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Email this7:47 am
July 13, 2011
Offline
Just received this e-mail 
Good morning,
Our Happy Savings Account rate is changing. Effective Tuesday, May 8, 2012, the new Happy Savings Account rate will be 1.85%.
We know this isn’t great news, but unfortunately due to continued changes and fluctuations in the market place, we’ve determined a slight rate adjustment is necessary. Even though our rate is dropping, at Hubert, we strive to consistently offer higher rates of return than traditional savings accounts and term deposits.
Couple that with the fact that every penny of your deposits is 100% guaranteed without limit by the Deposit Guarantee Corporation of Manitoba and you can rest easy knowing that no matter what happens in the economy, your investments are safe and secure with Hubert Financial.
As always, at Hubert we promise no runaround and definitely no catches. Even though the message isn’t always as happy as we’d like, we promise to make sure our members are always in the loop about what’s going on, especially when it comes to our rates and our products and services. So whether the market dictates a rate increase or decrease, we promise to let you know as soon as possible.
Don’t forget, we are always happy to help so give us a call or send us an email! We can be reached by phone at 1-855-4HUBERT (1-855-448-2378) or by email at hubert@happysavings.ca.
Sincerely,
Hubert
7:55 am
I may move my money now.. Also notice Hubert's goals are also changing.. The marketing dept really blew it with the welcome packages stating their goals are to offer one of the highest savings rates..
I should also point out this now brings Sunova savings acounts inline with Hubert online offerings.. To me this isn't acceptable as a member.. Hubert members should atleast get 15bps above the highest Sunova offering.. Hubert should be the last to move rates down and first to raise them..
So any ideas on where to go now? I take it since the CUs are starting to lower more will continue soon..
10:17 am
I just spoke with Accelerate, I'll be moving my money out of Hubert as soon as my account is set up. Accelerate uses checks so I can move money in and out of Accelerate with my Presidents choice account. (Need check to set it up). I held on as long as I could, time to move on.
10:20 am
Jenna said:
Just received this e-mail
Good morning,
Our Happy Savings Account rate is changing. Effective Tuesday, May 8, 2012, the new Happy Savings Account rate will be 1.85%.
We know this isn’t great news, but unfortunately due to continued changes and fluctuations in the market place, we’ve determined a slight rate adjustment is necessary. Even though our rate is dropping, at Hubert, we strive to consistently offer higher rates of return than traditional savings accounts and term deposits.
Couple that with the fact that every penny of your deposits is 100% guaranteed without limit by the Deposit Guarantee Corporation of Manitoba and you can rest easy knowing that no matter what happens in the economy, your investments are safe and secure with Hubert Financial.
As always, at Hubert we promise no runaround and definitely no catches. Even though the message isn’t always as happy as we’d like, we promise to make sure our members are always in the loop about what’s going on, especially when it comes to our rates and our products and services. So whether the market dictates a rate increase or decrease, we promise to let you know as soon as possible.
Don’t forget, we are always happy to help so give us a call or send us an email! We can be reached by phone at 1-855-4HUBERT (1-855-448-2378) or by email at hubert@happysavings.ca.
Sincerely,
Hubert
Part is too fluffy!!!
Couple that with the fact that every penny of your deposits is 100% guaranteed without limit by the Deposit Guarantee Corporation of Manitoba and you can rest easy knowing that no matter what happens in the economy, your investments are safe and secure with Hubert Financial.
10:24 am
Daryl said:
I just spoke with Accelerate, I'll be moving my money out of Hubert as soon as my account is set up. Accelerate uses checks so I can move money in and out of Accelerate with my Presidents choice account. (Need check to set it up). I held on as long as I could, time to move on.
I deal with both Accelerate and Outlook. I like to have the option of cashing a GIC in before maturity with Outlook thus the mix of both financial institutions. Outlook has made a few mistakes, but have always been resolved to my satisfaction. Accelerate has not made a mistake and the ladies there are fantastic. While I am satisfied with both I lean heavier towards Accelerate.
12:44 pm
I just pulled everything out. I'll never trust Sunova again.
12:58 pm
August 4, 2010
Offline
I wouldn't rush transfers just yet. Unlike Hubert's previous blather, this time the general market for savings rates is going down. It would probably be more surprising if this isn't the start of a general adjustment by the Manitoba credit unions. If not, and Hubert is set on tracking the CDIC rates instead of its Manitoba peers, that would be interesting in itself.
3:03 pm
I'm wondering about Peoples Trust and Canadian Direct Finacial for TFSA money at least.. I believe Peoples Trust is Mail based while Candian Direct Financial.. I have emails from one of them regarding transfer fees ill have to look at a later time.. NorthernRaven is right not to rush anything.. If I can maintain the same setup (online wise) with a higher rate I will probably head there.. Aslong as its fee free..
6:34 am
CHECK THIS OUT.
http://www.novascotia.ca/finan.....nions.aspx
READ FURTHER DOWN ON THIS ARTICLE
http://www.ctcua.org/ctcua/Dai.....ll.asp?131
7:13 am
July 13, 2011
Offline
I'm liking this more & more <–SARCASM!
Operating illegally as a CU in NS and claiming to be a bank, when not in fact
Everything Hubert does makes them seem more and more illegit...and causes more concern.
9:05 am
August 4, 2010
Offline
Calm down folks. If you look at that stuff (and there are threads here and elsewhere about it) it dates back to when Hubert first opened, at the end of 2010. They put out some newspaper and bus ads in Saskatchewan and Nova Scotia. Provincial regulators don't allow this from out-of-province CUs, and Sunova got slapped down by them. It seems remarkably stupid that they wouldn't have been aware of this, and perhaps they thought it wasn't a big deal and they could slip under the radar. In any case, it does nothing to change the underlying fact that they are a reasonably large, presumably unexceptional credit union. The rules are a good thing, but I suspect there's a bit of protectionism in the responses, as well.
The other bit was that they used the word "bank" – this is a no-no unless you are a federally regulated and chartered bank. A credit union can offer "banking" services, and you can "bank" on it, but it can't use the word "bank" as a noun to describe itself. Again, very sloppy, but probably a reflection on their inexperience and attitudes, not their actual banking practices. It cost them some embarrassment by being noted on the banking regulator circulars in terms that normally describe aluminum-siding salesmen.
I suspect a lot of this was just a lack of oversight on the PR people. Most PR requires a fairly shameless mindset, and it is probably fairly easy to start feeling something like "we're nice people with a fairly good product, so surely there can be nothing wrong with whatever puffery we spin up". You can see this in the balderdash about "market forces" when they did their two-step 2.5%-2.3%-2% awhile back. It is hardly exclusive to Hubert, even in banking. I'm just surprised someone in legal or executive didn't (or wasn't given a chance to) put a hold while checking out the rules.
5:13 am
88KANAKA said:
CHECK THIS OUT.
http://www.novascotia.ca/finan.....nions.aspx
READ FURTHER DOWN ON THIS ARTICLE
http://www.ctcua.org/ctcua/Dai.....ll.asp?131
Old News!.. Please post relevant info to the OP.. 888kanaka sounds very disgruntled..
2:26 pm
Rates change for a whole host of reasons and are driven either externally i.e. BoC adjusting rates or competitive market moves),or internally (i.e. the FI is either growing too fast or is looking to preserve margin profitability).
Hubert likely is lowering rates given where the larger players savings rates are today and the fact that Sunova appears challenged by their annual report.
Either way, 1.85% is still a very good rate, however, Achieva, Outlook & Accelerate all have better, with Achieva having the most consistent rate history of all.
4:31 pm
cmore said:
Rates change for a whole host of reasons and are driven either externally i.e. BoC adjusting rates or competitive market moves),or internally (i.e. the FI is either growing too fast or is looking to preserve margin profitability).
Hubert likely is lowering rates given where the larger players savings rates are today and the fact that Sunova appears challenged by their annual report.
Either way, 1.85% is still a very good rate, however, Achieva, Outlook & Accelerate all have better, with Achieva having the most consistent rate history of all.
I just applied for a TFSA at Accelerate (already have GIC's there) and they will hold the 3 yr rate for me at 2.7 or higher til the paper work arrives in Winnipeg. Their service is exceptional!!! In regards to Hubert (a place I do not, will not, and have not dealt with) why would you deal with some one with a tarnished reputation (in the long past and just recently) vs someone that has been offering solid products, service and integrity all along?? What has happened in the past is likely going to happen again....why take the risk when there is good competition to choose from?
9:15 pm
I just noticed Sunova deposit account rates were cut aswell.. I'm gonna read through the annual report.. I like the types of features and services Sunova offers but costs are another issue if I was actually a member of a branch.. Hopefully some info on Hubert within in..
Deposit Account Rates
Superior Savings – Up to $99,999 1.60%
Superior Savings – $100,000 to $249,999 1.70%
Superior Savings – Over $250,000 1.80%
6:50 pm
August 4, 2010
Offline
@cmore ("Sunova appears challenged by their annual report") – was there anything in particular? I haven't looked at it that closely, but there didn't seem to be anything of particular note.
@Yatti – you won't find any Hubert-specific breakdown – the Manitoba CUs don't provide separate info for their online arms. It might be possible to very roughly estimate the Hubert deposit base by comparing 2010 to 2011 year-end deposits, and adjusting for expected growth in the branch business (perhaps extrapolating from a couple of CUs that don't have online business). But they added three branches this year, so it would be fairly fuzzy.
7:02 pm
NorthernRaven said:
@Yatti – you won't find any Hubert-specific breakdown – the Manitoba CUs don't provide separate info for their online arms. It might be possible to very roughly estimate the Hubert deposit base by comparing 2010 to 2011 year-end deposits, and adjusting for expected growth in the branch business (perhaps extrapolating from a couple of CUs that don't have online business). But they added three branches this year, so it would be fairly fuzzy.
The numbers in the Sunova annual report look pretty good.. Even so with the recent rate cuts I've decided to move the bulk of my TFSA cash to People's Trust in the short term.. I still have savings and the interest earned in the TFSA remaining with Hubert for the time being..
6:10 am
For me Financial Performance is simple. What has been the growth of the FI, what are their revenues to expenses (how has this been trending — with any write-offs), what is the capital of the FI and how is it made-up, as not all capital should be viewed the same.
Another simple measure for all FIs & Banks is their efficiency ratio — the lower the better. When you look objectively at the financial performance, everything else the FI says doesn't really matter.
Sunova has only posted a summary annual report, not their full 2011 financial statement (with notes) so it is harder to truly dive into their performnce.
7:10 am
August 4, 2010
Offline
@cmore - the Sunova financials are available as a separate link on the same page that has the annual report.
A couple of the Manitoba CUs ((Crosstown and Cambrian) have very good "efficiency" rates (45-50%) and boast about it accordingly. You'll have to calculate it yourself for some of the others (or find lots of interesting info here). Sunova was around 70% for 2009. If you do it for 2011, don't forget they opened 3 new branches last year, which would bump up their operating costs without having the full amount of business a mature branch might bring.
Please write your comments in the forum.