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Email this1:22 pm
October 21, 2013
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by email: "we'll be offering RRSPs and RRIFs, as well as the ability to electronically transfer US funds between accounts in Canada, early in the new year!)."
1:36 pm
November 4, 2014
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Hopefully, their RRSP and RRIF rates will stay pretty competitive like their current GIC's and TFSA's as high as 2.95% for 5 years. Their 1, 2, 3 and 4 year rates of 2.25%, 2.45%, 2.65% are that bad either.
We knows if they will offer 1.95% savings rates for RRIF's as well. More competition and options is more good news for GIC investors and depositors.
1:38 pm
November 4, 2014
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I believe Implicity Financial also has only GIC's and TFSA's but no RRSP's and RRIF's. Maybe they will compete with Hubert Financial and Manitoba credit unions, Canadian financial institutions. This would be more great news for all of us if this happens.
3:23 pm
December 23, 2011
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Loonie said
by email: "we'll be offering RRSPs and RRIFs, as well as the ability to electronically transfer US funds between accounts in Canada, early in the new year!)."
Hi Loonie. On the same day you posted this information I had received the annual survey from Hubert by email. BUT no email about RRSP or RRIF options. I am about to re-position some RRSP funds and will max out at Oaken so I need a secondary option which I was thinking about Accelerate...but now Hubert. I cannot find any info on the Hubert site.
3:39 pm
October 21, 2013
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kanaka, it was in the very same email as the survey, right under the survey link. I wondered if you'd missed it as you didn't mention it.
Or perhaps my email was different.
Here it is, verbatim:
"At Hubert we promise to make sure our members are in the loop about what's going on, especially when it comes to our rates, products and services. So whether our rates are changing or we're introducing a great new service, we promise to let you know as soon as possible. (Which is why we're pretty darn excited to announce that we'll be offering RRSPs and RRIFs, as well as the ability to electronically transfer US funds between accounts in Canada, early in the new year!) Stay tuned for details."
You could always phone them to confirm, I suppose, especially since the timing is vague.
4:04 pm
December 23, 2011
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Yes I did miss and I always empty my trash...will check my wife's email. Thanks.....I guess if they don't have I will go with Accelerate.
Thank You.
11:34 pm
November 4, 2014
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Kanaka, it would be to your advantage using Hubert Financial as they have 2.95% 5 year GIC rates compared to Accelerate Financial's GIC rates of 2.80%, 2.85%, 2.90% for 5, 6 and 7 year terms.
Oaken Financial's 5 year, 3.05% RRSP, RRIF, TFSA, GIC rates as coming soon to end on December-19-2014 plus you mentioned you have maximum amounts at Oaken Financial already too.
Hopefully, Hubert Financial's RRSP's and RRIF's are going to have the same 5 year 2.95% GIC rates and other competitive 1-4 year GIC rates but we can only wait and see.
Another good alternative or addition as Caisse Financial Group but too bad that not everyone can take advantage of Caisse Financial Group's 3.00% 5 year GIC rates that are TFSA, RRSP, RRIF eligible.
If Hubert Financial delivers as we expect it will by matching their competitive GIC rates with RRSP, RRIF rates and availability, it is welcome competition that we need more of.
Take care and shop around as it pays to compare rates and terms.
12:28 am
October 21, 2013
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You're welcome, kanaka. Glad I could help.
If you don't want to wait for Hubert, you might consider Achieva for anything except 4 yr term, as they have no transfer-out fees - and I know how much you like to avoid them!
I wouldn't be surprised if Hubert offers a promo when they introduce these plans.
12:42 pm
December 23, 2011
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Loonie said
You're welcome, kanaka. Glad I could help.
If you don't want to wait for Hubert, you might consider Achieva for anything except 4 yr term, as they have no transfer-out fees - and I know how much you like to avoid them!
I wouldn't be surprised if Hubert offers a promo when they introduce these plans.
My wife had the note in her trash. Good idea to wait for Hubert as when I remove the funds from the control of my Manulife guy I will likely transfer some to Oaken and let the rest can sit at Coast Capital in an RRSP savings account. While I don't move a lot of money around the transfer fees in this case will cost me 2 x $50 (Coast Capital fees) and are easily absorbed by the new and much higher rates than offered by Manulife. If I moved the funds to Manulife and allow my guy to purchase GICs as a commodity I would have to pay $150 per transfer. The GICs were originally purchased as an "agency purchase".
I have Oaken, Accelerate, Hubert, Implicity and Outlook Financial and plan to phase out and no longer deal with Implicity and Outlook Financial and hopefully what I have left will always be on top or close to the top of the leader board for rates. Thanks for the tip for Achieva.....but I must decline. As mentioned here as we age and in my case move over to "DYI Financial" I do have a large excel program that I update monthly that summarizes all of our investments AND have documented strategies for each financial institution.
4:43 pm
November 4, 2014
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Kanaka, I have a suggestion but I don't know if it will help you. I only see 3.00% RRSP GIC rates for 5 year money at State Bank of India Canada and ICICI Bank of Canada but no RRIF GIC rates on their website.
The only way to know is by calling them directly and asking them if they have 5 year RRIF GIC's at 3.00%.
For State Bank of India Canada, look under About SBIC on their main web page and click on Our Branches, http://www.sbicanada.com. There you will find many branch locations and telephone numbers that is closest to you.
As for ICICI Bank of Canada, look under Get In Touch and click on it and then click on Telephone, 1-888-424-2422 which is a toll free number shows up or you can call one of their local branches closest to you by clicking on Visit a branch and clicking on the branch closest to you where all the info and local telephone numbers are there, http://www.icicibank.ca.
Take care and I hope they offer 5 year RRIF GIC's at 3.00% because it is getting harder to find them out there.
5:33 pm
December 23, 2011
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I have emailed them and will let you know. It is hard to believe they would have RRSP but no RRIF and if that is the case they would have to not accept any RRSP that would mature at YOUR age of 71 (72?)??
8:06 pm
October 21, 2013
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kanaka said
I have emailed them and will let you know. It is hard to believe they would have RRSP but no RRIF and if that is the case they would have to not accept any RRSP that would mature at YOUR age of 71 (72?)??
I have wondered about that too, especially if you have an RRSP GIC that matures after the year in which you turn 71. At 71, you must convert, but you don't have to draw until 72. I know the GIC can be transferred from RSP to RIF, but obviously this would be impossible if the institution doesn't offer it. Hence, for RSP investments, I have stayed away from institutions that don't offer RIF. And this includes CDF also.
Surely, if they offered it, they would be eager to advertize it. If they offer it but don't advertize it, I would be suspicious that they might discontinue it, leaving us up a creek without a paddle.
9:42 am
December 23, 2011
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ICICI response.
Dear Customer,
Thank you for writing to us.
With reference to your e-mail, we wish to inform you that currently ICICI Bank Canada doesn't offer RRIF products.
10:10 am
November 4, 2014
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Kanaka, I guess you did not get a response from State Bank of India Canada yet. I have found that it is easier to just talk to someone at their local branches like a manager or other higher positioned person.
I remember when ING Direct was still around, they had only RRIF's that could hold mutual funds but no GIC's. I found that frustrating but I had to go other financial institutions that had RRIF GIC's that thankfully had higher GIC rates as well.
I hope State Bank of India Canada has a different policy when it comes to RRIF GIC's.
10:37 am
December 23, 2011
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Here is the response from SBIC.
Good morning Peter,
Thank you for your email. Please be advised we are in process to offer RRIF product and will launch it very shortly. Please visit our website http://www.sbicanada.com for an update.
10:39 am
December 23, 2011
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Greg Franklin said
Kanaka, I guess you did not get a response from State Bank of India Canada yet. I have found that it is easier to just talk to someone at their local branches like a manager or other higher positioned person.
I remember when ING Direct was still around, they had only RRIF's that could hold mutual funds but no GIC's. I found that frustrating but I had to go other financial institutions that had RRIF GIC's that thankfully had higher GIC rates as well.
I hope State Bank of India Canada has a different policy when it comes to RRIF GIC's.
Just posted.
I prefer to do email only. Black and white and something to refer to vs memory!
10:52 am
November 4, 2014
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Well, Kanaka, it looks like now Hubert Financial 2.95% 5 years versus State Bank of India 3.00% have to get their RRSP's, RRIF's and RRIF's setup soon as you will now have a choice between them.
At least we will now know that Hubert Financial, State Bank of India Canada has RRIF GIC's in the future and it is just a matter of time that we know for sure that they are still offering 2.95%, 3.00% 5 year rates.
Kanaka, I also like to have something in writing to refer to but once I know about the information is for sure what I am looking for and it fits my needs, I go in person in their branch and speak with someone directly getting a physical document that details everything I need to know to transfer and invest my RRSP's and in the future RRIF's too.
I'm glad we got some clarification about this. Thanks and take care.
10:54 am
December 23, 2011
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So I imagine some financial institutions are not viable for all AND can only assume if they offer RRSP but no RRIF is that they selfishly don't want to bear the expense of administrating the minimum annual withdrawal OR to offer RRIF at a lower rate than RRSP.....which would only lead to customer dissatisfaction????
I would imagine most of us expect to see a financial institution to offer RRIF if they offer RRSP. And with more baby boomer money to manage it definitely reduces the institutions opportunities.
In the example of ICICI I wonder if they reject your application for any RRSP GIC that matures when you are 71/72?? And just say if you had a GIC mature at age 70/71 do they charge a transfer fee to allow you to move it to another institution to put it into a RRIF?
11:03 am
November 4, 2014
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Kanaka, you are right that with more baby boomers and seniors, retirees that have RRSP's will have to convert their money to a RRIF because they are not going to cash it in to pay alot of taxes unless it is a small amount.
For example, Oaken Financial has a minimum $10,000 RRIF GIC deposit requirement and I would imagine that is because of the extra cost and hassle of administration, paying out monthly, quarterly, semi-annually or annually RRIF or RRIF GIC payments.
However, what ICICI Bank of Canada and others that do not offer RRIF GIC's or other RRIF accounts is that retirees or those close to retiring using TFSA's, RRSP's and RRIF's, they usually have other investments from non-registered accounts, GIC's, term deposits, savings account deposits plus RRSP GIC's and other RRSP's, maybe a company pension or other pensions, annuities etc. that they have other financial resources to deploy and invest.
It is in their best interest and business practices to give their clients and new clients all the possible options and flexibility to bring money to their financial institutions.
It looks like things are getting better now with Hubert and SBI Canada.
11:10 am
December 23, 2011
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Greg Franklin said
Well, Kanaka, it looks like now Hubert Financial 2.95% 5 years versus State Bank of India 3.00% have to get their RRSP's, RRIF's and RRIF's setup soon as you will now have a choice between them.
At least we will now know that Hubert Financial, State Bank of India Canada has RRIF GIC's in the future and it is just a matter of time that we know for sure that they are still offering 2.95%, 3.00% 5 year rates.
Kanaka, I also like to have something in writing to refer to but once I know about the information is for sure what I am looking for and it fits my needs, I go in person in their branch and speak with someone directly getting a physical document that details everything I need to know to transfer and invest my RRSP's and in the future RRIF's too.
I'm glad we got some clarification about this. Thanks and take care.
Keep in mind that Acclerate also offers RRIFs.
To get the rates I have been dealing with branch less institutions. Although Oaken does have a branch in Vancouver which is an hour away and the Manitoba CUs do have a parent that does have a branch and both my wife and I are comfortable with visiting Manitoba if necessary as we have both visited there many times as part of my job.
But I have found if you are not comfortable with email responses with missing responses to your questions and you detect a bit of incompetence....then ask to escalate your questions. I can tell you that I find iTRADE email responses to often be incompetent and incomplete. I assume answering emails is a starting/training postion with them???
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