Using Hubert as a hub for all transfers | Page 2 | Hubert Financial | Discussion forum

Rose said

Thanks MG. I will keep that in mind. By the way, Loonie said that we can't do anything by phone, does that mean we can't call them when we have a problem?

They have an online chat and I have phoned them. I was having trouble with figuring their logic (and not being careful) buying some GICs. I called and verified want I had done and had one reset. It was not a big deal to call them.

Good enough, thank you all.

rhvic said

Hubert also has an on-line chat available at certain times of day, but it appears that access to it is before you log in! So whatever you chat about cannot be account-specific.

Re the delay in sometimes being able to move your money via Hubert, at least Hubert does let you know that the amount you transferred in (usually within a day of making the transfer from another institution) is nominally gaining interest already, even if you cannot yet access the amount.

Personally I find Hubert convenient, and use it to connect with my accounts at all of these institutions:
RBC
Tangerine
Canadian Direct Financial
Coast Capital
HSBC
ICICI
Achieva

I do believe the chat "can be" account specific as you have to provide codes during the chat.

Meghan, I have a Hubert account and do not use it as a hub because I am still not confident with them as the GIC input is awkward and they don't normally issue one year GICs. Nor do I understand doing the transfers not knowing how fast you can say......pull money into Hubert and push that money somewhere else.

BUT for what you are asking, can you transfer from Hubert to a chequing account at PT then do an internal transfer at PT?

Greg Franklin said

Kanaka, we don't have an account with Hubert Financial but I can see now why they are offering 2.65% and 2.95% 4 and 5 year GIC rates.

They have some limitations with their banking and maybe it is what they want. They want a place to have your money with longer terms so they can lend it out for 4 and 5 year mortgages and make their profit there.

Although, their 1.95% savings account rate is not bad either but we see what can happen when transferring out money.

Like other conversations.....there is a benefit "just in case" if you need funds that are in a GIC and that is my hang up about not dropping Hubert (see their early redemption info. below). Outlook Financial also has a similar early redemption policy but due to their inefficiencies nearly 50% of the time I may have to keep Hubert as I am definitely am phasing out OF. Also I see a benefit to PT TFSA Savings Account at 3% which is higher than 3% on a GIC.....and if push came to shove, one can deplete the TFSA
for "needed funds" and replenish it the next year with funds from your 5 year laddering.

Hope the above makes sense...lol

==============================================================

Our Lasting Happiness High Interest Terms offer you long-term savings that will have you laughing all the way to, well, the bank! With the option to invest in two, three, four or five-year terms that offer even higher interest rates than our Happy Saving Account, you can just sit back and relax while your investments keep growing and growing!

* 100% guaranteed by the Deposit Guarantee Corporation of Manitoba
* Interest calculated daily and compounded annually
* $1,000 minimum balance required

If something happens and you need access to the funds in your term, don’t worry... all term deposits can be redeemed prior to their maturity dates. Just a heads up though, if you do decide to cash in your term early, you will earn slightly less interest as a result.

Here are the reduced interest rates for early redemption:

* Within the first 12 months: 0%
* Any time after 12 months (term deposits purchased prior to May 24, 2012): 1.75%
* Any time after 12 months (term deposits purchased after May 24, 2012 - present): 1.00%

If redeeming early, any interest that is paid out annually for the term will be adjusted accordingly to reflect to the reduced interest rate.

If you do think you may need your funds prior to your term maturing, consider our Happy Savings Account. You’ll still earn a great interest rate, but your funds won’t be locked in.

meghan88 said

Thanks kanaka. Unfortunately I do not have a Peoples Trust checking account, only two savings accounts. So I guess I'll have to withdraw funds from Hubert back into my big-6 bank account, then send to PT for deposit into my TFSA. I was hoping to link from Hubert to PT directly.

"Although, their 1.95% savings account rate is not bad either but we see what can happen when transferring out money. "

Have there been problems when withdrawing $ from Hubert?

I want to set up TFSA accounts at PT and am not that knowledgable about their products. Nor do I use Hubert as a hub. I obviously have one account linked to Hubert and it works ok. To be honest I don't understand why so many use Hubert as a hub. FILL ME IN!!!! I find it easier to write a cheque and deposit it into the desired account at an ATM. Most institutions will set up a GIC for you even if the funds are on hold.....they just put the GIC on hold.

So is this how using Hubert as a hub works?
Hubert balance is 0.
Pull 1000 from BMO to Hubert.....10 day hold.
In 10 days....push 1000 to Oaken...then on hold in Oaken.....but that doesn't really matter.

I can save 10 days hold by pulling the money out of BMO using Oaken's transfer function.

Like I asked...FILL ME IN. Am I missing something logical???

Kanaka, you need to understand that unless you are client of PCF, otherwise your account will not have free unlimited cheque as a feature. At the same time, most account limit how many other account you can link to. In this sense, Hubert (and probably Implicty too) make sense as a hub.