The concept of having an all-in-one account makes perfect sense: bring all your banking together to simplify your finances so your income and savings can work harder to reduce debt faster.
Consolidate your debts
When you open a Manulife One account, we could lend you up to 80% of the appraised value of your home. You use this money to pay off the balance of your existing mortgage, personal lines of credit and any other outstanding debts you might have. Now you pay one low interest rate on every dollar you borrow.
Put your savings to work
If you’re tired of earning little or no interest on your chequing account, savings balances and short-term investments, Manulife One can help put that money to work for you. It applies those balances against your borrowings, instantly reducing your total debt… and saving you much more in interest costs than you’d likely ever make in interest earnings! And, you can take it back out whenever you want (up to your borrowing limit).
Put your income to work
By adding your regular income to your Manulife One account, you further reduce your debt the instant the deposit is made. Your income is immediately working for you to reduce loan interest costs until you need it for your monthly expenses. With even one extra dollar of your income in your account, you reduce your debt faster and so you pay less interest.
Manulife One could save you thousands in interest costs and help you become debt-free years sooner compared to your old way of banking.