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Fixed Rate Non Redeemable? Overall Satisfaction?
March 16, 2017
7:40 am
Nehpets
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According to their website 2017 03 16, the only one year GIC they seem to offer is a variable rate redeemable GIC that "averages" 2.05
The first three months: 1.90%
Months four to six: 2.00%
Months seven to nine: 2.10%
The last three months: 2.20%

Has anyone gotten a fixed rate one year term?
Any 2017 updates on what it's like to deal with Hubert..customer service, hidden fees, admin problems, surprises?

Have considered them for a while, but there seem to be conflicting reviews.

March 16, 2017
9:33 am
rhvic
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I am happy with Hubert, and have been with them for several years. They were slow in rolling out their ability to do EFT for their US$ accounts, but finally that is in place. Their interest rates are reasonable, especially for US$. I use them as my main hub to transfer funds among the 10 financial institutions I use. They are quick to respond to chats and provide useful info. I park my funds there if rates are not better elsewhere. I can't recall ever paying them any fees.

The variable rate GIC is useful if you're looking for a place to park funds and may need them within the year.

March 16, 2017
9:39 am
Nehpets
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Thanks rhvic! Appreciate your insights. I did notice the interest rate on $U.S. so that may be an option for me.

The member agreement is quite unilateral, however, absolving Hubert from just about any contingency, including any fraudulent incursion into one's account (hacking).

Does that raise any concerns?

March 16, 2017
12:14 pm
rhvic
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Nephets, I am not an expert on such member agreements but I presume they are fairly standard in their terms across the industry. Perhaps someone else has more insight into this?

March 16, 2017
12:57 pm
2of3aintbad
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Because of the quarterly compounding, you can think of this product as a one year GIC paying about 2.06%. The cashable feature, as with any step-up GIC, is usually not worth using, if your purpose is only to reinvest the proceeds in another GIC. Emergency access is a different story.

March 16, 2017
6:29 pm
christinad
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I did some sleuthing and it looks like oaken and eq bank provide security guarantees. People trust doesn't. I think this is a reason for spreading your money around different accounts. With hubert you do get an email confirmation when you login which gives me some level of comfort. Plus i would think gics are quite safe as you need to phone in to redeem.

March 16, 2017
6:31 pm
Loonie
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I don't know either how standard such clauses are, but presume we will see more of them.

Be sure to at least save, and preferably print out, your statements every month, or more often if there is a lot of activity. I find it's easy to get lazy with online banking, thinking it will always be there for you on the internet. Don't count on it.

I print out everything, including receipts for deposits and transfers. And I never throw out the statements.

Remember too that they will only allow you access to your statements for about two years in most cases. They are required to keep the info for 7 years, but not to keep it online for you.

I know some people who check their accounts daily, just to make sure nothing has gone wrong. It's a good idea, if you have the time.

As for Hubert, I've never had a problem. They are quite accommodating. A while ago, one of us made an error and transferred too much money, creating a problem at the other end. This was on a weekend. We made a phone call first thing Monday morning and they reversed the transfer for us as it had not yet been put through to the other bank. This could not be done online.

I love the one year GIC. Just beware that if you cash it in between the 3-month due dates, you will not get any interest after the most recent interest credit. timing is everything!

You're right, it's the only one-year GIC that they offer. It pays as well or better compared to the others, plus the possibility of cashing if needed. If you get fixed-rate one year cashable elsewhere, you will get far less return. I think one of the other MB CUs offers it - Implicity or MAXA?

I suggest you give Hubert a try. You've been considering it for a while. You're only going to find out by trying it for yourself.

March 17, 2017
11:19 am
moneyhelp
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rhvic said
I am happy with Hubert, and have been with them for several years. They were slow in rolling out their ability to do EFT for their US$ accounts, but finally that is in place. Their interest rates are reasonable, especially for US$. I use them as my main hub to transfer funds among the 10 financial institutions I use. They are quick to respond to chats and provide useful info. I park my funds there if rates are not better elsewhere. I can't recall ever paying them any fees.

The variable rate GIC is useful if you're looking for a place to park funds and may need them within the year.  

I absolutely I agree, I just opened their US account since they have the best rate in Canada and I only opened it because they have now established an EFT option, otherwise I wouldn't have opened the account.

Hubert is always fast when contacting them via email, but I have never used the live chat feature. Has anyone used it? Good? Bad? If let's say we're comparing to Tangerine's online live chat.

March 18, 2017
1:09 pm
MarkFog
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I've decided to transfer my RRSPs to Hubert Financial. The 2.05% variable rate is a good deal. I have approximately $50K sitting at RBC, PCF Canada Bonds and doing nothing. So far it has been easy enough to send the application and any questions over the phone they have been very informative.

March 18, 2017
3:43 pm
2of3aintbad
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I don't use Hubert for my RRSP, but if I did, I would use the 5 year GIC at 2.40% instead of the one year cashable. If I was expecting not to make further contributions, it might be different, but I'm always planning to ladder my GICs. That means next year I would buy another 5 year GIC, either from new contributions or from a maturing GIC.

The longer you keep your money at a lower rate, the more that interest rates need to rise to make up the difference.

March 18, 2017
4:09 pm
Loonie
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It depends on where you are at in the financial cycle and where you are pulling the money from, as to how long you put it in for.

I agree that for most people most of the time, laddering is the best approach. There is the temptation to go short because you think rates will go up later (or ought to), but there is no way of knowing when or if they will go up, especially with so much uncertainty in the world.

However, for anyone who is thinking of doing some income averaging or estate planning and cashing in some of their RSP/RIFs, then a shorter term might fit.

March 19, 2017
2:31 am
Sonz
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March 19, 2017
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I personally had a very disappointing experience with Hubert. I tried to park some cash the other day and opened an account through their online website. When I finally entered the last bit of personal information including that of a joint account holder, I got an "Oops.. I'm sorry we weren't able to identify your identity and can't continue with you online application... continue the application process with a paper application". When I clicked to access the paper version "Click here" - I got a server error. I contacted the bank and asked them to send me the information I had entered online for my records. They did send back the document but with a bad password. So I called again and was told they would not be able to give the information until I had sent them a cheque. I told them to delete my info as I wouldn't be opening an account with them. Is there any way to ensure they actually do delete my personal information?

March 19, 2017
10:56 pm
Loonie
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I initially applied by mail. I think there was some reason that it didn't go through online but can't remember the details now.

You can't open an account with them without sending a cheque. I think that's the same with all of these 'alternative' banks. That's how they confirm your identity. Since they haven't been able to confirm your identity, they would be remiss in sending you any personal information about a person who many not in fact be you. So, they are doing the responsible thing.

It does seem like their software for the application process may need an update.

I would just go ahead and do as they ask. The first password they send is a bit confusing. As I recall, it didn't work and I had to phone them, but everything then went smoothly and they were very good on the phone.
You only have to apply once. After that, you can open whatever accounts you like, including registered ones, online and without more forms except the beneficiary form and transfer-in form if required.

March 20, 2017
8:04 am
Norman1
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Hubert likely uses a credit bureau, like Equifax, to do automated identity verification. It works for most people but not everyone.

Sometimes, the info at the credit bureau is off a bit. For example, the address may be 1234 Jones Circle instead of 1234 Jones Crescent. In one case, the credit bureau had the first and middle names reversed of a friend who repeatedly failed identity verification.

A human agent would be able to see such situations and manually approve the application.

I would give Hubert another chance.

March 20, 2017
6:17 pm
SavingIsGood
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There is NO fixed 1year GIC at Hubert. Period.

That is why you are getting cashable 1y GIC. Not many, if any, fin.inst. offers cashable GIC as good as Hubert's.

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