Manulife Bank

Manulife Bank is a Canadian bank, legally Manulife Bank of Canada, offering interest-bearing savings accounts for businesses. It is not meant to replace an operating account.

Accounts The two products are the Business Advantage Account and the US$ Business Advantage Account, the latter held in US dollars. Their main role is parking reserves and surplus cash, not handling daily payments and payroll.

Fees and transfers According to the bank, there is no monthly fee, and bank-to-bank transfers are free. This keeps holding costs low, but the accounts are not designed for card spending or frequent transactional use, so businesses normally pair them with a separate operating account.

Deposit insurance Deposits are covered by the Canada Deposit Insurance Corporation (CDIC), up to CAD 100,000 for eligible deposits under the insured category rules. The sister company Manulife Trust Company is a separate CDIC member and should not be confused with the bank.

Contact and languages The mailing address is 500 King Street North, Suite 500-MA, Waterloo, Ontario N2J 4C6. Service is offered in English, Mandarin and Cantonese.

Who it suits The accounts suit Canadian companies with idle balances in CAD or USD that want interest and cost-free transfers to their main bank. Current rates are not given here and should be checked with the bank.