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Manulife Advantage Account Overview

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The perfect high-interest savings and chequing accounts combined to form the Manulife Advantage Account. This account is from Manulife, a Canadian bank with extensive experience satisfying customer needs.

The Manulife Advantage Account allows you to save money and earn 5% high interest on it.

With a minimum deposit of $1,000, you’ll have access to limitless checking, savings, and more. With this account, you can bank online, get $100,000 in insurance for free, and never pay a monthly charge.

This guide tells you everything you need to know about this account. You’ll also see suitable alternatives from Manulife that you can consider if this isn’t the account for you.

Manulife Advantage Account features

Below are the characteristics of the Manulife Advantage Account.

  • 5% interest
  • Online banking
  • Telephone banking
  • Interac debit card purchases
  • Interac e-Transfer
  • Wire transfers
  • Personal and official cheques
  • Deposit cheques using mobile deposit

Pros of the Manulife Advantage Account

In this section, you’ll learn about the benefits that come with opening this account.

No Monthly Fee

This combination of high-interest savings and chequing doesn’t require account owners to pay any monthly fees. That means that it’s free to maintain.

Insurance Coverage

The Canada Deposit Insurance Corporation covers deposits in this account up to a limit of $100,000. So, every Canadian with such an account is eligible for this perk.

High Interest

Every dollar that Canadians save in this account earns 5% interest. This interest is derived from a variable annual promotional interest rate of 2.15% and a posted annual interest rate of 2.85%.

Cons of the Manulife Advantage Account

There are some drawbacks that come with the Manulife Advantage Account, and they are:

Unlimited Banking Isn’t Truly Available

Canadians can only enjoy unlimited everyday banking from this combined account when they have $1,000 in it. If not, they’ll have to pay a few fees.

High Interest Is Temporary

Although there’s a 5% interest rate on this combined account, it’s only available to new customers for the first four months.

Manulife Advantage Account fees

You must come to terms with these fees and costs if you open this combined account.

  • Direct deposits: $0
  • Transactions between your combined account and another one of your accounts in another Canadian bank: $0
  • Mobile cheque deposit: $0
  • ATM deposit: $0
  • Bill payment: $1.00
  • ATM withdrawals within Canada: $1.50
  • Interac debit card purchases within Canada: $1.00
  • ATM withdrawals outside Canada: $3.00
  • Money transfer using Interac e-Transfer: $1.00
Manulife Advantage Account - Comparewise

Manulife Advantage Account special offers

The Manulife Advantage Account doesn’t offer any special offers for new account owners.

Other Manulife Bank account options

If the combined high-interest savings and chequing account isn’t to your taste, you can consider these substitutes.

The All-In Banking Package

This is a Manulife account that also offers savings and chequing account features. It also comes with smart savings tools and overdraft protection. This account requires a $10 monthly fee, 2.10% interest, and $10,000 in travel insurance.

Compared to the combined Manulife account, this account offers lower interest and requires a monthly fee.

The US Dollar Advantage Account

This is an account for Canadians who want to save US dollars and earn interest on them. This account comes with 0.20% interest and requires no monthly fees. Although the interest rate is low, it’s perfect for Canadians who want to keep US dollars on hand.

How to open the Manulife Advantage Account

Any Canadian 18 years of age and older can use the steps below to open their Manulife combined account.

  1. Visit the Manulife website and scroll to the Manulife Advantage Account page.
  2. To register, click “Open Account”.
  3. This page will prompt you to accept rules and regulations. Click “Get Started” when you’re done.
  4. Personal questions will be required on the next page. At the bottom of the page, you’ll need to establish an online banking registration code.
  5. On the next page, you’ll be asked for regulatory information needed to start a Manulife account. This area requires work, income, and account motivation information.
  6. After that, you must review your data. Before activating your account, you must answer legal questions and authenticate your identity.

Manulife Advantage Account conclusion

The Manulife Advantage Account is a Canadian account for those who desire high-interest and chequing features.

Instead of opening two accounts, this single account offers all the required features. If you keep $1,000 in your Manulife Advantage Account, you can use it without any transaction fees.

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FAQs about the Manulife Combined High-Interest Savings and Chequing

What minimum balance must be in the Combined High-Interest Savings and Chequing Account to earn the interest?

The combined high-interest savings and chequing account has no minimum balance requirement in order to earn the interest it offers. So, new customers that open this account can enjoy its 5% interest from the get-go.

What types of ATMs does the Combined High-Interest Savings and Chequing Account work with?

The combined high-interest savings and chequing account works with thousands of ATMs across Canada. As long as the ATM in question is part of The Exchange network, using it will be free. If it's not, however, the ATM may charge at its own convenience.

Do I need to pay any fees to use the Combined High-Interest Savings and Chequing Account?

No, you don’t need to pay any fees to use the combined high-interest savings and chequing account. This account requires no minimum balance and no monthly fees. So, you can start using it immediately after you open it.

Manulife Advantage Account Details

Interest Rate
5%
Monthly Self Serve Transactions
Unlimited
Monthly Cheque Transactions
Unlimited
Monthly E-Transfers
Unlimited
Number of Monthly Transactions
Unlimited
Other Features

Manulife Advantage Account Contact

Phone Number
1-877-765-2265
Email
manulife_bank@manulife.com
Hours
Monday to Friday, 8 am to 8 pm Saturday and Sunday, 9 am to 5 pm
Website
manulifebank.ca
Address
200 Bloor Street E Toronto ON M4W 1E6 Canada
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Manulife Advantage Account Details
  • Account Type : Chequing
  • Monthly Transactions : Unlimited
  • Other Features :
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