The Manulife One account combines your income and borrowing into one account to give you financial flexibility, save you thousands of dollars in interest and help you pay off your mortgage years sooner.
Find out if Manulife One is ideal for you.
Manulife One combines the traditional functions of chequing, savings, mortgage and line of credit accounts under one account that’s designed to lower your interest costs. You can consolidate debts or withdraw funds as needed up to your borrowing limit, at a low interest rate, and any deposits—your paycheque, savings or short-term investments—automatically reduce the total debt in the account, bringing your interest costs down.
Whether you’re faced with sudden medical expenses, job loss or a costly home repair, the Manulife One account makes it easier to weather the financial storm. While your income reduces your debt, the total borrowing limit remains the same, and you can always draw on those funds if needed to cover expenses.
With Manulife One’s total borrowing limit, you can use equity—built by paying down your mortgage and other debts—to finance a renovation or purchase of a new vehicle, take advantage of an investment opportunity, maximize RRSP or RESP contributions, or even indulge in a special vacation.
The Manulife One account makes it easy for rental property owners to track income and expenses, access equity for repairs or investment in another property, and accelerate debt repayment. With income and expenses all in one account, it’s especially easy to track interest and maintenance costs for tax purposes.
Whether you’re a small business owner, work in a seasonal industry, or have commission-based income, inconsistent month-to-month income can make financial planning more challenging. With a total borrowing limit, the Manulife One account makes it easier to cover expenses in months when your income is lower.
Take advantage of investment opportunities to grow your wealth, fund renovations to increase the value of your home (further building your equity), or use borrowing capital as needed to contribute to RRSPs or RESPs to reduce your taxable income.
Purchase a family vehicle at a low interest rate, cover the cost of baby gear for a new child, and use interest savings to contribute to your kids’ RESPs.
Cover unexpected out-of-pocket medical expenses, pay for costly vehicle repairs, and have an extra cushion available in the event that home repair costs exceed your contingency budget.
Cover living expenses if you lose your job or can’t work as many hours, or manage variable income more easily if you’re a small business owner, seasonal employee or have commission – or bonus-based income.
Invest the interest saved with the Manulife One account to grow your wealth, pay off your mortgage and other debts faster to achieve financial freedom earlier, or use borrowing capital to fund an investment property.
Our team will review your financial landscape to see if Manulife One is right for you. In the meantime, feel free to use Manulife One calculator to learn how much you could save by switching.
