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Email this10:31 am
August 4, 2010
Offline
Hubert's Happy Savings is back down to 2.25%. The webpage still shows the 2.50%, but when you log into an account, existing and new savings accounts are now shown at 2.25%. Their premium over the other Manitoba CUs wasn't going to last forever, and I suspect they deliberately "jumped the gun" on an expected rate hike by the Bank of Canada to give them a promotional window at a high rate. Since the recent slump has decreased the chances of a hike anytime soon, they may have got caught with their (teller's) drawers down. Or they may just have reached their targets for new deposits.
5:15 pm
I can confirm this now says 2.25%.. Are there any other CU out there with higher rates and no fees?
9:51 am
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
2:48 pm
August 4, 2010
Offline
Well, I didn't seriously consider the online system might have been glitched. There will be some blushing IT folks in Selkirk today... 
3:55 pm
August 4, 2010
Offline
It's nice to know that the 2.5% isn't likely to drop (at least absent a decline in market rates). The interesting question is whether they intend to keep that spread over the rest of the field if rates start going up. But it looks like we may now be less likely to find that out in the short term...
It isn't an unreasonable cost for them. They'd probably have to pay 2.25% anyway to be competitive as a new Manitoba online CU. An extra quarter point on, say, $30 million of online deposits for a year would only be an extra $75,000 - they could write it off as marketing, like the St. Bernards...
4:02 pm
I'm glad Hubert staff beat me to it.. I just saw it was back at 2.50%. Good stuff..
10:54 am
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
foreseeable future? my how things change in two and a half months
6:54 pm
"foreseeable future" is vague, open-ended and can be interpreted many different ways, which is a typical response most companies, banks, etc., give you when they don't have a concrete answer, so I'm not particularly disturbed that the rate has changed after 2.5 months. This is a savings account, after all--we all know it's the nature of the beast that the rate can change at any time. We understand that but some don't fully accept that, which I find puzzling because I see little value in complaining about something when it's behaving as it should.
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