For instance, you want ,000 to start a business. You can refinance the mortgage at 5,000 and use the ,000 in equity you pulled out for your business venture.Depending on the rate you started with, you could end up with a lower rate and a lower payment on the new mortgage, too.A Manulife One account combines all your checking, savings and borrowing accounts into one big pot.Since financial institutions typically charge more in interest on loans than they pay on deposits, combining everything into one account should, at least in theory, help you save on interest costs.Credit unions offer numerous financial products that help people maximize their incomes and increase their savings, often with fewer or lower fees than traditional banks.
First, the Manulife One account charges interest at what the bank calls a “Base Rate”.
Since the Manulife One account is secured by your residence, you will also be able to borrow at a much lower rate than credit cards and personal lines of credit.
A Manulife One account can be an excellent cash management tool for anyone with irregular income streams.
At a time when banks are making record profits and customers are paying higher fees, many people are seeking financial institutions that will help them save money.
One such institution could be your local credit union.