To the point
In this article, we explore the financial products offered by Manulife Bank, such as their high-interest savings account and credit cards.
What is Manulife Bank?
Manulife Bank of Canada (simply, Manulife Bank), a subsidiary of Manulife, is a federally chartered online bank founded in 1993. It’s 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 3 bank accounts: All-in Package, Advantage Account and U.S. Advantage Account. Here’s more information on each of these 3 accounts.
All-in Package Bank Account
Manulife Bank‘s all-in package account isa high-interest savings account that encourages people to save. Here are its main features:
- Bank account with unlimited day-to-day banking (purchases, withdrawals, Interac transfers, bill payments, etc.)
- High Interest Savings Account
- Travel insurance
- $10 monthly fee (no fee when you save $100 a month)
- Deposits insured by the Canada Deposit Insurance Corporation (CDIC)
Avantage 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 (with a minimum balance of $1,000)
- No minimum balance required
- High interest rates
- Includes all the functions of a chequing account (send or receive Interac transfers, make Interac debit card purchases, pay bills, etc.).
- 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
Manulife Bank offers two credit cards: the ManulifeMONEY+ Visa Platinum Card and the ManulifeMONEY+ Visa Infinite Card. Here are the main features of each of these credit cards.
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 Review, 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 Review, Manulife Bank credit cards are attractive, especially for cash back on groceries. However, other Canadian financial institutions and credit card issuers offer more attractive rewards and welcome bonuses. 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 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.
