What do you get when you combine accounts? Lower mortgage interest rates?

Okay, I am not even going to pretend to know how this works. It does sound intriguing though, and if it works how it looks like then it could be an option for people that usually have to go to bank a to deposit their paycheck, bank b to pay the mortgage then over to bank c where their retirement savings account is at.

The One Account wants to (from how I translate it) place your mortgage and normal account together, into one account, so that the money you have in the bank will offset the debt of the mortgage, thereby lowering that debt and taking potential years off your mortgage repayment time.

It looks like they are saying that as long as you have money in your account, that money is counted towards your mortgage debt - so you take the mortgage and subtract however much of your paycheck you have in the bank and pay interest on the remainder rather than on the whole mortgage.

If I got that right it could be one very kewl concept that has possibilities. I have no idea how exactly it works, but it sounds kewl. And your savings can be consolidated too, so (if I have this right) people with high mortgages could drop their $50,000 mortgage into an account with their $30,000 in savings and the $500 left from their paycheck after their bills are all paid up and only be being charged interest on a $19,500 mortgage balance! Please, double check this at the link above before you get too excited. lol

This post sponsored by OneAccount using PPP