Manulife All-In Banking Review

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Not many people think about Manulife for their banking needs so it was pretty interesting when they introduced their new All-In Banking Plan which gives you access to 4 different products: an everyday bank account, a high-interest savings account, a no-fee cash back credit card and travel disruption insurance. The idea is that all of these products will work together and help you develop better financial habits by using the app. They’re even throwing in one year of Amazon Prime as an incentive for you to sign up!

What’s interesting is that the Manulife All-In Banking Plan comes with unlimited transactions (including e-transfer) and will cost you just $10 a month. Traditional banks charge $10 – $25 per month depending on the type of account you have so Manulife’s option is much cheaper. Better yet, you can get the monthly fee waived as long as you save at least $100 a month. There’s no denying that this new account is interesting, but is it any good? Read my Manulife All-In Banking review now to find out.

Manulife unlimited daily bank account

  • Unlimited transactions including e-transfers
  • No fee access to 3,500 ABMs across Canada (The Exchange ATM network)
  • $10 monthly fee – waived if you grow your savings by $100 in any one month.

The Manulife unlimited daily bank account is pretty straightforward since it gives you unlimited transactions including e-transfers. What sets it apart from other banks is that your monthly fee of $10 is waived as long as you have at least $100 more saved compared to the last calendar day of the previous month. This will appeal to people who don’t want to keep $3,000-$5,000 to get their fees waived at the big banks.

That said, saving $100 extra a month to get your fees waived is still annoying since there are other online options available such as motusbank and EQ Bank (no debit card) that doesn’t charge fees at all and have no minimum balance requirements. To help you get your fees waived, the app will tell you how much you still need to save which is nice, but most people would rather just have no fees at all.

Similar to some of the current prepaid credit cards, the Manulife app allows you to set automatic roundups which will help you achieve your savings goals quicker. 

Manulife high-interest savings account

  • 1.20% interest rate
  • Unlimited transactions including e-transfers

Of the four products included with the Manulife All-In Banking plan, the HISA is easily the most disappointing. 1.20% is competitive compared to Tangerine and Simplii, but then you’ve got EQ Bank, Motive Financial and motusbank that pay higher interest.

If you want the highest interest rate possible, park your money in one of the best high interest savings accounts. But if you like the idea of a single financial institution where you have all of your products, then this could be a good choice for you.

Manulife no annual fee cash back Visa 

  • Earn 5% cash back at grocery stores for your first 3 statements
  • Earn 2% cash back at grocery stores after the promotional period ends
  • Earn 1% cash back on all other purchases
  • Purchase protection
  • Extended warranty
  • Travel accident insurance

Although the Manulife no annual fee cash back Visa doesn’t quite compare to some of the best cash back credit cards, you get a respectable 2% back at grocery stores and 1% back on all other purchases. One credit card you compare it to is the Tangerine Money-Back card where you can earn 2% in up to three categories of your choice and 0.5% back on all other purchases.

The additional benefits that come with the Manulife no annual fee cash back Visa are limited since all you get are purchase protection which covers your purchase from loss, and damage within 90 days of your purchase; extended warranty which doubles your manufacturer’s warranty up to one additional year; and travel accident insurance.

Travel disruption insurance

Finally, the last included feature of the Manulife All-In Banking is travel disruption insurance. This feature applies specifically to if your trip is disrupted and you need to return home earlier or later than your scheduled return date due to a covered event.

The insurance covers you and up to two travel companions for up to $2,000 per trip with a total of $10,000 per year. When you look at this travel insurance individually, it’s a bit disappointing considering many of the best travel credit cards give you much better travel insurance. However, this trip disruption insurance is included with your bank account, not your credit card. No other bank accounts include any type of travel insurance so this is quite the unique feature coming from Manulife. 

Final thoughts

My Manulife All-In Banking review is positive. Individually, the four different products may not be the best out there, but when you look at it as a suite of products that you can get for “free,” then there’s no denying that it can be an attractive option for many consumers.

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter:@barrychoi

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