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Which is your favourite online institution for TFSA/RRSP GICs & HISA w/ no fees
November 29, 2017
8:34 am
voodoo22
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Hello all,

I currently use a smallish MB CU for most of my TFSAs, RRSPs which I usually keep in 5 year GICs.

I rarely keep money in a HISA, but I do periodically and I like the ability to transfer funds between them and my other online banks.

Recently my current CU has introduced a .65 service charge to transfer money and their 5 year rates are no longer as competitive as I would like. I do not need the best rate, but I need it to be close to the leaders, be able to avoid service fees and be provided decent customer service. So I'm beginning a strategy to consolidate my GICs with them in preparation to move funds out as renewals come up.

It seems like people prefer to use Hubert or Outlook out of all the options, but I'm hoping to get some opinions on the options from people whom have experience and are currently using them.

Thank you for your time!

November 29, 2017
11:29 am
Loonie
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I like Hubert. When you talk to them on the phone, you always get a real person who does not sound scripted. And they are willing to attend to the things you have on your mind. You don't get "spin" from them, and they are not trying to sell you anything.

That said, I am not happy with their policy on powers of attorney, and I think they should make some offering on one year RIF GICs (although I realize the current one would not work).

My plan, however, is to exit from Hubert in due course as I prefer not to have accounts based outside my province and subject to laws outside of my province, of which I might not be aware or which may create a challenge for executors. It's the only one I have at the moment.

Hubert does not offer ATM access or chequing - for those who may want these features.

November 29, 2017
2:09 pm
voodoo22
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Thank you Loonie. That's very helpful and gives me some points to look into.

November 29, 2017
6:05 pm
Rick
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Motive. Savings rates arem't keeping up with others, but GIC rates are above average and basic banking is free. I'm looking for a second bank to split my RSP's so they don't go too far above CDIC limits, but can't find a whole package that matches them. Considering just giving up and keeping it all with them. I'll keep looking, but if I'm not happy with alternatives by May 2018, I may just keep it all at Motive. 11 more years until I hit 71.

November 29, 2017
7:04 pm
voodoo22
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Thanks for the info Rick. GIC rates are definitely important to me. I hadn't looked into them, so I'll check them out.

Enjoy the next 11 years and beyond sf-laugh

November 29, 2017
7:17 pm
Rick
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Thanx! Hopefully they'll have RIF's by then.

December 4, 2017
10:01 pm
frugal lady
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I like Hubert also. Their rates are competitive, they respond quickly to email, I like the "secure chat" feature on website, linking of your external accounts is easy to do, if you "pull" funds into your account you get interest starting that day, they have RRSP HISA and RRIF's (which some banks don't). They have even guaranteed me a RSP GIC rate while in the process of transferring RSP from other institution which can take awhile.

December 4, 2017
10:10 pm
frugal lady
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Loonie said
I like Hubert. When you talk to them on the phone, you always get a real person who does not sound scripted. And they are willing to attend to the things you have on your mind. You don't get "spin" from them, and they are not trying to sell you anything.

That said, I am not happy with their policy on powers of attorney, and I think they should make some offering on one year RIF GICs (although I realize the current one would not work).

My plan, however, is to exit from Hubert in due course as I prefer not to have accounts based outside my province and subject to laws outside of my province, of which I might not be aware or which may create a challenge for executors. It's the only one I have at the moment.

Hubert does not offer ATM access or chequing - for those who may want these features.  

Regarding your comment on accounts outside of your province, today I had the same concern and inquired of Hubert what their requirement was if the account holder did not reside in Manitoba. They advised me as follows:

"We are usually notified of a members passing via the Executor and we will require a probated will before processing any payouts. We will accept probate even if it's from another province, highly unlikely but if by chance none of the other institutions you deal with in Alberta required probate then the executor would proceed with obtaining probate in Manitoba."

I was glad to hear that.

December 5, 2017
9:14 am
voodoo22
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Thank you for sharing your experiences frugal lady.

December 5, 2017
9:49 am
AltaRed
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Just remember POA issues can be different from Will (death and probate) issues. Loonie's post also mentioned POA.

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