I'll get in before Slava does. He's probably driving through nasty Calgary traffic at this moment.
This sounds like Manulife One (Canuck Tire also has one). If it's what I think it is, it's several products rolled into one - mortgage, lines of credit (can be multiple ones), chequing account, savings account. If this is what it is, are you a spender or a saver? If you're a good saver, look at it. If you're a big spender, I'd steer away from these things as they can get you into a world of trouble. That's your potential downside, being that you asked about that. Does this sound like what you were told. Or might be something entirely different. This product is also called an Australian mortgage. It started in Australia. It's called an Australian mortgage for another reason; used improperly and you can be burned, just like the big fires down under these days.