How high-interest, no-fee banking could help you save more and pay less
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.
Let me show you how 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 1.00%* that gives you growth you usually only get from a GIC or Money Market fund.
· Unlimited, free everyday banking** with a balance of $5,000 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 $5,500 in a savings account at 0.60% interest and $2,500 in a chequing account. The illustration compares common daily banking transactions available for free with Advantage Account (when the account balance is $5,000 or higher) to unlimited chequing accounts at most banks that charge a $14 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. Contact me to find out more.