Personal Finance

RRSP, RBC Vs Manulife

  • Last Updated:
  • Jan 28th, 2019 8:32 pm
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[OP]
Newbie
Aug 10, 2018
57 posts
46 upvotes

RRSP, RBC Vs Manulife

Hi,
I have checking, saving and cc with RBC, and I have a group RRSP account in Manulife. I want to contribute some lump some in RRSP. I wonder which one is better, open a new RRSP account in RBC, or just use the account in Manulife. Any Ideas?
3 replies
Jr. Member
User avatar
Jan 7, 2019
155 posts
94 upvotes
I personally would go to one of the big banks for convenience sake. All the big banks can invest into various mutual funds including Manulife's.

If you have an adviser/ financial planner/ private banker you know very well, they can definitely be helpful to you rather than calling into the Manulife general life.
Deal Addict
User avatar
May 11, 2014
3385 posts
3062 upvotes
Iqaluit, NU
Knock2 wrote:
Jan 25th, 2019 10:03 am
Hi,
I have checking, saving and cc with RBC, and I have a group RRSP account in Manulife. I want to contribute some lump some in RRSP. I wonder which one is better, open a new RRSP account in RBC, or just use the account in Manulife. Any Ideas?
You're focusing on the wrong part of planning on investing in an RRSP. A brand name or institution of where your money is invested is completely irrelevent to where or what you invest your RRSP contribution in.

For example, just because you bank at RBC doesn't mean their products are the best. Sure there may be a slight convenience factor, but considering this is for your long term investments, is convenience really needed considering it will be likely many years before you touch your money?

Your group plan may actually be a decent option. The problem going this route though is what is available in your group plan for investments? Manulife and other group plan sponsors have many different packages for different companies and knowing what company the plan is through simply gives not enough information for anyone to give you any meaningful advice.

If you provide more details of what you have with Manulife, people can actually give you meaningful advice. RBC would likely be a no-go as they do not have much in terms of competitive products IMO, although the new roboadvisor they are comimg out with could potentially be competitive. Additionnally, what do you want to do with your RRSP? Time frame? Risk tolerance?
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Jr. Member
Feb 4, 2017
102 posts
16 upvotes
Agreed that Bank will have more option to invest that Manulife group plan but If you consider Mutual Funds as investment options, no doubt Manulife would be best choice considering low MER which is around 0.5% approximately . With the banks that number goes to 2.5%. With bigger account these MER make big differences.

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