Manulife Investment Savings Accounts are explained below. This post explains the difference between them, their current rates, and how to buy. I cover the funds MIP510, MIP610, MIP710, MIP810, MIP511, MIP611.
Click here to view my Investment Savings Account rates page. On this page I show the Investment Savings Accounts from all Canadian issuers.
The Manulife Investment Savings Accounts are purchased and sold like money market mutual funds except they carry direct guarantees by their issuer and are covered by CDIC insurance like a bank account. Currently, high interest savings accounts (HISA) rates are higher then government treasury bills and other money market funds, so these funds are useful right now.
Manulife Investment Savings Accounts pay monthly interest at an annual rate of 1.40%. This rate is slightly lower then other issuers at 1.60%.
Manulife offers identical investment savings accounts from Manulife Bank and Manulife Trust. MIP510 is the fund code for the plain vanilla advisor class which you would use in a discount brokerage account. MIP610 is the code for fee based accounts. To buy these HISAs, go to the mutual fund order page at your discount brokerage account and enter an order just like you were buying any other mutuel fund. The process is the same for sales.
Manulife also offers US dollar based funds with the codes MIP511. The interest rates is currently a little lower then the Canadian side.