How does it work?

Imagine a mortgage that is a chequing account . . . and a chequing account that is a mortgage! You put everything you owe into a single account. Then, you add the balances from your low-interest-earning chequing accounts. Plus, you can add your short-term savings – especially any small purpose-specific accounts, such as a vacation account. (You can always access your money if you need it.)

You live out of the account, depositing income and paying expenses from it. Every deposit immediately pays down the principal on the mortgage – and all their other debts, for that matter! They’ll use some of that money to pay living expenses, but any money you don’t spend each month – a dollar or one hundred dollars – stays in the account. And, with interest calculated on a daily basis, every day that even a dollar of income is in there, you will have less debt than you had before and so, will pay less interest. The result: every dollar you have works to keep your debt – and interest costs – lower.

Another Tack on How it works

Manulife One provides customers with a convenient “all-in-one” personal borrowing and bank account. The account is intended to consolidate all debts, short-term savings accounts and chequing accounts into one manageable account with one low daily interest charge. Manulife One takes all the day-to-day finances of the consumer and folds them into one account:

Debts: The mortgage, loans, credit card balances and lines of credit are rolled into Manulife One and charged an attractive interest rate.

Savings: Short-term savings and chequing account balances deposited in to Manulife One reduce the amount of borrowings until needed, saving interest.

Income: Because Manulife One operates as the bank account; your monthly income is deposited to the account. This immediately reduces the amount of borrowings and saves interest until spent.

Expenses: You can meet your monthly lifestyle expenses through personal cheques, pre-authorized payments, ABM withdrawals, American ExpressÒ Gold Card and debit cards, as well as telephone and Internet banking.

And when the debt is gone?

You have a chequing account that pays a high rate of interest on credit balances and gives you access to a super line of credit. You can re-borrow money (up to an approved limit) at any time, without questions.

For more information visit the Manulife One website at:

www.manulifeone.ca