Manulife Bank HELOC Consumer Reviews

We have a manulife one account and we won't be keeping it much longer. They like to tell you that by having ultimate flexibility to have your daily banking go through the account, that you'll save interest by the end of the year. What they don't tell you is that their interest rate is 0.5% to 0.8% higher than other banks rates for a HELOC. It's pretty easy to do the math to figure out that having an extra few thousand reduced from your mortgage (because your daily bank balance now reduces your mortgage) in no way makes up for $500k at an extra 0.5% all year.

Also, when we bought our house, they were nothing but a pain to deal with and nearly missed the condition removal deadline with confirming we could get a mortgage.

We will be moving to a mixed mortgage (500k on a normal term repayment with a HELOC in case we need it).