Review: Manulife Bank
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Manulife Bank is a Canadian online bank that offers financial products for individuals and businesses, including all-in-one bank accounts, high-interest savings accounts and two Visa credit cards launched on October 22, 2026. It also offers other products, such as investments and mortgages (including Manulife One).
Our take: Manulife Bank stands out mainly for its Manulife One all-in-one mortgage, while its new Visa cards appeal to you if you spend a lot on health and wellness. The Manulife Bank Visa Infinite Card gives you 2% on those purchases, compared with 1% on everything else. Below, we compare its accounts, cards and loans with those of other Canadian banks, so you can decide with all the facts.
What is Manulife Bank?
Manulife Bank of Canada (simply, Manulife Bank), a subsidiary of Manulife, is a federally chartered online bank founded in 1993. Its head office is in Waterloo, Ontario.
Manulife Bank has no physical branches. Instead, it distributes its financial products and services through independent financial advisors and brokers. Customers can then access their accounts via online services and the mobile application, as well as using THE EXCHANGE network ATMs, at no extra cost.
Manulife Bank’s products include chequing accounts, high-interest savings accounts, credit cards, investments and mortgages (including Manulife One). It is a member of CDIC (Canada Deposit Insurance Corporation), so deposits in their savings products (savings accounts, GICs, etc.) are eligible for deposit insurance.
Manulife Bank’s Financial Products
As previously mentioned, Manulife Bank offers a wide variety of financial products for individuals and businesses. However, this analysis focuses mainly on bank accounts and credit cards for individuals.
Manulife Bank’s Accounts
Manulife Bank offers you 3 accounts: the Tax-Free Advantage Account (TFSA), the Advantage Account and the US$ Advantage Account. Here is what each one gives you.
Tax-Free Advantage Account (TFSA)
Manulife Bank's Tax-Free Advantage Account lets you save in a TFSA that pays interest on every dollar, with no investments to manage. Your interest grows tax-free, within the limit of your contribution room.
Advantage Account
Manulife Bank’s “Advantage” account is a high-interest savings account that also includes the features of a chequing account. Here are its main features:
- No monthly fee, whatever your balance
- No minimum balance required
- Unlimited free everyday transactions when you keep $1,000 in the account (otherwise $1 per bill payment, Interac e-Transfer or debit purchase, and $1.50 per ATM withdrawal in Canada)
- All the functions of a chequing account: Interac e-Transfers, debit card, bill payments, cheques
- Deposits insured by the Canada Deposit Insurance Corporation (CDIC)
US Advantage Account
Manulife Bank’s U.S. Advantage Account is a high-interest savings account in U.S. dollars. Here are its main features:
- No monthly fees
- Unlimited interbank transfers, free of charge
- Deposits insured by the Canada Deposit Insurance Corporation (CDIC)
Manulife Bank Credit Cards
Since October 22, 2026, Manulife Bank has offered two credit cards that earn you Manulife Better Rewards points, with higher rates on health and wellness: the Manulife Bank Visa Infinite Card and the Manulife Bank Visa Platinum Card, according to Manulife's news release. Every 100 points is worth $1, which you apply to an eligible purchase or as a statement credit. Here are their rates:
- Visa Infinite ($139, waived the first year): 2% on health and wellness, 1.5% on travel, dining and entertainment (each on $25,000 of spending per calendar year), 1% on everything else; 10% on the first $2,000 of purchases during your first 3 statements, up to $200; income required of $60,000 (personal) or $100,000 (household)
- Visa Platinum (no annual fee): 1.5% on health and wellness, 1% on travel, dining and entertainment (each on $15,000 per calendar year), 0.5% on everything else
- Both cards: 1.99% for 6 months on balance transfers (3% fee), 2.5% foreign transaction fee on purchases in foreign currencies
- Annual feeNo annual fee the first year
- $0 $139
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$200Annual fee rebated$139Total$339Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $339
- Welcome offerAfter $2,000 in 3 months
- Up to $200 in rewards
Apply Now
on Manulife's website
To see how these two cards compare with the Tangerine Money-Back, the Amex SimplyCash Preferred and the BMO CashBack World Elite, read our article on Manulife Bank credit cards and their health category.
Visa Infinite or Platinum: the math
The Visa Infinite earns you 0.5 percentage point more than the Platinum in every category. Its $139 fee therefore pays for itself from $27,800 in spending per year: below that, the no-fee Platinum leaves you with more money. Take a household that puts $2,600 a month on its card ($31,200 a year), including $300 in health and $800 in travel and dining:
- Visa Infinite: $72 (health) + $144 (travel and dining) + $180 (everything else) = $396 a year, or $257 net after the $139 fee from the second year on
- Visa Platinum: $54 + $96 + $90 = $240 a year, no fee
- Difference: $17 in favour of the Infinite, which mainly adds travel insurance and Visa Infinite benefits
Travel insurance: 7 days after age 65
The Visa Infinite gives you travel medical insurance for 20 days per trip before age 65, even if you did not pay for the trip with the card. From age 65, coverage drops to 7 days: for a winter stay down south, plan for additional travel insurance. The Platinum has no travel medical insurance, only travel accident insurance ($100,000), purchase protection and extended warranty.
Other financial products from Manulife Bank
Investing
Several investment options are available to Manulife Bank customers. First, you can invest in high-interest savings accounts in both registered (TFSAs, RRSPs and RRIFs) and non-registered accounts. Then, with the help of an advisor, you can invest in Guaranteed Investment Certificates (GICs), with terms of 30 days to 5 years, and Investment Savings Accounts (ISAs).
Mortgages
Manulife Bank offers a personalized choice of mortgages based on your financial situation, both for new mortgages and mortgage renewals.
First of all, Manulife One is an all-in-one mortgage and banking account that allows you to reduce your interest costs and pay off your debts faster. However, this product is only available if you have a 20% down payment (or at least 20% equity in your current home if you wish to refinance or transfer your existing mortgage with Manulife).
Then, with Manulife Bank Select, you can customize your mortgage to suit your needs. For example, you can divide your mortgage into portions with different interest rates and terms. To obtain this product, you need a minimum 5% down payment.
Other loans
Manulife Bank offers other types of loans:
- RRSP loans
- Investment loans
- Lines of credit
Comparison with other banks
Banking Accounts
In our view, Manulife Bank’s bank accounts are good choices. Firstly, because it’s a bank account with no monthly fees (certain conditions apply). But also, because they combine the advantages of a chequing and savings account. However, other Canadian banks also offer high-interest chequing accounts (hybrid accounts). Here are some of these accounts, in addition to traditional bank accounts:
To compare other chequing accounts, use our bank account comparator.
Credit Cards
In our view, Manulife Bank credit cards are worth a look if you spend a lot at the pharmacy, the dentist, the physiotherapist or the gym: you earn 2% there with the Visa Infinite. However, with a base rate of 1% (Infinite) or 0.5% (Platinum), other Canadian issuers offer better rewards on all your purchases. To compare credit cards, use our credit card comparator.
Our review of Manulife Bank’s financial products
Overall, Manulife Bank’s financial product offering is attractive, especially when it comes to all-in-one bank accounts and all-in-one mortgages (Manulife One).
However, the “high” interest rates on their high-interest savings account are lower than those of many of their competitors, such as EQ Bank (Current Account), Wealthsimple (Cash Account) or Tangerine (Savings Account).
As far as investments are concerned, the range of financial products is quite limited: TFSAs, RRSPs and GICs. However, the FHSA is not offered, nor are self-managed investments.
Finally, we end on a high note. Manulife Bank’s mortgages, in particular Manulife One, are among the best financial products on the Canadian market. With this product, you can reduce your interest costs and pay off your debts faster. Provided, of course, that you are disciplined with your finances.
As for credit cards, the two cards launched in October 2026 suit you best if health and wellness spending takes up a large share of your budget. To earn the most rewards on all your purchases, we suggest you compare them with the best cash back credit cards.
Manulife Bank - Frequently Asked Questions
Which credit cards does Manulife Bank offer?
Manulife Bank offers the Visa Infinite Card ($139 a year, waived the first year) and the Visa Platinum Card (no annual fee). Both earn Manulife Better Rewards points, with higher rates on health and wellness purchases.
How much is a Manulife Better Rewards point worth?
Every 100 points is worth $1. You apply your points to an eligible purchase or as a statement credit, as long as your account is in good standing. Points cannot be used to make your minimum monthly payment.
Which purchases count as health and wellness?
The category notably covers pharmacies, dental care, vision care, treatments by a licensed practitioner (massage therapy, chiropractic, physiotherapy), gym memberships, sporting goods and fitness apps. Classification depends on the merchant code assigned by Visa.
Are Manulife credit card rewards capped?
Yes. With the Visa Infinite, the 2% and 1.5% rates each apply to the first $25,000 of spending per calendar year, then you earn 1%. With the Visa Platinum, the limit is $15,000 per category, then 0.5%.
What is the Manulife Bank Visa Infinite welcome offer?
You earn 10% in rewards on the first $2,000 of eligible purchases during your first 3 statements, up to $200. The $139 annual fee is waived the first year, and a 1.99% rate applies for 6 months on balance transfers.
What income do you need for the Manulife Bank Visa Infinite?
Manulife Bank requires an annual income of $60,000 (personal) or $100,000 (household) for the Visa Infinite. For now, only existing Manulife Bank clients can apply.
Does the Visa Infinite travel insurance cover travellers 65 and over?
Yes, but for 7 days per trip, compared with 20 days before age 65. For a longer stay, such as a winter down south, plan for additional travel insurance.
What is Manulife One?
Manulife One is an all-in-one mortgage and bank account from Manulife Bank. Your deposits directly reduce your loan balance, which lowers your interest costs. It requires a down payment or equity of at least 20%.