Hubert Rates have Improved. We just don't know for how long. | Page 2 | Hubert Financial | Discussion forum

davidgeorge said

Actually, IMO, almost all FIs I deal with (Oaken, Tangerine etc.) have better software than Access. At Access, you need to CALL to do fund transfer and purchase GIC.  

And we can add EQ Bank, the original Hubert and several others to that ⬆ list.

When the original (Real) Hubert was moved to Access, it was a Huge step Backwards ... and one of the main reasons several of us will soon be doing a 'Stage Left', if they haven't done so already.

As The Stomach Turns

Dean

canadian.100 said
Yes the family is now 100% out of Access/"new" Hubert. Old Hubert was excellent until its sad demise. We now consider Tangerine a star digital FI compared to our previous experience with Access/" new" Hubert and its nice to know that Scotiabank owns Tang. So easy to do transactions - however I agree that their interest rates can be all over the place. But then no FI is perfect, particularly the CUs in my experience.  

It certainly looks like many of us will be leaving the Access family to the MB locals once our GIC's all cash out.

Dean said

And we can add EQ Bank, the original Hubert and several others to that ⬆ list.

When the original (Real) Hubert was moved to Access, it was a Huge step Backwards ... and one of the main reasons several of us will soon be doing a 'Stage Left', if they haven't done so already.

As The Stomach Turns

Dean

  

I'm at that stage. Earlier in the week, I transferred the remaining of my cash fund (CAD & USD) to my other FI, and confirmed today that the transaction (transfer) has completed.

Tomorrow I'm calling Hubert and saying good bye

At first it was annoying that they removed a lot of the online features, but still wasn't sure if I should close the account since their rates are still respectable compared to other FIs, but when they announced they were closing their US savings account, that was it for me.

Sad because their service is great, but having to open now another US savings account with Access and their online UI is horrible, I have no desire to do so.

I am currently looking into EQ to open a US account, their rates are great, but I'm not familiar with their online banking features, their customer service or their mobile banking app features either; still deciding on this one...

EQ is average in my books, but I have never contacted them for anything, I can achieve everything I want online (like good ol' Hubert). I currently have fixed GICs with them at decent rates.

Their notice account looks interesting, but I cannot avail of it at the moment as almost all my cash is locked into GIC's as I feel rates will trend neutral or lower in the upcoming year.

The HISA account has a very paltry rate, I just keep a small float in the EQ card subaccount to benefit from its features (free Canadian ATM withdrawals and 0% forex fee).

My funds are spread amongst a few FI's to take advantage of the features of each one, and also to diversify for deposit insurance purposes. With the convenience of old Hubert, I probably had way too much money there if there was a Manitoba financial calamity... thanks Access for having me rebalance that hehe.

Case1030 said
Interesting, they went with a half percentage point on the quarterly spread.

The first three months: 4.50%*
Months four to six: 5.00%*
Months seven to nine: 5.50%*
The last three months: 6.00%*

  

Interesting indeed. Their previous schedules would have gotten us 5.10/5.20/5.30/5.40?

This is very likely to encourage us not to flip every 3 months like we did when rates were trending up; however, there should be fewer quarterly flippers when rates are trending down.

that looks like approx 5.35% annual rate

NorthernRaven said

Hmm, hadn't click through to look at the splits, thanks for that - it is usually -15/-5/+5/+15 bps around the average rate. But this encourages holding the GIC, while still providing the equivalent of a 4.5% 90-day GIC , or guaranteed HISA rate should you need to cash in early, which is pretty decent, although for short-term people the EQ notice stuff has attractions.

The bigger variances will also make a difference should lower rates start to rise some day - I suspect they had more people than they (or their CS crew) preferred cancelling quarterlies just to rebuy again. It didn't take much of an increase for that to be worthwhile, since even if the higher annual rate was a wash against the lower rates you got for the early part of the previous GIC, you at least got to extend the maturity. The bigger steps would discourage that in future days of rising rates.  

Well!! I was about to cash out one of my GICs that hit a quarterly point today, and re-invest, but those splits have discouraged me. So, I guess it worked! I did put in another $1,000 for the 5.25% average, though.

I'm also disappointed that we have to phone to invest in the GICs, but the rates are good enough, and I just put my emergency cash.

The correct average is 5.35% and not 5.25% because of the quarterly compounding.

Held to maturity, the result is equivalent to an one-year 5.35% GIC, compounded annually:

It seems Access can't leave well enough alone.

The quarterlies worked well the way they were, but Access HAD to mess with them, just like they've messed with so many things since they acquired Sunova/Hubert.

For shame!

Simplii shows it on their rate page the difference between simple and compounding interest on their GICs.

Hubert's .5% quarterly spread doesn't change the benefits or drawbacks of the quarterly GIC much for myself, so steady as it goes for my emergency fund.

Every time they tweak things like this I actually breathe a sigh of relief. I anticipate getting an email some day in the future that Hubert will be wound down, and any new/renewal GICs would convert to Access' own mediocre fixed offerings. I hope I am wrong and that day never comes.