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Hubert Financial Refugee
June 5, 2019
7:58 am
Dean
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Hubert Financial has cut its rates ... Yet AGAIN !!! sf-frown

I'm thinking of moving the SA money I have with Hubert, over to a Motive Financial HISA (Motive Savvy Savings @ 2.80%).

I've never had any dealings with Motive Financial before. How are they to deal with? / Anything special I should be aware of? / Recommendations\Advice?

Thanks,

Dean

June 5, 2019
8:36 am
fxsti
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I am happy with them. Quick no issue transferring 50k + funds between linked accounts. Only once did I have a delay with their phone support. Maybe Zong was sick that day.

June 5, 2019
10:00 am
pooreva
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Yes, if you have <=$100K and watch how long they are going to have 2.8%... As soon as they get enough $$$ from all of you rates will go to 1.8%

June 5, 2019
1:48 pm
Briguy
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pooreva said
Yes, if you have <=$100K and watch how long they are going to have 2.8%... As soon as they get enough $$$ from all of you rates will go to 1.8%  

Agreed, historically their HISA rates were low.

June 5, 2019
2:22 pm
rhvic
Victoria, BC
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Simple - if Motive decides to drop their rates in the future, then I will simply move most of my funds from there to a place which pays more. Pretty sure most of us are playing that strategy.

June 5, 2019
3:40 pm
Dean
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rhvic said
Simple - if Motive decides to drop their rates in the future, then I will simply move most of my funds from there to a place which pays more. Pretty sure most of us are playing that strategy.  

Yes, I guess that's ^ true ... I had hoped to stay with Hubert Financial, but it looks like the Good Ol' Days are gone there now.

I didn't want to have to play the game of chasing after better rates at other FI, but it looks like I have no choice. sf-frown

Is setting up a new HISA at Motive fairly easy, and straightforward?

June 5, 2019
4:01 pm
Londonguy
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Dean said

..Is setting up a new HISA at Motive fairly easy, and straightforward?...  

I suggest you read this thread for pointers and other people's experiences

https://www.highinterestsavings.ca/forum/motive-financial/new-cha-ching-chequing-and-savvy-savings-account/

June 5, 2019
4:29 pm
Briguy
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Dean said

Yes, I guess that's ^ true ... I had hoped to stay with Hubert Financial, but it looks like the Good Ol' Days are gone there now.

I didn't want to have to play the game of chasing after better rates at other FI, but it looks like I have no choice. sf-frown

Is setting up a new HISA at Motive fairly easy, and straightforward?  

It's quite easy to set up, just don't be in a rush as it takes a couple of weeks until you end up with your atm card pin number etc. First steps are all online. Apply for a savvy savings and cha ching chequing at same time, but there's no option for an overdraft on the chequing anymore even though they had a form online for that too.

June 5, 2019
5:17 pm
GICinvestor
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Dean said
Hubert Financial has cut its rates ... Yet AGAIN !!! sf-frown

I'm thinking of moving the SA money I have with Hubert, over to a Motive Financial HISA (Motive Savvy Savings @ 2.80%).

I've never had any dealings with Motive Financial before. How are they to deal with? / Anything special I should be aware of? / Recommendations\Advice?

Thanks,

Dean  

Dean:
Just out of curiosity did you have some earth shattering negative experience with Hubert?

All members:
Also I see here some folks here move funds to the best rate.
Do you have these accounts set up in advance?
Is there a cost or risk leaving the lower interest rate account with a zero balance?
Are the majority of your funds in cash vs term deposits?
Do you have to manage date wise for deposit and withdrawal to ensure you receive the full benefit of a higher rate or a promo rate?
Do you ever lose by prematurely withdrawing to gain elsewhere?
Is your annual gain significantly higher if you just left your funds in Hubert, Accelerate or Oaken or the likes?

June 6, 2019
2:46 pm
rhvic
Victoria, BC
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GICinvestor said

All members:
Also I see here some folks here move funds to the best rate.
Do you have these accounts set up in advance?
Is there a cost or risk leaving the lower interest rate account with a zero balance?
Are the majority of your funds in cash vs term deposits?
Do you have to manage date wise for deposit and withdrawal to ensure you receive the full benefit of a higher rate or a promo rate?
Do you ever lose by prematurely withdrawing to gain elsewhere?
Is your annual gain significantly higher if you just left your funds in Hubert, Accelerate or Oaken or the likes?  

I have accounts at about nine different FIs, and will move funds to whichever offers the best rate, up to the insured limits. Most of my funds are in cash. I do not clean out an account, but always leave a few dollars there to keep the account active, in case that FI offers good rates again in the future. Yes, one might lose a few days of interest during a transfer. And yes one can earn more by moving around: e.g. moving from Hubert at 2.35% last month to Manulife at 3.25%, until at least the middle of November. For a deposit of 100K, that is about $450-500 more in interest.

June 7, 2019
7:31 am
pooreva
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GICinvestor said
Is your annual gain significantly higher if you just left your funds in Hubert, Accelerate or Oaken or the likes?  

I used to play 'catch highest interest' game a while ago: ING, ICICI, Outlook, PC Financial, you name it.
And then it become very annoying and time consuming to run after few hundred bucks/year.
If you have few millions - you do not care anymore. With Hubert's current HISA 2.25% 1 mill comes to $22.500/year. I believe even that interest will be taxed and it is enough for modest living. Plus ALL funds are insured with no limit.
If you have plenty of idle time on your hands, have nothing else to do in your life except tweeter, facebook and similar BS and have some money - please go and play 'few more bucks' game.
EVERY FI has its peak when they try to attract customers and their $$$. And than everything goes down the drain...
I do not have to play that game anymore and Hubert is good enough for me.

June 7, 2019
9:38 am
gicjunkie
Ontario
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IMHO having HISAs at 9 different FIs is excessive. I have just been whittling down my list of FIs to about 3 or 4. The thing that tempts one to add more FIs are the "one hit wonders", ie. the newbies who try to, on a one time basis, attract investors with a great rate and then go back to "normal" once their monetary goal is reached. These FIs hope you will forget to move your money out once the special is over. I have now become impervious to these offers and am quite content to keep our money in the historically good rate FIs. Ultimately their rates all usually settle to within about 10-15 points of each other. Motive now has most of our cash, with some at Achieva, until further notice. Nothing is forever. Tangerine will sit on the sidelines because of the nuisance factor.

I fully concur with "pooreva", hopefully soon to be "middleclasseva" and beyond. The few hundred dollars earned, less tax, is not worth the added aggravation.

June 7, 2019
10:15 am
rhvic
Victoria, BC
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I do not find nine FIs to be excessive. For me, four of them only have a few dollars in them, as their once-attractive rates are now too low to bother having much cash there (but perhaps they may improve in future). As for the other five, some of them have maximum insurable limits of 100K, thus I do not put more than that amount into them. I do not however move GICs about - they stay where I bought them until they mature, and then I seek a new home for that cash. And as for clicking a few computer keys every now and then to move cash to better accounts, that is not a nuisance to me in the least - it is only a few minutes labour.

To each their own.

June 7, 2019
11:41 am
gicjunkie
Ontario
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To be clear, I am not being critical of another person's approach to personal finance management. I, as do many others on this site, am just offering my opinion based on my personal family needs. If one wishes to have 25 HISAs, and can manage all of that, that's fine. Just doesn't work for me. I am getting to the age where I am trying to simplify this process without giving up to much in the balance. As we age, the devil really is in the details. Of course one could argue that dealing with the details helps to keep the aging mind sharp.

June 7, 2019
1:04 pm
GICinvestor
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I guess it may be considered I have too many accounts too! I always wondered about the odd higher HISA rate or the FIs that offered targeted customers a special rate. I find the latter to be unfair and only to slight their other good customers. So I have avoided what I would call the gimmick FI’s.

And I am not critical who has how many FI’s as it is their choice to do so and if it works for them, why not. And it appears many of us definitely are not loyal. But I do wonder why so many fight for a promotional rate offered to others but not to them. I would say screw it and move on. And by what others have said it does not appear to be that profitable to chase the rates.

We have 2 Fi’s for day to day banking my wife uses hers and I use mine…but we do share a bit too! And I would not invest with them.

We do not use any of the HISA FI’s for bill payments nor do we have their credit cards if they offer one. So after that for investing only we have:

Accelerate - I really like.
Hubert - I really like.
Oaken - I really like. But has those Registered Account issues - NO savings accounts
Peoples Trust - Ho Hum - they are moody on their rates but are likeable.

*Manulife
*Itrade
*Implicity
*Outlook Financial

So in summary we have 2 FI’s for day to day banking and for our Pension deposits.
8 FI’s for investing
10 Fi’s in total

Minus
*Manulilfe - Gone 2 years ago
*Outlook - Good as gone. Was my first step to HISA in MB - but too many errors and customer service is not the best either. Will be leaving once I see our TFSA withdrawals show in “My Account”
*Implicity is as good as gone - I like them but Oaken can easily do what Implicity does for me
*Itrade is good as gone once our TFSA GICs mature. Their rates just are not the cream of the crop and never will be.

So in the near future will be down to 6 in total

So now I have to decide……Accelerate or Hubert……if I was to consolidate who would I keep or if Peoples had consistent good rates I could leave both Accelerate and Hubert. Currently Hubert is fantastic to wind down my RRSP => RRIF => non registered cash to fuel my TFSA deposits elsewhere.

And like gicjunkie, I want to continue the process of eliminating Fi’s and I want to use the ones that will accept BC probate.

So I am glad to hear that chasing rates is not as popular as I thought it might be.

Thanks.

June 10, 2019
10:16 am
Dean
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GICinvestor said

Dean:
Just out of curiosity did you have some earth shattering negative experience with Hubert?
. . . 

A recent series of rate reductions ... one right after another! I expect yet another set of rate reductions from Hubert Financial, any day now. It won't be long before they have rates as bad as the Big Banks.

Lots of people are taking their $$$ out of their Hubert SA, and going elsewhere. It's sad, really ... I used to like Hubert.

June 10, 2019
10:27 am
Dean
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Briguy said
It's quite easy to set up, just don't be in a rush as it takes a couple of weeks until you end up with your ATM Card pin number etc. First steps are all online. Apply for a savvy savings and cha ching chequing at same time, but there's no option for an overdraft on the chequing anymore even though they had a form online for that too.  

Not sure why one would need an ATM Card, to bank with a FI 'on-line'. I haven't needed an ATM Card for Hubert/Tangerine/EQ/etc. ... is there something I'm missing here?

I've also read that it can sometimes take up to a 'Month' to get a Motive HISA setup and running ... is this true?

June 10, 2019
4:20 pm
Briguy
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Dean said

Not sure why one would need an ATM Card, to bank with a FI 'on-line'. I haven't needed an ATM Card for Hubert/Tangerine/EQ/etc. ... is there something I'm missing here?

I've also read that it can sometimes take up to a 'Month' to get a Motive HISA setup and running ... is this true?  

I don't need the ATM card, but if they offer it, I take it 🙂 I can always use it to take money out of an ATM if my regular big 5 bank's network is down or if my big 5 bank ATM card gets eaten by the machine and I need cash after business hours.

I use credit cards for purchases at stores and online, just like everyone else.

June 11, 2019
7:29 am
Londonguy
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Dean said

I've also read that it can sometimes take up to a 'Month' to get a Motive HISA setup and running ... is this true?  

Yes it's true, sometimes even longer

June 11, 2019
10:25 am
rhvic
Victoria, BC
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Dean said

I've also read that it can sometimes take up to a 'Month' to get a Motive HISA setup and running ... is this true?  

My experience with Motive is that it took perhaps two weeks to get it all set up. I applied for the Motive account on line, was given an account number, established a link initiated at Hubert to Motive, put in a test deposit amount from Hubert to confirm the link, then started to move funds to Motive from Hubert. No problem at all.

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