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Rates dropping April 18/19
April 18, 2019
7:21 am
gamgam
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Received email today

RATE UPDATE
We're sorry to share that as of this morning, our interest rates have decreased.

High interest savings - 2.35%
1-year term - 2.85% average
2-year term - 2.95%
3-year term - 3.05%
4-year term - 3.15%
5-year term - 3.24%

April 18, 2019
7:35 am
ricotterr
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April 18, 2019
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I just spoke to them and they said this also affects their TFSA savings rates.

April 18, 2019
12:17 pm
Selkirk
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This is the second significant set of rate drops HF has made this month ! sf-frown

If they keep this up, they'll drop out of the Top 5 category, and send all us HF fans shopping for better rates, elsewhere.

I have some HF Terms maturing soon, and I'm preparing for the 'possibility' of moving that money over to a different FI ... time and rates will tell.

April 19, 2019
7:51 am
cgouimet
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Still very near the top on most rates. I wouldn't see much point in moving for .1%.

They only materially better options might be Motive's Savvy HISA at 2.8% or DUCA's 3.0% Promo HISA; the DUCA promo is good thru Jan 2020 but the Motive could change anytime I suppose.

Is there anything else materially better than Hubert that I'm missing?

April 19, 2019
9:15 am
Vatox
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No more 3.0% 1 year.

April 19, 2019
11:43 am
Selkirk
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Hubert Financial is losing its luster ! sf-frown

As a Sunova (Hubert) Shareholder/Owner, I just sent a formal letter of complaint to the Board of Directors. I encourage others to do the same.

DB

April 19, 2019
12:41 pm
Nehpets
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Dean said .........
As a Sunova (Hubert) Shareholder/Owner, I just sent a formal letter of complaint to the Board of Directors. I encourage others to do the same.DB  

What are the issues you wrote about in your letter to the BOD for the benefit of others who might recognize the same deficiencies and address those same issues?

Care to share the text of your letter?

Stephen

April 19, 2019
1:04 pm
Briguy
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I've found Hubert customer service to be very easy to deal with. Besides that, they have no transfer out fees and have a great way of linking bank accounts that makes them a very useful hub. ( Supposedly EQ bank makes a good hub too, but I haven't tried them ). I suppose the one disadvantage is that they are in Manitoba, so if I died there could be estate issues. But, hopefully, one could just mail them a certified copy of death certificate and a notarized will, and not have to go there. I don't know if anyone here on this site has verified that to be the case.

April 19, 2019
8:25 pm
Vatox
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EQ is a great hub. That’s how I use it.

April 19, 2019
11:16 pm
Norman1
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Briguy said

I've found Hubert customer service to be very easy to deal with. … I suppose the one disadvantage is that they are in Manitoba, so if I died there could be estate issues. But, hopefully, one could just mail them a certified copy of death certificate and a notarized will, and not have to go there. I don't know if anyone here on this site has verified that to be the case.

frugal lady reported her findings in December 2017 after she asked Hubert.

April 20, 2019
3:21 am
Briguy
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Norman1 said

Briguy said

I've found Hubert customer service to be very easy to deal with. … I suppose the one disadvantage is that they are in Manitoba, so if I died there could be estate issues. But, hopefully, one could just mail them a certified copy of death certificate and a notarized will, and not have to go there. I don't know if anyone here on this site has verified that to be the case.

frugal lady reported her findings in December 2017 after she asked Hubert.  

Thanks for clarification- they will accept will probated in another province so that's good to know.

April 22, 2019
7:59 am
Selkirk
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Nehpets said

What are the issues you wrote about in your letter to the BOD for the benefit of others who might recognize the same deficiencies and address those same issues?

Care to share the text of your letter?

Stephen  

The concerns that I wrote about in my letter to the Sunova Board of Directors, are pretty much summed up in my first post in this thread ^ .

Hubert Financial is losing it's luster, and now risks losing many of its customers (shareholder/owners) to other financial institutions.

Dean

April 22, 2019
4:48 pm
Loonie
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In my view there is more to a sound choice of FI than today's rates alone.
I use several different FIs, but will keep Hubert because they excel in customer service and are easy to deal with. Most of the time, their rates are superior. Rates are fluctuating right now, and every FI is in due course bringing down their GIC rates. Even motus looks decent now, but seemed terrible when they first opened a couple of weeks ago. I think Hubert hung on with higher rates as long as they could.

There are 2 FIs that I won't deal with again, despite current higher rates, and it's because of problems with customer service. Hubert is not one of them.

From the FI's point of view, they are probably not concerned about losing business from people who will take their money and run because of market fluctuations. Those would not be the majority.

I recently informed Hubert, including a manager, that I would not be moving my RIFs to them solely because they refuse to offer any kind of one-year RIF GIC, which I need. It didn't have any effect on them.

April 23, 2019
12:22 am
cgouimet
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Loonie said

There are 2 FIs that I won't deal with again, despite current higher rates, and it's because of problems with customer service. Hubert is not one of them. 

Out of interest, which 2 FI's might that be?

April 23, 2019
1:09 am
Loonie
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Personally, I won't deal with Luminus or Peoples. They have their defenders, however.

April 23, 2019
7:57 am
Winnie
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I also won't deal with Peoples and Accelerate. Had very bad experiences with them before.

April 23, 2019
8:01 am
canadian.100
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I would also include Meridian CU as a dud to deal with. A throw-back to the past. Very unprogressive.

April 23, 2019
8:22 am
cgouimet
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I haven't even considered Luminus, Peoples and Accelerate.

But I do have some Meridian 18-Mo 3.25% and 3-Yr 3.45% GIC's. They do seem set in old ways though, as you said, thus why I have only $1 in savings with them. I wish I had more of those GIC's though.

I like Hubert and have a number of their 3.0% Quarterly 1-Yr GIC's.

DUCA is also nice to deal with. I have a good chunk in their Promotional Savings of 3.0% through Jan 2020.

April 23, 2019
9:02 am
gicjunkie
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canadian.100 said
I would also include Meridian CU as a dud to deal with. A throw-back to the past. Very unprogressive.  

Regarding Meridian and probably some other credit unions that have numerous branches, one may have had good experiences at one branch but not at another. My Meridian branch has given me excellent service. I have taken good advantage of their special GIC rates. They will sometimes match other FI rates and hold rates for a while if necessary.

April 23, 2019
11:21 am
Loonie
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I find Meridian as good as any and better than some, although my branch is not inclined to be flexible about rates.
They had some very competitive rates over the winter, but all rates are low right now.
My advisor recognizes me when I go in, which has never happened at any other FI in all my 70+ years. And the manager recognizes me as someone who is a member, but doesn't know my name. Some may consider that old-fashioned, but I like it. It means there is a real person I can turn to, who knows I expect straight answers.
The online banking works fine for me.
They will convert RSP GICs to RIF GICs w during the term of the GIC, which many FIs refuse to do, forcing you to choose shorter terms instead.
I do wish though that they would put out monthly statements, not quarterly.

I would make a distinction between FIs that may not do things exactly as you'd prefer and ones that make serious errors that may jeopardize your assets or cause you a lot of worry. I can live with the former if the offer is good enough, but I can't live with the latter.

What's the issue with Accelerate, Winnie? I don't recall anyone complaining about them before. I was considering them for my RIFs, but have now decided otherwise . This decision is no fault of Accelerate; I just preferred an Ontario FI and have found one that is acceptable.

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