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Ideal Savings (Carpathia Credit Union) Merger Announced
September 27, 2022
6:10 am
dougjp
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I got a Carpathia mini magazine yesterday (for the first time). In it, they announce an upcoming merger with Access Credit Union, said to be Manitoba's largest. They indicated they will inform more details later, and plan to seek membership approval in December.

Rates on HISA and TFSA haven't moved, with 2.6% in TFSA and 1.01% on HISA still? The reverse is true with 1, 2 and 4 year GICs, where TFSA rates are lower than outside TFSA? They are well down the GIC list competitively, except for 4 and 5 year terms.

" We may never pass this way again " - Seals & Crofts

September 27, 2022
3:14 pm
Dean
Valhalla Mountains, British Columbia
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.
WOW ... Access CU is about to absorb Yet another Manitoba CU ❗

I wonder who'll be next.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

September 27, 2022
3:36 pm
AltaRed
BC Interior
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Per 2Q2022 https://ccua.com/app/uploads/2022/09/top100-2Q22-20-Sep-22.pdf it is not illogical any one lower than the top 50 CUs in assets might be looking to hook up with a bigger CU for economies of scale. Per the link, within the top 100

Regional representation on the list is as follows: B.C., 26; Alberta, 8; Saskatchewan, 12; Manitoba, 16; Ontario, 30; New Brunswick, 3; Nova Scotia, 2; P.E.I, 1 and Newfoundland, 2

little old MB relative to other provinces still has a lot of CUs per capita (ignoring the 112 little ones below the top 100 that have less than 5% of total CU assets).

September 28, 2022
11:30 am
Norman1
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Access CU and Carpathia CU are in merger discussions. No agreement has been reached yet.

According to their timeline, the business case for the proposed merger won't be ready until October 18.

September 28, 2022
1:09 pm
Winnie
Ontario
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Access Credit Union is in active discussions with Amaranth, Casera, and Carpathia Credit Unions about the possibility of joining Access Credit Union.

December 8, 2022
9:57 pm
rebel88
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Why is Ideal Savings with their 1.01% HISA rate still on this list of FI? Perhaps it is time to remove them.

December 9, 2022
2:38 pm
Peter
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One of the main reasons Ideal Savings is still there is because its TFSA rate is still competitive.

October 1, 2023
4:22 pm
hwyc
GTA
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It is 12 months passing since the first post in this thread
Operational Alignment Schedule here >>

Access CU is indeed the largest by asset in Manitoba according to CCUA Top-100

October 1, 2023
4:34 pm
dougjp
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Just don't see the benefit and waiting and going through that. It doesn't help to be reading the posts about the other Access integration going on.

" We may never pass this way again " - Seals & Crofts

October 1, 2023
6:48 pm
everhopeful
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Probably the best plan is to move the funds out of Ideal TFSA in late December to regain the contribution room quickly in January if you want to move funds to a different bank TFSA without a transfer fee (Motive would be a good bet if you aren't CDIC maxed out there).

If you wait until their integration in 2024, they will most likely fold the accounts into Hubert like they just did with Accelerate clients. And so far, Hubert is still great rates but doing transactions is clunky and messy so far.

January 4, 2024
8:21 am
dougjp
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Getting e-mails from Access advising of new account packages coming February 1, with talk only of Carpathia accounts changing automatically to the equivalent Access account at that time.

No mention of Ideal Savings accounts, Hubert, or whatever will be the equivalent platform/accounts. In the details, Access savings accounts have severe limitations on numbers of free withdraws per month and some other fees. Various types of savings accounts and no mention of rates at all.

My TFSA was closed and only a tiny balance remains in my savings in order to keep it active for the transition in case it becomes worthwhile to use it, so it doesn't really affect me one way or the other.

" We may never pass this way again " - Seals & Crofts

April 29, 2024
11:56 am
rhvic
Victoria, BC
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I got this email from Ideal on Apr 26. I have truncated it; Ideal customers can read the whole thing in their own email feed.

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Ideal Savings is becoming Hubert Financial

In order to streamline services for our members, effective June 10, 2024, Ideal Savings members will become Hubert Financial members.

Hubert Financial is one of Manitoba’s happiest sites for online savings. With some of the best deposit rates around; a simple, convenient online application process; and no transaction fees, you’ll be smiling in no time as you watch your savings grow. And grow. And grow! Visit happysavings.ca to learn more about what Hubert Financial is offering Ideal Savings members.

Delivering competitive rates and products to our members remains a key priority, as well as passing on the best savings possible. With this change, members will now experience:

No service fees! Members will enjoy no fees so they can focus on watching their savings grow.
Access to additional products like Quarterly Redeemable GICs, as well as RRSP and RRIF registered products.
Extended service hours to provide our members with exceptional service and support.

To make this transition for members, certain changes will come into effect on June 10, 2024:

Members will onboard to Access Credit Union’s online banking platform.
Bill payment transactions will be discontinued effective June 10, 2024.
Rate guarantees are offered for registered transfers up to 45 days.
Renewing term investments will have a 14-day grace period after renewal to make modifications to an existing term.
When terms are up for renewal, you will receive email notifications 30 days prior to maturity.

Service Outage

To complete this transition, we will be completing our database integration from Friday, June 7 – Monday, June 10. During this time, members will lose access to online and mobile banking. It is recommended to complete all urgent online banking transactions prior to Friday, June 7.
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May 1, 2024
12:34 am
everhopeful
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rhvic said
Hubert Financial is one of Manitoba’s happiest sites for online savings. With some of the best deposit rates around; a simple, convenient online application process

I would take this as a one month notice to look at other options and move your money elsewhere while it is easy to do so. Since Hubert's integration into Access I would not say it is "one of Manitoba’s happiest sites for online savings". They might advertise "a simple, convenient online application process" but you have to phone in to move any funds (other than small e-transfers) or to invest/redeem any GIC's. I used to love Hubert when it was under Sunova's leadership, but it is in my opinion subpar to other online savings options now.

Looks like this integration weekend also applies to all of us who already integrated as well.

May 7, 2024
4:19 am
Yatti420
Canada
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It's not that bad on Access CU side now that Hubert has been migrated. I sucessfully moved money out of a TFSA and was then able to transfer it via Interacs' etransfer to another institution. If you want to use the bank EFT system you will still need to call as they have not enabled the external institutions in the "Transfer To" menu yet. Keeps people employed for now I guess.

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