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All GIC rates decrease
March 17, 2023
7:20 am
frugal lady
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All GIC rates have decreased
1 yr 4.75%
The first three months: 4.60%*
Months four to six: 4.70%*
Months seven to nine: 4.80%*
The last three months: 4.90%*

2 yr 4.85%
3 yr 4.75%
4 yr 4.75%
5 yr 4.70%

March 17, 2023
7:42 am
phrank
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not a fan that they no longer give you a heads up before they change ratessf-cry

March 17, 2023
8:35 am
pooreva
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phrank said
not a fan that they no longer give you a heads up before they change ratessf-cry  

New management, new rules 🙁
I miss those emails too. If not for this forum I would not find out about rate changes. I guess we will receive email sometimes today.

March 17, 2023
8:54 am
pennysaver1
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phrank said
not a fan that they no longer give you a heads up before they change ratessf-cry  

I agree, last couple of times I had to call them for something I asked about this and if there was a way to request that they bring back the advance email notice. Both reps I spoke with said they would pass this request along to their manager(s). One of them said the more people ask about this the more inclined the higher-ups would be to bring it back, so it might help if more people bring this up whenever they happen to call them.

March 17, 2023
10:44 am
BK
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They are dropping rates to head off the people that are coming due for the time exactly 87 days ago who got in on the last rate increase. Pretty sneaky! I'm cashing out and heading back to my offer that I got at Tangerine good til May 31st.

March 17, 2023
10:58 am
HermanH
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I'm doing the same. I should have just kept my money at Tang for 5%, but I foolishly bought the 1-yr quarterly at Hubert.

March 17, 2023
11:56 am
Dean
Valhalla Mountains, British Columbia
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.
If Access CU continues to tinker with Hubert, their going to lose a LOT of customers, along with All their $$$ ❗❗

I just sent off a very strongly worded email reply to today's Hubert rate change notice from Access, expressing my disappointment and Anger over the lack of a prior notice.

Next up ... I'll be sending a follow-up to Access CU Management & BoD, and it won't be pretty either.

If we don't Nip this in the bud, Access CU will continue to 'tinker' with Hubert, and eventually Ruin it for us.

To those who choose to stay on the side-lines about this (the 'Do Nothings')
... welcome to being a part of the problem.

    Dean sf-confused

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

March 17, 2023
12:04 pm
lifeonanisland
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My message sent to Hubert this morning is below. Will it make a difference? It might if enough people follow suit, as Dean suggested above.

"As clients, I have to tell you how disappointed my wife and I are that you have abandoned your policy of sending out advance notice of rate changes. This is one of the things that made you stand out from the pack. Your management does not wake up in the morning and decide, "Let's change our rates today!". Rate changes are planned in advance. And that's when you should be telling your valued clients. Thank you..."

March 17, 2023
12:21 pm
linleon
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I've spent weeks getting joint accounts opened for my husband and me at Hubert. Went in today to ensure my GIC had been purchased to see that it hadn't and that rates had gone down. Luckily Hubert honoured yesterday's rate of 5% for a 5 year term.

March 17, 2023
1:10 pm
Rail Baron
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Without wanting to set off a stampede of withdrawals, I imagine that the most effective way of showing Access Credit Union that their new strategy for Hubert could benefit from some adjustment is for complaint letters to be reinforced by a net outflow of assets. I am planning to move some, but by no means all, of my money to higher interest GICs at other FIs (e.g., Peoples Bank), when the next 1 year term anniversary comes up later this month. I would have kept it at Hubert if the rates hadn't been cut back, and I might keep more funds there if I knew that they would give fair warning about rate changes.

March 17, 2023
1:34 pm
cgouimet
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So, what FI's actually give advance notice of rate changes?

I used to get Hubert emails a few hours before. Now it's a few hours after.

Oaken is usually 7 calendar days but their hold policy means you can't take advantage of it unless you have HISA $ there already.

CGO
March 17, 2023
2:01 pm
AltaRed
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I will speculate that Oaken's policies will change when Smith Financial completes the acquisition of HCG later this year and goes private.

March 17, 2023
2:17 pm
cgouimet
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cgouimet said
So, what FI's actually give advance notice of rate changes?

I used to get Hubert emails a few hours before. Now it's a few hours after.

Oaken is usually 7 calendar days but their hold policy means you can't take advantage of it unless you have HISA $ there already.  

The only other advance notice I've ever gotten is for Tangerine HISA offers. And we have all seen the 'I Hate Tangerine' from those who don't get some of these ...

CGO
March 17, 2023
8:08 pm
Loonie
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cgouimet said

I used to get Hubert emails a few hours before. Now it's a few hours after.

Welcome to Access CU, bye bye Sunova.

March 18, 2023
6:53 am
GR
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cgouimet said
So, what FI's actually give advance notice of rate changes?

I used to get Hubert emails a few hours before. Now it's a few hours after.

Oaken is usually 7 calendar days but their hold policy means you can't take advantage of it unless you have HISA $ there already.  

1) Meridian C.U. gives advance notice of rate changes.

2) Oaken allows you to buy a GIC while your funds in their HISA are on hold or while funds are being pulled by Oaken from your linked account.

March 18, 2023
7:12 am
Wrayzor
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cgouimet said
Oaken is usually 7 calendar days but their hold policy means you can't take advantage of it unless you have HISA $ there already.  

I've been successful with calling Oaken to book a GIC inside the 7 day notice period and get the higher rate without having any cash there (don't even have a HISA). My wife and I both did it in Dec and Jan. The funds were sent old school (mail a cheque) and via linked external account for different GICs. One of my wife's purchases via cheque didn't show up on Oaken's site for two or more weeks, but was back-dated to the purchase date with the higher rate.

I agree with AltaRed that the policies are likely to change. But I don't really care how they change, as I'm not planning on putting any more money in there.

March 18, 2023
7:20 am
cgouimet
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GR said

1) Meridian C.U. gives advance notice of rate changes.

2) Oaken allows you to buy a GIC while your funds in their HISA are on hold or while funds are being pulled by Oaken from your linked account.  

I tried but they wouldn't let me. I suppose I don't qualify as preferred ... 🙂

CGO
March 18, 2023
7:28 am
victor6433
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Of course Hubert couldn't wait for 2 more weeks.. I'm off to Oaken.

March 18, 2023
11:49 am
gicjunkie
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BK said
They are dropping rates to head off the people that are coming due for the time exactly 87 days ago who got in on the last rate increase. Pretty sneaky! I'm cashing out and heading back to my offer that I got at Tangerine good til May 31st.  

Interesting timing considering the fact that, although many are expecting interest rates to hold firm for a while, some "financial experts" are actually predicting another BoC rate hike of .25% on April 12. I guess we'll have to wait to see who the real experts are.

March 18, 2023
12:14 pm
Rail Baron
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Back in December, Hubert/Access dropped some of their rates when other FIs were still sticking with "higher for longer". That led me to move deposits over to Oaken and Peoples Trust when they were offering 5.39 and 5.4% respectively. Now, I'm looking at Peoples Bank to move proceeds of GICs that come due later this month. 5.3% looks better than 4.85%.

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