About bank
Manulife Bank is an Ontario-based bank founded in 1993 as a subsidiary of Manulife, a Canadian company providing insurance and financial services worldwide. Through 29 years of operating in the market, Manulife Bank has grown into a financial institution with over $28 billion in assets.
Features
Manulife Bank is a branchless bank offering its products and services through independent financial advisors, mortgage brokers, and mortgage specialists.
To perform daily banking operations, clients of Manulife Bank can use online, mobile, telephone, and ATM banking through The Exchange Network ATMs.
Manulife Bank is a member of the Canada Deposit Insurance Corporation, which ensures coverage for eligible deposits of up to $100,000.
Manulife Bank pursues an environment-friendly policy, greening the impact of its operations.
Pros and cons
Manulife Bank has definite benefits for clients:
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Convenient online, mobile, telephone, and ATM banking options
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Comprehensive banking solutions combining the benefits of different products
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Insurance coverage for eligible deposits
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A wide network of partner advisors, brokers, and specialists
Still, there are certain drawbacks:
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The absence of physical branches can be a potential obstacle for some of the clients
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Certain accounts, plans, and products may involve additional fees you need to be aware of
Products
Manulife Bank offers a range of personal banking products:
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Bank accounts with checking privileges and savings opportunities (unlimited banking, high-interest rates, etc.)
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Credit cards with a 19.99% interest rate on purchases and 21.99% — on cash advances and balance transfers, cash back, and reward points
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Mortgage solutions with a fixed or variable rate and customizable payment options
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Financing solutions for different borrowing needs including RRSP loans, investment loans, and lines of credit
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Registered investment accounts like a TFSA, RRSP, and RRIF to save for a variety of goals on a tax-advantaged basis
For business clients, there are the following products at Manulife Bank:
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Business accounts to perform daily transactions and earn interest on cash deposited in Canadian or U.S. dollars
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Commercial mortgages to get the financing secured by the equity in your businesses’ property
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Investment products like short-term and long-term GICs providing 100% security of the initial investment and a guaranteed return rate
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Investment savings accounts featuring a 2.15% interest rate on deposits in Canadian dollars and 2.20% — on deposits in U.S. dollars
Services
Business owners can reach out to Manulife Bank for specialized business lending advice. A bank’s advisors will work closely with you to develop the right borrowing strategy for your business.
In addition, both personal and business banking clients can get the advantage of the following services from Manulife Bank:
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Online banking is available through the web interface 24/7
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Mobile banking through the Manulife Bank mobile app available for iOS or Android devices
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ATM banking either through Manulife Bank ATMs or The Exchange Network ATMs
