Manulife Bank Select offers you competitive interest rates while giving you the choice between two different fee structures for the banking portion of your account:

If you do a lot of banking every month (deposits, withdrawals, ABM transactions, debit transactions, fund transfers, etc.), you may want to consider the Flat Monthly Fee option. Just one low monthly fee of $14 (or $7 for clients 60+) gets you a long list of unlimited transactions including:

  • cheque writing (in Canadian funds)
  • direct deposits
  • debit card purchases in Canada
  • ABM deposits1 and withdrawals2 within Canada
  • fund transfers
  • bill payments
  • pre-authorized payments
  • internet and telephone banking
  • mail-in cheques (in Canadian funds)

The monthly fee is waived for accounts with a balance of $5,000 or more at the end of the month.

View additional fees not covered by the monthly fee option.

View today’s rates.


If you don't do a lot of banking every month you may prefer the Pay Per Transaction option that still includes unlimited:

  • cheque writing
  • mail-in cheque deposits
  • Canadian dollar deposits
  • ABM deposits1
  • fund transfers and pre-authorized payments
  • internet and telephone banking services

You also get competitive fees for such popular transactions as:

  • $0.50/direct debit
  • $0.50/bill payment
  • $1.25 to send an Interac®3 e-Transfer/no charge to receive
  • $1.25/withdrawal at other ABMs4 in Canada/$2.50 outside Canada

The following everyday transaction fees are waived for accounts with a balance of $5,000 or more at the time of the transaction:

  • Automated Bank Machine transactions
  • Interac® Direct payments
  • Interac® e-Transfer
  • Bill payments

View a full listing of account fees for the “Pay per transaction” option.

View today’s rates.

Learn more about the various ways in which you can access your Manulife Bank Select account.

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 be as stated above which is 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 than stated above.

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.

Interest rates

  • Click here for current Manulife Bank Select interest rates.
  • 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.

Costs incurred in opening a Manulife Bank Select account

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 fees.

Cancellation fees may be charged by your current institution.

Mortgage Loan Insurance — If you have a down payment of less than 20%, you will need 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) or Genworth Financial. In some instances, it is required even if the down payment is 20% or more. Those cases can be explained to you by one of our bank representatives. 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.

Account fees — You have the option of choosing between two different fee structures for the banking portion of your Manulife Bank Select account: a monthly fee with unlimited transactions or a pay per transaction account.

Fees associated with closing a Manulife Bank Select account

Discharge fee — Upon discharge of a mortgage associated with a Manulife Bank Select account, a discharge preparation fee applies. At November 1, 2011, this fee is $250 and is subject to change and provincial regulations.

Prepayment penalty — If you’ve chosen a closed term, you’ll pay a penalty if you choose to pay out your mortgage before the end of the term. This penalty 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.


1 Deposits can be made to any ABM that displays THE EXCHANGE logo.

2 If you use THE EXCHANGE® ABMs in Canada. You may incur additional ABM convenience fees charged by many financial institutions.

3 ® Trade-mark of Interac Inc. Used under license.

4 Unless you use THE EXCHANGE® ABMs in Canada, you may incur additional ABM convenience fees charged by many financial institutions.

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