Manulife One Discovery Centre

Be prepared for whatever life throws your way

Since most of us were young, we’ve been taught to be prepared. Save money for a rainy day. Set something aside “just in case”. Most financial experts recommend saving anywhere from three to six months of expenses for emergencies. It’s good advice, but HOW you prepare can make a big difference to your wallet.

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Use your savings Access to your money Be your own banker Watch a video Let’s review

Use your savings

It’s important to have easy access to your emergency savings. For many people, that means putting it in a savings account – often earning around 1 or 2% interest. The problem is that most people also have debt. And they’re almost always paying a higher rate of interest on their debt than they’re earning on their savings.

So why not use your savings to repay your debt? For most of us, the answer is “because then I wouldn’t be able to access that money if I needed it.”

But what if you could access that money?

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Relax—accessing your money is easy

If you have money set aside in a savings account for emergencies or a rainy day, consider moving it into your Main Account. There are two reasons this works in your favour:

  • Your savings will immediately help reduce your debt. You’ll almost certainly save more in interest on your debt than you’re earning on your savings.
  • You’ll always have access to your savings if the need arises. The Main Account is a readvancing line of credit, which means that as you pay down your debt, you can reborrow that money, up to your borrowing limit. For example, if you deposit savings of $20,000 into your Main Account to reduce your debt and you later need the money for something else, you can easily reborrow that $20,000, as long as you have borrowing room available.

    And because your Main Account is also a day-to-day bank account, accessing your money is as simple as using your debit card, writing a cheque, sending money via Interac e-Transfer® or transferring money to another bank account.
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Never apply for a loan again

When you have a Manulife One account, you won’t have to go to the bank to take out another loan—even for large expenses like a kitchen renovation or a new car. You always have ready access to cash, up to your borrowing limit.

It’s almost like being your own banker. You won’t have to go through the hassle of applying for a loan or the stress of negotiating rates. Manulife One makes it easy to take advantage of life’s opportunities, like a dream vacation, or respond to life’s challenges, such as a major home repair.

The last account you’ll ever need

Many Manulife One customers choose to keep their account open even after their debt is paid off. Here’s why:

Access to your line of credit

You still have access to your line of credit, and as discussed above, it’s like being your own banker. Not only that, but you’re also free to pay back the debt in your Main Account at any time and without penalty.

Continue to use your bank account

You can continue using your account for everyday banking, so there’s no need to change your preauthorized payments or bill payments.

Earn interest

 Most chequing accounts pay no interest, but your Main Account pays interest on every dollar you deposit. And if you maintain a balance over $5,000, we’ll waive the monthly fee so you can bank for free.*

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Manulife One is your account for life

Even after their debt is paid off, many Manulife One customers keep their account open. Watch this video to learn why Manulife One is an account for life and can help you be prepared for whatever comes your way.

Your mortgage and bank account for life – Manulife One from Manulife Bank

Download a transcript (PDF)

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Let’s review

Manulife One helps you be prepared for whatever life throws your way by:

  • Helping your money work harder. When you deposit your savings into your Main Account, you’ll not only pay down your debt and save on interest costs, but you’ll always have easy access to that money.
  • Allowing you to be your own banker. With Manulife One, you don’t have to go back to the bank for a loan—even for large purchases. You can access the money in your Main Account up to your borrowing limit, whenever you need it. 
  • Allowing you to keep your line of credit and bank account open even after your debt is paid off so you can continue to enjoy the benefits of Manulife One.
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Next steps

We invite you to talk to your advisor as part of your overall financial plan or your mortgage broker to find out more about Manulife One. If you don’t work with an advisor or broker, our Find an advisor tool can help you find one.

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* Besides the monthly fee, there may be fees for some types of transactions. These fees are subject to change.

Manulife One is offered by Manulife Bank of Canada.

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