Hubert's Rates Going Down Again | Page 2 | Hubert Financial | Discussion forum

Selkirk said
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I'm guessing Hubert's next step will be to lower their rate on their HISA again ... it's just a matter of time.

Selkirk (a.k.a. Dean)  

At first, I thought "Selkirk" was Hubert Financial/Sunova Credit Union responding here to your e-mailing them about this thread, but then you said some critical things, so knew it wasn't them. Subsequent posts seemed to confirm your writing style so I was about 60% sure you'd changed your name. Thanks for confirming, though!

One nagging question: as a southern Interior British Columbia boy, why Selkirk?

Cheers,
Doug

I am thinking of Sasquatch of Hemlock!!!

Lol. I am in Vancouver and in my younger days we went fishing at the Chehalis River known to be Sasquatch territory. When you turn off the highway the land mark you turn at is the Sasquatch Inn. All close to Agassiz and Hemlock Valley and Mountain. On way back from fishing the 3 of us were joking about Sasquatch's and my father was kind enough to hide behind a tree. We all dropped our gear (fishing) and ran.

Selkirk said
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It's sad to see how far Hubert has fallen down the GIC Rates list. I can't remember seeing them that far down the list before❗

Link ➡ https://www.highinterestsavings.ca/gic-rates/

Selkirk (a.k.a. Dean)  

Yup. Just had a Hubert GIC mature and now the funds are in an Oaken GIC.

Selkirk said

The one thing that bothers me about Oaken is they don't have SA's for RSP's, TFSA's, or RIF's. Any idea why not❓

Selkirk  

They do have a non registered savings account just NOT for registered accounts. But they do transfer out registered accounts expeditiously. Ask Benjy Katchen why not.

They have the BEST online GIC order entry though.

I'm guessing Hubert had too many deposits compared to loans, and had to lower savings rates to rebalance. Once enough people leave they will raise rates again. Just what Peoples Trust did.

I don't understand how the credit unions are making money, eg. Motusbank 5 yr mortgage rates are at 2.59% and 5 yr GIC rates are at 2.6% . So it seems like they should be losing money as they aren't making any interest off credit cards. It's almost getting to the point where it pays to borrow money and reinvest it in a GIC at the same bank.

Selkirk said

LOL

Not so fast GIC ... this time, it's Your turn❗

Selkirk   

I did!

3 or 4 years ago he was in Vancouver at the Zoomer show. I spoke to him and he said they were working on putting savings accounts in place. I told him there was a good need to do so. He asked me to email him of my thoughts on why. I did, he must have forgot what he said, he said well I guess we can’t help you. Finito, end of story, have no faith in his PR abilities. Giving feedback to Benjy was a complete waste of my time.

For what it's worth ... I just can't get my head around investing in RSP/TFSA/RIF GIC's, with a FI that doesn't have related registered SA's available. I must be missing something. sf-confused

The biggest sore point at Oaken is the no Savings accounts for registered accounts. A savings account for me is only to park money waiting for a better rate. BUT they do transfers quickly so if you can get a locked in rate elsewhere you are sailing. BUT if you are waiting for a better rate at Oaken you are hooped.
Second issue with Oaken is doing a GIC over the phone.......the questions are just too overboard for me. I actually stopped the call.

Everything else is great.
Online GIC entry
Transferring funds in/out
Notification of funds withdrawn
Notification of certificate ready online, and is mailed as well
Good to call if having online issues.