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Manulife Bank Deposits of october 2023

Open a deposit at Manulife Bank verified by our specialists. On 02.10.2023 9 deposits are available to you.
Offers: 9
Updated
05.01.2023
16:49
Manulife Bank Of Canada
Tax-Free Savings Account (TFSA)
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

4.50%
Manulife Bank Of Canada
The Advantage Account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

2.75%
Manulife Bank Of Canada
The All-In Banking Package
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

2.10%
Manulife Bank Of Canada
Investment Savings Account (ISA)
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

4.00%
Manulife Bank Of Canada
Short-term GICs
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

up to 3.75%
Term
i

Loan term for the financial product

30-364 days
Manulife Bank Of Canada
Long-term GICs
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

up to 4.55%
Term
i

Loan term for the financial product

1-5 years
Manulife Bank Of Canada
Registered Retirement Income Fund (RRIF)
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

2.10%
Manulife Bank Of Canada
Registered Retirement Savings Plan (RRSP)
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

4.50%
Manulife Bank Of Canada
The US$ Advantage Account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

0.20%

Types of Manulife deposits

  1. Tax-Free Savings Account (TFSA) provides an opportunity to grow cash savings and interest income tax-free. While the amounts deposited in your TFSA aren’t tax-deductible, the withdrawals you make are. Once you withdraw funds, your unused contribution room increases, so you can re-contribute money next year. The investment products eligible for a TFSA are a Tax-Free Advantage Account and tax-free GICs. Account rate: 1.25%.
  2. Registered Retirement Savings Plan (RRSP). With a Registered Retirement Savings Plan, you can save for your retirement by growing your cash savings and interest income tax-free. The contributions you make to your RRSP are tax-deductible, while withdrawals aren’t. The investment products eligible for an RRSP are a Registered Advantage Account, long-term GICs, and short-term GICs. Account rate: 1.25%.
  3. Guaranteed Investment Certificates (GICs). A Guaranteed Investment Certificate (GIC) is a secure investment that guarantees your initial investment and a guaranteed return, regardless of market performance. Manulife Bank offers long-term and short-term GICs.

    Long-term GICs are 1 to 5-year investments with a minimum deposit amount of $2,500. Interest-payment schedules can be monthly, semi-annual, or annual. The interest rates range from 3.90% to 4.45%, depending on the term and interest payment schedule. When held in an RRSP, RRIF, or non-registered account, long-term GICs are non-redeemable.

    Short-term GICs require a minimum investment of $25,000 for a term of 30 to 364 days. These GICs are redeemable, so you can withdraw cash before maturity, although fees will apply. The interest rates range from 1.50% to 2.65%, depending on the term and deposited amount.

  4. Investment Savings Account. Manulife Bank offers Investment Savings Accounts (ISAs) managed by professional advisors. With such an account, you can earn interest of 2.15% on your deposits in Canadian dollars. In addition, an ISA involves zero fees.
  5. The All-In Banking Package is a comprehensive solution for both everyday banking operations and savings. In addition, you get the advantage of smart savings tools, an AI sidekick, travel disruption insurance coverage, and overdraft protection. The All-In Banking Package features a 1.25% interest rate and involves a $10 monthly fee, but you can waive it when saving $100 or more.
  6. Advantage Account. With a Combined high-interest savings and chequing account from Manulife Bank, you can perform your daily transactions and earn interest at a 3.50% rate on the cash deposited. This account involves zero monthly fees, and whenever your balance is $1,000 and higher, you get the advantage of unlimited transactions.
  7. US$ Advantage Account. If you want to save in U.S. dollars, consider a US$ Advantage Account from Manulife Bank. This account provides a 0.20% interest rate and involves no monthly fees. In addition, you can do it for free whenever you need to transfer funds between your Manulife Bank US$ Advantage Account and your US$ Savings Account at another Canadian financial institution.

Requirements

To apply for deposit products from Manulife Bank, you must be a Canadian resident of at least 18 years old. When applying, be ready to provide your contact information, Social Insurance Number (SIN), and current employment information.

Pros and cons

Here are the advantages of Manulife Bank deposit products:

  • Convenient online, mobile, telephone, and ATM banking options
  • Online application for the All-in Banking Package and the Advantage account
  • Guaranteed insurance coverage
  • Comprehensive solutions combining both chequing and savings capabilities
  • Zero monthly fees for most of the accounts (except the All-In Banking Package)

The disadvantages are:

  • For new clients, applying for most deposit products (except the All-in Banking Package and the Advantage Account) requires finding a local advisor
  • The lack of pure chequing accounts may be an obstacle for those who need them

How to make a deposit?

Manulife Bank offers several ways to deposit funds into your accounts:

  • Setting up direct deposits to allow your paycheques to go directly into your account
  • Setting up Interac® e-Transfers to deposit money directly into your account
  • Depositing a cheque through the Manulife Bank Mobile app by taking a picture of it
  • Depositing funds through one of THE EXCHANGE® Network ATMs
  • Mailing a cheque either in Canadian or U.S. dollars to Manulife Bank 
  • Setting up recurring money transfers from your account in another Canadian financial institution
  • Making a deposit at your local RBC branch by giving the teller one of your RBC deposit slips

FAQ

How to deposit a cheque through the Manulife Bank Mobile app?

To deposit a cheque with a mobile device, launch the Manulife Bank Mobile app and select “Deposit” in the main menu. Center a cheque in the viewfinder, and the app will take a picture upon detecting an acceptable image. In case the app asks you to take a picture of a cheque manually, follow the instructions from the system.

Are there any fees for using the mobile deposit feature?

The mobile deposit feature from Manulife Bank is free to use.

How soon can I access the funds I deposit?

Usually, it takes some time for the funds to get into your account. However, the actual hold time will depend on your deposit type. For cheques and EFTs from other Canadian financial institutions, the hold may take from 2 to 8 business days.