Hubert Financial has lost its Luster | Hubert Financial | Discussion forum

That's certainly fair, I think, Dean. Hubert is my least favourite in terms of the look and detail of their online e-Statements. They could be allowing a lot more characters per line in the transaction narratives. In terms of HISA rates, yes, they're indeed among the lowest of the Manitoba CUs (you can do the same or better in a mid-sized Canadian bank even). In terms of GIC rates and customer service, they're still among the top.

I'd still likely keep them for the way they link bank accounts electronically, but as more and more banks are linking electronically, this is less of a selling feature.

You might try Implicity Financial - they are improving their account opening process to be fully digital later this year and also making some improvements to online banking. Only thing is when they do the micro-withdrawals to verify your other bank accounts, they sometimes forget to credit your Implicity HISA with the amounts they withdraw from your linked external bank account. So, just make sure you monitor it.

Cheers,
Doug

Top It Up said

Why would anyone compare an online FI with the BIG 5 - apples and oranges - makes absolute ZERO sense.

According to the HISA and GIC charts on this forum Hubert currently is sitting middle of the pack amongst it's peers - that's the comparison.

pooreva said

REMEMBER: Hubert is NOT your day to day FI. ... Hubert is for SAVERS who would park their $$ there and enjoy good interest depending on economical situation.  

Well, if that's your criterion THEN you should have your $$ parked at Steinbach Credit Union.  

No, if you want max interest rates you should just have your TFSA at Steinbach since their interest rate for TFSA is not tiered by amount deposited, it starts at 2.8%. You should have your HISA at Motive since their interest rate is at 2.8% right from the first dollar deposited.

And I don't mind if Hubert is middle of the pack, since it's only 0.05% below most of the ones higher up. I would still say it's got a competitive interest rate, and am in fact using them for my entire RRSP due to Hubert's excellent customer service, easy link up of accounts, unlimited guarantee of funds,and no fee transfer out.

Steinbach says the non-registered savings rate for balance over 250K is 2.85%. I would have assumed that "balance" meant the entire deposit, but do you have reason to believe it refers only to the portion above 250K?

Top It Up said

GICinvestor said

They don’t appear to be as competitive as other Manitoba CUs and I don’t think they can fill up my bill fold as frequently or as full of as others. 

The FACTS say otherwise.  

So I guess if you have 1 million dollars to put in a HISA with that extra 0.55% in interest from Motive you will get rich from your extra 5500.00 at the end of the year. Since I don't have 1 million dollars I don't care about the extra 0.55%, I don't like rate hopping.

Loonie said
Steinbach says the non-registered savings rate for balance over 250K is 2.85%. I would have assumed that "balance" meant the entire deposit, but do you have reason to believe it refers only to the portion above 250K?  

Yeah, I was completely confused by that as well, Loonie, and how Steinbach's HISA works is, aside from them only paying interest annually, your interest is calculated on the lowest of your daily balance for the month. What you have to do, according to RFD, if you're going to withdraw funds, is always withdrawal on the 1st of the month (or as close to the 1st as possible), so that you don't screw up the current month's interest calculation.

I have no problem with tiered interest rates or even annually paid interest (we have some HISAs in the comparison chart on this site, I believe, that pay a reduced rate on balances under $5,000, or on balances over $1 million), but because of that peculiar calculation method, I support Peter and other forum members' wishes not to include Steinbach in the comparison chart. It would require far too long of an explanatory footnote in order to properly educate people.

Beyond that, I love that Steinbach accepts members from out of province through their main credit union, not a virtual banking branded division/branch. They've got an all-digital account opening process, but their method for calculating interest is woefully sub-par. 🙁

Cheers,
Doug

GICinvestor said
I think we all have our own preferences as to where to park our cash savings. Some of us are into gimmicky special offerings and some are not. Some are after the best rate, some are after customer service first, then rates, some are after systems and push/pull, some of us are after cheque’s and ATM cards or any combination of the latter. Some us will find how to use multiple FIs to our advantage. Some are first timers looking for some direction to make a change in their investment strategies and will find ideas here to further investigate. But I do feel if negative, contradictory, or fluffy remarks are to be made they should explain why and preferably be from first hand information vs hearsay. While we may falter from time to time I would like to see this site to looked at as a forum of learning and helping others. Only helpful comments are for everyone to benefit from and to share.  

I agree, I think some of the members here need to be more professional in their comments.

Dean said
I don't know about you folks, but Blue Chip dividend paying stocks (3%-7%) are starting to look Real Good to me again ... especially now that we've recently had a major market correction.

And add to that ... the Tax Advantages of dividend income !  

Good numbers for sure.
Dean:
Does Blue Chip mean the price of stock will never dip?
Also if someone is maxing out RRIF withdrawals while keeping in the lowest income tax rate doesn’t the reporting of a dividend increase your income from the dividend by 150%? Thus less RRIF to be able to withdraw?