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If you live in British Columbia or some other province in Canada that borders the US, you might find yourself in need of US dollars at some point.
Perhaps you’re running a business across the border with US citizens, or you need to save some dollars to accumulate interest for a while. Either way, you can own a US dollar account while living in Canada thanks to the Manulife US Dollar Advantage Account.
This account, also known as the US Dollars Advantage Account, gives you a high interest rate of 0.20% on your savings without charging monthly fees.
However, the major downside is that the bank doesn’t offer exchange services or give you a debit card. Therefore, you need to transfer your funds to another US-dollar Canadian account whenever you need to exchange them for Canadian dollars or make withdrawals.
In this article, we’ll take you through the savings account and share with you its features, pros, cons, and lots more. Let’s get started.
Features of Manulife US Dollar Advantage Account
When you open this savings account, the following is what you get:
- high interest rate on savings.
- $0 monthly maintenance charges
- There are no charges on transfers to Canadian banks.
- Deposit funds through cheque mailing or online transfer.
The Pros of the Manulife US Dollar Advantage Account
Before you open this account, it is important to understand its benefits. You’d want an account that meets your needs. The benefits of Manulife US Dollar High-Interest Savings are as follows:
Interest Accumulation
With a 0.20% interest rate on each US dollar you save, you get to accumulate a lot of interest on your savings. This helps grow your savings faster while allowing you to spend US dollars at your convenience.
No Maintenance Fees are applicable
This is another benefit that you get to enjoy on this account. There is no monthly maintenance fee on the account. You’re confident that the bank won’t deduct your funds monthly.
Free Transfers to Canadian Banks
While using this account, you’ll enjoy free transfers to other US-dollar Canadian accounts. This is exceptionally great, as this type of transfer is necessary to exchange your funds for Canadian dollars or other currencies.
Easy Deposit
Flexibility is one benefit that most people look forward to when opening an account. With this account, deposits are easy. You can simply transfer funds using online banking to your account or mail the bank a cheque which will be deposited into your account.
Accessible Financial Advisor
There is a financial advisor that helps you make informed financial decisions concerning your account. You only get to become an account holder after discussing it with an advisor.
The Cons of the Manulife US Dollar Advantage Account
Despite the beautiful benefits this account has, it also has some shortfalls. Here are some downsides to this account that you should be aware of:
No Debit Card is Available
This is a major downside. Without debit cards, you cannot make online purchases in US dollars. You’d have to transfer the funds to another US-dollar Canadian account that offers debit cards to be able to make purchases from online stores.
No Exchange services on Manulife
The bank doesn’t offer exchange services. Therefore, your funds cannot be converted to your country’s currency or other currencies through the bank. You’d have to first transfer it to another bank.
Manulife US Dollar Advantage Account fees
There are no maintenance or transfer charges on this account. This helps you increase your savings faster. Also, there are no fees for making deposits and withdrawals. What you save is what you get.
Special offers of Manulife US Dollar Advantage Account
Other than the free transactions and $0 maintenance fees, there are no special offers on the Manulife US Dollars High-Interest Savings Account.
Other Manulife account options
- Manulife TFSA
- Manulife Combined High-Interest Savings and Chequing Account
- Manulife All-in Banking Package
How to open a Manulife US Dollar Advantage Account
To open a Manulife US Dollars High-Interest Savings Account, you need to reside in Canada and be 18 years of age or older. Once you meet these requirements, you can now proceed with the step-by-step account opening process below:
- Visit the Manulife website and click on ‘find an adviser…’
- Next, you’d fill out an online form where you’d enter your name, contact details (including the postal code of your area), social insurance number, and date of birth.
- Once you’ve done that, create a registration code. You’ll need this code to log into your account when it’s ready.
- Your account will be created within seconds, and you can start saving in US dollars.
Manulife US Dollar Advantage Account conclusion
Whether you want to keep some US dollars for future use or you make many transactions in the US, this account is a good choice.
The Manulife US Dollars High-Interest Savings Account helps you save without paying maintenance or transaction fees. If you’re not cool with the no credit card feature of this account, you might want to research some other account options of the bank.
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