Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.
You don’t have to choose between savings and a chequing account with the Manulife All-In Banking Package. This banking package is a rare treat from Manulife, a reliable financial institution with more than 25 years on the Canadian banking scene.
The Manulife All-In Banking Package combines the features of a savings account and a chequing account. It comes with unlimited daily transactions, a 2.10% interest rate, a 15% secured overdraft rate, and automated savings. This account has no special offers, and it’s easy to open for all Canadians 18 of age and older.
Learn all about what this banking package has to offer, along with its pros and cons. This article also provides other suitable alternatives that you can try if you don’t like this account.
Features of the Manulife All-In Banking Package
When you open the all-in banking package, you gain access to a few services, and they are:
- Unlimited Interac e-transfer transactions
- Unlimited bill payments
- Automated savings tools
- Unlimited Interac debit purchases
- Unlimited withdrawals
- 2.10% interest rate
- 15% secured overdraft rate
Pros of the Manulife All-In Banking Package
Opening the Manulife All-In Banking Package account comes with a few benefits, and they are:
High Interest Rate
The Manulife all-in account offers a high interest rate of 2.10%, which is better than most chequing accounts.
Travel Insurance
This account comes with $10,000 in annual travel insurance for all account holders. As such, when they’re abroad, they can rest assured that they’re covered by travel disruption insurance.
Rebate for Saving $100
There is a $10 monthly charge for the all-in banking bundle. However, if account holders raise their savings amount by $100 from the previous month, this fee will be eliminated.
Cons of the Manulife All-In Banking Package
The all-in banking package isn’t perfect as it has one drawback, which is:
Monthly Fee
This bank account doesn’t offer true free banking as there’s a $10 monthly fee. Even though this fee can be waived, account holders would have to keep $100 constantly in their accounts.
Manulife All-In Banking Package fees
There are a few fees that come with opening a Manulife All-In Banking Package account and they are:
- Monthly fee: 10%
- Mobile cheque deposit: $0
- Direct deposit: $0
- Transferring money between your Manulife account and another one of your accounts at a different Canadian bank: $0
- ATM deposits: $0
- Transferring money using Interac e-Transfer: $0
- Bill payments: $0
- ATM withdrawals when you’re outside Canada: $3.00
- Debit card purchases within Canada: $0
- ATM withdrawals within Canada from ATMs that are part of THE EXCHANGE: $0
- ATM withdrawals within Canada from ATMs that are not part of THE EXCHANGE: $1.50
Manulife All-In Banking Package special offers
The Manulife All-In Banking Package doesn’t come with any special offers for new customers.
Other Manulife Bank account options
If you feel like the all-in package doesn’t suit your options, there are other Manulife accounts you can try, like those below:
Advantage Account
A dollar saved in this high-interest savings account earns interest at a rate of 5.00%. Maintaining a minimum balance of $1,000 will also waive the account fees for this savings account. The Manulife Advantage Account is perfect for Canadians who prefer the savings features of the all-in banking package.
Tax-Free Advantage Account
This savings account provides a tax-free benefit and full access to your money. People who open this type of account are eligible to receive tax-free interest at a rate of 2.10%.
How to open the Manulife All-In Banking Package Account (step-by-step guide)
Canadian residents over the age of 18 are eligible to open a Manulife All-In Banking Package account. After which, they can follow the simple steps below to open the account.
- Visit the Manulife online website and scroll to the Manulife All-In Banking page.
- Click on the “Open An Account” icon.
- Here, you’ll need to check a box if you have read and accepted the terms and conditions on the page. Click on the “Get Started” button when you’re done.
- On the next page, you’ll be asked to fill out your personal details.
- A registration code for use with online banking must be generated at the bottom of the page.
- You must respond to a few regulatory questions about the account you want to open on the next page. Included in this area are details regarding your location of employment, your income sources, and your motivations for opening the account.
- The next page will have you review all the information that you’ve provided. After which, you’ll have to answer some legal questions before your account is finally created.
Manulife All-In Banking Package conclusion
The Manulife All-In Banking Package offers the features of a chequing account and a savings account all in one. This banking package offers unlimited daily banking transactions, a high interest rate for saving, and it’s all free when you save $100.
The Manulife All-In Banking Package is perfect for Canadians who want to enjoy the benefits of a savings account and a chequing account.
You might also like…
