions per month or for youth under 26 joint with Premier parent/guardian when fees are waived on the HSBC HRSA 3% promo, 1.15% everyday for $50,000+ new deposits ending September 3, 2019.
Sr. Member
Jul 25, 2010
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Vancouver
U08052018 wrote: Anyone else taking up this Manulife Bank's combined chequing-savings Advantage Account(AA) with its "3.35% promotional rate" for 182 days (6 months) offer (expiring May 15, 2019). It's no-fee to do money transfers Me to Me and deposit anywhere.

As a complete one stop shop, Manulife AA does provide "direct access" to more flexible day to day banking utility than transaction limited accounts offering 3%+ teaser like what Canadian Tire Bank(CTFS) offers; however, AA still wants that "minimum $1,000 balance" to waive fees on the extra goodies (i.e., $1000+ deposit makes unlimited bill pay/PAP/e-Transfer/Exchange ATM/Interac debits as free as other chequing-HISA hybrid mentioned in previous post-replies).
Whereas less used CTFS HISA prefers "inactive" balances with "customer restricted" to mailing in cheque(s) for online depositing or moving money in/out Me to Me only; meanwhile, customers still accept that trade-off for their 3.2% "mail invite only" promo that ends June 30, 2019.

Both Manulife and CTFS HISAs has the same everyday rate of 1.5% after their promos.
Also, compare both with the limited conditions of three transactions per month or for youth under 26 joint with Premier parent/guardian when fees are waived on the HSBC HRSA 3% promo, 1.15% everyday for $50,000+ new deposits ending September 3, 2019.
It is a very intriguing deal, aside from the interest rate promo the combined savings/chequing account is a nice convenience. Another thread going on here about the promo:
http://forums.redflagdeals.com/manulife ... 9-2281288/
However there are indications this may be only for group benefits holders... although nothing seems to limit you from opening an account right now.

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