A combined Mortgage, Line of Credit, and Chequing in a single account can help simplify the management of your cash flow and save your money on your mortgage.
Every dollar you place in the account works for you until you need to spend it.
You can pay your insurance bills annually, without putting money aside in a savings account. Life Insurance, Critical Illness Insurance, and Auto Insurance are typically about 10% cheaper when paid annually. If your combined insurance bills are $5000 a year, you can save about $500 by switching to annual payments.
You can potentially fund a large, unplanned expense, without having to draw down on RRSPs or sell other investments.
You don’t have to worry about having enough in your chequing account in months where large expenses are due. Even if your auto insurance, life insurance, and property tax are all due the same month as your credit card after your vacation, you know your payments will clear.