Manulife Bank Business Advantage Accounts

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henever your business holds cash balances in its accounts as you operate, you 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.

You can have to forfeit your interest, and pay a penalty to access your cash early.

Leaving it in your current account is convenient, but you get zero interest on your money, and that doesn’t help your bottom line.

Manulife Bank Business Advantage Accounts are daily interest savings accounts that pay high daily interest ¹. Combining the liquidity of a current account with GIC-like rates, they are designed to be linked electronically to your existing chequing account. A no-cost treasury account that 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 current account when you need to write cheques
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hen you add 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 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 balance requirements
  • There are no monthly fees to operate the account
  • Your funds are CDIC eligible
  • $CDN current rate = 2.85% annual interest ¹
  • $US current rate = 0.20% annual interest ¹

Try the $US Business Advantage Account calculator.

1 The variable rate of interest (currently 2.85%) is applied to all funds in the account. Interest is calculated on the total daily closing balance and paid monthly. Rates subject to change. Manulife Bank’s posted deposit rates are good for new initial deposit amounts of up to $5 million. For amounts over $5 million please contact ICMS at 403-969-2267 or paul@icmsltd.ca

Open a Manulife Bank Business Advantage Account

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Opening a Business Advantage Account
  • 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 following 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 + one piece of Canadian Government issued photo ID for each signing officer
    • Canadian Drivers License
    • Canadian Passport
    • Canadian Provincial ID
  • 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