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Hubert Financial Rate Increase - 2% Cash & TFSA
February 25, 2013
8:39 am
Yatti420
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Up to 2%.. Hopefully not a temporary change ;) .. Email sent to inquire..

https://www.happysavings.ca/rates.aspx

Includes regular cash & TFSA cash.. Not sure what GICs were at beforehand..

February 25, 2013
8:54 am
Jim
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GIC rates are unchanged. I'm guessing this savings account increase is to allow them to grab their fair share of the Ally exodus.

February 25, 2013
9:00 am
Yatti420
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Cash (Tied 4th >> Tied 1st)
TFSA (5th >> Tied 3rd)

February 25, 2013
9:01 am
NorthernRaven
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Hubert has a history of jacking their rates around for marketing reasons and prevaricating about it. Enjoy it if you have an account there, but assume it will drop back down fairly soon once they've attracted whatever new customer count they are hoping for. Think of them as the Canadian Tire of the CU crowd... :)

February 25, 2013
10:22 am
Doug
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I agree with with NorthernRaven. Hubert pays a decent enough member equity share dividend at 4.74% in December 2012 (based on your share holdings for the previous December; problem is they have a cap on the amount of shares you can buy) and they do have a slick transfer system like that of Ally (they don't require VOID cheques/account verification forms or any of that "pesky" crap) but they have a history of jacking the rates up and down - they may not have 'promo' rates like CTFS or PCF but, like NorthernRaven says, it's basically the same though they are juggling the regular rate (i.e., the CTFS of the Manitoba CU crowd, of which there are now 6, is a great analogy).

When my Implicity Financial account gets opened and they launch their direct linking self-to-self, sporadic variable amount EFT transfer system, I will be moving my money from Hubert to Implicity as Hubert's online banking platform is too simplistic and has too many security holes (i.e., you could probably download another member's statement if you knew their five-digit member ID and a random six-digit number assigned when you request a download of a statement as the statements are all deposited into a single directory rather than assigned an encrypted, super-long database key or something). I've made a number of suggestions for improvement (believe I've detailed them here; if not, let me know and I will) and they won't, saying, "it's based on Sunova Credit Union's system." Well, pass on the suggestions to your parent company, I say! Looking forward to Implicity Financial! :)

FWIW, e-mail surprise from Hubert this morning:

From: ***@happysavings.ca
Sent: February-25-13 9:40:46 AM
To: ***@out***.com

Our great rate is sure to make you smile (even on a Monday)!

Effective tomorrow, (Tuesday, February 26, 2013) our Happy Savings Account rate will be increasing to 2.00%. This rate applies to all balances, big or small - no minimum monthly balance required.

If you aren't smiling yet, maybe this will do it! Your investments are always safe and secure with Hubert Financial. All deposits are 100% guaranteed without limit by the Deposit Guarantee Corporation of Manitoba regardless of where you live in Canada.

For more information (or if you just want to chat) give us a call or send us an email. We can be reached by phone at 1-855-4HUBERT (1-855-448-2378) or by email at ***@happysavings.ca.

Happy Monday!

Sincerely,

Hubert

One thing it will do is likely force the likes of Outlook Financial and possibly Peoples Trust and Canadian Direct Financial to raise their rates to 2% or risk seeing a "mini-run" on their institutions.

Cheers,
Doug

February 25, 2013
12:37 pm
Yatti420
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We will see how long it holds up for.. Hopefully for the foreseeable future since we had the double lower rates (within a week) way back when..

Hi #####,

The rate is variable and will remain until further notice. Happy savings!

If you have any questions we are more than happy to answer them. We can be reached at 1-855-4HUBERT (1-855-448-2378), by email at hubert@happysavings.ca or by online secure chat at http://www.happysavings.ca.

Sincerely,

Hubert

EDIT: As a side note Sunova hasn't amended their savings rates in any direction but downward.. So this may indeed be another bait/switch..

Deposit Account Rates
Superior Savings - Up to $99,999 1.60%
Superior Savings - $100,000 to $249,999 1.70%
Superior Savings - Over $250,000 1.80%

February 26, 2013
8:28 am
Yatti420
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NorthernRaven said

Hubert has a history of jacking their rates around for marketing reasons and prevaricating about it. Enjoy it if you have an account there, but assume it will drop back down fairly soon once they've attracted whatever new customer count they are hoping for. Think of them as the Canadian Tire of the CU crowd... :)

While Hubert did do a double drop within a week they've maintained rates since then without any further drops with a few banks/CUs moving around them.. They've earned my second chance.. It was time for a change to keep them relevant anyways.. It's what I expect from a CU offering the most unique services around.. Their is simply nothing like their "banking concept" & features in the Canadian marketplace..

To be honest I'm becoming more and more weary of venturing into a big bank.. It's literally like an old school institution with crud offerings on the side.. I yearn to visit a Sunova branch..

February 26, 2013
9:54 am
NorthernRaven
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Yatti420 said As a side note Sunova hasn't amended their savings rates in any direction but downward.. So this may indeed be another bait/switch.

Actually, Hubert did go upward, from their starting 2.25% to 2.5%, before doing the 10-day two-step (2.3%/2%) only four months later, and then the drop to 1.85%. Their rate dropped 65 basis points while their Manitoba peers remained essentially constant, yet Hubert claimed that even the 2.5% was "not a teaser rate", and that Hubert was a brand that "...differentiates itself from other competitors within the market...with our pricing / rates". This is insulting balderdash.

Note that technically the Hubert account has a number of very nice features, and I've maintained an account for those reasons. But I dislike being lied to, and if something like Peoples Trust or one of the other Manitoba CUs can provide the equivalent I'm likely to dispel my natural inertia and move.

March 1, 2013
10:09 am
Yatti420
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Sunova hasn't raised their rates.. Hubert is an online division of Sunova.. Sunova members in Manitoba get about 1.60% I think on anything under $100,000..

https://www.sunovacu.ca/rates/

I'm optimistic.. We will see if they hold Hubert rates..

March 2, 2013
9:50 am
Doug
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Yatti, I'm curious, do you live in Manitoba or something? You're always mentioning and quoting Sunova-branded products, which are only available through branches of Sunova Credit Union to Manitoba residents, on a national high-interest savings account forum.

I mean no offence, and hope none is taken, but it's not really all that relevant. If Sunova started offering an entirely online account/membership opening process (like that if their "Hubert Financial" virtual banking branch, of which it is since it has its own transit number or even First Calgary Savings' stated plan to do the same with its "No Fees For More Me Account"), then absolutely I would encourage much discussion. It just seems somewhat counterproductive to be focusing solely on products available to Manitoba residents.

Some food for thought & discussion, anyway. :)

Cheers,
Doug

March 8, 2013
9:16 pm
Yatti420
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I don't live in Manitoba.. I'm just not happy with the in-branch banking I do today.. As I posted above their is nothing like Sunova's concept in the Canadian marketplace.. That makes them special.. Hubert is just one piece of the pie..

March 11, 2013
6:14 pm
Doug
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Oh, okay. Sunova Credit Union reminds me a bit like "Cambrian Credit Union," "First Calgary Financial" or "Coast Capital Savings," don't you think? ;)

Cheers,
Doug

March 23, 2013
12:55 pm
Yatti420
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I don't know.. I've never researched them in-depth.. I seriously doubt their branches feature anything like Sunova's concepts.. My main reason for joining a CU was to get away from the big banks for a bit.. See what else is out there.. Very glad I did..

March 23, 2013
1:25 pm
Doug
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Umm, Sunova's branches are no different than other credit unions, Yatti. Many credit unions offer the same (or superior) branch design in terms of modern interiors. In terms of level of service, I have no doubt Sunova ranks near the top based on my dealings with Hubert, but they are by no means "the best". From what I can tell, their only advantage they offer that other CUs don't is they have St. Bernard puppies and adult dogs in their branches serving as "branch ambassadors". While I love this feature, it's hardly what I would characterize as "remarkably innovative". :)

Cheers,
Doug

March 26, 2013
11:05 am
Yatti420
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I don't believe they are anything close to what anybody else offers.. I've been to many credit unions to withdraw cash.. Based on what I've seen Sunova is the only CU/bank to do what they do.. Nobody else comes close.. Atleast where I live..

March 26, 2013
11:30 am
Jenna
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Yes, I was glad to see them increase to 2% again. I felt like after I joined the rate dropped quite rapidly.

March 26, 2013
12:21 pm
NorthernRaven
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Jenna said

Yes, I was glad to see them increase to 2% again. I felt like after I joined the rate dropped quite rapidly.

I suspect you'll be getting a sense of déjà vu all over again, in the next couple of months... :)

March 28, 2013
3:17 pm
parlaminty
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And down we go. Effective April 1,2013, rate will drop to 1.8%. Just received an email from Hubert.

March 28, 2013
4:03 pm
moneysaver
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Maybe it's just a April Fool's Day joke. sf-wink Haha. We only wish. Time to send my money back to Peoples Trust. Getting tired of chasing rates though.

March 29, 2013
12:58 pm
Doug
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Based on their past history, which is well-documented on these forums and can be researched by a simple search of these forums, this is no joke. Any time they change posted rates (up or down) for real, they send an e-mail.

See my commentary here.

Cheers,
Doug

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