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 = 1.00% annual interest ¹
  • $US accounts      current rates = 0.25% annual interest ¹

Try the $US Business Advantage Account calculator.

1 The 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 info@icmsltd.ca

Open a Manulife Bank Business Advantage Account

Frequently Asked Questions

  • Yes – money on deposit in a $CDN account is eligible for CDIC coverage
  • In fact by adding a Manulife bank account you are doubling your company’s insurance coverage
    • At your existing bank your maximum coverage through CDIC is $100,000 per account
  • By having funds in a separate bank you are eligible for $100,000 coverage on the Manulife account
  • NO! Manulife Bank accounts are designed to be an electronic complement to your existing current account
  • By adding a Business Advantage Account to your banking structure, you can leave 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
  • 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.
  • Interest is paid as of the last day of the month
  • Interest is calculated daily based on the closing balance.
  • If you had money in the account for say 16 days, you would earn 16 days’ interest.
  • Many clients prefer to use telephone banking. At account setup you create a Password/ID combination.
  • Using a toll-free number, you speak directly with a Manulife Representative to deliver your instructions verbally
  • Yes you can set up automated transfers to and from your Manulife account
  • You have to determine the date and amount of the transfer
  • You CANNOT set up a transfer based on an account balance reaching a limit
  • When you initiate your transfer through on-line banking (versus telephone banking) there is a $50,000 TRANSACTION limit
  • This is NOT a daily limit
  • Example – you want to transfer $250,000. If done on-line you would make 5 transfers of $50,000 – one after the other in the same session
  • This can tend to “clutter” your bank statement.
  • In practice clients transfer amounts over $50,000 in one transaction by providing instructions through telephone banking
  • This tends to result in “cleaner” bank statements (easier reconciliation)
  • There are no withdrawal restrictions.
  • There are no minimum balance requirements.
  • It’s your money. Take out all or some as it suits your needs.
  • Manuilife’s published rates are good for initial deposits up to $2 million.
  • Contact ICMS to negotiate an interest rate if your balances will be above this threshold.
  • Yes Manulife Bank offers $USD Advantage accounts – both Business and Personal
  • They function exactly like $CDN accounts – BUT do not offer chequing privileges
  • Yes they do offer Personal accounts that work just like business accounts
  • They can be linked to an existing personal account or operated as a stand alone account
  • Personal accounts offer free unlimited chequing when your balance is $5,000 or more
  • 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.
  • You never pay a fee or commission to ICMS to operate a Manulife Bank account
  • ICMS has an Agency Agreement with – and receives a separate payment from – Manulife Bank of Canada.
  • Your investment balances will always receive the published rate in full.
  • Just because you have an Operating Line of Credit doesn’t mean you will always be a borrower
  • there are often times when a borrowing account can be in a cash surplus
  • cash surpluses in a Manulife Bank Business Advantage account are an asset of the company and improve your bottom line
  • as long as they remain on your balance sheet  they do not affect your company’s credit worthiness

Key Points

  • To meet federal reporting requirements Manulife Bank relies on ICMS to verify the identity of the individuals who ultimately own the company that is opening the account.
  • If the company applying for the account is structured to be owned by other companies (i.e., holding companies)
    • ICMS needs to supply the checklist information for each holding company involved
    • but only when they own 25% or more of the company applying for the account.
  • Require personal identification for the signing officers of each company.
  • Do NOT require personal identification for the directors.

Checklist Information

Required to open a $CDN or $USD Business Advantage account at Manulife Bank:

  • Incorporation Number (from Certificate of Incorporation)
  • Business Identification Number (from GST or Payroll remittance)
  • Contact info for the company (full legal name, address, phone, fax, email, etc.)
  • List of any individual or business that owns 25% or more of the company applying for the account
    • Home address
    • Date of birth
    • Occupation
    • % Ownership
  • List of directors of the company and their occupations
  • Home phone number + Business phone number + Two pieces of ID for each signing officer
    • Drivers License plus one of
      • Passport
      • Credit card
      • Alberta Health Card
      • Social Insurance Card
  • Void cheque from each bank account that the Manulife account will be linked with.
    • Each account must be in the same legal name as the Manulife account
  • If cheques not available on an account – ask your bank to provide a P.A.D. form (Pre Authorized Debit)
    • The same form you would request to set up a utility bill payment or lease payment