Duca vs meridian vs hubert vs Motive | General comparisons | Discussion forum

They will all have joint accounts.

For fees, you should check their online lists and see what pertains to you.

So far, I would rate Meridian and Hubert as quite good for service, less impressed with DUCA. Haven't tried Motive. However, at one time or another I've had issues with every financial institution I've ever dealt with. You have to look out for yourself no matter where you bank, as mistakes and misunderstandings do happen, and some people aren't as bright as others. Get written confirmations of everything that is promised to you.

Withdrawals limits:

Hubert:
$50,000 daily (every 24 hours),
$250,000 weekly (every seven days),
$500,000 monthly.
All transfers in the last 30 days will count towards the monthly limit.

DUCA: $50,000 per day. Inflexible per “Paul” 03 Dec 2018.
$250,000.00 per week.
$500,000.00 per month.

I don't know about the others. Check their websites.

You should really spend some time on the websites of the financial institututions that interest you. Learn all you can on your own.

I agree, Hubert has been excellent on the phone. It's the layout of their statements that drives me nuts; and the lack of one-year RIF GICs. These are service issues, but not CSR ones.

I'm happy with the guy I now deal with at Meridian. The previous one told me something that wasn't true, as did the DUCA person, and that concerns me. I would not deal with that DUCA person again, not simply because she told me something that wasn't true but because she couldn't understand why it wasn't true and kept insisting that it was. This makes me wonder about their training.

We all have to keep as informed as possible so that we can recognize when they don't know what they are talking about - or worse. Fibs seem to be part of the business, especially if they make the FI look good. Last year I was lied to at TD - and the odds of that eventuality happening are much higher than the one at DUCA - even likely - but I identified it as a lie immediately so no harm done (to me). And so it goes.

I think that, in general, credit unions tend to be more idiosyncratic. They all have their own systems and you have to get used to them. I was told by one only this morning that it would not be possible to switch an RSP GIC over to RIF GIC in mid-term, even though they do offer RIFs. Other FIs do this routinely. I am waiting for a call back to see what could be done. Haven't bought in yet. You almost have to know the rules better than they do to get what you want.

Yes, I realize you're new at this, and I remember, although somewhat vaguely, how much there was to learn when I began this journey. And there is something new every day to keep up on.

Ultimately though, it is in your best interests to do the investigating. Don't rely on others; check it out , especially for things that are vital to you.

I think you should be fine with Hubert and Meridian, but they all have their weaknesses, so you have to keep your wits about you.

Your GIC will be fine, so not to worry, with either institution.

Personally, I don't care for the layout on Hubert's monthly statements. However, it's more of a problem (for me) if you have several accounts, especially the one-year GICs.
I also don't like hubert for RIFs as they won't offer any kind of one-year GIC for them.
These should not be problems for you.

I don't deal with Meridian online unless I have to; only in-branch. Some of their staff are not 100% reliable in-branch. You have to find one that is and stick with them. However, their managers are pretty good and can clear up any issues.
They only issue statements every 3 months. I prefer monthly. However, their statements have much better layout than Hubert's, which are monthly.
Again, should not be a problem for you.

At present, I believe Meridian has a $50 fee to transfer out a TFSA; Hubert has none. However, this will not come into play for five years, for you, and, by that time, all bets are off as to what either of them might charge. Unfortunately, they are permitted to change their fees at any time. 'The higher interest rate at Meridian should more than compensate for any transfer fee.

You might also consider which province you want your money to be in. I gather you are young-ish. For older people, the question of how they would manage a Power of Attorney cor an estate in a province where you don't reside can be a consideration. I prefer to keep my money in the province where I live (ON), where feasible, but I do deal with Hubert for convenience and rates and generally good service.

I would choose Meridian if it were me, for this TFSA.

I just learned that the five year rate special at Meridian ends Monday, so your better option is now Hubert.

Sorry for your loss. Painful, I''m sure, and probably explains your current caution, at least in part.

It's true, Albertans are left largely out in the cold when it comes to local rates as far as I know.
Bridgewater is based in Calgary but don't have much to offer. except a savings account. Perhaps in future they will offer more. Currently at 2.5%. In the past, they have rarely changed their rates.

You might look into Motive Financial. This is a CDIC-insured bank. I am unclear whether it is based in BC or Edmonton as they seem to have addresses in both places. Their rates change every week or two, so worth keeping an eye on. They have sometimes been quite competitive.

I think Oaken also has a retail outlet in Calgary. Perhaps that would make things easier for a local estate, but I don't know. Their main HQ is in Toronto.

Another option is to look for a local GIC broker. Perhaps someone on the forum can suggest one in Alberta. They are the "bulk buyer" of GICs and can sometimes offer rates that you can't get on your own. Emphasis on "sometimes". It's worth knowing of one, especially as you start building your wealth again. They mostly like to deal in higher amounts, minimum 25K.