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Hubert Financial has lost its Luster
May 9, 2019
8:24 pm
Dean
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With its three (3) Major rate reductions in less than two months (the latest happened today), it's time to take Hubert Financial 'Off' the Prefered List.

What a shame. sf-frown

May 9, 2019
9:37 pm
Doug
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That's certainly fair, I think, Dean. Hubert is my least favourite in terms of the look and detail of their online e-Statements. They could be allowing a lot more characters per line in the transaction narratives. In terms of HISA rates, yes, they're indeed among the lowest of the Manitoba CUs (you can do the same or better in a mid-sized Canadian bank even). In terms of GIC rates and customer service, they're still among the top.

I'd still likely keep them for the way they link bank accounts electronically, but as more and more banks are linking electronically, this is less of a selling feature.

You might try Implicity Financial - they are improving their account opening process to be fully digital later this year and also making some improvements to online banking. Only thing is when they do the micro-withdrawals to verify your other bank accounts, they sometimes forget to credit your Implicity HISA with the amounts they withdraw from your linked external bank account. So, just make sure you monitor it.

Cheers,
Doug

May 10, 2019
2:11 am
Loonie
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Rates are very unstable now. Today's leader is tomorrow's loser in what sometimes seems like a race to the bottom.
So, I would not be in a hurry to dismiss Hubert, plus they have the best customer service of any of the online FIs, in my experience - a fact of which I have been reminded during my recent tribulations with Motus.

May 10, 2019
7:47 am
pooreva
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Loonie said
Rates are very unstable now. Today's leader is tomorrow's loser in what sometimes seems like a race to the bottom.
So, I would not be in a hurry to dismiss Hubert, plus they have the best customer service of any of the online FIs, in my experience - a fact of which I have been reminded during my recent tribulations with Motus.  

Agree 100%.
You cannot expect any FI to be on top all the time. Because then it will be only one FI and all the rest will go belly up.
Pick any of 'big 5 (or 6)'; which one has 'attractive' interest rates?? NONE. You can have zillion $$ in saving/chequing account and you will get amazing 0% interest. Thank you very much.
I had accounts with ICICI, ING, etc. when they were at the top of interest list. Not anymore as they NEVER climbed back, not even close.
I do not work for Hubert but do and will recommend them anytime.
REMEMBER: Hubert is NOT your day to day FI. If you need that, go to big 5 and enjoy fee based checking and 0% savings.
Hubert is for SAVERS who would park their $$ there and enjoy good interest depending on economical situation.

May 10, 2019
8:05 am
Top It Up
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pooreva said

Pick any of 'big 5 (or 6)'; which one has 'attractive' interest rates?? NONE.  

Why would anyone compare an online FI with the BIG 5 - apples and oranges - makes absolute ZERO sense.

According to the HISA and GIC charts on this forum Hubert currently is sitting middle of the pack amongst it's peers - that's the comparison.

pooreva said

REMEMBER: Hubert is NOT your day to day FI. ... Hubert is for SAVERS who would park their $$ there and enjoy good interest depending on economical situation.  

Well, if that's your criterion THEN you should have your $$ parked at Steinbach Credit Union.

May 10, 2019
3:45 pm
Briguy
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Top It Up said

Why would anyone compare an online FI with the BIG 5 - apples and oranges - makes absolute ZERO sense.

According to the HISA and GIC charts on this forum Hubert currently is sitting middle of the pack amongst it's peers - that's the comparison.

pooreva said

REMEMBER: Hubert is NOT your day to day FI. ... Hubert is for SAVERS who would park their $$ there and enjoy good interest depending on economical situation.  

Well, if that's your criterion THEN you should have your $$ parked at Steinbach Credit Union.  

No, if you want max interest rates you should just have your TFSA at Steinbach since their interest rate for TFSA is not tiered by amount deposited, it starts at 2.8%. You should have your HISA at Motive since their interest rate is at 2.8% right from the first dollar deposited.

And I don't mind if Hubert is middle of the pack, since it's only 0.05% below most of the ones higher up. I would still say it's got a competitive interest rate, and am in fact using them for my entire RRSP due to Hubert's excellent customer service, easy link up of accounts, unlimited guarantee of funds,and no fee transfer out.

May 10, 2019
4:20 pm
GICinvestor
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Hubert has lost its lustre" Dean I think you might be jumping the gun in regards to Hubert. They have always had good customer service. And rates have been always competitive but not always in the lead. Their system and monthly statements are unique to them but just go slow and it all makes sense, eventually.

Recently I moved RRSP funds to RRIF with their assistance (mandatory) over the CHAT option (that I can print) and have then withdrawn RRIF funds to my HISA Account on my own and then pushed the funds to Accelerate. All Hubert transactions have been free. I borrowed cash from my Accelerate HISA to buy my TFSAs at PT and then paid back the borrowed amount at Accelerate from my RRIF funds at Hubert. Whew!!!

When I opened the RRIF account at Hubert I mailed in a RRIF beneficiary form and asked them to mail me a copy of the approved form as they have done in the past. A month later....no mail. So I used their handy CHAT option, confirmed it was what I had asked for, printed the CHAT and attached it to a copy of the beneficiary form.

I think that is all good service from my little home office.

Edit: I disagree with Top It Up’s comment in regards to Steinbach CU. While I have found them to be loved by many and have been tantalized to try them out I always put the brakes on for some reason. They don’t appear to be as competitive as other Manitoba CUs and I don’t think they can fill up my bill fold as frequently or as full of as others. And have heard some of their HISA interest is only paid annually one not monthly. So I don’t think Steinbach CU is an apple or an orange....maybe a banana. And I don’t see Steinbach CU here on the HISA or GIC chart.

May 10, 2019
4:31 pm
Loonie
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Steinbach says the non-registered savings rate for balance over 250K is 2.85%. I would have assumed that "balance" meant the entire deposit, but do you have reason to believe it refers only to the portion above 250K?

May 10, 2019
4:52 pm
Briguy
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Loonie said
Steinbach says the non-registered savings rate for balance over 250K is 2.85%. I would have assumed that "balance" meant the entire deposit, but do you have reason to believe it refers only to the portion above 250K?  

Hard to tell whether they pay higher amounts only on the portion above 250K but I would say that is the case. Because their wording on their business account specifies that they pay the higher rate on the entire balance,
"Regular Business Savings Account
Our best interest rate makes this an ideal savings account for business/agricultural members.

Excellent flexibility
Competitive variable rate
One free debit or transfer per month
Interest is calculated on the minimum monthly balance and paid on December 31
Tiered rates for larger deposits start at $100,000. Interest on entire balance is paid at the tiered rate
No minimum monthly balance required"

The personal bank account doesn't use that wording. But I'd have to call and confirm to be sure.

May 10, 2019
4:52 pm
Top It Up
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GICinvestor said

They don’t appear to be as competitive as other Manitoba CUs and I don’t think they can fill up my bill fold as frequently or as full of as others. 

The FACTS say otherwise.

May 10, 2019
4:56 pm
Top It Up
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Loonie said
Steinbach says the non-registered savings rate for balance over 250K is 2.85%. I would have assumed that "balance" meant the entire deposit, but do you have reason to believe it refers only to the portion above 250K?  

I JUST spoke with SCU and the rates are Account Balance rates ... sooooo ... if your Account Balance is greater than say $250,000 the quoted interest rate is paid on the entire amount and not just that portion above $250,000.

May 10, 2019
5:01 pm
Briguy
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Top It Up said

GICinvestor said

They don’t appear to be as competitive as other Manitoba CUs and I don’t think they can fill up my bill fold as frequently or as full of as others. 

The FACTS say otherwise.  

So I guess if you have 1 million dollars to put in a HISA with that extra 0.55% in interest from Motive you will get rich from your extra 5500.00 at the end of the year. Since I don't have 1 million dollars I don't care about the extra 0.55%, I don't like rate hopping.

May 10, 2019
5:06 pm
Top It Up
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Briguy said

... I don't like rate hopping. 

The answer wasn't directed to you it was directed to @pooreva who talked about "we savers."

May 10, 2019
5:40 pm
Doug
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Loonie said
Steinbach says the non-registered savings rate for balance over 250K is 2.85%. I would have assumed that "balance" meant the entire deposit, but do you have reason to believe it refers only to the portion above 250K?  

Yeah, I was completely confused by that as well, Loonie, and how Steinbach's HISA works is, aside from them only paying interest annually, your interest is calculated on the lowest of your daily balance for the month. What you have to do, according to RFD, if you're going to withdraw funds, is always withdrawal on the 1st of the month (or as close to the 1st as possible), so that you don't screw up the current month's interest calculation.

I have no problem with tiered interest rates or even annually paid interest (we have some HISAs in the comparison chart on this site, I believe, that pay a reduced rate on balances under $5,000, or on balances over $1 million), but because of that peculiar calculation method, I support Peter and other forum members' wishes not to include Steinbach in the comparison chart. It would require far too long of an explanatory footnote in order to properly educate people. sf-cool

Beyond that, I love that Steinbach accepts members from out of province through their main credit union, not a virtual banking branded division/branch. They've got an all-digital account opening process, but their method for calculating interest is woefully sub-par. 🙁

Cheers,
Doug

May 10, 2019
5:41 pm
GICinvestor
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I think we all have our own preferences as to where to park our cash savings. Some of us are into gimmicky special offerings and some are not. Some are after the best rate, some are after customer service first, then rates, some are after systems and push/pull, some of us are after cheque’s and ATM cards or any combination of the latter. Some us will find how to use multiple FIs to our advantage. Some are first timers looking for some direction to make a change in their investment strategies and will find ideas here to further investigate. But I do feel if negative, contradictory, or fluffy remarks are to be made they should explain why and preferably be from first hand information vs hearsay. While we may falter from time to time I would like to see this site to looked at as a forum of learning and helping others. Only helpful comments are for everyone to benefit from and to share.

May 10, 2019
5:49 pm
Briguy
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GICinvestor said
I think we all have our own preferences as to where to park our cash savings. Some of us are into gimmicky special offerings and some are not. Some are after the best rate, some are after customer service first, then rates, some are after systems and push/pull, some of us are after cheque’s and ATM cards or any combination of the latter. Some us will find how to use multiple FIs to our advantage. Some are first timers looking for some direction to make a change in their investment strategies and will find ideas here to further investigate. But I do feel if negative, contradictory, or fluffy remarks are to be made they should explain why and preferably be from first hand information vs hearsay. While we may falter from time to time I would like to see this site to looked at as a forum of learning and helping others. Only helpful comments are for everyone to benefit from and to share.  

I agree, I think some of the members here need to be more professional in their comments.

May 10, 2019
7:33 pm
Loonie
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The Steinbach account at the top tier is clearly meant for people who aren't going to likely need access to their money. It's still very accessible compared to a GIC though. Anyone who has that much money that they want to put into a single savings account will need to do the math to find out how much the rate needs to be discounted to compensate for the lack of monthly compounding, but I don't think it would be a huge amount.
However, because of this, it can't be directly compared to Hubert.

May 11, 2019
7:20 am
Top It Up
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GICinvestor said

I disagree with Top It Up’s comment in regards to Steinbach CU. While I have found them to be loved by many and have been tantalized to try them out I always put the brakes on for some reason. They don’t appear to be as competitive as other Manitoba CUs and I don’t think they can fill up my bill fold as frequently or as full of as others. And have heard some of their HISA interest is only paid annually one not monthly. So I don’t think Steinbach CU is an apple or an orange....maybe a banana. And I don’t see Steinbach CU here on the HISA or GIC chart.  

Could you elaborate for the Forum on where other Manitoba CUs are more competitive than SCU?

May 15, 2019
9:53 am
Dean
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I don't know about you folks, but Blue Chip dividend paying stocks (3%-7%) are starting to look Real Good to me again ... especially now that we've recently had a major market correction.

And add to that ... the Tax Advantages of dividend income !

May 15, 2019
10:05 am
GICinvestor
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Dean said
I don't know about you folks, but Blue Chip dividend paying stocks (3%-7%) are starting to look Real Good to me again ... especially now that we've recently had a major market correction.

And add to that ... the Tax Advantages of dividend income !  

Good numbers for sure.
Dean:
Does Blue Chip mean the price of stock will never dip?
Also if someone is maxing out RRIF withdrawals while keeping in the lowest income tax rate doesn’t the reporting of a dividend increase your income from the dividend by 150%? Thus less RRIF to be able to withdraw?

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