What internet bank to deposit $100K - Achieva or Hubert? | General comparisons | Discussion forum
I have $100K that I want to put into a savings account. I have been looking at the comparison page and have come down to deciding between either Achieva or Hubert Savings. As the 2% rate is the same, my prime decision making criteria is which one will allow me to more easily and/or more quickly move money in and out (able to do an online transfer rather than by phone or by transfer letter) as I may want to move some or all of the $100K back to an investment account in the future.
Any experience with either of these two and and any advice would be appreciated. Thanks.
December 22, 2011
I can only speak about Hubert Financial as I dont have an Achieva account. If you make your transfer of your $100K to Hubert(Happy Savings)on lets say a Monday morning, you will later that day get a email from Hubert saying "Hi:, This email is to confirm that your transfer from your External Bank in the amount of $100,000 has been initiated. You will now see the deposit in your Hubert account." You can then log in and verify that has happened. Hubert then will Hold the funds for about 5 business days if you started the transfer with Hubert. After this hold period is done and if you need the $100K right away, you can log in to Hubert and Transfer the money back to your external account. You should see it back in your external account in about 2 business days. It is 2 days for me anyways. I am a BMO customer. Well thats my experience with Hubert. I just done some transfers this past week with them. Not a bad online bank to deal with actually. Hope that helps Cents111.
I would say Hubert is the easiest to get your money out of by far. Although you can do online transfers through both, Achieva only allows you one free withdrawal per month. I believe Achieva also charges from $1 to $3 per ATM withdrawal as well. On an unrelated note, Canadian Tire Bank has dropped their interest rate to 1.8% from 2% (It doesn't show on their advertising yet), so it is time to move out of there. I do like Canadian Tire Bank for their speed of transfers though. For me it has always been next day.
I have over 10 years with Achieva and they have offered the most consistent high-interest rates over this period, blowing ING, PC & Ally out of the water. While I can't comment on Hubert, I do know Achieva has been around since 1998. I have my money in their Daily Savings and their high-rate GICs. Achieva also offers RSP savings (which I have), Hubert does not. You can transfer funds electronically online with Achieva — deposits are free and you are allowed one free withdrawal per month (transactions are $1 after that). You cn also get physical cheques for your Achieva account and they will pay you $1 per month for electronic account statements. Most important to me is Achieva's longevity and financial strength of their parent company. Oh ya, the 100% deposit guarantee is a plus as well.
Good luck with your decision here.
Hubert is completely fee free and simple to use.. Free for registered transfers (TFSA>TFSA) to different institutions etc..
Achieva is backed by Cambrian CU #10th largest.. Hubert by Sunova CU 32nd largest..
Lots of good info on CU Central and the Manitoba Deposit Guarantee.. I'm hoping Hubert edges their rates upwards shortly.. Even a few bps would be nice..
Dealt with Achieva for just going onto five years. Great to deal with, full online banking and transfer capabilities, solid rates and I've never had any issues with fees. In fact, the $1 per month they pay me for receiving e-statements far exceeds anything I paid for withdrawals or cheques I write.