Which CU to add to current stable? | General comparisons | Discussion forum

.
Once the 3X amalgamation is complete (sometime late next year), Hubert will be a part of the Biggest & Best CU in Manitoba.

In comparison, the others will most likely look like 'chicken feed'.

Others may differ.

Dean

Manitoba credit unions are covered by DGCM. DGCM.ca FAQ on deposit guarantee:

"Does the Government of Manitoba also cover deposits?
No. There is no legislated requirement for the Manitoba government to guarantee deposits"

Does this lack of government guarantee not worry depositors with large sums in Manitoba credit unions?

There were two "its" in my post. Which one do you want clarification on?

If you have more money than you can reasonably manage, I recommend using a deposit broker.

I meant Hubert. I've never dealt with Achieva.

With a deposit broker, you still call the shots, but you don't have to do all the leg work. Once you have established your credentials with them, they set up all the GICs; you just have to choose the one(s) you want from their extensive roster.. For what it's worth, I use GIC Wealth Management but there have also been positive reports about Scrivens and Monarch.
Very handy for geezers!

ExtraSauce said
Looking for some feedback please.

Anyone here using more than one Manitoba Credit Union for diversity? I have Hubert and am thinking of adding another for comfort level. Don't need any more CDIC institutions.

Thanks in advance  

First of all, you said you didn't want to try to manage a dozen FIs. You also want to limit risk. Those statements are a bit contradictory if you want to both remain within insured deposit limits and not put all your eggs in one Manitoba CU basket. Even investing a lot of money in a number of Manitoba CUs can be a risk if the DGCM runs into trouble. In order to limit risk, if you have a lot of money to invest, you have to spread the investments around, even amongst different deposit insurances.(CDIC, FSRAO, BCFSA, etc.)

Using a broker can help, but realize that once you have invested a significant amount with their FIs, within insured limits, the choices of high interest rate FIs will diminish. They only have a limited number of suppliers that will offer the higher rates you will want.

While using a broker is convenient in many ways, you may still want to avoid putting all your eggs in their baskets in order to maximize returns. And, although some broker FIs may differ from agency to agency, many of the FIs they service are the same.

Ultimately, you have to determine your tolerance for risk vs your desire for conveience. Good luck with that.

Just as an aside, we have used brokers and invested independantly for may years while remaining within insured limits. It's a juggling act, but it works for us. We also don't want all of our eggs in one basket.

Dean said
.
Once the 3X amalgamation is complete (sometime late next year), Hubert will be a part of the Biggest & Best CU in Manitoba.

In comparison, the others will most likely look like 'chicken feed'.

Others may differ.

Dean

Loonie said

. . .

Bigger isn't necessarily better. 
 

Thanks Loonie

That didn't take long ... we knew you'd say that

Dean

ExtraSauce said Just trying to get a handle on their typical fees, and after seeing your post, I assume fees can be back and/or front end, but likely negotiable ... am I assuming correctly?

AltaRed said I think you have it wrong. The commission is behind the scenes between issuer and broker. What is advertised for a GIC interest rate is what you get.  

AltaRed is on the mark. The commission paid to brokers, from the issuer in order to sell the GIC, is behind the scenes and final GIC purchasers will have no influence upon it. Generally, both GIC brokers and purchasers make a bit more than a direct GIC purchase from the issuer.