SAVINGS-CHEQUING ACCOUNTS - all plans begin with great banking products
Through association with one of Canada's Tier One chartered banks, we can offer high yield savings accounts that offer industry leading high interest rates. The savings accounts, just like the other big five banks, are guaranteed. Our offering however, requires NO minimum balance and offers you unlimited access to your money with no fees.
Free chequing? Yes that is offered as well.
Can also be used for your retirement savings plan or tax free savings account.
What better place to start building that first investment account than with a high interest, guaranteed, no charge savings plan.
TERM DEPOSITS/GICs - provide risk free investing
As an independent financial planner I have access to many different banks, credit unions, trust and insurance companies to help get you the highest possible interest rate on your term deposits. Through guidance I can help show you the best way to create a sound investment plan using guaranteed investment certificates (GICs).
A little known fact is that some insurance companies also offer term deposits. They also offer competitive rates and the added bonus of being able to name a beneficiary. By naming a beneficiary you may be able to bypass probate costs. This can add up to huge savings as part of estate planning. Talk to me about this preferred option over the chartered banks option of "jointing accounts".
LENDING PRODUCTS - all for one, one for all
Through our association with one of Canada's leading financial institutions we can offer one of Canada's best home equity lines of credit and preferred rate mortgages. The line of credit we offer has many advantages over the traditional lines of credit offered by Canada's big banks. Although offered through a chartered bank, this line of credit can act as a your daily operating account, a savings account and can be split within itself for ease of tracking your different borrowing needs (Accountants love this tracking of interest charges).
When set up, cheques can be ordered. A convenience card is issued to allow for point of sale purchasing and use through the ATM network allowing for cash withdrawals and deposits. Automatic payments and deposits can be set up including transferring to and from other chartered banks.
When you hold a positive balance in your account you receive a high rate of interest. It is based on the daily balance and there is no minimum required. Interest is then paid monthly.
On the borrowing side, interest rates are variable and are very competitive. There is no minimum monthly payment required provided you stay under your pre-established credit limit, which could be as high as 80% of the value of your home. The splitting of your different borrowing needs is referred to as creating sub accounts.
To help explain this: let's say you opened your line of credit and it is established at $300,000.00 while paying off an existing mortgage of $100,000.00. This means you still have available $200,000.00. If you want to lend a child $10,000.00 for schooling, buy a new car for $20,000.00 and lend your business $30,000.00, you could create a sub account for each and the interest charges to each separate borrowing would show on your monthly statement. This allows easy tracking of the interest charges to each borrowing need. As your child or your business repays the loan, you credit the appropriate sub account and the interest on the remaining balance is calculated automatically, again showing on the monthly statement. As these loans and your mortgage are paid back you increase your overall line of credit back to the original available $300,000.00 for potential future use just in case. This is a much better option than having many different lines of credits or bank loans that have to be re-negotiated every time you have a need to borrow.
Although the most efficient way to pay back lending is by using an open variable account, you can elect to fix your payments and interest rates, on all or a portion of your borrowings, if you choose.
For any home owner, this one account should be your everyday chequing-savings and line of credit account. Let me show you how you can save thousands of dollars in interest charges and pay off your mortgage years earlier.