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Hubert's Rates Going Down Again
October 27, 2019
4:33 pm
GICinvestor
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Rick said
To where?  

To whom any one else I deal with that has higher or same rates.

October 27, 2019
9:42 pm
Doug
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Selkirk said
.
I'm guessing Hubert's next step will be to lower their rate on their HISA again ... it's just a matter of time. sf-frown

Selkirk (a.k.a. Dean)  

At first, I thought "Selkirk" was Hubert Financial/Sunova Credit Union responding here to your e-mailing them about this thread, but then you said some critical things, so knew it wasn't them. Subsequent posts seemed to confirm your writing style so I was about 60% sure you'd changed your name. Thanks for confirming, though!sf-cool

One nagging question: as a southern Interior British Columbia boy, why Selkirk?

Cheers,
Doug

October 28, 2019
10:55 am
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Doug said

At first, I thought "Selkirk" was Hubert Financial/Sunova Credit Union responding here to your e-mailing them about this thread, but then you said some critical things, so knew it wasn't them. Subsequent posts seemed to confirm your writing style so I was about 60% sure you'd changed your name. Thanks for confirming, though!sf-cool

One nagging question: as a southern Interior British Columbia boy, why Selkirk?

Cheers,
Doug  

Cuz ... I live in the Selkirk Mountains, and it seemed like a good 'handle' to use.

Map Link ⬇
https://cdn-files.apstatic.com/climb/111359262_medium_1494380950.jpg

G'day Eh❗
Selkirk (a.k.a. Dean) sf-cool

October 28, 2019
12:18 pm
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I am thinking of Sasquatch of Hemlock!!!

October 28, 2019
1:21 pm
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GICinvestor said

I am thinking of Sasquatch of Hemlock!!!  

Sasquatch Mountain Resort isn't in the Selkirk Mountains ... Sasquatch is much further west, towards Vancouver. But I hear it's a great place to ski & snowboard in the Hemlock Valley, northwest of Agassiz, BC.

https://sasquatchmountain.ca/

Keep Yer Tips Up❗
Selkirk (a.k.a. Dean) sf-wink

October 28, 2019
2:54 pm
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Lol. I am in Vancouver and in my younger days we went fishing at the Chehalis River known to be Sasquatch territory. When you turn off the highway the land mark you turn at is the Sasquatch Inn. All close to Agassiz and Hemlock Valley and Mountain. On way back from fishing the 3 of us were joking about Sasquatch's and my father was kind enough to hide behind a tree. We all dropped our gear (fishing) and ran.

October 28, 2019
3:47 pm
Doug
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Selkirk said

Cuz ... I live in the Selkirk Mountains, and it seemed like a good 'handle' to use.

Map Link ⬇
https://cdn-files.apstatic.com/climb/111359262_medium_1494380950.jpg

G'day Eh❗
Selkirk (a.k.a. Dean) sf-cool  

LOL, of course! I should've thought of that...Selkirk College, for example. 😉

Can you see how I thought Selkirk, Manitoba, though? 😉

Cheers,
Doug

October 28, 2019
5:01 pm
Selkirk
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GICinvestor said

Lol. I am in Vancouver and in my younger days we went fishing at the Chehalis River known to be Sasquatch territory. When you turn off the highway the land mark you turn at is the Sasquatch Inn. All close to Agassiz and Hemlock Valley and Mountain. On way back from fishing the 3 of us were joking about Sasquatch's and my father was kind enough to hide behind a tree. We all dropped our gear (fishing) and ran.  

I hear you ... we have Lots of Sasquatch around here too❗ sf-wink
.

Doug said

LOL, of course! I should've thought of that...Selkirk College, for example. 😉

Can you see how I thought Selkirk, Manitoba, though? 😉

Cheers,
Doug  

Yes, and they'er all named after the same namesake ... ' Thomas Douglas, 5th Earl of Selkirk '

Cheerio,
Selkirk (a.k.a. Dean)

November 4, 2019
10:04 am
Selkirk
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.
It's sad to see how far Hubert has fallen down the GIC Rates list. I can't remember seeing them that far down the list before❗

Link ➡ https://www.highinterestsavings.ca/gic-rates/

Selkirk (a.k.a. Dean)

November 4, 2019
10:10 am
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Selkirk said
.
It's sad to see how far Hubert has fallen down the GIC Rates list. I can't remember seeing them that far down the list before❗

Link ➡ https://www.highinterestsavings.ca/gic-rates/

Selkirk (a.k.a. Dean)  

Yup. Just had a Hubert GIC mature and now the funds are in an Oaken GIC.

November 4, 2019
10:42 am
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GICinvestor said

Yup. Just had a Hubert GIC mature and now the funds are in an Oaken GIC.  

'Yup' here too ... I'm also thinking "Oaken", when my Hubert GIC's mature, but I don't have any accounts with Oaken yet.

The one thing that bothers me about Oaken is they don't have SA's for RSP's, TFSA's, or RIF's. Any idea why not❓

Selkirk

November 4, 2019
1:21 pm
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Selkirk said

The one thing that bothers me about Oaken is they don't have SA's for RSP's, TFSA's, or RIF's. Any idea why not❓

Selkirk  

They do have a non registered savings account just NOT for registered accounts. But they do transfer out registered accounts expeditiously. Ask Benjy Katchen why not.

They have the BEST online GIC order entry though.

November 4, 2019
2:53 pm
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Here is his info.
Benjy Katchen Senior VP, Deposits, Oaken
benjy.katchen@hometrust.ca

November 5, 2019
2:22 pm
pooreva
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Rick said
To where?  

Into shoe-box and under the mattress?
I do not see Oaken as real competitors to Hubert: insurance limit by cdic, cashable gic is lower...

November 5, 2019
2:57 pm
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GICinvestor said
Here is his info.
Benjy Katchen Senior VP, Deposits, Oaken
benjy.katchen@hometrust.ca  

LOL sf-laugh

Not so fast GIC ... this time, it's Your turn❗

Selkirk sf-cool

November 5, 2019
3:23 pm
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I'm guessing Hubert had too many deposits compared to loans, and had to lower savings rates to rebalance. Once enough people leave they will raise rates again. Just what Peoples Trust did.

I don't understand how the credit unions are making money, eg. Motusbank 5 yr mortgage rates are at 2.59% and 5 yr GIC rates are at 2.6% . So it seems like they should be losing money as they aren't making any interest off credit cards. It's almost getting to the point where it pays to borrow money and reinvest it in a GIC at the same bank.

November 5, 2019
4:23 pm
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Any other kind of loan other than mortgage has significantly higher interest rates, e.g. LOC, car loans, personal loans , small business loans, credit card debt, bridge loans, etc.
They will also still be carrying some GICs from about 3 years ago when rates were sometimes even lower than now.

I was speaking with a CFP at an ON credit union recently who said almost all his "planning" work is around debt these days. This may be peculiar to that particular CU, but interesting nonetheless.

I am not suggesting that these factors explain everything, but something to consider.

November 5, 2019
4:48 pm
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Selkirk said

LOL sf-laugh

Not so fast GIC ... this time, it's Your turn❗

Selkirk sf-cool  

I did!

3 or 4 years ago he was in Vancouver at the Zoomer show. I spoke to him and he said they were working on putting savings accounts in place. I told him there was a good need to do so. He asked me to email him of my thoughts on why. I did, he must have forgot what he said, he said well I guess we can’t help you. Finito, end of story, have no faith in his PR abilities. Giving feedback to Benjy was a complete waste of my time.

November 6, 2019
8:38 am
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GICinvestor said

I did!

3 or 4 years ago he was in Vancouver at the Zoomer show. I spoke to him and he said they were working on putting savings accounts in place. I told him there was a good need to do so. He asked me to email him of my thoughts on why. I did, he must have forgot what he said, he said well I guess we can’t help you. Finito, end of story, have no faith in his PR abilities. Giving feedback to Benjy was a complete waste of my time.  

Interesting account ⬆ ... thanks for sharing, GIC.

Given your experience, it would probably be a waste of time for me as well ... especially since I'm still not a customer of theirs.

For what it's worth ... I just can't get my head around investing in RSP/TFSA/RIF GIC's, with a FI that doesn't have related registered SA's available. I must be missing something. sf-confused

November 6, 2019
12:34 pm
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For what it's worth ... I just can't get my head around investing in RSP/TFSA/RIF GIC's, with a FI that doesn't have related registered SA's available. I must be missing something. sf-confused

The biggest sore point at Oaken is the no Savings accounts for registered accounts. A savings account for me is only to park money waiting for a better rate. BUT they do transfers quickly so if you can get a locked in rate elsewhere you are sailing. BUT if you are waiting for a better rate at Oaken you are hooped.
Second issue with Oaken is doing a GIC over the phone.......the questions are just too overboard for me. I actually stopped the call.

Everything else is great.
Online GIC entry
Transferring funds in/out
Notification of funds withdrawn
Notification of certificate ready online, and is mailed as well
Good to call if having online issues.

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