Using your Manulife One account
With Manulife One, you get much more than a mortgage. Youraccountgivesyouflexibilitytorespondtoopportunities and challenges as you work towards your financial goals. Take these steps to help set up your account for success right away:
- Make regular dents in your debt: Have your pay directly deposited into your account to reduce your debt – and your interest costs – on a regular basis. Simply print a void cheque from your online account, then submit the cheque and this direct deposit form to your employer.
- Repay your other loans: Use your Manulife One account to pay off other loans, simplify your banking and benefit from one low interest rate.
- Pay bills with ease: Make bill payments and track all your expenses within your account. Want to make life even easier? Automate all your payments with this pre-authorized payment tracker
- Put your money to work: If you have cash in other chequing or savings accounts, move the money into your Manulife One account so every dollar immediately reduces your debt and your interest costs.
Getting your Manulife One account up and running is easy, but you do need some basic information about access, fees, statements, and sub-accounts to get started.
Bank your way
You’ll receive a monthly account statement electronically or by mail – it’s your choice. If you didn’t choose a statement type when you opened your account, we will send your statement by mail. You can change the type of statement you receive anytime using online banking or by calling us at 1-877-765-2265. Please review your statement each month and call us right away if you notice any errors or discrepancies.
You can also review transactions from the past two years in your online account.
- A term sub-account can give you predictable monthly payments by locking in some of your debt at either a variable or fixed interest rate – it’s your choice. Give us a call to set up a term sub-account – you can have up to five of them.
- A tracking sub-account lets you track part of your debt and the interest you pay on it separately. This can be helpful if you, for example, lend money to a family member or borrow from your account to invest. You can have up to 15 tracking sub-accounts. Set one up for yourself through online banking.
Here’s an example showing how a family may use term and tracking sub-accounts to achieve their goals:
- Value of home: $250,000
- Borrowing limit: $200,000 (80% of value of home)
- Borrowedamount: $180,000
The family sets up a tracking sub-account so they can track the interest they pay on a $50,000 investment loan. They must allocate $37,500 -- the amount over 65% of the value of their home -- to a term sub-account.1 They set up a second term sub-account for half the remaining balance in their main account ($46,250) to lock in a fixed interest rate and protect themselves against future interest rate increases. For illustration purposes only.
Enhance your account
Renew your term sub-account
Your term sub-account can help protect you from interest rate increases and keep you on track as you pay down your debt. If your term sub-account is up for renewal, think about what's most important to you.
For short-term flexibility – which you may need if you’re planning to move to a new home, or you expect your income level to change – consider a shorter term:
- Fixed: 1-year open
- Fixed: 1-year closed
- Fixed: 2-year closed
- Fixed: 3-year closed
For long-term predictability – if you plan to stick to a disciplined payment schedule over several years – consider a longer term:
- Fixed: 3-year closed
- Fixed: 4-year closed
- Fixed: 5-year closed
- Fixed: 7-year closed
- Fixed: 10-year closed
Ready to renew?
1 With term sub-accounts, it matters whether your borrowing limit is below 65% of the value of your home or between 65% and 80% of the value of your home. If your borrowing limit is below 65% of the value of your home, you can make term sub-account payments that either decrease the borrowing limit in your main account or create additional borrowing room in your main account. If your borrowing limit is between 65% and 80% of the value of your home, the amount of borrowing room that’s over 65% must be allocated to a term sub-account and your sub-account payments will decrease the borrowing limit in your main account. For small business owners and people who use Manulife One to buy an investment property, the amount of borrowing room that’s over 50% of the value of the property must be allocated to a term sub-account and your sub-account payments will decrease the borrowing limit in your main account.
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We will mail your access card to you within one week of approving and funding your mortgage.
Call 1-877-765-2265 and follow the instructions. We will ask you to enter your access card number and provide two pieces of personal information (e.g., your postal code and birth date).
We will mail you a temporary PIN in a separate envelope from your access card. You can use this temporary PIN at ABMs and to make retail purchases. To change your PIN, visit an ABM that accepts PIN changes.