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Manulife

Manulife Advantage Personal Savings Account - 4.10% for 5 months (expired Oct31) (4.5% as of Dec 14 )

  • Last Updated:
  • Jan 19th, 2023 5:48 pm
[OP]
Deal Addict
Sep 25, 2004
1102 posts
698 upvotes

Manulife Advantage Personal Savings Account - 4.10% for 5 months (expired Oct31) (4.5% as of Dec 14 )

Deal Link:
Expiry:
October 31, 2022
Retailer:
Manulife
*DEC 14 NOTE* For history's sake, regular interest rose from 2.35% to 2.75%, and the special rate is 4.5% now.

*NOV 1 NOTE* Regular interest rate rose to 2.35% from 2%, so interest rate is now 4.1%, but offer has expired with no new offer added yet.

*SEP 22 NOTE* Regular interest rate rose to 2% from 1.75%, so interest rate is now 3.75%.

Manulife has a bit of a hidden deal of a 3.5% interest rate on a new savings account for 5 months. This contains a 1.75% regular interest rate plus a 1.75% bonus interest rate. I think this is the first bonus for Manulife in the past year.

You need to click through to apply in order to see the 3.5% special rate. This has happened in the past with their savings account offers, where the promotional interest rate is not shown on the main information page. If you currently have a Manulife Savings Account, you need to add another account to your login to get this special rate. Funds need to be new money to count (ie if you have $10K in an existing Manulife account, this new account will earn the bonus interest when you have $10,001 total with Manulife.)

Details:
* 3.50% promotional rate is for new deposits to a new personal, non-registered, Canadian-dollar Advantage Account. The promotional interest rate is made up of the regular posted annual variable interest rate of 1.75% and the variable annual promotional rate of 1.75%. Interest is calculated daily and paid monthly beginning on the date the account is opened and continuing 150 days (5 months) on net new deposits to a maximum of $500,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer is limited to one account per client and cannot be combined with other offers. The offer and rates are as of August 24, 2022 and subject to change without notice.

There are other savings account deals out there as well as GIC's with higher interest, but alternatives are always good.

Previous Manulife promos:
May 2021 - 2.0% for 4 months
Sep 2020 - 2.15% for 4 months
May 2020 - 2.75% for 4 months
Apr 2019 - 3.35%

Thanks from the Tangerine GIC thread from @AdamKing to mention this offer.
Last edited by joeags on Dec 14th, 2022 8:07 pm, edited 5 times in total.
73 replies
Deal Addict
Dec 31, 2013
2631 posts
2202 upvotes
condo
Got the offer after signing up for a new Savings Advantage Account. Moving some funds over from Tangerine. Thnx OP!

Online etransfer to Manulife is set at a maximum of $50,000 per EFT.
Member
Jul 3, 2017
261 posts
718 upvotes
Can you get this promo even if you previously had a manulife savings account that was closed?
Deal Fanatic
Jan 21, 2014
7050 posts
4496 upvotes
tmonies wrote: Got the offer after signing up for a new Savings Advantage Account. Moving some funds over from Tangerine. Thnx OP!

Online etransfer to Manulife is set at a maximum of $50,000 per EFT.
I believe you can do multiple of $50K in a day though
Jr. Member
May 19, 2016
162 posts
93 upvotes
Toronto
Can existing Manulife customers open this account and get the offer ?
Deal Addict
Dec 25, 2017
3102 posts
2268 upvotes
Rfd1982 wrote: Can existing Manulife customers open this account and get the offer ?
The terms and conditions in the fine print doesn’t seem to say that you need to be a new customer. It does say that you need to open this new account and it cannot be funds from Manulife Bank (needs to be new money) to be eligible.
Deal Addict
Dec 31, 2013
2631 posts
2202 upvotes
condo
Rfd1982 wrote: Can existing Manulife customers open this account and get the offer ?
Yes, I'm an exciting customer and just opened a new Savings account number.
Deal Fanatic
Jan 21, 2014
7050 posts
4496 upvotes
Rfd1982 wrote: Can existing Manulife customers open this account and get the offer ?
Based on the past promotion, yes. I already have 3 so I am about to open a 4th one :)
Member
Oct 31, 2014
232 posts
85 upvotes
Gloucester, ON
Maybe I was in bad luck. I had 2 saving accounts before then opened the third one last year. In about two months, I got an email saying I'm not eligible and had to remove my bonus interest rate....
BTW, did you guys call in to cancel all old useless accounts?
Sr. Member
Sep 14, 2009
818 posts
460 upvotes
Kingston
Don't transfer funds into your existing Advantage account and then into your new promo account (even if it's on the same day.) Funds have to come in directly from outside Manulife to qualify (I still have burn scars from my stupidity from a couple of years ago.)
Sr. Member
Oct 8, 2006
661 posts
484 upvotes
Okanagan Valley
Great… thanks for heads up…on my 5 th acctGrinning Face With Smiling Eyes
Jr. Member
Sep 3, 2015
187 posts
114 upvotes
Kitchener- Waterloo
So after 5 months, interest rate becomes 1.75%?
Deal Addict
May 13, 2005
4060 posts
4100 upvotes
Montreal
lifemusic wrote: So after 5 months, interest rate becomes 1.75%?
It will be the current Advantage account interest rate. It could be higher or lower as it is current interest rate.
https://www.manulifebank.ca/current-rates.html

If the inflation keep going on then Canada has to raise up interest rate then the current Advantage account interest rate will be higher than 1.75% in future.

Manulife Advantage account is one of the rare chequing account that giving interest...
Deal Addict
User avatar
Feb 6, 2012
4936 posts
419 upvotes
Gloucester, Canada
tmonies wrote: Yes, I'm an exciting customer and just opened a new Savings account number.
How does this work?? You open the advantage account, keeps it for 5 months then cancel it? and re-open it when there's a promotion? Is it painful to move money in and out? Never had a manual life account before
Zoomer Wireless & Public Mobile customer
Jr. Member
User avatar
Aug 26, 2011
138 posts
52 upvotes
Calgary
Lostwords wrote: How does this work?? You open the advantage account, keeps it for 5 months then cancel it? and re-open it when there's a promotion? Is it painful to move money in and out? Never had a manual life account before
i want to know aswell i just have a regular savings account with rbc
[OP]
Deal Addict
Sep 25, 2004
1102 posts
698 upvotes
Lostwords wrote: How does this work?? You open the advantage account, keeps it for 5 months then cancel it? and re-open it when there's a promotion? Is it painful to move money in and out? Never had a manual life account before
Most of us just leave the account open with Manulife, then when a new promotion comes along, we open the new account with the bonus interest included. That's what happy camper above mentioned with opening his 5th account.

Transferring is the same as any other bank, up to $50K per transaction (multiple transactions are allowed per day.) It's just the setting up the link that is currently tricky online without the app. I assume the app makes it much easier than the current web version of filling out a form and uploading the document. This was easier online before they upgraded to this new site. You can also set up a push from another bank such as Tangerine or EQ.

Actually, a funny thing with Manulife is that you have to set the transfer up for the next business day, so if you set up the transfer on Monday, you'll actually date it for Tuesday.
Deal Addict
May 13, 2005
4060 posts
4100 upvotes
Montreal
Lostwords wrote: How does this work?? You open the advantage account, keeps it for 5 months then cancel it? and re-open it when there's a promotion? Is it painful to move money in and out? Never had a manual life account before
JrGongMarley wrote: i want to know aswell i just have a regular savings account with rbc
In order to have a new Advantage account quickly when there is a new promotion, you need to keep one Advantage account open all the time and use it to open/close additional Advantage account for promotion interest rate.

For me, I use my main Advantage account as my main chequing account (salary deposit, pre-authorize payment, etc.) instead of any other VIP big bank chequing accounts (TD select service, etc...) as
  • giving us the current interest rate (1.75%) for chequing account (non of the big bank giving interest rate for chequing account)
  • having most of the free banking features ($1,000 minimum balance required)
  • allow us to link external banks for easily pull/push money for promotion interest (big bank account won't have this feature)
Deal Addict
User avatar
Feb 6, 2012
4936 posts
419 upvotes
Gloucester, Canada
X360 wrote: In order to have a new Advantage account quickly when there is a new promotion, you need to keep one Advantage account open all the time and use it to open/close additional Advantage account for promotion interest rate.

For me, I use my main Advantage account as my main chequing account (salary deposit, pre-authorize payment, etc.) instead of any other VIP big bank chequing accounts (TD select service, etc...) as
  • giving us the current interest rate (1.75%) for chequing account (non of the big bank giving interest rate for chequing account)
  • having most of the free banking features ($1,000 minimum balance required)
  • allow us to link external banks for easily pull/push money for promotion interest (big bank account won't have this feature)
Thank you. I've been using my simplii account. I have to start looking at other options.
Zoomer Wireless & Public Mobile customer
Member
Jan 1, 2016
271 posts
376 upvotes
Vancouver, BC
Thanks! Just opened my third account.

Does everyone see that their old external accounts are still linked for transfers? While convenient, this is kind of scary actually.

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