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Manulife One is Canada’s first flexible mortgage account. It works by combining your mortgage with your chequing and savings account. As a result, the moment your income enters the account it immediately pays down your debt.

You’ll need to draw on that income throughout the month to pay for your expenses. But, since interest is calculated on a daily basis, every day that even one dollar of your income is in the account, you have less debt than you had before and so you pay less interest.

You could take years off your mortgage and save thousands in interest without any lifestyle or financial changes except using Manulife One. You can keep doing the things you do today (perhaps even do more) and still save money.

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, Manulife One 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. Apply those balances against your borrowings, reducing your debt faster. . . potentially 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.

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