Traditional Banking:
Complicated and Expensive!
The traditional approach to money management means that each month millions of Canadians jump through financial hoops to meet their expenses, pay their bills, cover borrowing costs and (try to) put something away into savings and investments.
Does your month look something like this?
Traditional banking has you managing daily finances by depositing your income into checking and savings accounts while borrowing through mortgages, lines of credit, loads and credit cards. Unfortunately, you usually receive little or no interest on the money you deposit and pay higher interest on the money you borrow.
Better Banking
What if your deposits and your borrowing were combined into a single account, so that every dollar you earned automatically went towards paying down your debt?
That’s exactly what all-in-one banking does, and more! It brings your mortgage, savings and income together to help you:
That’s because with all-in-one banking, every dollar you deposit goes towards paying off your debt, every day.
Reduce your borrowing costs.
When you transfer your savings and / or short-term investments into your all-in-one account, they go immediately towards paying down your debt. The same applies to your income. Every deposit you make into your account reduces your debt, saving you interest costs until you need to withdraw funds to pay for monthly living expenses.
Better Banking also allows you to consolidate all of your debt (loans, credit cards, etc.) up to your borrowing limit, at a competitive low interest rate. By repaying all you higher-interest debt from your all-in-one account, you could reduce you interest costs and become debt-free sooner.
Live out of one account.
Better Banking allows you to do all your banking from a single account. By bringing your banking together, you no longer need to worry about moving money between accounts.
Access your money.
An all-in-one account simplifies your banking and allows you to easily access your money using online, mobile and telephone banking. Not to mention, you’ll have access to one of the largest ABM networks in Canada.
Interest is calculated daily.
At the end of each month, you’re charged the accumulated interest for the month – you only pay interest on what you owe on any given day.
Create a plan.
When you switch the way you bank, you can structure your account to meet your needs, and create a debt freedom plan to help reduce interest costs and provide financial flexibility.
Put your money to work.
With all-in-one banking, your money is always working for you. Either by reducing debt or by providing high daily interest on savings when your debt is gone.
Discover what all-in-one banking can do for you. Then join the thousands of Canadians who have chosen Better Banking, saved millions of dollars in interest and gained financial flexibility.
As you have probably concluded there are many variables to consider when deciding which type of banking is best for you. Contact Jack to help you decide which type best suits you and your family’s needs.