Canadian Tire Financial Services Ltd. has launched an account it says will save people money by consolidating their debts and helping to pay them off more quickly.

The account, offered by the subsidiary Canadian Tire
Bank, launched in the three pilot markets of Kitchener-Waterloo and London, Ont. and Calgary, Alberta.

Canadian Tire One-and-Only account allows people to combine their mortgage, chequing and savings accounts, plus loans and credit card balances, into one account.

According to the company, there are no set-up or transaction fees, plus account holders earn bonus Canadian Tire ‘money’.

The company says any funds deposited into the account immediately go towards paying down the mortgage and reducing the debt load and as a result could also result in significant reductions in interest payments.

“We know from our consumer and market research that as the size of the average mortgage continues to grow, so does every Canadian’s desire to pay off that debt as quickly as possible” said Marco Marrone, president, Canadian Tire Financial Services. “With the new Canadian Tire One-and-Only account, we are offering homeowners a solution to help them reach their goal of paying off debt faster so they can spend their money on the things they really want to.”

To enable customers to see just how much money they can save and how much faster they can pay off a mortgage using the account, Canadian Tire Bank has launched a new Web site MortgageInYourWay.com. The site offers an interactive calculator called the ‘Mortgage-Free Faster Tool’ to illustrate the long-term benefits of depositing funds directly into the account.