Manulife Bank Advantage Account Review

Are you looking for the Manulife Bank Advantage Account review? Well, here it is. 

First of all, Manulife Bank is a subsidiary of Manulife Financial Corporation.

The bank offers a wide range of products which include high-interest savings and chequing accounts, lines of credit (LOC), mortgage and credit cards.

A very unique product offered by Manulife Bank is the Advantage Account.

Now if you’re wondering what it is – The Manulife Advantage Account is unique as it offers the features of both savings and chequing accounts. (Awesome right!)

Furthermore, the Manulife Advantage account is hybrid in nature offering you both high-interest rates on your account balance and low-interest daily unlimited transactions.

In this review, I’ll cover in detail the features, fees, advantages, and disadvantages of the Manulife Advantage Account. Let’s also do a comparison to see how well the Manulife bank competes with other digital banks in the space.

I’ll also be talking about the Manulife US Dollar Advantage account and their All-in-one Banking Package. Let’s begin. 

Manulife Bank – Quick Overview

Manulife Bank was established in 1993 by the parent company Manulife Financial Corporation.

The Manulife Financial Corporation has its headquarters located in the Waterloo region of Ontario Canada.

The parent company of Manulife was integrated in 1887 and still operates today in the U.S under the name John Hancock Financial.

Also, Manulife Bank is a digital (branchless) bank that offers a series of banking accounts such as savings, chequing, investment, and mortgage accounts.

As a Manulife customer, you’ll get immediate access to the bank’s digital platforms such as the web interface, mobile banking, and mobile apps (available on both App Store and Google Play).

Manulife Bank Advantage Account Review

How Safe Is The Manulife Bank?

Now that we know about the Manulife Bank, let’s talk a bit about the safety of your funds in the bank. 

Manulife Bank is extremely safe when it comes to depositing your hard-earned money. 

Likewise, you can put your mind to rest as Manulife Bank is a registered member of the Canada Deposit Insurance Corporation (CDIC).

This implies that all deposits made are insured up to $100,000 for each category that is Savings, TFSA, Chequing, and so on. In the worst-case scenario if the bank gets bankrupt your funds are always safe and secured under the CDIC laws.

Also, all the bank accounts offered by Manulife bank are qualified for CDIC coverage.

How To Open A Manulife Bank Account?

Opening a Manulife Bank Account can easily be done from the comfort of your home.

With just a few taps on either your laptop, tablet, or mobile device, you will be a fully registered account holder.

Just like any of the traditional Canadian banks, you will be required to submit some basic information such as your Social Security Number (SIN number), Driver’s license for photo ID proof.

It’s also required that you must meet the minimum age requirement of 18 years before you can open an account

In case you are looking to open a Manulife Business account, you will be required to get in touch with one of the bank’s independent financial advisors in your province to further assist and help.

Manulife Advantage Account

The Manulife advantage account is a hybrid account that has the properties of both savings and chequing accounts.

And if you keep a minimum of $1,000 in your account, you’ll have no monthly fees charged to your account.

Savings Sweeps can make it easier for you to reach your savings goals.

Simply choose how much money you want to keep in your everyday banking account, and the rest will be moved to your savings account at the end of each day.

Remember, if you grow the balance of your savings account by $100 each month, your monthly fees will be waived. 

If you have an Advantage Account, your day to day banking fees will be waived when you have a balance of $1,000 or more.

If you have the Manulife All-In Banking Package, if your High-Interest Savings Account balance is at least $100 higher than it was at the end of the month before, Manulife will rebate your monthly fee.

For example:

  • If you had $1,000 in your High-Interest Savings Account last month, you’d need to grow it to $1,100 this month to get free banking.

  • For exampl, If you had $1,000 in your High-Interest Savings Account last month and you withdraw $500 of that, your balance needs to be $1,100 by the end of this month to get free

If you have a Manulife One or Manulife Bank Select account, the bank will waive your monthly fees when you maintain a positive balance of $5,000 or more across the account.

Features Of The Manulife Advantage Account

Below are some of the features offered by the Manulife Advantage Account: 

  • High-interest rate of 1.50%

  • Unlimited transactions with no monthly fees as long as you keep a minimum daily balance of $1,000

  • As a Manulife customer, you’ll have access to more than 3,000 ABMs via “The Exchange Network”

  • 24/7 digital or online banking (including Smartphone access for realtime on the go access)

  • All your money is CDIC Insured

  • Cashback rewards at all participating stores

Manulife Bank Advantage Account

Manulife Advantage Account Fees

As an account owner, failure to maintain the minimum balance of $1,000 will attract fees specific to the withdrawals.

The fees include: 

  • $1.50 for every ABM withdrawal in Canada

  • $1.00 for debit purchase

  • A fee of $1.00 for all bill payments

  • A fee of $1.00 for all Interac e-Transfers

In order to avoid the above fees, do make sure to maintain the minimum daily account balance of $1000 Canadian. 

Do note that, all deposits and transfers between the bank accounts are absolutely free of cost.

Please note that interest rates are calculated daily and paid out on a monthly basis.

Cons Of The Manulife Advantage Account

The biggest drawback to the Manulife Advantage account is the $1,000 minimum balance required to wave the withdrawal fees.

Withdrawal fees might look small but over the long run, it accumulates negating all the interest you have made on the balance.

Another con of the Advantage Account is in the fact that the debit card issued is neither a Visa or Mastercard debit.

Visa and Mastercard debit cards have this “zero liability protection” which is what’s missing here. 

Manulife Bank Advantage Account Review

Manulife Advantage Vs. Other High-Interest Savings Account

With the Manulife Advantage Account being a hybrid account, it will be interesting to know how it competes in terms of interest rate with other High-Interest Savings Account in Canada.

1. EQ Bank

EQ Bank offers an interest rate of 2% on their Saving Plus account.

They also provide free unlimited transactions, mobile cheque deposits, electronic fund transfers, and bill payments.

2. Motive Financial

The Motive Financial Bank offers an interest rate of up to 2.05% on their Motive Savvy Savings Account.

Apart from the high-interest rates, Motive also provides you with 2 free debit transactions each month.

3. LBC Digital

The LBC Digital bank offers an interest rate of 2.05% on its Laurentian Bank’s digital savings account.

Please note that this is not a hybrid account.

4. Tangerine Bank 

Tangerine Bank currently is offering a promotional interest rate of 2.80% for the first 5 months of being a cardholder and will later be reduced to 0.25%.

Manulife US Dollar Advantage Account

Apart from the Manulife Advantage account, Manulife Bank also offers other special accounts that have the properties of chequing, savings and overdraft protection put together.

These accounts are:

  • Manulife US Dollar Advantage Account

  • Manulife All-in Banking Account

The US Dollar Advantage account is designed to hold only the US dollars and earns interest on the US dollar balance saved into the account.

Features Of The Manulife US Dollar Advantage account

  • An interest rate of 0.30%

  • No monthly fees

  • No Debit card is issued for the US dollar advantage account

  • The account can be linked with other USD accounts for bank transfers

What Is The Manulife All-In Banking Account?

Looking for an all in one bank account?

Well, Manulife’s All-In Banking package is the ideal choice for anyone.

This account combines the powerful combination of savings, credit cards, insurance, chequing, high-interest, and overdraft protection into one single account type.

The Manulife All-In Banking Package has a monthly fee of $10 per month – but you can waive your monthly fees and get free banking.

In order to get the free banking and no monthly fee, at the end of every month, if your High-Interest Savings Account balance is $100 higher than it was on the last day of the previous month, they’ll waive the monthly fee.

Features of the Manulife All-In Banking Account

  • Monthly fee of $10 which can be waived if you maintain a minimum balance of $100

  • POS purchases, e-Transfers, bill payments are unlimited

  • An interest rate of 0.30%. The interest rate is paid out every month but calculated daily.

  • Insurance coverage on travel disruption up to $1,000

  • Overdraft protection offered is up to 75% of your daily average balance and has a limit of $5,000. However, the yearly interest rate on an un-repaid overdraft balance is 15%

  • New account owners get the chance to win a free 12 months of Amazon Prime worth $79 as long as you meet the eligibility

The ManulifeMONEY+ Visa Platinum Card

This credit card is issued when you open the Manulife All-in Banking Account.

It is a no-fee credit card that offers cashback of 2% on grocery purchases and 1% cashback on every other purchase.

You’ll also be entitled to the welcome offer (extra 3%) cashback on grocery purchases for the first 90 days. However, there is a cap on the spending of $2,000.

In case you’re looking for the balance transfer, there’s a promotional balance transfer rate of 1.99% to new cardholders for the first 6 months with a transfer fee of 1%. Past 6 months, the rates will increase to 22.99%.

Features of the ManulifeMONEY+ Visa Platinum Credit Card:

  • 1.99% for balance transfers for the first 6 months

  • 2% cashback at grocery stores

  • 0.5% cashback on everything else

  • $0 annual fee

  • 19.99% purchase rate

  • 21.99% cash advance and balance transfer rate

Features of the ManulifeMONEY+ Visa Infinite Credit Card:

 
  • 1.99% for balance transfers for the first 6 months

  • 3% cash back at grocery stores

  • 2% cashback on everything else

  • $120 annual fee (waived for the first year)

  • 19.99% purchase rate

  • 21.99% cash advance and balance transfer rate

How To Contact The Manulife Bank?

With Manulife being a branchless bank, support and inquiries are provided through email, phone, and financial advisors all over Canada.

For all account inquiries, you can contact Manulife either through

  • Phone; by placing a call to 1-877-765-2265 in the hours of 8 am – 8 pm from Monday to Friday and 9 am – 5 pm on Saturday and Sunday.

  • Email; by sending complaints or inquiries to [email protected]

  • Website; by completing a contact form available on the website.

In the case where you will be sending a document, Manulife Bank’s mailing address is 500 King Street North, Suite 500-MA, P O Box 1602 STN Waterloo, ON N2J 4C6. This mailing address is applicable to all provinces except Nova Scotia.

For those living in Nova Scotia, the documents can be mailed to 2727 Joseph Howe Drive, Del Stn. H-T2-8, Halifax, NS B3J 2X5.

Lastly, for card activations, you need to call 1-844-323-7053.

Frequently Asked Questions

Is it possible to request both e-statements and paper statements?

Both types of statements are available but you will have to choose one.

In the case where you choose e-statements, you won’t be able to get a paper statement.

However, you can always save and print a copy if the need arises.  we won’t also send you a paper statement.

Please note that the e-statement will only be available online for 24 months from the date the statement was sent.

Is it possible to transfer money to families and friends outside Canada?

Yes, it is very possible to send money outside Canada.

To do that, you will need to initiate a wire transfer.

Am I to use the same login details for both my mobile banking and online banking?

The answer is “Yes”.

The same login detail applies to online banking and mobile app.

Can I earn cashback at all stores?

Not all stores are participating stores so you can’t always get cashback when you shop at a random store.

But if the store you shop in offers cashback then why not. You get to earn your cashback when you make purchases.

How can I make a deposit or withdraw cash out?

There are various ways money can be deposited and withdrawn from your account. These include;

  • Depositing or withdrawing at ABMs closest to you

  • Sending and receiving Interac e-Transfers

  • Making debit purchases all over Canada

  • Transferring money from or to your accounts at other Canadian banks

  • Depositing or writing cheques

  • Sending or receiving wire transfers

How can I verify the status of my transfer?

Verifying your transfer status is quite easy.

All you need to do is click on the said account from the Account page and assess your transaction history. If the transaction is listed then it indicates a complete transfer. 

In the case where you can’t find the transaction, proceed to check Future Transactions or Interac e-Transfers on your online account to view uncompleted transfers.

How can I change the password to my mobile banking?

Basically, changing your password can be done in two ways; either on the mobile app or your online account.

1. Changing your password on your online account

To do this, go to the ‘My Profile’ section and click on

‘Change password’ then follow the steps

2. Changing your password on your mobile app

To do this, click on “More” which you will find on the home screen, then proceed by clicking on “My Profile & settings”, followed by “Change password”.

You should take note that any change you make to your password will not affect the  ManulifeMONEY+ Visa card (if you have one).

So if there’s a need to change the password to the credit card,  you’ll have to do it separately.

What should I do if my card gets misplaced or stolen?

The bank is always ready to help when your card gets stolen or misplaced.

All you have to do is place a call to the bank. The existing card will be blocked and you will be offered a new one.

Put a call to 18777652265 if you’ve lost the ManulifeBank card.

In the case where it is the ManulifeMONEY+ Visa card, put a call to 18443237053 (the US and Canada) or 16472529681 (International).

Final Thoughts

Manulife is one of the premium banks in Canada with lucrative deals and benefits. They have some of the best features offered by Canadian banks. 

With that said, the Manulife Advantage account isn’t the best for someone who has trouble saving money.

Keeping your chequing and savings account together even with all the advantages is still a dangerous game. So if you’re the type that struggles with savings, you should keep these accounts separate.

The advantage account is best for people who have no problem saving and have high monthly expenses.

Thanks for reading! Please let me know your thoughts and comments below. 

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