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Manulife Bank, presentation of its financial products

To the point Presentation of Manulife Bank and the different financial products offered. Manulife Bank, a new online platform.

Are you familiar with Manulife, Motusbank, Alterna and Simplii? These new platforms compete with the financial institutions we are already familiar with. We will analyze their arrival on the market as well as the different financial products offered by each.

Introduction

The benefits of these new platforms are numerous for Canadian investors. We are talking about:

  • very low management fees,
  • free basic services (interac, withdrawal and money transfer), and
  • affordable financial products (credit card and debit card, among others).

In this article, we will detail all financial products offered by Manulife Bank .

To learn more, check out our comparison of financial products offered by the following 4 online banks: Motusbank, Alterna, Manulife and Simplii.

Manulife Bank

Manulife is a banking institution based in Waterloo, Ontario. This institution currently manages over $27.4 billion in assets. Here is an overview of the main financial products it offers.

Combined checking and savings accounts

Credit cards

Investment

Mortgage loans

Loans

All-inclusive banking package:

Interest rate of 0.15% in your savings account

Unlimited number of transactions

Free Interac transfers

Free Amazon Prime subscription

$10 per month

Advantage Package:

Interest rate of 0.15%

No monthly fee if more than $1,000 in the account

Unlimited number of transactions if more than $1,000 in the account

US Cash Advantage Package

Interest rate of 0.20%

Free interbank transfers

Canada Deposit Insurance Corporation (CDIC) coverage

ManulifeMONEY+™ Visa Infinite Cashback

ManulifeMONEY+™ Visa Platinum

Accounts:

RRSP

RRIF

TFSA

Guaranteed Investment Certificates

Investment Savings Accounts

Several mortgage options between 6 months and 10 years

RRSP loans:

  1. Standard up to $27,230
  1. Accelerator up to $150,000

Loans investments:

  1. Fully funded loans: $10,000 to $300,000
  1. Multiplier loan ratio 3:1: from $10,000 to $1,000,000

Line of Credit:

  1. Access: Up to $100,000
  1. Access Plus: $100,000 and over (No maximum)

Manulife Combined high-interest savings and chequing

Manulife Bank offers three types of accounts: All-in, Advantage and U.S. Dollar Advantage.

The “All-in” account offers an interest rate of 0.15% and has a monthly fee of $10. In addition, many free features are offered to users. We’re talking about unlimited transactions and free Interac transfers. Finally, you can sign up for Amazon Prime for free after you join this account.

The “Advantage” package has no monthly fee if you have more than $1,000 in your account. You also have an unlimited number of transactions. The current interest rate is 0.15%.

Finally, the US$ Advantage Account offers an interest rate of 0.20% upon deposit of the first U.S. dollar. It is also possible to make interbank transfers free of charge. What’s more, you have the added security of having your banking transactions protected by the Canada Deposit Insurance Corporation.

Manulife Credit Cards

Manulife offers two credit cards: the ManulifeMONEY+ Visa Infinite and the ManulifeMONEY+ Visa Platinum. Here is a table summarizing the main features of these two financial products.

Annual fee

Rewards

Insurance

Interest rate

ManulifeMONEY+ Visa Infinite Card

$120 (fee waived the first year)

3% on grocery store purchases (up to $25,000, 2% after that limit)

2% on travel purchases

1% on purchases in all other categories

Purchase Assurance and Extended Warranty Insurance

Emergency Medical Insurance

Trip Interruption Coverage

Flight delay and misdirected baggage insurance

Travel Accident Coverage

Rental Vehicle Damage Coverage

19,99 %

ManulifeMONEY+ Visa Platinum Card

Free

2% on grocery store purchases (up to $15,000, 0.5% after that limit)

0.5% on purchases in all other categories

New Purchase Protection: Any item lost, stolen or damaged within 90 days of purchase will be replaced

Extended warranty

Visa Zero Liability Protection

19,99 %

Investment

There are several investment options available to Manulife users. The first step is to invest in registered accounts such as RRSPs, TFSAs and RRIFs. In addition, many guaranteed investment certificates are available to users. Here is an overview of these GICs terms.

Manulife GIC Terms and Return

30-59 days

60-89 days

90-179 days

180-269 days

270-364 days

1 year

2 years

3 years

4 years old

5 years

0,10 %

0,10 %

0,15 %

0,20 %

0,30 %

0,45 %

0,85 %

1,15 %

1,40 %

1,60 %

An investment savings account is also available, allowing you to earn a 0.15% return. Note that you can withdraw the money in your account without restrictions. A U.S. dollar savings account is also available. The current interest rate is 0.15%. You can get more information about these accounts by visiting this web page.

Mortgage loans

Manulife offers a customized selection of mortgages based on your current financial situation. Initially, the “Manulife One” account is appropriate if you have a 20% down payment. Please note that a graph is available on the Manulife web page allowing you to simulate the current mortgage rates. Here is a brief overview of these rates.

Manulife One Mortgages:

6 months (closed) 1 year (closed) 1 year (open) 2 years (closed) 3 years (closed) 4 years (closed) 5 years 7 years (closed) 10 years (closed)
4,45 % 2,99 % 3,45 % 2,69 % 2,49 % 2,49 %

closed: 2.49%.

open: 3.05%.

4,54 % 4,64 %

* Please refer to this hyperlink for more information and to use the comparative graphs tool

 

Then, the Manulife Bank Select account allows you to customize your bank loan at your discretion by dividing it into different time periods and rates.

Furthermore, it is possible to combine your mortgage with a high-interest checking account. This will be free if you maintain a balance of over $5,000.

This account is generally recommended for users with a down payment between 5% and 20%. Here are the proposed mortgage rates.

Manulife Bank Select Mortgages:

6 months (closed)

1 year (closed)

1 year (open)

2 years (closed)

3 years (closed)

4 years (closed)

5 years (closed)

7 years (closed)

10 years (closed)

4.45%

2.99%

3.45%

2.69%

2.49%

2.49%

2.49%

4.54%

4.64%

* Please refer to this link for more information

Loans

Manulife offers three distinct financial products: RRSP loans, investment loans and lines of credit. Here is a table detailing the main features.

RRSP Loans Investment loans Lines of credit

This loan allows you to borrow money to contribute to your RRSP account. Two types of loans are available

Standard RRSP Loan: Up to $27,230

RRSP Loan Accelerator: Up to $150,000

No fees associated with this loan application

Interest rate of 2.95%

No payment required for 120 days

 

 

 

 

 

You can borrow money to contribute to an unregistered account. Two types of loans are available:

Fully financed loan: Amount borrowed from $10,000 to $300,000

Multiplier loan ratio 3:1: Amount borrowed from $10,000 to $1,000,000

Possibility of deducting the interest paid from taxable income

Choice of reimbursement terms

 

 

 

You can borrow if you need money quickly. You will then have two distinct options:

Access Line of Credit: Borrowing amount up to $100,000

Access Plus Line of Credit: Borrowing amount starting at $100,000 No maximum amount

Possibility to set the credit limit according to your needs

3.45% line of credit

 

 

 

 

* Please refer to this link for more information

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