Manulife Bank
Written by Lauren Brown
Last updated on September 28, 2026
FinlyWealth rating
🏅
3.8
Products they offer:
Best for:
Manulife Bank is ideal for Canadians who want digital banking from an established financial institution. Is it particularly attractive to those who already use Manulife for insurance, wealth management, or borrowing.
on Manulife Bank of Canada's website
Overview
Manulife Bank is “Canada's first branchless bank,” with its parent company well-known among Canadians. The digital bank has $33.5 billion in assets and is ranked by Forbes as number seven in Canada on its list of the World’s Best Banks 2026. It also has Canada Deposit Insurance Corporation (CDIC) coverage on deposits.
Offering a much narrower lineup versus the biggest banks in Canada, Manulife Bank has one main bank account, which acts as a hybrid between chequing and savings. It also has Visa-branded credit cards, though does not offer Mastercard or American Express. The bank’s lineup is complete with mortgages and lines of credit, but its ongoing, non-promotional borrowing rates are less competitive, especially compared to offers available through digital banks.
One of the standout features of Manulife Bank is its integration with Manulife Financial, which allows customers access to insurance and wealth management services alongside daily banking. For those who already use Manulife products, it can provide a simple way to manage everyday banking with other financial needs.
Pros
- Schedule I federally chartered bank with backing from The Manufacturers Life Insurance Company
- Integration with Manulife Financials’ broader offering
- CDIC insurance coverage on eligible deposits
- Access to over 2,600 surcharge-free ATMs in Canada through Manulife Bank or The Exchange Network
- Hybrid banking, which combines interest with everyday banking features
Cons
- No physical branch locations
- Less banking options compared to the Big Six Canadian banks
- Mixed customer reviews
- Business banking is not a complete offering
- Rewards ecosystem is less competitive
- Regular savings rates are not market-leading
Product Reviews
Savings Accounts
3.9 Our rating
on Manulife Bank's website
Welcome Bonus
Get an additional 1.5% in interest for new customers
Regular Interest
1.5%
Monthly Fee
$0
The Manulife Advantage Account is a cross between a savings account with a higher rate of interest and a chequing account with unlimited transactions. The catch? You must keep $1,000 in the account in order to qualify for these no-cost everyday transactions. Regardless of your balance, though, you will not see a monthly fee.Â
The hybrid structure of the account makes it more flexible than traditional savings accounts. It is especially appealing for customers who want to earn interest without having to fully separate their spending money from their savings. The account also benefits from Manulife Bank’s connection to the larger Manulife Financial group. Its downside, though, is that it is largely a digital bank without physical branches, which means it may not be the right fit for every Canadian.
Earn an extra 1.5% on top of the regular 1.50% variable interest rate when you make a deposit your new Advantage Account*
* 3.00% promotional rate is for new deposits to a new personal, non-registered, Canadian-dollar Advantage Account. The promotional interest rate is made up of the regular posted annual variable interest rate of 1.50% and the variable annual promotional rate of 1.50%. Interest is calculated daily and paid monthly beginning on the date the account is opened and continuing 730 days (2 years) on net new deposits to a maximum of $500,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer is limited to one account per client and cannot be combined with other offers. The offer and rates are as of July 2, 2026 and subject to change without notice. Click here for full terms and conditions (PDF).
- Earn interest on your entire account balance
- $1.00 per Interac® debit transaction, Interac e-Transfer or bill paymentÂ
- $1.50 to withdraw your money
- Access to 2,600 Manulife Bank or The Exchange Network ATMs in Canada
- Fees waived on all banking transactions with a minimum account balance of $1,000
Customer Experience
3.2/5
Manulife does not have its own branches, which means that accessing in-person banking services is not possible. Instead, you must call in or rely on its mobile app and online banking for chat or messaging support.
While its mobile app receives decent reviews, Manulife’s customer feedback is overwhelmingly negative. Complaints include slow response time and trouble accessing the online system, with some even being unable to access their accounts despite calling customer service.
Rating Methodology
How We Rate Manulife Bank of Canada
Our ratings are based on a comprehensive evaluation of each financial institution across multiple categories. We assess the quality and competitiveness of their products, fees, interest rates, customer experience, and overall value proposition.
Overall Rating
A weighted average reflecting the institution's performance across all evaluated categories.
Product Offerings
Evaluates the breadth and quality of available products including credit cards, savings accounts, and chequing accounts.
Fees & Rates
Compares monthly fees, interest rates, and fee waiver options against industry standards.
Customer Experience
Assesses the quality of customer support, digital banking tools, and overall user experience.
Rating Scale: All ratings are on a scale of 0 to 5, where 5 represents exceptional performance and 0 represents significant concerns. Ratings are reviewed and updated regularly to reflect changes in products, pricing, and services.
Frequently Asked Questions
Yes, it is. Manulife Bank of Canada is a Schedule I, federally chartered bank.