Manulife may not be the first name that comes to mind for banking services, making their launch of the new All-In Banking Plan a noteworthy development. This plan provides access to four key offerings: a day-to-day banking account, a high-interest savings account, a no-annual-fee cash back credit card, and travel disruption insurance. The aim is to encourage better financial management through the app by integrating these products. To sweeten the deal, they’re also including a one-year subscription to Amazon Prime for new customers!
One standout feature of the Manulife All-In Banking Plan is that it offers unlimited transactions (including e-transfers) for a flat fee of just $10 per month. This is considerably more affordable compared to traditional banks, which typically charge anywhere from $10 to $25 depending on the account type. Additionally, the monthly fee could be waived if you manage to save at least $100 in a month. This new banking option presents a compelling case, but how does it hold up? Check out my review of the Manulife All-In Banking to learn more.
Manulife Unlimited Daily Bank Account
- Unlimited transactions including e-transfers
- No-fee access to 3,500 ATMs across Canada (The Exchange ATM network)
- $10 monthly fee – which can be waived with a $100 savings increase in a month.
The Manulife unlimited daily bank account is quite simple, offering unlimited transactions, including e-transfers. A distinguishing aspect is that the monthly fee of $10 can be waived if you manage to save an additional $100 compared to the last calendar day of the previous month. This feature is appealing to those who prefer not to maintain high balances of $3,000-$5,000 required by some larger banks to avoid fees.
That being said, needing to save an additional $100 each month for a fee waiver can be somewhat inconvenient, especially considering there are other online banking options like Motusbank and EQ Bank that have no fees and no minimum balance requirements. The app does help by displaying how much you still need to save to waive the fees, but many users might prefer having entirely fee-free accounts.
Similar to various prepaid credit cards, the Manulife app offers automatic roundups, helping users achieve savings goals more effortlessly.
Manulife High-Interest Savings Account
- 1.20% interest rate
- Unlimited transactions including e-transfers
Among the four products within the Manulife All-In Banking plan, the high-interest savings account (HISA) falls short. While its 1.20% interest rate holds up against competitors like Tangerine and Simplii, other institutions such as EQ Bank, Motive Financial, and Motusbank offer even better rates.
If maximizing interest rates is your goal, consider placing your funds in one of the top high-interest savings accounts available. However, if you value the convenience of having all your banking needs under one roof, then this option might serve you well.
Manulife No Annual Fee Cash Back Visa
- 5% cash back at grocery stores for the first 3 statements
- 2% cash back at grocery stores after the promotional period
- 1% cash back on all other purchases
- Purchase protection
- Extended warranty
- Travel accident insurance
While the Manulife no annual fee cash back Visa may not stack up against some of the top cash back credit cards, it still offers an appealing 2% back on groceries and 1% on all other purchases. A comparable card is the Tangerine Money-Back card, which allows you to earn 2% in up to three chosen categories and 0.5% back on everything else.
The additional perks associated with the Manulife cash back Visa are fairly limited, encompassing only purchase protection for losses or damage within 90 days of purchase, an extended warranty that doubles the manufacturer’s warranty up to an additional year, and travel accident insurance.
Travel Disruption Insurance
The final offering within the Manulife All-In Banking is travel disruption insurance, which applies when your trip is affected, necessitating an earlier or later return for valid reasons.
This insurance can cover you and up to two travel companions for claims up to $2,000 per trip and a total of $10,000 within a year. When examined in isolation, this travel insurance might seem underwhelming compared to many premier travel credit cards that offer significantly enhanced travel coverage. Nevertheless, it is noteworthy that this coverage is part of a bank account rather than a credit card, which makes it a distinctive offering from Manulife.
Final Thoughts
Overall, my review of the Manulife All-In Banking Plan is favorable. Although each of the four products may not individually be the highest performers in their categories, the collective suite of offerings can certainly appeal to consumers looking for a cohesive and potentially free banking experience.