Canadian High Interest Savings Bank Accounts

Just found out that their HISA has a $2.50 transaction fee. Ouch

I opened an account with Hubert and had no problems.

It is true that they received a warning letter by the OSFI. The letter discuss two points of contention. The first was what was considered over aggressive marketing. Hubert was receiving deposits from Saskatchewan and Nova Scotia. The second is that they were advertising themselves as Canada's newest online Bank as opposed to a credit union.

All deposits in Hubert are guaranteed without limit by The Deposit Guarantee Corporation of Manitoba (http://depositguarantee.mb.ca/home/). I spoke with them about Hubert and was told Hubert was in good standing and has changed their marketing practices to satisfy Saskatchewan and Nova Scotia.

For me, the only negative was the $2.50 transaction fee. I do not plan on moving funds from that account regularly so it works for me. You can make automated monthly withdrawals from the account with no charge.

I recently opened an account. I just emailed them regarding the fee I keep hearing about and have not seen mention of in their terms of service. I got the following email back from them (below).

My only two problems with them so far is that their web site is limited in what data you can collect, and the big one, that their interest rates keep slipping. They currently sit at 2%. INGDirect is at 1.5%, so it is better… but I think it is only a matter of time before they lose their impressiveness and competitive advantage…

Hubert Financial hubert@happysavings.ca

Nov 28 (2 days ago)

to me

Hi Tara,

We don’t charge any fees, I think the information you found on the internet is out-dated. We were originally charging 2.50 for withdrawals but dropped the fee soon after we opened.