Institution profile · Domestic bank (Schedule I)
Manulife Bank
ActiveManulife Bank of CanadaCDIC
Manulife Bank of Canada is a Schedule I bank owned by the insurer Manulife. It is known for the Manulife One all-in-one mortgage and banking account.
Profile facts checked October 30, 2026
Mitey files the Manulife Bank index card: cheapest everyday account $504 a year.
Is Manulife Bank a good bank for everyday banking?
Manulife Bank’s cheapest chequing account open to anyone, Advantage Account (chequing & savings), costs $504 a year for a typical household (25 debit purchases, 6 bills and 5 e-Transfers a month), $145 above the national median of $359. It scores 38.2/100, #13 of 13, in our bank review. Eligible deposits are CDIC-insured to $100,000 per category.
At a glance
- Legal name
- Manulife Bank of Canada
- Type
- Domestic bank (Schedule I)
- Owner / parent
- The Manufacturers Life Insurance Company
- Head office
- Waterloo, ON
- Founded
- 1993 — Manulife states the bank was established in 1993.
- Regulator
- Office of the Superintendent of Financial Institutions (OSFI) for safety and soundness; Financial Consumer Agency of Canada (FCAC) for consumer protection
- Cheapest everyday account
- Advantage Account (chequing & savings) — $504 a year for the Everyday example
- Best posted savings rate
- 1.65% on $10,000 (Advantage Account (savings & chequing))
- OBSI banking cases
- 11 opened in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025)
- Website
- www.manulifebank.ca
Is my money safe at Manulife Bank?
CDIC member. Manulife Trust Company is a separate CDIC member.
Our assessment: 38.2/100, #13 of 13 in our bank review
Strongest on app rating. Trails on everyday cost and branch and ATM access. Cheapest account for everyday use: $504 a year. No branches; THE EXCHANGE network.
Cost 9 · Access 40 · Savings rate 55 · App rating 89 · not scored: service. How the review works.
What do Manulife Bank’s chequing accounts cost?
Manulife Bank lists 1 chequing account with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is Advantage Account (chequing & savings) at $504 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| Advantage Account (chequing & savings) | No monthly fee | None included (each one is charged) | $504 |
What would Manulife Bank cost a typical household?
The cheapest Manulife Bank account open to anyone for each of our four usage profiles, against the cheapest account in Canada for the same banking. Profiles are defined in the finder.
| Profile | Cheapest at Manulife Bank | Fees/yr | Cheapest in Canada | Fees/yr |
|---|---|---|---|---|
| Light Mostly card and app, small balance | Advantage Account (chequing & savings) | $222 | PC Money Account PC Financial | $0 |
| Everyday Household account, a few e-Transfers | Advantage Account (chequing & savings) | $504 | Personal Account EQ Bank | $0 |
| Heavy Lots of card, bill and e-Transfer payments | Advantage Account (chequing & savings) | $948 | Personal Account EQ Bank | $0 |
| Branch and cheques Teller visits, cheques, paper statement | no account can serve it | — | Basic Bank Account Scotiabank | $134 |
Worked example — Advantage Account (chequing & savings) (Manulife Bank), Everyday profile
| Monthly fee × 12 | $0 |
| Transactions beyond the included number (43 a month) × 12 | $486 |
| Other-bank ATM access fees (1 a month) × 12 | $18 |
| Paper statements × 12 | $0 |
| Fees a year | $504 |
What savings rates does Manulife Bank pay?
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| Advantage Account (savings & chequing) | 1.65% | No monthly fee |
Is Manulife Bank on the official lists?
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| Manulife Bank of Canada | OSFI — Schedule I domestic bank | Yes |
| Manulife Trust Company | OSFI — trust company | Yes |
What else should you know about Manulife Bank?
- Schedule I bank and wholly owned subsidiary of The Manufacturers Life Insurance Company; Manulife says it was the first federally regulated bank opened by an insurance company in Canada.Source: manulife.com
- Offers the Manulife One all-in-one mortgage and banking product.Source: manulifebank.ca
Your own pattern can change the order. Put your numbers into the true-cost finder to rank Manulife Bank’s accounts against everyone else’s.
How many Manulife Bank complaints reached the ombudsman?
OBSI, the ombudsman for banking, opened 11 banking cases about Manulife Bank of Canada in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025), closed 12, and resolved 5 to the complainant’s satisfaction. Across all banks and credit unions, OBSI opened 5,438 banking cases that year (+113% on the year before) and 25% of closed cases ended with money paid.
Counts aren’t adjusted for size, so bigger banks have more cases. A complaint reaches OBSI only after the bank’s own process (up to 56 days). Source: OBSI Annual Report 2025, released March 13, 2026. How to complain.
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