When it comes to your financial goals, it's important to see the big picture – and finding the right banking products and services for you is a large part of that. Your banking should be integrated with a broader financial plan so that all of your financial resources are working toward the same goals.
There are a few things you should consider when it comes to banking:
- Interest rate: The higher your interest rate is, the faster your money will grow. Lower rates offered by many banks mean your money isn't working as hard for you as it could.
- Fees: You may not realize just how much you spend on fees each year, or the impact that could have in the long-term.
- Convenience: Access to your money is a priority for managing your daily spending.
I've been searching for a solution and the answer is Manulife Bank, which offers unique solutions that you can't get at most banks. Their goal, like my own, is to help you save more and pay less.
Here is how you can bank better with Manulife Bank's Advantage Account. Most banks offer these features, but through different accounts, which means you're not getting the most out of your money by banking with separate savings or chequing accounts. With an Advantage Account, you get a savings account and chequing account combined, with:
- High interest rate of 1.25%1 that gives you growth you usually only get from a GIC or Money Market fund.
- Unlimited, free everyday banking2 with a balance of $1,000 or more.
- Convenient features that make managing your account and daily banking easy.
Many clients are surprised to see just how much fees can add up over time, and the difference a higher interest rate can make. Consider how much you could save with just $8,000 in an Advantage Account, compared to the same amount split between a savings and chequing account at a typical big bank:
(The "Big bank" illustration shows a balance of $6,000 in a savings account at 0.85% interest and $2,000 in a chequing account. The illustration compares common daily banking transactions available for free with Advantage Account (when the account balance is $1,000 or higher) to unlimited chequing accounts at most banks that charge a $12 monthly account fee plus a $1 transaction fee per Interac® e-Transfer and $1.50 transaction fee per use of another bank's ATM. Visit manulifebank.ca for additional details about the features and transactions available for Advantage Account clients.)
The end result: you could save hundreds of dollars each year, and thousands in long-term savings – and earn a great rate of interest on every dollar you save. Now that's smarter banking!
I'm happy to answer any questions you may have, and can help you set up your own Advantage Account today and receive a 2.4% introductory interest rate on deposits until June 30th 2018.
If you are ready to set up an account on your own, just click here to start the application:
John Malyk CFP CLU
Portfolio Strategies Corporation
1 1As at January 26, 2018, a variable annual interest rate of 1.25% is applied to all funds in the account. Interest is calculated on the total daily closing balance and paid monthly. Rate is subject to change without notice. Visit manulifebank.ca or call me 1-877-541-2852 for current rates and additional details. Manulife Bank of Canada is a member of Canada Deposit Insurance Corporation.
2 Everyday banking fees include automatic bank machine (ABM) transactions, Interac® direct payments, Interac® e-Transfer and bill payments