Manulife One – Your first steps - An overview of the important steps new Manulife One clients should take to get the most from their accounts – and reduce their debt.

 

Four steps to take now

You can start making the most from your Manulife One account right away by taking some simple steps. Here’s a checklist to help you easily keep track of every step.

Depositing your pay could help you become debt-free sooner

Having your income directly deposited into your Manulife One account should be your top priority. The reason is simple… the more money you have in your account, the smaller your balance will be – and the less interest you’ll pay.

With Manulife One, your interest is calculated on your daily balance. When your pay is deposited into the account, your balance is reduced by the full amount of your pay.

Manulife One acts as your chequing account and, whatever you have left at the end of the month can stay in the account, keeping your debt lower and saving you interest.

By using Manulife One as your chequing account, you can help ensure the money left in your account at the end of every month is working to keep your debt lower and save you interest. 

Over time, putting all of your extra money to work in this way could save you thousands in interest costs and help you become debt-free years sooner.

To set up your pay to be directly deposited into your Manulife One account:

  • Submit a request to either the human resources or payroll department at your workplace using the following direct-deposit request template, and
  • Supply them with a void cheque from your Manulife One account or your banking information, which can be found on the front of your Manulife Bank cheques.

You can easily print a void cheque by:

  • Signing into your online banking account at manulifebank.ca,
  • Select “Print a Void Cheque” from the main menu.

Consolidating your debt could save you interest

If you have borrowing room within your Manulife One account, consider using your account to repay other, higher-interest debts.

By doing so, you’ll enjoy an interest rate that’s likely much lower than you’re paying on each debt now, while simplifying your day-to-day banking – and your life.

Managing your money will be much easier, since you’re only living out of one account.

Doing all of your banking out of your Manulife One account can simplify your life

This is another way to streamline your banking. Keeping track of all of your expenses in one place makes managing your finances easy.

Our fillable expense tracker can help you stay on top of all of your upcoming bill payments, and make setting up your payments to come from your Manulife One account quick and easy.

To set up your bill payments:

  • Log into your account at manulifebank.ca and follow the related prompts, or

  • Give us a call - we’ll set them up for you.

To set up your automatic pre-authorized payments, contact the appropriate company and ask them to change your payment information.

Making your money work harder can reduce your debt and save interest

Don’t let your money sit in a chequing account, savings account or short-term investments that pay little or no interest. Make your money work harder for you in your Manulife One account!

Every dollar you deposit into Manulife One reduces your borrowing – and saves you in interest costs. And the best part is you can still use that money whenever you need it, up to your borrowing limit.

Our Manulife One client guide is also a great resource for you to review as you begin to use your new all-in-one account.