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Hubert @ 2.0% :( :( :(
November 24, 2011
6:45 am
Jenna
Member
Members
Forum Posts: 82
Member Since:
July 13, 2011
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Did a truck just hit me?

Good morning,

Our Happy Savings Account rate is changing. Due to continued fluctuations in the market, we would like to let you know that our Happy Savings Account rate will be adjusted effective Thursday, November 24, 2011. The new Happy Savings Account rate will be 2.00%.

Why the change? Our Happy Savings Account rate is variable and adjustments are reflective of market fluctuations. Due to some continued changes within the marketplace, it was determined that another rate adjustment was necessary. While our Happy Savings Account rate may require adjustments every now and again, our intention with Hubert is to consistently provide higher than traditional rates of return for savings accounts and term deposits.

Don’t forget! With Hubert, every penny of your deposits are 100% guaranteed without limit by the Deposit Guarantee Corporation of Manitoba. You can rest easy knowing that no matter what happens in the economy, your investments are safe and secure with Hubert Financial.

No runaround. No catches. No kidding. Even though the message isn’t always as happy as we’d like, we promise to make sure our members are always in the loop about what’s going on, especially when it comes to our rates and our products and services. So whether the market dictates a rate increase or decrease, we promise to let you know as soon as possible.

Questions? Give us a call or send us an email. We are happy to help. We can be reached by phone at 1-855-4HUBERT (1-855-448-2378) or by email at hubert@happysavings.ca.

Sincerely,

Hubert

November 24, 2011
6:52 am
Monju
Guest
Guests

Now its time to move my money back to CDIC insured bank!!

November 24, 2011
7:16 am
Jim
Guest
Guests

Yep, time to top up Ally to the CDIC limit.

Note that they gave no real heads up on this one, effective "immediately". Makes one wonder about their financial health, changing their rates twice in such a short window.

November 24, 2011
7:39 am
Jenna
Member
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Forum Posts: 82
Member Since:
July 13, 2011
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I am not certain what action I will take on this end. However, the $$$ that I was about to move to Hubert will not be making its journey today. Need more time to think.

November 24, 2011
8:01 am
BL
Guest
Guests

Time to move on next week another drop?

November 24, 2011
8:26 am
John
Guest
Guests

New customer.
Two drops before I've even received my fridge magnet.
Not happy.
Bye Hubert.

November 24, 2011
8:43 am
don
Guest
Guests

Just opened account and got the first notice - now this one. Obviously a big marketing come on and not a true financial strategy - highest rates anywhere !

Opening C Tire account now - at same rates as the rest - not worth it !

November 24, 2011
9:25 am
guest
Guest
Guests

Ha! The big chunk of my cash that was going to Hubert is now going nowhere. I'll stick with Ally thanks very much.

November 24, 2011
9:28 am
John
Guest
Guests

I HATE getting emails first thing in the morning beginning with 'good morning' and then wham bam the bad news.

They should try later in the day with something like:

Good evening,

Are you sitting down? Had a few drinks? Well have another, because we're dropping our rates again, sucker!

November 24, 2011
9:37 am
Jenna
Member
Members
Forum Posts: 82
Member Since:
July 13, 2011
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John, you certainly have lightened the mood!

Maybe back to the very beginning for me, where I started looking for a new financial institution--and then found this forum!

At ING I am getting 1.5%...but my kids' accounts are grossing 2.0%.

Well, nothing rash for me...I need to do some research.

November 24, 2011
10:17 am
88kanaka
Guest
Guests

Jenna said:

John, you certainly have lightened the mood!

Maybe back to the very beginning for me, where I started looking for a new financial institution–and then found this forum!

At ING I am getting 1.5%…but my kids' accounts are grossing 2.0%.

Well, nothing rash for me…I need to do some research.

I have found this site to be a wonderful source of information over the years. It led me to the great rates that the CU's offer in Winnipeg. I was not confident of the 100% Deposit Guarantee but was later re-assured that it was ok. Living in BC I was aware of the CDIC with the banks and how the CU's here are covered so my queasiness was likely a result of just being unfamiliar. I have a few dollars invested in both Accelerate and Outlook Financial. Customer service wise I prefer Accelerate and have no reason to not deal with Outlook. Ally and Hubert have always be controversial on this site. I decided not to deal with Ally as what I was able to find is that they have American roots and were bailed out by the US Treasury. Hubert seemed to be good….but there is a lot of commotion about them..but on the other hand you have seen that Hubert management watches this site and has taken it upon themselves to respond….which is a good thing. Yet Outlook, Accelerate, and Maxa have not put themselves in that position. Hubert offered higher rates than both Accelerate and Outlook and I considered moving…but that would have to be done is phases to avoid early withdrawal penalties. Early withdrawal fees (penalties) and service fees need to be considered along with the interest rate offered. Hubert is now lower than Accelerate and same as Outlook. I am glad I took the sit back and wait approach to Hubert. Was it a TICKLER rate or not? Consumers are wiser and the days of bait and switch (or change)will no longer be overlooked!! One has to review what Hubert has to offer other than the rates and if they suit your needs or not…..make the decision based on your needs and stay or move on. There is a certain level of competition to your availability.

http://www.bankrate.com/can/ra.....p_home.asp
http://www.baystreet.ca/intere.....rates.aspx

November 24, 2011
10:24 am
Jenna
Member
Members
Forum Posts: 82
Member Since:
July 13, 2011
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Thanks for a great post, 88kanaka. I wish there were a "hits" counter, as I am sure your post will get quite a few reads.

I am in Ontario and I need an account where the funds are available to me without penalty, as we have been trying to buy a home for exactly 1 year now.

On a different note, I am glad that I was not able to convince close family members to switch to Hubert. Had I been successful, I would have had the reputation of a clown.

November 24, 2011
10:37 am
rhonda shearer
Guest
Guests

John said:

New customer.
Two drops before I've even received my fridge magnet.
Not happy.
Bye Hubert.

lol...time to throw out the magnet....do you want your friends to see it???

November 24, 2011
10:45 am
88kanaka
Guest
Guests

88kanaka said:

Jenna said:

John, you certainly have lightened the mood!

Maybe back to the very beginning for me, where I started looking for a new financial institution–and then found this forum!

At ING I am getting 1.5%…but my kids' accounts are grossing 2.0%.

Well, nothing rash for me…I need to do some research.

I have found this site to be a wonderful source of information over the years. It led me to the great rates that the CU's offer in Winnipeg. I was not confident of the 100% Deposit Guarantee but was later re-assured that it was ok. Living in BC I was aware of the CDIC with the banks and how the CU's here are covered so my queasiness was likely a result of just being unfamiliar. I have a few dollars invested in both Accelerate and Outlook Financial. Customer service wise I prefer Accelerate and have no reason to not deal with Outlook. Ally and Hubert have always be controversial on this site. I decided not to deal with Ally as what I was able to find is that they have American roots and were bailed out by the US Treasury. Hubert seemed to be good….but there is a lot of commotion about them..but on the other hand you have seen that Hubert management watches this site and has taken it upon themselves to respond….which is a good thing. Yet Outlook, Accelerate, and Maxa have not put themselves in that position. Hubert offered higher rates than both Accelerate and Outlook and I considered moving…but that would have to be done is phases to avoid early withdrawal penalties. Early withdrawal fees (penalties) and service fees need to be considered along with the interest rate offered. Hubert is now lower than Accelerate and same as Outlook. I am glad I took the sit back and wait approach to Hubert. Was it a TICKLER rate or not? Consumers are wiser and the days of bait and switch (or change)will no longer be overlooked!! One has to review what Hubert has to offer other than the rates and if they suit your needs or not…..make the decision based on your needs and stay or move on. There is a certain level of competition to your availability.

http://www.bankrate.com/can/ra.....p_home.asp
http://www.baystreet.ca/intere.....rates.aspx

Summary of the highest rates.

Minimum Term
Deposit Redeemable 1 2 3 4 5
Steinbach Credit Union no 500 2.15 2.5 2.9 3.15 3.4
AcceleRate Financial no 1,000 2.25 2.6 3 3.25 3.5
Achieva Financial no 1,000 2.25 2.6 3 3.25 3.5
MAXA Financial yes 500 2.25 2.6 3 3.25 3.5
Outlook Financial yes 1,000 2.25 2.6 3 3.25 3.5

November 24, 2011
12:13 pm
NorthernRaven
Moderator
Moderators
Forum Posts: 458
Member Since:
August 4, 2010
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Seen in isolation, Hubert is still at the top end of HISA rates, matches the high-end Manitoba GIC rates (much better than CDIC options) along with favourable cashability, and, however clunky, may actually have somewhat better online capabilities than some of the older Manitoba CU setups. (Of course, with 2% also available from CDIC institutions, a Manitoba CU HISA at that rate is rather less compelling). If it weren't for the recent events, they would be part of the pack.

I never expected such a large gap between Hubert at the field to remain. My guess was they had anticipated Bank of Canada increases some time this year, allowing the pack to catch up without having to do an actual reduction. The cut to 2.3% would have made sense - no BoC increases seem imminent, so they might have decided to pull back to a more comfortable level. If they had cut to 2% then, that would have been understandable as well, although rather more obvious that they were jerking things around for marketing reasons.

But a second cut less than 10 days after the first is very perplexing. I have trouble believing the marketing department would have been arguing that two quick cuts would be less of a PR hit than a single bigger one. The BoC guidance Wednesday could hardly have been such a surprise as to require an immediate cut in freshly reset rates, unless Sunova's treasury group is running around like headless chickens. It could be that the Manitoba regulator is cracking down on outlier rates, but that seems a bit unlikely, and wouldn't explain the double cut (unless Sunova was playing chicken with them).

I've requested a fuller explanation of the meaningless "market fluctuations" just in case I'm missing something. I'd certainly be willing to consider staying at the present rates with a company that was candid with me, but failing that, they'll be losing high five-figures and potential GIC business as I transfer elsewhere.

November 24, 2011
12:29 pm
AL
Guest
Guests

HappySavings my behind. Not happy at all. I have enough vested in Hubert that a 50 bps drop in about a week is no small change. I am looking at opening an account with AcceleRate right now.

November 24, 2011
12:47 pm
Jenna
Member
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Forum Posts: 82
Member Since:
July 13, 2011
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Such a shame, as I have been with Hubert for only 3 months. Where is my honeymoon period?

November 24, 2011
1:02 pm
John
Guest
Guests

I agree, Jenna. Your honeymoon was almost as short as Kim Kardashian's and mine ended the day after consummation.

November 24, 2011
1:14 pm
John
Guest
Guests

And boy, did they ever consummate me!

November 24, 2011
1:24 pm
Jenna
Member
Members
Forum Posts: 82
Member Since:
July 13, 2011
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John said:

I agree, Jenna. Your honeymoon was almost as short as Kim Kardashian's and mine ended the day after consummation.

John, you are totally cracking me up!

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