Hubert lowers rate to 1.8% as of April 1st | Hubert Financial | Discussion forum

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Hubert lowers rate to 1.8% as of April 1st
March 28, 2013
3:58 pm
sf11
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March 28, 2013
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just got the email

March 28, 2013
4:05 pm
James
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"Hi there, So, we've got some good news and we've got some not so good news. The good news is it's the Thursday before a long weekend and we hope you have the chance to kick back, relax and celebrate the holiday with your family this weekend. Now for the not so good news... Due to continued changes and fluctuations within the market place, we will be adjusting our Happy Savings Account rate to 1.8% effective Monday, April 1, 2013. At Hubert 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. Don't forget, we are always happy to help so 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 hubert@happysavings.ca.

Sincerely, Hubert"

This is laughable. "Continued fluctuations within the market place." Could you tell me what those fluctuations are Hubert? Are you referring to the stock market? If so, maybe someone could give you some education in how the stock market works. I also find it interesting that they waited until the day before the long weekend when we will not be able to transfer funds until next week. I wonder if Hubert has any branches in Cyprus.

Transfer of funds OUT of Hubert initiated.

March 28, 2013
4:39 pm
Jenna
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They kept the "new" 2% rate for all of 1 month...

March 28, 2013
7:16 pm
Dennis
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Jenna said

They kept the "new" 2% rate for all of 1 month...

1.8% may be okay but I'm not happy with too frequent interest change.

March 29, 2013
12:51 pm
Doug
British Columbia, Canada
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Jenna - it's good to have you back here! :)

I, too, am not happy with Hubert's frequent posted rate changes. That, in itself, is almost as bad as one-time "new money" promotional offers and/or "teaser" rates.

I was going to post here last week that I predicted the Hubert rate would drop by the end of April but never got around to it. Apparently, this is the second- or third-time now that they've raised their rate only to lower it promptly thereafter. I'm not sure who they have running their treasury department but the roller coaster of rates going up and down is not good business practice, in my opinion.

I was going to delay moving my cash balance from Hubert to Implicity until they dropped this rate but now I don't have to delay it. I'm going to initiate the transfer on April 1st - Hubert may be 0.05% higher than Implicity but that is so minor and, in fact, I'm willing to take up to 0.25% less on rates if the customer service + online banking + e-Statement experience is better and, on that basis, Implicity is leaps ahead and self-to-self bank-to-bank transfers are coming (by June or July). Don't wait to open an account until then. You can easily make deposits at any Acculink (credit union) ATM so go ahead and write yourself a cheque! :)

(I'll keep my Hubert account with a $50-100 balance and use it mainly as a EFT "hub" of sorts).

I'll go ahead and continue my prediction that with the banks and credit unions continuing to try and grow a stagnant, if not moribund, mortgage and consumer lending book, we'll see further downward pressure on mortgage rates. Further, with the flack received (and rightly so, it was bad public policy!) by Flaherty for his calls to BMO and Manulife Bank regarding their mortgage rate "special offers", he likely won't be doing this again. I predict you'll see further downward movement in fixed posted and "special offer" mortgage rates. As a result, to prevent further spread compression (that is, the money banks make between what they lend out at and what they pay out on deposits), we'll see downward pressure on GIC and savings account rates. By the end of the year (if not by summer), I predict the Internet-based banking institutions and Manitoba CUs will be offering 1.5% (at the high end) on high-interest savings accounts, the PC Financial and ING Direct will go down to 1.15% or so and the "Big 5" banks will go down to 1% or so.

Cheers,
Doug

April 2, 2013
9:32 am
Yatti420
Canada
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Wow.. Just got back into town to see this.. Not really surprised in movement.. Disappointing in the email's choice of words.. I doubt they are growing that quickly to warrant steep changes this quickly.. I just don't like it.. Clearly sends the wrong message..

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