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Pay down your mortgage? Increase your RRSP's?DO BOTH!Each year, as the annual RRSP deadline looms, we face a common dilemma-should we pay down our mortgage or increase our RRSP contributions.With Manulife One, you don't have to make this decision: you can do both! Manulife One reduces your monthly interest costs, so it can free up the dollars you nee to meet your retirement savings plans. It can:
And if you receive a tax refund, it can be used to immediately reduce your Manulife One borrowings (and interest payment) and still be available to take it back out if you need it! Manulife One is a unique, all-in-one personal borrowing and chequing account that can help you dramatically reduce your monthly expenses and pay down your debts-including your mortgage-faster. It does this by combining your short-term savings and chequing account balances with your long-term debt. Then, it applies a low interest rate to the entire debt amount. And, since the interest is calculated on a daily basis(no compounding), every dollar you put into your account-even if it's only there for one day-immediately works to reduce the amount borrowed and the amount of interest you pay. With Manulife One, you can pay down your mortgage and increase your RRSP's...one less decision to worry about. |
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