Manulife Bank Advantage Account Review

Manulife Bank’s Advantage account is one of a few hybrid bank accounts in Canada offering both savings and chequing account capabilities.

This bank account offers the flexibility to conduct everyday transactions for free or for a low fee while earning a “high interest” rate on your balance.

This Manulife Advantage Account review covers what you need to know about its features, fees, and how it compares to other online banks. It also touches on the innovative Manulife All-in Banking Package and their US Dollar Advantage account.

Who is Manulife Bank?

Manulife Bank is a wholly-owned subsidiary of The Manufacturers Life Insurance Company. It was established in 1993 and offers chequing, savings, mortgages, and investment accounts.

Manulife Bank is a branchless (online) Schedule I bank and its customers can access their accounts and customer support via a web interface, telephone banking, and a mobile app that is available on the App Store and Google Play.

It’s parent company, The Manufacturers Life Insurance Company, was incorporated in 1887 and operates in the U.S. as John Hancock Financial.

Manulife Advantage Account

This Manulife bank account combines chequing and savings and has no monthly account fees if you keep a minimum balance of $1,000.

Here’s what it offers:

  • 0.15% ‘high-interest’ rate
  • Free unlimited transactions when you keep a $1,000 minimum balance
  • Access to over 3,500 surcharge-free ABMs across Canada through The Exchange Network
  • Online, mobile and telephone banking
  • CDIC protection
  • In-store cash back offers at participating retailers

Some fees apply to certain withdrawals from your Advantage Account when you do not maintain a balance of at least $1,000. They include:

  • ABM withdrawals in Canada: $1.50
  • Debit purchases in Canada: $1.00
  • Bill payments: $1.00
  • Interac e-Transfer: $1.00

Transfers between bank accounts in Canada and all deposits are always free. For a full list of the current applicable fees, visit their website.

The savings interest rate is calculated daily and paid out on a monthly basis.

Related: Best Savings Accounts in Canada

Manulife US Dollar Advantage Account

This Advantage Account holds US dollars and is designed to earn interest on US$ funds you don’t need right away.

It offers 0.20% interest rate and no monthly fees. The US$ Advantage account does not have a debit card. To deposit or withdraw funds, you can set up transfers between other linked USD accounts at another bank.

Related: Best US Dollar bank Accounts in Canada

Manulife All-in Banking Account

The Manulife All-in Banking package is an all-in-one banking solution that combines chequing, high-interest savings, credit card, insurance, and overdraft protection into one account.

Chequing Account: Unlimited e-Transfers, bill payments, POS purchases and more.

High-Interest Savings Account (HISA): Pays 0.15% interest rate on your balance. Interest is calculated daily and paid out monthly.

ManulifeMONEY+ Visa Platinum Card: A no-fee cash back credit card offering 2% cash back on grocery purchases ($15,000 annual limit) and 1% cash back on everything else. For your first 3 months, an extra 3% cash back is offered on your first $2,000 in eligible grocery purchases.

This card also offers a promotional balance transfer rate of 1.99% for your first 6 months and 22.99% after. A 1% transfer fee applies.

Travel Insurance: Enjoy travel disruption insurance coverage up to $1,000.

Overdraft Protection: The annual interest rate on your outstanding overdraft balance is 15%. Overdraft protection can help you avoid expensive NSF fees if your account becomes overdrawn.

The secured overdraft offered by this account package is 75% of your HISA balance and up to a maximum of $5,000.

The All-in Banking package has a $10 monthly account fee, however, this fee is waived if you save at least $100. New accounts can qualify for a free one year of Amazon Prime (worth $79) if they meet the eligibility requirements.

Related: Best Chequing Accounts in Canada

How To Open a Manulife Bank Account

You can open a Manulife Advantage Account online using your computer, tablet, or phone. You will need to provide your basic personal information (including Social insurance Number) and must be at least 18 years of age.

If you are opening a Business Account, you will need to contact one of their independent financial advisors in your area.

Manulife Bank Contact

Manulife provides support via phone, email, and financial advisors throughout Canada.

For general inquiries by phone, call 1-877-765-2265 from Monday to Friday (8am – 8pm); Saturday and Sunday (9am – 5pm).

Email inquiries go to [email protected] and you can also complete the contact form on the website.

If you are sending documents, you can mail it to 500 King Street North, Suite 500-MA, P O Box 1602 STN Waterloo, ON N2J 4C6 (for all provinces except Nova Scotia).

Nova Scotia residents can send mail to 2727 Joseph Howe Drive, Del Stn. H-T2-8, Halifax, NS B3J 2X5.

Lastly, to activate your ManulifeMONEY+ Visa Card, call 1-844-323-7053.

Is Manulife Bank Safe?

Manulife Bank of Canada is a member of the Canada Deposit Insurance Corporation.

What this means is that your deposits are guaranteed up to $100,000 per category e.g. chequing, savings, RRSP, TFSA, etc. if the bank becomes bankrupt.

The Manulife Advantage, All-in banking package, and US Dollar Advantage accounts are eligible for CDIC coverage.

Manulife Advantage vs. Other High Interest Savings Accounts

How does the Manulife Advantage Account interest rate compare to other HISAs in Canada?

EQ Bank: Their Savings Plus account offers a 1.50% rate. In addition, you enjoy unlimited free transactions, Interac e-Transfers, bill payments, electronic fund transfers, and mobile cheque deposits.

Learn more in this EQ bank review.

Tangerine: This online bank offers a 2.15% promotional interest rate for 5 months and 0.15% after. get more details in this review.

Motive Financial: Earn up to 1.55% with the Motive Savvy Savings Account. Note that this account only offers 2 free debit transactions per month ($5 each after). You can learn more about Motive Financial here.

LBC Digital: Laurentian Bank’s digital savings account offers up to 1.50%. Their HISA is not a hybrid account and you can learn more in this LBC digital review.

Retirement 101 eBook - 3D

Join Our Newsletter!

Sign up now to join thousands of other visitors who receive our bi-weekly newsletter and latest personal finance tips. You will also receive our FREE eBooks.

Author

Photo of author
Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO and monitors his credit score for free using Borrowell.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Learn how to master your money
Millions of Canadians visit annually to read our latest personal finance tips. Subscribe to receive our bi-weekly newsletter and free eBooks.
We hate SPAM as much as you do. You can always unsubscribe...
Learn how to master your money

Millions of Canadians visit annually to read our latest personal finance tips.

Subscribe to receive our bi-weekly newsletter and free eBooks.

We hate SPAM as much as you do. You can always unsubscribe...
Success!
Please click the link in your email to complete your subscription and download your free ebooks!
Please click the link in your email to complete your subscription and download your free ebooks!
Success!
The content on this website includes links to our advertisers or partners and we may receive compensation when you sign up, at no cost to you. This does not impact the objectivity of our reviews or evaluations, but it may impact which products or services we write about and where and how they appear on the site. Savvy New Canadians is for informational purposes only and is not intended to substitute professional financial advice. Read our disclosure.
Savvy New Canadians is for informational purposes only and is not intended to substitute professional financial advice. The content on this website includes links to our advertisers or partners and we may receive compensation when you sign up, at no cost to you. This does not impact the objectivity of our reviews or evaluations, but it may impact which products or services we write about and where and how they appear on the site.
Share
Pin
Tweet
WhatsApp
Reddit