All-in-one bank accounts: Solution or temptation?

You can cut the cost of borrowing and gain flexibility, but it's important to be disciplined.

Deanne Gage 3 July, 2015 | 5:00PM

The "all in one" concept suggests simplification, making one's life easier. But in the case of all-in-one bank accounts, streamlining the process may or may not be a good thing, depending on your circumstances.

Here's how all-in-one accounts work. Your mortgage, banking accounts and consumer debt are rolled into one account. You can then, similar to an everyday bank account, track all your transactions and balances simultaneously. The goal is to better manage cash flow while reducing debt, says Jason Daly, vice-president of product marketing and business development at Manulife Bank.

But this isn't just a matter of merging accounts. It's also about getting a lower interest rate on all your liabilities. Daly uses the example of a savings account earning 1% while you are paying 3.5% interest on your mortgage. Pool those funds together and your money will work harder for you.

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About Author

Deanne Gage

Deanne Gage  Deanne Gage is a Toronto-based writer who has specialized in personal-finance issues since 1999. A recipient of several journalism awards, including one from the Investment Funds Institute of Canada, she is also a former editor of Advisor's Edge and She can be reached at

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