Manulife
Manulife HISA 2.0% for 4 months
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- FluffyCookie
- Newbie
- May 24, 2010
- 51 posts
- 49 upvotes
- Ottawa
- sierravista
- Sr. Member
- Feb 8, 2017
- 539 posts
- 416 upvotes
Wow, you are really hung up on APR. Sorry that you find this confusing and a "sham" but all savings account offers are presented using APR. I am glad you are here trying to educate people at least. I would hope that most people already understood this.Toukolou wrote: ↑ Lol, I understand all about APR, that's one of the reasons I didn't really understand why there would be 6 pages of sub-0.7% interest discussion. If this was a true 2% payout I might understand it a little bit more (probably not though), but it isn't and you should be more clear about that because you know it too. But you're still referring to it as "a place to store cash that offers 2%", except....you'll never earn 2% in this (or any) savings account. And I'd venture to guess, most people don't understand that fact because people who should know better keep referring to a 2% payout. It isn't. It isn't even a 0.7% payout.
It's a sham, in the sense that Manulife is trying to dupe people into thinking they'll earn 2% on their money, which they never will. Of course, this all clearly spelled out in the fine print...
This is still a better deal than the average savings account - which are mostly 0.1% APR - or in your terms 0.03333% over 4 months. Maybe one day you'll have some cash you need to hold for whatever reason and you'll understand.
- hightech
- Deal Expert
- Dec 23, 2003
- 18021 posts
- 7061 upvotes
- Toronto
@sierravistasierravista wrote: ↑ Wow, you are really hung up on APR. Sorry that you find this confusing and a "sham" but all savings account offers are presented using APR. I am glad you are here trying to educate people at least. I would hope that most people already understood this.
This is still a better deal than the average savings account - which are mostly 0.1% APR - or in your terms 0.03333% over 4 months. Maybe one day you'll have some cash you need to hold for whatever reason and you'll understand.
Please see my post about the calculations of EQ Bank vs Manulife and investing money.
As you mentioned, Annual Price Rate (APR) is pretty standard across all places and I believe people need to be better educated about this. As for the 0.1% rate you quote, yes, some banks offer next to nothing, and I would encourage people check out sites like Rate Hub for options:
https://www.ratehub.ca/savings-accounts ... s-accounts
One good thing about the banking system is that many are CDIC covered or insured by other means. The risk of defaults these days are rate and even Home Capital is CDIC insured. Unless you go over the limit, the odds of you losing everyone is rare. Typically, one should look at the $100K as the MAX amount covered AFTER Interest gained. At 1.25% of EQ Bank, that would be roughly $98,765 each year to cover you up to $100k. You would also have to adjust this number for compounding of interest or just drop $95K and not worry about it for about 2.7 years lol.
- LBJackal
- Sr. Member
- Oct 21, 2005
- 837 posts
- 812 upvotes
You must have been really upset the first time you got a 5 year mortgage term at 2% interest and found out you actually had to pay them 10%.Toukolou wrote: ↑ Lol, I understand all about APR, that's one of the reasons I didn't really understand why there would be 6 pages of sub-0.7% interest discussion. If this was a true 2% payout I might understand it a little bit more (probably not though), but it isn't and you should be more clear about that because you know it too. But you're still referring to it as "a place to store cash that offers 2%", except....you'll never earn 2% in this (or any) savings account. And I'd venture to guess, most people don't understand that fact because people who should know better keep referring to a 2% payout. It isn't. It isn't even a 0.7% payout.
It's a sham, in the sense that Manulife is trying to dupe people into thinking they'll earn 2% on their money, which they never will. Of course, this all clearly spelled out in the fine print...
- sierravista
- Sr. Member
- Feb 8, 2017
- 539 posts
- 416 upvotes
Not sure what you are linking to. I'm well versed in APR though and have multiple savings account at banks that I swap money around to get the best rate for.hightech wrote: ↑ @sierravista
Please see my post about the calculations of EQ Bank vs Manulife and investing money.
As you mentioned, Annual Price Rate (APR) is pretty standard across all places and I believe people need to be better educated about this. As for the 0.1% rate you quote, yes, some banks offer next to nothing, and I would encourage people check out sites like Rate Hub for options:
https://www.ratehub.ca/savings-accounts ... s-accounts
I only bothered answering Toukolou because he seems to think that people with six figures of cash are "uneducated" investors. Guess he doesn't have 7+ figures of wealth to manage though...
- Blubbs
- Deal Fanatic
- Mar 21, 2013
- 6154 posts
- 10805 upvotes
- Canada
The conversation about how APR is misleading when it is literally a regulatory standard that stops insititutions from misleading people is pretty funny.
- IEpicDestroyer
- Deal Addict
- Dec 25, 2017
- 3320 posts
- 2372 upvotes
Okay, thanks! Any cons to Manulife? Heard that they sometimes randomly shut down accounts after approval? Is it okay to transfer my all the funds in my savings account immediately after approval?
- rfdealer666
- Newbie
- Apr 23, 2018
- 35 posts
- 31 upvotes
Did you still have the old accounts open?profile wrote: ↑ I have opened 4 accounts with Manulife plus 4 for my spouse over time and received the bonus amount each time.
The only thing I was told that the money added to the new account must not come from an existing Manulife account to count so I make sure once the time period is up, I transfer the money out.
I just opened a 2nd account. It's showing this
Interest rate 0.150%
Promotional rate 1.850%
Promotion end date October 15, 2021
Opened date June 17, 2021
The old account has been unused for about a year and says
Status Inactive
Wondering if i'm good to go here or it's better to wait to see if they reject it.
- rfdealer666
- Newbie
- Apr 23, 2018
- 35 posts
- 31 upvotes
How long was it between opening and this email? Had you already transferred funds in?Triqueux wrote: ↑ I opened a second account, a few days ago I got this email:
Thank you for opening an Advantage Account under our promotional offer. We’ve identified that your account #xxx does not qualify for this promotion because you have previously held another Advantage Account. As a result, the promotional offer has been removed from this account.
If you have any questions, you are welcome to email us at manulife_bank@manulife.ca.
Thank you for banking with us.
Sincerely,
- flyjazz
- Deal Addict
- Mar 14, 2014
- 1354 posts
- 2023 upvotes
Personally, I really like the Advantage account and have never honestly had any issues. Accounts getting shut down, etc, are rare. KYC regulations are becoming much more prevalent while opening accounts online these days, banks are just being cautious. The online application/enrollment gets approved/opened if it meets a certain criteria and likely gets reviewed manually afterwards for anything that may have slipped through the cracks. If you have any doubts, give them a quick call, I find them helpful.IEpicDestroyer wrote: ↑
Okay, thanks! Any cons to Manulife? Heard that they sometimes randomly shut down accounts after approval? Is it okay to transfer my all the funds in my savings account immediately after approval?
If you're concerned about the old inactive account, it's normal in a scenario where no transactions have occurred for a prolonged period. Many banks classify an account unused for more than a year as dormant, very common. Again, give them a call and they will sort things out for you.rfdealer666 wrote: ↑ Did you still have the old accounts open?
I just opened a 2nd account. It's showing this
Interest rate 0.150%
Promotional rate 1.850%
Promotion end date October 15, 2021
Opened date June 17, 2021
The old account has been unused for about a year and says
Status Inactive
Wondering if i'm good to go here or it's better to wait to see if they reject it.
- profile
- Deal Addict
- Jul 29, 2013
- 2115 posts
- 1929 upvotes
- Ontario
All the accounts are still open with a zero balance.rfdealer666 wrote: ↑ Did you still have the old accounts open?
I just opened a 2nd account. It's showing this
Interest rate 0.150%
Promotional rate 1.850%
Promotion end date October 15, 2021
Opened date June 17, 2021
The old account has been unused for about a year and says
Status Inactive
Wondering if i'm good to go here or it's better to wait to see if they reject it.
I transferred $10.00 into the new accounts to make Manulife aware of their existence so they have time to evaluate their approval though I have never had an issue in the past. .
- Toukolou
- Deal Fanatic
- Dec 4, 2009
- 9335 posts
- 5636 upvotes
- switcheroo
- Member
- May 12, 2014
- 308 posts
- 781 upvotes
link only showing 0.15?
- flyjazz
- Deal Addict
- Mar 14, 2014
- 1354 posts
- 2023 upvotes
I just checked and it's still showing 2%.switcheroo wrote: ↑ link only showing 0.15?
https://client.manulifebank.com/edo/#/p ... ANG_ID=001
- IEpicDestroyer
- Deal Addict
- Dec 25, 2017
- 3320 posts
- 2372 upvotes
Thanks, I signed up earlier this afternoon! Simple process, filled in some personal information, asked a couple questions from my credit file afterwards, then asked if I wanted to allow them to verify my identity by providing another bank's online credentials. Declined because I wasn't comfortable with that, the final page asked me to give them PAD form or deposit a $1 cheque and submit a utility statement (acceptable documents here, if anyone needs it).flyjazz wrote: ↑ Personally, I really like the Advantage account and have never honestly had any issues. Accounts getting shut down, etc, are rare. KYC regulations are becoming much more prevalent while opening accounts online these days, banks are just being cautious. The online application/enrollment gets approved/opened if it meets a certain criteria and likely gets reviewed manually afterwards for anything that may have slipped through the cracks. If you have any doubts, give them a quick call, I find them helpful.
If you're concerned about the old inactive account, it's normal in a scenario where no transactions have occurred for a prolonged period. Many banks classify an account unused for more than a year as dormant, very common. Again, give them a call and they will sort things out for you.
However, the email that followed afterwards also had a link or QR code (does the same thing) that allows verification on a mobile device (or any device with a camera) by taking the front and back of a piece of government issued ID (passport, provincial/territorial ID, or driver's license) and then allowing them to perform a face scan with my camera. Got an email afterwards saying my identity's verified and my Advantage account is ready!
Just waiting for them to provision my account properly, looks like various weird glitches because the account is still new. Linked the account on Tangerine's side and submitted the PAD form for Tangerine savings to Manulife to link on their side as well, although wondering if it might be rejected because that PAD form is dated two years ago (got it originally for Simplii Financial and they have to mail out the stamped ones, which takes a few weeks). If Manulife Bank rejects it, I can just push the funds from Tangerine for now while I work on getting Tangerine to mail me a new PAD form for my savings account.
Their website online banking is so old fashion, but I do like their mobile app!
Someone did say there needs to be three emails from them before the account is completely set up and ready for use? I guess that's when I should actually fund the account with the balance in Tangerine savings.
- flyjazz
- Deal Addict
- Mar 14, 2014
- 1354 posts
- 2023 upvotes
Wow, times have changed since I opened my account 2 years ago. That's some serious KYC going on.IEpicDestroyer wrote: ↑ Thanks, I signed up earlier this afternoon! Simple process, filled in some personal information, asked a couple questions from my credit file afterwards, then asked if I wanted to allow them to verify my identity by providing another bank's online credentials. Declined because I wasn't comfortable with that, the final page asked me to give them PAD form or deposit a $1 cheque and submit a utility statement (acceptable documents here, if anyone needs it).
However, the email that followed afterwards also had a link or QR code (does the same thing) that allows verification on a mobile device (or any device with a camera) by taking the front and back of a piece of government issued ID (passport, provincial/territorial ID, or driver's license) and then allowing them to perform a face scan with my camera. Got an email afterwards saying my identity's verified and my Advantage account is ready!
Just waiting for them to provision my account properly, looks like various weird glitches because the account is still new. Linked the account on Tangerine's side and submitted the PAD form for Tangerine savings to Manulife to link on their side as well, although wondering if it might be rejected because that PAD form is dated two years ago (got it originally for Simplii Financial and they have to mail out the stamped ones, which takes a few weeks). If Manulife Bank rejects it, I can just push the funds from Tangerine for now while I work on getting Tangerine to mail me a new PAD form for my savings account.
Their website online banking is so old fashion, but I do like their mobile app!
Someone did say there needs to be three emails from them before the account is completely set up and ready for use? I guess that's when I should actually fund the account with the balance in Tangerine savings.
I sent them an older Tangerine " Direct Deposit Request Form " that I downloaded for the savings account, which they accepted and linked. If you send them the equivalent Simplii Direct Deposit form for the savings account, they will likely accept that too.
- MrFinancial
- Jr. Member
- Aug 6, 2019
- 172 posts
- 150 upvotes
- Ontario
Can someone help explain. I have an existing account with $0 in it from the promotion that ended Jan or so this year.
Am I able to open a second advantage account and it will be promotional? Doesn't look like there's any promotional interest attached to the second account.
Would I need to try and create an entire "folio" entirely from the beginning?
Am I able to open a second advantage account and it will be promotional? Doesn't look like there's any promotional interest attached to the second account.
Would I need to try and create an entire "folio" entirely from the beginning?
- looking4deals1
- Sr. Member
- Jan 3, 2013
- 919 posts
- 475 upvotes
- Mississauga
Yesterday was last day for 2% promo. I just tried the links and now showing only 0.15%.MrFinancial wrote: ↑ Can someone help explain. I have an existing account with $0 in it from the promotion that ended Jan or so this year.
Am I able to open a second advantage account and it will be promotional? Doesn't look like there's any promotional interest attached to the second account.
Would I need to try and create an entire "folio" entirely from the beginning?
I was able to open a new account with 2% promo rate yesterday. I also have two other accounts from previous promos.
- Quid Pro Quo
- Sr. Member
- Nov 28, 2005
- 773 posts
- 837 upvotes
- Toronto
Promotional offer is still available:looking4deals1 wrote: ↑ Yesterday was last day for 2% promo. I just tried the links and now showing only 0.15%.
I was able to open a new account with 2% promo rate yesterday. I also have two other accounts from previous promos.
https://offers.manulifebank.ca/products ... l?code=opa
- Tokic_o
- Sr. Member
- Feb 10, 2008
- 792 posts
- 660 upvotes
Hold on a second....is the 2% promo interest for 120 days only on $50K deposits?! The OP mentioned $250K but I just re-read the link and it says $50?!
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