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Hubert Savings Account rate Increases to 1.95%
June 12, 2014
6:41 am
jgclghrn
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I just got this in an e-mail, "Effective today, (Thursday, June 12) our Happy Savings Account rate has increased to 1.95%. This rate applies to all balances, big or small – no minimum monthly balance required."

June 12, 2014
8:31 am
bb123
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Only 5 basis points above Accelerate, CDF, and Implicity. And not a big fan on how they bounce their rate around for no apparent economic reason. I'll stick with Implicity.

June 12, 2014
9:05 am
kanaka
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bb123 said

Only 5 basis points above Accelerate, CDF, and Implicity. And not a big fan on how they bounce their rate around for no apparent economic reason. I'll stick with Implicity.

I agree. I have some GIC's with them. Just because I am there does not mean I will renew there. If the ball is on the up bounce I will, but on the down bounce will move elsewhere. Because of their bouncing I will not do TFSA with them.

June 12, 2014
6:08 pm
Loonie
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I have had some doubts about them because I don't have a good feeling about them from their website, which is sparse at best.
Still, though, I am tempted by their current 1 year "special". The first three months: 2.20%; Months four to six: 2.30%; Months seven to nine: 2.40%; The last three months: 2.50%. If you keep it in for the whole year, you effectively get 2.35. You can redeem it any time during the year and you get the rates applicable up to the end of the previous quarter. You can divide up into several different GICs in case you only need to redeem a smaller portion of your total.
I find this hard to beat as an equivalent to a savings-account-that-you-may-not-need-to-access, e.g. an emergency fund, or a place to park some money for a few months.
I agree, .05% is not a lot of money. Even at $100,000, it's only enough for dinner for 2 in a mid-range restaurant, no drinks!
But the difference between 1.9 and 2.35 on $100,000 is $450, and for that it might be worth it. It's only worth dinner on $10,000. A lot depends on how much you will have invested.
What to do?

June 12, 2014
7:44 pm
MG
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Loonie said

It's only worth dinner on $10,000. A lot depends on how much you will have invested.
What to do?

Hi Loonie,
Hubert had this same offer last year and I participated for $30K. I thought it was a good deal for money that you're sure you won't need for at least 3 months. Everything seemed to work out well. The only caveat is that you need to contact them before the anniversary date if you want your funds - otherwise they automatically renew and you are locked in for another 3 months, albeit at a higher rate.

June 12, 2014
10:20 pm
kanaka
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MG said

Loonie said

It's only worth dinner on $10,000. A lot depends on how much you will have invested.
What to do?

Hi Loonie,
Hubert had this same offer last year and I participated for $30K. I thought it was a good deal for money that you're sure you won't need for at least 3 months. Everything seemed to work out well. The only caveat is that you need to contact them before the anniversary date if you want your funds - otherwise they automatically renew and you are locked in for another 3 months, albeit at a higher rate.

Please correct me if I am wrong.....but can you not, at the point of entry for a GIC on Hubert, indicate you want the funds to deposit to your savings account at maturity?

What is hugely lacking at Hubert is the ability to print a document after entry that summarizes your request.

June 13, 2014
12:48 am
Loonie
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In my limited experience, most financial institutions have a default to reinvest the money, as it's to their advantage, but a few do give you an option which you can specify in the beginning. All, in my experience, allow you to state your preference when it comes close to maturity. Some issue reminders, and I think all of the Big Banks do issue reminders.

That said, this is the kind of issue that makes me nervous about Hubert. The enrolment form is online, and is whisked away by the computer. As far as I could tell, it was not possible to print it out or save it for one's files. My computer skills are fairly basic, but I can't figure out how to do this. It should be straightforward, with a "Print" icon. I can't decide if they're just sloppy or whether there is something more nefarious going on.

June 13, 2014
2:32 am
user82yz
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I have had an account with Hubert for a year and a half with no problems. It consistently offers rates near the best, even if the rates "bounce around". One can also open a number of term deposit accounts over a period of time to have more access to your funds if that is what is desired.

Re: the printing. You can try right clicking your mouse or clicking the "gear" icon on your browser for the print options. Your browser should do what you want.

Loonie said

In my limited experience, most financial institutions have a default to reinvest the money, as it's to their advantage, but a few do give you an option which you can specify in the beginning. All, in my experience, allow you to state your preference when it comes close to maturity. Some issue reminders, and I think all of the Big Banks do issue reminders.

That said, this is the kind of issue that makes me nervous about Hubert. The enrolment form is online, and is whisked away by the computer. As far as I could tell, it was not possible to print it out or save it for one's files. My computer skills are fairly basic, but I can't figure out how to do this. It should be straightforward, with a "Print" icon. I can't decide if they're just sloppy or whether there is something more nefarious going on.

June 13, 2014
6:55 am
kanaka
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Loonie said

In my limited experience, most financial institutions have a default to reinvest the money, as it's to their advantage, but a few do give you an option which you can specify in the beginning. All, in my experience, allow you to state your preference when it comes close to maturity. Some issue reminders, and I think all of the Big Banks do issue reminders.

That said, this is the kind of issue that makes me nervous about Hubert. The enrolment form is online, and is whisked away by the computer. As far as I could tell, it was not possible to print it out or save it for one's files. My computer skills are fairly basic, but I can't figure out how to do this. It should be straightforward, with a "Print" icon. I can't decide if they're just sloppy or whether there is something more nefarious going on.

Loonie, there is a print utility you can download that is called "dopdf" . As you really never know if you will get a summary at the end of your entries I print each page with dopdf before I proceed to the next page of entry. At the end of your entry you will have a pdf file for each page of entry. I usually rename them to identify the GIC purchase.

For me Hubert is on the fence.....do I keep the accounts or do I phase them out? They bounce rates whereas Outlook and Accelerate are more constant and usually higher. And to order a GIC is very awkward and unfriendly. Also I failed the online application when it came to answering the "credit check" questions for things about 35years ago.....like I would remember!!!!!! So my application was mailed in on paper.

June 13, 2014
2:16 pm
Loonie
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Thanks for the clues, which I will definitely try if I proceed.
Sounds like dopdf enabled you to print out a blank for which you then filled in and mailed? Is that correct?
I have never been asked anything about my dealings from 35 years ago!

June 13, 2014
4:10 pm
kanaka
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Loonie said

Thanks for the clues, which I will definitely try if I proceed.
Sounds like dopdf enabled you to print out a blank for which you then filled in and mailed? Is that correct?
I have never been asked anything about my dealings from 35 years ago!

Here is where you get it. http://www.dopdf.com
I guess you can use it to make your forms but that is not how I used it. Say I start to fill in an "online" form like for an application to Hubert or for a GIC. I fill one page in then dopdf the page and then move to the next page to fill in and so on..... So I now basically will have screen prints of all my entries by each page in PDF format. It sure helps when you have to prove what you mean. I am not talking about downloading a PDF form to fill in with pen or a PDF form that you can type in the info and save and print. You will be surprised what dopdf will convert to a PDF file like a web page, word file or excel file.

The fail was questions from too long ago. I lived in a house and the address was 19861 115B, then the city changed it to 19861 Wildwood Place and just around the corner was 19861Wildwood Crescent. I know where I lived!!!! But it appears how these credit bureaus use geographic information "they" got it all screwed up. Even though I could have guessed, I stuck to the facts!!!sf-laugh

June 13, 2014
6:23 pm
MG
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Loonie said

Some issue reminders, and I think all of the Big Banks do issue reminders.

Well, I can attest to the fact that Hubert does not provide a reminder - they automatically re-invest. I'm pretty sure you would have to call them before the term deposit rolls over.

June 13, 2014
6:34 pm
kanaka
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MG said

Loonie said

Some issue reminders, and I think all of the Big Banks do issue reminders.

Well, I can attest to the fact that Hubert does not provide a reminder - they automatically re-invest. I'm pretty sure you would have to call them before the term deposit rolls over.

If they did roll it over and you were not too far into it you can early redeem at 0%.
https://www.happysavings.ca/high-interest-terms.aspx
I will check my input too. I am sure I asked to have them to deposit to savings at maturity. I always do and by my preference only, would never set up to rollover to a new term.

June 13, 2014
8:27 pm
Loonie
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Thanks, kanaka. I have made a note about dopdf.

June 13, 2014
10:45 pm
kanaka
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kanaka said

MG said

Loonie said

Some issue reminders, and I think all of the Big Banks do issue reminders.

Well, I can attest to the fact that Hubert does not provide a reminder - they automatically re-invest. I'm pretty sure you would have to call them before the term deposit rolls over.

If they did roll it over and you were not too far into it you can early redeem at 0%.
https://www.happysavings.ca/high-interest-terms.aspx
I will check my input too. I am sure I asked to have them to deposit to savings at maturity. I always do and by my preference only, would never set up to rollover to a new term.

I just checked my files and I have no idea if I set them up to roll over or to deposit to my savings account at maturity.
I do recall I was unsure if I did joint GIC's as well. I don't like how you enter them on line with no recourse to review your request before you submit. And printing the GIC and what shows on the monthly statement does not indicate joint or disposition at maturity.

You would think to get the good rate at a virtual financial institution that you would be able to print the final product with amount invested, term, rate, maturity date, interest to be earned, joint or single, and the disposition of principal and interest at maturity. In other words a final print out of all of your entry.

Oaken provides a perfect certificate, but who knows what will happen if you buy online
Outlook Financial shows it all in a print out BUT if you do the final print out the next day it is missing info.
Accelerate mails you a reminder well before maturity.
I don't deal with Implicitly but I have contacted them and they have the same problem as does Outlook Financial.

June 14, 2014
12:38 am
Loonie
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That's very discouraging, kanaka. It's like they're figuring out a deal on the back of the proverbial pack of cigarettes. Not professional.
I really appreciate your review of the documentation from the institutions that you have information on before I leap into some of them. I am very unhappy when I don't have my evidence, and as depositors and "members", we have an absolute right to that information. This is something that the Big Banks do better, no question.
Good to know that Accelerate sends a reminder, because their T&C says they have auto-rollovers otherwise.
I presume the tax slip they send you will tell you if it was joint or single, but you don't want to have to wait that long.
Can you try just asking them for the documentation? Hubert in particular is so no-frills that I wonder if they would even do it.
Were you not able to save the form with dopdf? or was this before you discovered that capability?

(Now, this is something we will have to insist on when we open up our deposit brokerage, LOL. No funny business! How about calling it "On the Up and Up"?sf-wink)

June 14, 2014
1:02 am
Loonie
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This reminds me of a similar problem we had with Peoples Trust in regards to TFSA. You can designate a beneficiary online, but this does not show on your account statement or anywhere else. I asked them for a statement for my files that they signed to show that they had received the designation, but that's all I have. I have printed it out as well as kept it on computer.
It's all very well to do everything online, but there is always the risk of information being lost or tinkered with at some point. I still have every solitary document in regard to older RRSPs opened before the virtual age. In one case, the bank in question has lost track of my beneficiary, so that the statement always lists "estate" as beneficiary. But I have the original document.

June 14, 2014
10:00 am
kanaka
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Loonie said

That's very discouraging, kanaka. It's like they're figuring out a deal on the back of the proverbial pack of cigarettes. Not professional.
I really appreciate your review of the documentation from the institutions that you have information on before I leap into some of them. I am very unhappy when I don't have my evidence, and as depositors and "members", we have an absolute right to that information. This is something that the Big Banks do better, no question.
Good to know that Accelerate sends a reminder, because their T&C says they have auto-rollovers otherwise.
I presume the tax slip they send you will tell you if it was joint or single, but you don't want to have to wait that long.
Can you try just asking them for the documentation? Hubert in particular is so no-frills that I wonder if they would even do it.
Were you not able to save the form with dopdf? or was this before you discovered that capability?

(Now, this is something we will have to insist on when we open up our deposit brokerage, LOL. No funny business! How about calling it "On the Up and Up"?sf-wink)

Hi Loonie. I just did a GIC at Accelerate and they have done some updates on their web banking too. Debbie is great to deal with and she either recalled or saw that i always call in a few weeks before to ensure the GIC goes to my savings account......so she updated all of my GIC's to NOT roll over.

I like to have the option to readjust amounts and terms to balance out 5 year laddering. And to sit if rates seem to be on the rise or move funds elsewhere for a higher rate.

I have most of all my documentation in regards to applications and beneficiaries. And always ask for a copy in return once they sign it off.....but rarely is it sent back. I have an envelope per institution in safe keeping with account numbers, beneficiaries etc to simplify the handing of my estate.

I think in our younger years we would sign all those forms and never get a copy like BMO 30 years ago and my adviser 15 years ago and must trust them to be able to reference later in life. But like you say they can tinker, loose, move from paper to some type of online storage. My adviser recently changed companies so I asked for all forms we signed and got them, but it took awhile. You would think it is only good business to give the customer a copy of any agreement they signed......common sense!

Good point, tax slips joint vs your own name. Only one in my name and I know about that one and all others joint. But only a few banks list where the interest actually comes from, which is nice.

June 14, 2014
10:07 am
kanaka
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Loonie said

This reminds me of a similar problem we had with Peoples Trust in regards to TFSA. You can designate a beneficiary online, but this does not show on your account statement or anywhere else. I asked them for a statement for my files that they signed to show that they had received the designation, but that's all I have. I have printed it out as well as kept it on computer.
It's all very well to do everything online, but there is always the risk of information being lost or tinkered with at some point. I still have every solitary document in regard to older RRSPs opened before the virtual age. In one case, the bank in question has lost track of my beneficiary, so that the statement always lists "estate" as beneficiary. But I have the original document.

I did probate for my mothers estate a few years ago. It was small and easy and the only beneficiaries were me and my brother. I know see why it makes things easier if beneficiaries are named vs estate. Also some financial institutions, not all, allow successor/beneficiary AND alternate beneficiaries in the event of the passing of the successor/beneficiary.

June 14, 2014
12:32 pm
Norman1
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kanaka said

I will check my input too. I am sure I asked to have them to deposit to savings at maturity. I always do and by my preference only, would never set up to rollover to a new term.

I just checked my files and I have no idea if I set them up to roll over or to deposit to my savings account at maturity.
....

I don't think there was a maturity option to either roll over or deposit to savings. This is from their April 16, 2014 e-mail Get ready to jump for joy! announcing their current one-year GIC:

Starting April 17 and for a limited time only, we are happy to offer a one year term deposit special featuring one of the best rates around. Paying interest up to 2.50%, this term deposit special will keep you smiling for a full 365 days. If you have funds in an existing one year term (scheduled to mature in May or June) we will automatically renew it for you at the new rate unless you notify us otherwise.

This redeemable term deposit special features compounding interest that will pay you interest quarterly. Here’s what you will earn:

The first three months: 2.20%
Months four to six: 2.30%
Months seven to nine: 2.40%
The last three months: 2.50%

....

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