Hubert @ 2.0% :( :( :( | Page 2 | Hubert Financial | Discussion forum

The first email from Hubert was a bit sad to see but not at all unexpected as they were quite a bit higher than anyone else. However, the second email a week later doesn't inspire any kind of confidence in me that they are that well run of an outfit no matter what angle you want to look at it from. If it was just one email with a 0.5% drop or a month between changes I would not be as worried.

I was finalizing moving other money into a bond fund today when this went down, now I'm moving all my Hubert HISA $ into that bond fund as well, otherwise I would have left it alone. I still have Hubert GICs as they seem to be the best rates, and they seem to have kept the rates the same on those for now so I'll keep buying those GICS for TFSA and such as long as they stay high.

Jenna said:

88kanaka said:

Jenna said:

Thanks for a great post, 88kanaka. I wish there were a "hits" counter, as I am sure your post will get quite a few reads.

I am in Ontario and I need an account where the funds are available to me without penalty, as we have been trying to buy a home for exactly 1 year now.

On a different note, I am glad that I was not able to convince close family members to switch to Hubert. Had I been successful, I would have had the reputation of a clown.

Jenna I hope you consider your savings in a combination of GIC, TFSA (maxing out) and HISA with institutions with good rates. And of course flexibility must be considered in regards to early withdrawal policies. Keep in mind what you withdraw from a TFSA plus interested can be re-invested the next calendar year.

ps. I only divulge where I bank if asked. Horn tooting can get you in trouble, as you say.

88kanaka, thanks for the advice. Right now I really need my funds liquid, as a house could come up at any time & we must be ready to pounce. When that is done & all is settled, the age old question remains: where to bank?!

LOL. After buying a few homes and having a few mortgages. We have been mortgage free for years. My policy for banks is....screw up once....screw up again....and I am gone!!!! Make sure the manager knows why. We had dealt with the same person at BMO for at least 25 years...but BMO is now on the good bye list (not because of the person we have been dealing with). Too many choices out there now vs 40 years ago. If you can build a good relationship with some one ...that is good.....don't put all of your eggs in one basket...use each institution to your best interest!!! Being loyal to one, is not necessarily to your best interest.

ps. Banks and CU's have done a lot over the years to dissuade you from visiting the branch..ie. ATM, Phone Banking, Internet Banking. So when you must visit a branch anything less than good service, respect to you as a customer, listening to you as a customer and reacting is a must. A key issue with me and BMO ... Duh... must be rocket science!!!

guest said:

I'm angry with Hubert's bait and switch teaser rate. Seems like they are testing the field in steps to see how low they can drop before people take their money out. I recommend people take their money elsewhere from here. There are tonnes of other places offering a meger 2% or better. That way Hubert won't benefit from the 'too lazy to move' crowd that they rely on to maintain a base like ING did. If I'm only going to get 2%, I'd rather my money was in a competitor institution.

I cant believe all the commotion and let down by Hubert. Not sure if they really did a teaser as I am sure that most of you will NOT be too lazy to move!! The days of misleading a customer are over and I am sure they know that. What is the "real" reason for the change. The economy, too many investors, not enough customers borrowing or? You can be sure the publicized reason is true but there are other factors that have not been publicized; to enable them to still look good. I am happy with Accelerate and Outlook Financial. Keep in mind rates, policies, service charges, and customer service should considered…not just a good rate.

Yatti420 said:

Vanessa,

Any comment?

hmmmmm that should be interesting.....must be conferring with management....should I respond or not.....if I do...what do I say.....

Not happy either, only got a few of months out of them. Don't understand two cuts in such a short time. I'll monitor the situation but I'm considering moving to another bank. Also not happy with them not being the highest rate,feels like a bait and switch. Advertising that they were the highest rate was why I invested with them in the first place. Others banks are at 2.2%, they should have at least kept it at the same rate.

I just opened and got hit with a rate change, I sorta expected a small rate change, but a second rate change is very questionable in 11 days.

I did read all the forums and did research before I opened and Vanessa said that the rate would not be a teaser:

Vanessa Foster said:

Unfortunately due to an internal error, which resulted when other Sunova Credit Union rates changed on Saturday, our Hubert Happy Savings Account rate also was mistakenly changed to 2.25%. However, I can confirm this rate change is not permanent and as of tomorrow morning or sooner, the rate will be restored back to 2.50% which is where we intend it to stay for the foreseeable future. Our IT Department will ensure that all members are credited interest at 2.50% for the entire month in spite of the error.

We have always maintained that our 2.50% is not a 'teaser' rate, and I can assure you that is the case even though this error unfortunately appears to indicate otherwise. In speaking with our IT Department this morning, I can assure the rate will be changed back to 2.50% as soon as possible, which is where it will stay.

On behalf of Hubert, I'd like to apologize for any confusion or inconvenience this error may have caused. As mentioned above, all Hubert members will be credited with interest at 2.50% for the entire month in spite of the rate appearing at 2.25% for the past day.

Vanessa Foster
Director, Marketing
Hubert Financial & Sunova Credit Union

To me, it is clearly stated it is not a teaser and it will stay at 2.5%. To lower it to 2.20 - 2.25% is reasonable in terms of what was told, to lower it to 2.00% is not reasonable within the amount of time.

I think I will stay put for the time being.. Let's hope that Hubert returns to offering the best rates in Canada.. Are the GIC rates still the best? Tied for fourth in TFSA rates and tied for third in HISA rates.. The first drop I expected.. Not the second..

Is it possible that they were simply too successful in attracting deposits? Money flowing in faster than they could get it loaned out? Dropping rates would put the brakes on that pretty quick.