Manulife Bank Select

Overview

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Whether your clients are first-time home buyers, refinancing or want a more convenient or integrated way of banking, Manulife Bank Select provides a range of mortgage choices to suit their needs. Manulife Bank Select is a flexible and customizable banking solution that combines a traditional amortizing mortgage and a high-interest* chequing account in one convenient product.

Your clients have the option to choose fixed or variable rates and open or closed terms to create a customized mortgage to suit their needs. With Manulife Bank Select, your clients can get the best of both worlds with mortgage portions. They can split their mortgage into up to five portions, each with its own structure. Plus, they earn a high rate of interest* on every dollar in their account while enjoying full chequing features for all their daily banking needs.

Current rates

There are some limitations to how you, as a financial advisor, can market this account to your existing clients due to various provincial mortgage broker laws and other regulatory requirements. It’s important that you understand what these are. Details about how you can and cannot market Manulife Bank Select are available on the Selling page when you are logged into this site.

Because of these limitations, your Business Development Consultant (BDC) will be your primary point of contact with us. He or she will inform you on all of our products, discuss sales strategies and potential opportunities with you, and introduce you to other bank specialists when needed.

Questions?

1-800-567-9170

banksales@manulife.com

Product information

Other banks may tell your clients they need a mortgage, chequing account and one or more savings accounts to help them reach their home ownership and savings goals. Not us. Manulife Bank Select is an innovative solution that could streamline and simplify your clients’ banking by combining a traditional amortizing mortgage and all the features of an everyday banking account in one convenient product.

Your clients have a range of mortgage choices with Manulife Bank Select.

They can choose from fixed or variable rates, closed or open terms, short or long terms.
They choose their mortgage payment frequency.
They can split their mortgage across up to five portions, in any combination of fixed and variable rate terms.
They have the opportunity to become debt-free sooner by taking advantage of one or both of the annual pre-payment privileges: lump-sum payments up to 20% of their original mortgage amount and increase their regular mortgage payment by up to 25%.

Manulife Bank Select includes full chequing account features – your clients can withdraw and deposit money, make debit card purchases, have their paycheque deposited directly and automatically, move money online or by phone – and more!

With a Manulife Bank Select account, your clients can earn a high rate of interest* on every dollar in their account. They’ll no longer need a separate account to make the most of their personal savings.

They decide whether they want to take advantage of our all-inclusive $16.95 ($9.95 if they're 60 years or older) monthly fee or choose our no monthly fee option and pay as they go for each transaction.**

By referring Manulife Bank Select, you can:

Strengthen client relationships.
Reduce contact between your clients and other financial institutions.

Selling

Referring mortgage products to your clients can be a great way to expand your business by meeting more of your clients’ financial needs. It can also improve client satisfaction and reduce contact between your clients and other financial institutions.

With most financial products, advisors can solicit business from the general public, describe products in detail, compare various products for clients and take applications. However, with mortgage products, these types of activities can only be carried out by Mortgage Brokers and employees of approved lenders.

That's why you need to collaborate with a Manulife Bank Retail Lending Specialist, a professional mortgage expert who will take your client referrals and work directly with those clients to complete the sale.

As an advisor you are only allowed to "refer" clients to a Retail Lending Specialist to obtain a mortgage. You cannot sell, explain in detail, compare mortgages or, in any way, engage in mortgage brokering activities. This means that you are not allowed to complete an application for them, collect information necessary for the completion of an application or actually participate in the application process. All of this can be completed for you by your Retail Lending Specialist.

Marketing and sales support materials

As your clients' financial advisor, your commitment to them is to ensure that they are aware of the product if they have a specific need and then to refer them to your Retail Lending Specialist for everything else. For that reason, it is important that you only use the materials provided by the bank with your own pre-existing clients and that you do not print your contact information on those pieces.

We’ve developed a variety of marketing materials to help you introduce Manulife Bank Select to your clients.

Emails and letters

Advisor reference materials

Client materials

Questions?

For more information, contact your local Business Development Consultant, call 1-855-518-7546 or email banksales@manulife.com.

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