Customizing your mortgage may be unimaginable, but it's possible. Manulife Bank Select brings your banking together with a flexible mortgage and a high-interest chequing account.

It can help you:

  • Customize your mortgage by dividing it into different portions, each with its own amount, interest rate, term and payment schedule
  • Get the best of both worlds with fixed and variable options
  • Enjoy free banking and a high interest rate chequing account when you maintain a minimum balance of $5,000

Find out what our monthly payments are with our Manulife Bank Select mortgage calculator.

5 Year closed1

Is Manulife Bank Select right for you?

Yes, if you:

  • Are buying your first home and have at least a 5% down payment
  • Want to refinance, renew or switch from your current mortgage
  • Want flexibility to choose the terms, rates and features of your mortgage

If you’re purchasing a home and have at least a 20% down payment or at least 20% equity in your home, you may also want to check out Manulife One, our all-in-one mortgage and banking account.

Family painting eggs.

Let’s look at how Manulife Bank Select gives you financial flexibility.

Manulife Bank Select

Learn how to customize your mortgage your way with mortgage portions

Manulife Bank Select lets you customize your mortgage by creating up to five different mortgage portions.

You have the flexibility to choose the amount, interest rate, number of years and payment frequency for each individual portion. And the best part is, each portion works just like a traditional mortgage. So, if you choose a variable rate from the get-go, you can always make a change and lock-in a fixed rate at any time. This way, you’re always prepared, no matter where interest rates go in the future.

Can’t decide between fixed and variable rates? Open or closed terms? How long to lock-in for? With Manulife Bank Select, you can have it all. You can divide your mortgage into up to five portions and choose an individual amount, interest rate, payment frequency and term for each.

Splitting your mortgage lets you:

  • Protect yourself against potential rate increases by locking in a portion of your mortgage at a fixed interest rate
  • Benefit from potential rate decreases by putting part of your mortgage in a variable rate portion
  • Enjoy flexibility to pay off your mortgage at any time with an open term portion
  • Take advantage of payment stability and a lower interest rate with a closed term portion
  • Easily track a portion of your mortgage interest and payments for tax purposes
  • Choose the payment option that works best for each portion

Most of us assume our mortgage will cost a lot and take a long time to repay. But here’s a secret: it doesn’t have toYour Manulife Bank mortgage has a super-power: prepayment privileges. Here’s how you can pay off your mortgage sooner and save thousands in interest.

Let us explain how Manulife Bank Select can help you.
With this mortgage you'll enjoy:

The predictability of fixed rates and the lower-cost of variable rates
Traditional mortgages force you to choose between the stability of fixed-rates and the lower-cost of variable rates. With Manulife Bank Select, you can get the best of both worlds by allocating a portion of your mortgage to fixed interest rate and a portion to a variable rate.

The flexibility to pay down your mortgage faster
Over time, your income may increase or your expenses may decrease - and you find yourself with extra cash each month. Not a bad problem to have. If your goal is to become mortgage-free sooner, Manulife Bank Select offers flexibility to increase your regular payments by 25% or make a lump sum payment of 20% per year on your closed-term mortgage.

The option to pay off a portion of your mortgage at any time, without penalty
Sometimes life brings a financial windfall, such as a bonus, a gift or an inheritance. In these cases, you may wish to use that money to pay off a significant part of your mortgage. With Manulife Bank Select, you can allocate some of your debt to an open term, which you can repay in full at any time, without a penalty. 

The option to track a portion of your interest separately for tax purposes
If you use your home to generate income, you may be able to deduct a portion of your mortgage interest at tax time. By dividing your mortgage debt into two or more portions with Select, you can easily track and report the interest you wish to claim as a business expense.

With Manulife Bank Select, you also get a high-interest chequing account.

You'll enjoy free everyday banking and earn interest on every dollar in your account. We’ll waive your monthly account fee when you maintain an account balance of $5,000 or more. Our high-interest chequing account offers a competitive interest rate – and saving is easier with a higher rate. Deposit your extra cash or set up direct deposit for your pay and watch every dollar in your account grow.


Manulife Bank Select offers competitive interest rates for your mortgage, and two fee options for your high interest chequing account:

5-year closed (Manulife Bank prime + 0.00%)
5-year open (Manulife Bank Prime + 1.00%)

*Annual Percentage Rate. See "Cost of borrowing" for more information.
For variable-rate mortgages, interest is compounded monthly, not in advance.
For fixed-rate mortgages, interest is compounded semi-annually, not in advance.
Variable rates change with Manulife Bank Prime rate, and are subject to change without notice.
For the Manulife Bank Select bank account, interest is calculated on the daily closing balance.
Manulife Bank Select Fees


We all bank differently, which is why your Select back account has two fee packages. And if you keep a balance of at least $5,000, we’ll waive the monthly or transaction fees.

With Manulife Bank Select, you have two account fee options for your high interest chequing account – a monthly account and a pay-as-you-go account.

Option 1: Monthly-fee account
If you do a lot of banking every month, the monthly-fee option may be right for you. This option gives you unlimited transactions for one low monthly fee of $16.95.

If you’re 60 years or older the monthly fee is only $9.95. If you maintain a minimum balance of $5,000, you’ll get free banking because we’ll waive the fee.

Unlimited transactions include:

  • Direct deposits
  • ATM deposits and withdrawals at over 3,500 bank machines (ATMs) across Canada with THE EXCHANGE® network1
  • Online and telephone banking
  • Mobile banking, including mobile cheque deposit
  • Debit card purchases in Canada2
  • In-store cash back at participating retailers
  • Bill payments and pre-authorized payments
  • Fund transfers
  • Interac e-Transfers® per month
  • Cheque writing (Canadian funds)

Option 2: Pay-as-you-go account
If you don't do a lot of banking every month, you may want the pay-per-transaction option. With this you’ll get some free unlimited banking transactions and others you’ll pay for.

Unlimited banking services include:

  • Direct deposits
  • Deposits at over 3,500 Automated Banking Machines (ATMs) across Canada with THE EXCHANGE® Network1
  • 24/7 0nline banking and telephone banking
  • Mobile banking, including mobile cheque deposit2
  • Fund transfers between your Manulife Bank accounts and your accounts at other financial institutions
  • Pre-authorized payments
  • Cheque writing (Canadian funds)

When you keep a balance of $5,000 or more in the account, you’ll also get unlimited:

Fees are subject to change with at least 30 days of prior written notice. If you don’t receive paper statements, you can find all fee information. All fees presented on a per item basis, unless otherwise stated. Charges are automatically applied to your account.

Other convenience fees may apply to withdrawals made at ATMs that are not part of THE EXCHANGE® Network and direct-payment purchases using your Manulife Bank access card.

This feature is available exclusively through mobile banking. If you deposit a cheque from a U.S.-based financial institution, the cheque will be subject to a 30-day holding period.

Please review our Interac e-Transfer limits.

Below are additional fees associated with the Manulife Bank Select monthly-fee account option and the pay-as-you-go account option.

For Withdrawals
Services Monthly account fees Pay-as-you-go fees
ATM withdrawal in Canada2, 3
(with THE EXCHANGE Network)
No charge $1.50
ATM withdrawal in Canada
(without THE EXCHANGE Network)
$1.50 $1.50
ATM withdrawal outside Canada2, 3 $3 $3
Debit card direct payment2
(within Canada)
No charge $1
Debit card direct payment
(outside Canada)
$1 $1
Bill payments3 No charge $1
Interac e-Transfers4

3 free per month, $1 afterwards $1
For Transfers
Services Monthly account fees Pay-as-you-go fees
Manulife Bank initiated $5 $5
Incoming wire transfers $15 $15
Sending wire transfers <$10,000 $30 $30
$10,000 to $50,000 $50 $50
> $50,000 $65 $65
For Duplicate monthly statements
Services Monthly account fees Pay-as-you-go fees
Within the last year $5 $5
Older than one year $10 $10
For Non-sufficient funds
Services Monthly account fees Pay-as-you-go fees
Returned 45 45
Paid $5 plus overdraft interest $5 plus overdraft interest
Invalid cheque deposit $7 $7
Overdraft interest rate

Annual interest rate. Your interest is calculated on the daily closing balance of the amount that's overdrawn.

Annual interest rate. Your interest is calculated on the daily closing balance of the amount that's overdrawn.
For Cheques & courier
Services Monthly account fees Pay-as-you-go fees
Official cheque (instead of a certified cheque) $10 $10
Outgoing cheque collection $50 $50
Stop payments $10 $10
Non-magnetic ink character
recognition encoded cheque (Non-MICR)


Standard mailing charges
for rushed debit cards, personal identification numbers (PIN) and statements etc.


For searches
Services Monthly account fees Pay-as-you-go fees
Item processed within the last 90 days
(includes a photocopy)
$5 $5
Item processed longer than 90 days ago $35/hour
minimum fee $15
minimum fee $15
Detailed recap of account transactions $35/hour
minimum fee $15
minimum fee $15
Audit confirmation or confirmation of account letter

minimum fee $15

minimum fee $15
Bill payment tracing, investigation or refund


  • Fees are subject to change with at least 30 days of prior written notice. Clients who have chosen not to receive paper statements can find any changes posted online.
  • All fees are charged per item, unless stated otherwise.

Charges are automatically applied to your account.

  • Other convenience fees may apply to withdrawals made at non-THE EXCHANGE Network ATMs.
  • Additional convenience fees may apply when you make direct-payment purchases with your debit card.
  • Other banks and financial institutions may charge additional transaction fees
  • Additional administrative services may have extra costs 

1 Other convenience fees may apply to withdrawals made at ATMs that are not part of THE EXCHANGE Network and direct-payment purchases using your Manulife Bank access card.

2 Fee will be waived when there is a positive balance of $5,000 or more across the account after the transaction is made.

3 Rate fluctuations could affect amount deposited into account.

4 Rate fluctuations could affect amount returned to account.

5 Cheques can be deposited to your account using an ATM, our mobile banking app, deposit slips with an RBC Royal Bank teller and by mailing us the cheque directly.

Borrowing money to buy a home is exciting, but getting a mortgage comes with some costs. When you become a homeowner, you’ll have one-time costs and ongoing expenses. Here’s what you need to know about borrowing money for your Manulife Bank Select mortgage.

These costs are charged by your lender. They’re directly related to your mortgage loan or Manulife Bank Select chequing account.

Interest Rate
Your mortgage interest rate is the fee your lender charges you to borrow money. It’s a percentage of your mortgage loan amount. Here’s an example: if you borrow $100,000 and your lender charges an interest rate of 5%, you’ll pay $5,000 per year in interest.

  • Interest rates for Manulife Bank Select: With Manulife Bank Select, you have the flexibility to divide your mortgage into up to five different portions. You can choose a variable or fixed interest rate and a closed or open term for each portion. Your interest rate will vary for each, depending on the option you choose. If you have chosen a fixed rate, the interest is compounded twice per year but charged monthly. If you have chosen a variable rate, the interest is compounded monthly and charged monthly.  View our current interest rates.

The Bank Account Rate is a current variable interest rate that fluctuates and is not guaranteed. It is applied to any funds in the banking portion of your Manulife Bank Select account and is paid to you. This interest is calculated on the daily closing balance and paid monthly.

Annual Percentage Rate (APR) is the total cost of borrowing provided as an annual percentage, which includes the current Manulife Bank interest rate and charges such as appraisal costs and legal fees. If there are no charges applicable to a mortgage, such as on a transfer of your mortgage to Manulife Bank, then the APR will the current Manulife Bank interest rate. If charges are included in your cost of borrowing on a new home purchase, then the APR will be slightly higher.

Prepayment charge: A prepayment charge is the fee for repaying your mortgage loan before the maturity date – above the annual amount that’s allowed. This only applies to the closed term portions of your mortgage. This charge is the higher of these two amounts: three months’ interest costs on the amount being paid out or the interest rate differential. Refer to your Operating Agreement for complete details. Use our prepayment calculator to get an idea of what your cost will be.

One-time costs you'll have with Manulife Bank Select

  • Legal Fees: You are responsible for paying the legal fees associated with setting up your mortgage. Specific legal fees relating to individual home purchases vary by transaction and depend on individual circumstances and on the lawyer’s fee.
  • Mortgage default insurance: If you have less than 20% for your down payment, you’ll be required to purchase mortgage loan insurance. This insurance protects the lender in the unfortunate event that a property forecloses. Mortgage Loan Insurance is offered by the Canada Mortgage and Housing Corporation (CMHC), Genworth Financial, or Canada Guaranty. If you do require Mortgage Loan Insurance, we will provide you with a Mortgage Loan Insurance Disclosure form that clearly identifies your premium and all your personalized details in relation to it.
    The cost can be paid in a one-time payment or it can be added to your mortgage and become part of your mortgage payments.
  • Discharge Fee: Upon discharge of a mortgage associated with a Manulife Bank Select account, a discharge preparation fee applies. As of May 14, 2017, our discharge fee is $375. It is subject to change and provincial regulations.

Client guide

General terms

Conventional (standard) mortgages and collateral mortgages

All mortgage loans are secured by real property (such as your house), and that security is recorded in the appropriate provincial or territorial registry office. Some provinces refer to this as the registration of an encumbrance or a "charge" (or “hypothec” in Quebec). There are two types of charges that may be registered: conventional (also known as "standard") or collateral.

Manulife One and Manulife Bank Select are registered as collateral charges, while our Preferred Rate Mortgage is registered as a conventional (standard) charge. Learn more about the similarities and differences between collateral and conventional (standard) charges here or on the Canadian Bankers Association website.

The Financial Consumer Agency of Canada (FCAC)

The FCAC is an independent government body that oversees the conduct of federally regulated financial entities to ensure they comply with federal legislation and regulations. They also provide consumers with information relating to their rights and responsibilities in their dealings with Canadian financial institutions. Find general mortgage information from the FCAC here.

Mortgage portions let you split your mortgage into up to five portions. Each portion can have a fixed or variable rate term. Mortgage portions let you combine the benefits of variable and fixed rates as well as short and long terms. Each portion needs to have a minimum mortgage amount of $25,000.


Yes, on top of your regular mortgage payment, you can make extra payments. You can:

  • Make an annual lump-sum principal payment up to 20% of your original mortgage amount
  • Increase your regular mortgage payment by up to 25% for a closed-term mortgage
  • Make a lump-sum payment and increase your regular payment by any amount for an open-term mortgage

If you split your mortgage into portions, you can make prepayments on each of the portions.

Yes, each mortgage portion can have its own term, amortization period and payment schedule. You choose the payment schedule that suits your income and budget needs. You can choose to make payments weekly, bi-weekly, semi-monthly, monthly, weekly accelerated or bi-weekly accelerated.

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