If your business holds cash balances in its accounts as you operate, you typically have to decide whether to invest your cash or simply leave it in your current account.
Investing in GIC’s can enhance your returns but your money is locked up and you have to administer maturity dates and pay penalties to access your cash early.
Leaving it in your current account is convenient but doesn’t help your bottom line.
Manulife Bank Business Advantage Accounts are daily interest savings accounts that pay high daily interest ¹. They are designed to be linked electronically to your existing chequing account. This linkage allows you to transfer funds in two directions:
To Manulife when your cash balances build up and you want to earn interest ¹
Back to your chequing account when you need to write cheques
By adding a Business Advantage Account to your banking structure, you leave ALL of your existing banking arrangements intact. Preauthorized collections or payments as well as debit/credit card processing remain unchanged – everything stays exactly the way you have it set up at your existing bank..
Whenever you use a Manulife Bank Business Advantage Account:
Your money is never locked in
Every dollar in the account earns the same rate ¹
There are no withdrawal penalties or restrictions
There are no minimum deposit balance requirements
There are no monthly fees to operate the account
Your funds are CDIC eligible
$CDN accounts current rates= 0.85% annual interest ¹
$US accounts current rates = 0.25% annual interest ¹
1The variable rate of interest is applied to all funds in the account. Interest is calculated on the total daily closing balance and paid monthly. Rate is subject to change. Manulife Bank’s posted deposit rates are good for new initial deposit amounts of up to $2 million. For amounts over $2 million please contact ICMS at 403-313-4302 or firstname.lastname@example.org
Transfers between Manulife and your existing bank are always initiated by you – using a Manulife website or call centre. Transfers involve exchange of payment files and typically take one business day with Big 5 banks who conduct multiple file exchanges in a business day.
When you initiate a transfer the changes will be reflected immediately on your Manulife screen.
At your existing bank, notification could be later in the next business day. You would still receive value for the transfer “as of” that business day.
To be conservative you should allow two (2) business days lead time.
Manulife does not charge for deposits. Transfers between your existing bank account and your Manulife account are free at Manulife.
If your service charges are on a “pay-as-you-go” basis at your existing bank you will be charged for an electronic transaction, just like they would charge you for paying a utility bill or receiving a direct deposit.
If you are on a fixed monthly fee they will be part of that fee.