Less interest paid
Your deposits and your borrowing sit in one account, so every dollar you deposit is applied against your debt and reduces the interest accruing on it.
Manulife One
Offered by Manulife Bank. Your mortgage and your day-to-day banking in a single account
What Manulife One makes possible
Protecto is not a bank. We present this product and help you decide; Manulife Bank handles opening the account and servicing it.
Debt cleared faster
Money works against the balance the moment it lands, rather than waiting for the next mortgage payment to count for anything.
Consolidate what you owe
Loans, credit cards and other balances can be brought together at a competitive rate, up to your credit limit.
Your home equity stays available
The portion of your mortgage you have paid down remains reachable for an unexpected expense, without applying for a new loan.
One account to manage
No transfers between several accounts to get money to the right place at the right time.
The idea
With an ordinary mortgage, the money sitting in your chequing account does nothing for your debt. You pay interest on the whole mortgage balance while your cash waits for the next payment date.
Manulife One puts the two together. Your pay lands in the same account as your mortgage, which immediately lowers the balance interest is calculated on. Your spending for the month then comes out of it as normal.
Who it suits
The account earns its keep when a working balance of cash regularly passes through it, and when you have several debts at different rates worth consolidating. It does ask for discipline in return: the ease of reaching your home equity is also what makes it easy to re-borrow what you have just paid off.
An advisor can run the numbers on your situation before you commit. Manulife One is offered by Manulife Bank of Canada.
Interested in Manulife One?
An advisor calls you back to work out whether this fits your mortgage situation before you start an application.
Talk to an advisor
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