Turn that trickle into a flood Edmonton AB

We don't know when unexpected repairs and expenses will pop up so we put aside a small amount each month, just in case we need it down the road. Thes ...

Investors Group Financial Services
(780) 790-0644
603A-8600 Franklin Avenue
Fort Mcmurray, AB
 
Raymond James Ltd
(780) 799-7820
101-9816 Hardin Street
Fort Mcmurray, AB
 
Revol Financial Services
(780) 743-9000
12-36 Riedel Street
Fort Mcmurray, AB
 
Dundee Wealth Management
(780) 791-5123
Bsmt-9905 Sutherland Street
Fort Mcmurray, AB
 
Cameron Okolita Inc
(403) 343-7330
Suite 200 4928 53 Ave
Red Deer, AB
 
Fort McMurray Wealth Management
(780) 743-5667
9908 Franklin Avenue
Fort Mcmurray, AB
 
Manulife Securities
(780) 790-0351
9903 Franklin Avenue
Fort Mcmurray, AB
 
Taylor & Company
(780) 402-7100
302-9835 101 Avenue
Grande Prairie, AB
 
RBC Dominion Securities Inc
(780) 790-2951
8540 Manning Avenue
Fort Mcmurray, AB
 
Cameron-Okolita Inc
(780) 538-0977
Suite 310 9804 100 Ave
Grande Prairie, AB
 

Turn that trickle into a flood

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(NC)-We don't know when unexpected repairs and expenses will pop up so we put aside a small amount each month, just in case we need it down the road. These "rainy day" accounts are great if you need quick and easy access to money to pay the plumber, the central air repairman or the auto mechanic. But are they really that great the rest of the year, when you don't need those funds?

Think about how much your savings balance earns each month. Most savings accounts (even "high-interest" accounts) pay a very low interest rate on balances, trickling in a few cents or perhaps a couple of dollars each month. Now think about the interest rates you're charged on your credit cards, loans and mortgage as you pay down your debts. Most of these loans charge a much higher rate than you earn on your savings account.

One way to turn the tide on your finances is to change your approach to banking with an all-in-one account. These accounts, such as Manulife One, combine your mortgage, chequing and savings accounts and loans into one account. You pay the same low interest rate on all your borrowings, while letting you access your money for daily expenses and those unforeseen bills. You could potentially save thousands in interest charges over the life of your mortgage.

If you're interested in the possibility of turning that trickle of interest earned on your savings accounts into a flood of interest cost savings on your loans and mortgage, your financial advisor can help create an overall plan that could lead to a more secure future. For more information on banking plans, all-in-one accounts or contacting a banking consultant, visit manulifeone.ca or call toll-free 1-877-765-2265 or ask your financial advisor for a referral.

Credit: www.newscanada.com