Turn that trickle into a flood Whitehorse YT

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 ...

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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