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Hubert Rate Decrease - 1.90%
April 14, 2015
8:09 am
Yatti420
Canada
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Good morning,
Our Happy Savings Account rate is changing. Effective today, our Happy Savings Account rate will be adjusted to 1.90%. We've also adjusted some of our term deposit rates, please check out our website for details.

At Hubert we promise to make sure our members are in the loop about what's going on, especially when it comes to our rates, products, and services. So whether our rates are changing or we're introducing a new service, we promise to let you know as soon as possible.

If you have any questions please 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. We're happy to help!

Sincerely,

Hubert

April 14, 2015
8:38 am
rhvic
Victoria, BC
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Even at 1.90%, Hubert's rate is still much better than most others.

Just for laughs I checked out the 'high interest savings account' rate at TD - a paltry 0.8%. A total misuse of the word 'high'.

April 14, 2015
9:41 am
Yatti420
Canada
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Indeed.. That specific TD account requires $5000 plus in order to get the .8%.. The regular savings rate at TD is .1% ($0-5000) and 0.15% ($5000+) far less then even Tangerine's .25% for chequing. You hold chequing at TD for convenience not for the rates..

Sadly TD doesn't even have to try and compete.. The recent increases just paid for their ATM upgrades..

April 14, 2015
4:29 pm
JustMe
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And no more 1y GIC of ~2.35%. Now is ~2.20%
1 year term ~2.20%*
2 year term 2.30%
3 year term 2.45%
4 year term 2.55%
5 year term 2.70%

*The first three months: 2.05%
Months four to six: 2.15%
Months seven to nine: 2.25%
The last three months: 2.35%

April 14, 2015
6:31 pm
Loonie
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I have to question the honesty of the message from Hubert. I don't believe for one second that they are letting members know "as soon as possible".

You mean to say they sat up til late last night making this decision (as they do with all their decisions which do not benefit the members) and announced it at dawn this morning effective immediately because of some unpredictable change in their balance book? Of course not.sf-frown

It was, however, predictable that they would do something like this shortly after RRSP season ended. I believe I did in fact predict it, but no thanks to Hubert.

Oaken gives customers a heads-up, usually about a week, which shows more respect for people's planning processes.

Waiting for the other shoe to drop at Accelerate...

April 15, 2015
8:47 am
2of3aintbad
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Your comments are spot on. I have accounts with both Hubert and Oaken. How can it possibly help to get an email from Hubert that says, 'Too late, our deposit rates have dropped' as opposed to the one from Oaken that says, 'A week from now, we will make these rate changes'.

April 15, 2015
8:58 am
rhvic
Victoria, BC
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JustMe said

And no more 1y GIC of ~2.35%. Now is ~2.20%
1 year term ~2.20%*
2 year term 2.30%
3 year term 2.45%
4 year term 2.55%
5 year term 2.70%

*The first three months: 2.05%
Months four to six: 2.15%
Months seven to nine: 2.25%
The last three months: 2.35%

I have several GICs from last year which come due next week. Hubert sent me an email to say they would be reinvested in the current rates - I told them instead to just deposit them into my savings account. Easier to move the monies instead to other interest specials such as at Tangerine or PCF, which are bound to keep coming up as they compete with each other.

April 15, 2015
9:56 am
kanaka
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I think most of us expected Hubert to realign their rates after RRSP season was over.

But as far as rates are managed......I doubt if anyone is really offering the best rate that "can be" offered.

Yesterday I moved some RRSP funds from a savings account to a RRIF GIC at Coast Capital and was offered three different one year rates the best being 1.3%...wow!

Today my adviser invested a GIC at Coast Captal for one year at the rate of 1.6% and we all know my adviser gets another .25% as his commission. So the no haggle off the street members rate Coast Capital offers is 1.3% and yet they can put out 1.85% through an adviser.

So the no haggle advertising is only no haggle (one and only one rate) for Coast Capital members. But what if I ask for a best rate and show them, and ask for, rate matching from Oaken, Accelerate, and Hubert?

So
Hubert emails a rate change when it happens.
Oaken tells us a week ahead time.
Coast Capital has "no haggle"

The notification is nice to have as no others do......just to be informed.

Are they just not hoping that their efforts are "loyalty building" and some what meaningless when you really analyze it?

Ps. I will admit the Oaken one week is the better of the 3 mentioned above as you can actually benefit from it. I know, I know I just contradicted myself....but trying to make a point.

July 4, 2016
3:50 pm
kanaka
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Hubert following Oaken.

You asked and we listened: based on your feedback from the last Hubert member survey, we will now be advising our members of term deposit rate changes via email as we do with our high interest savings rates.

While our happy savings high interest savings account rates are not changing, there has been an adjustment to our term product rates:

1 year average 1.95% (Q1: 1.80%; Q2: 1.90%; Q3: 2.00%; Q4: 2.10%)
2 year 2.00%
3 year 2.05%
4 year 2.15%
5 year 2.30%

These rates will take effect July 5, 2016.

July 4, 2016
4:33 pm
Saver-Mom
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Oaken gives a week to lock in. And better rates. They must have attracted a lot of money lately

July 4, 2016
6:01 pm
SavingIsGood
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Hubert too, if you ask nicely...

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