Hubert Financial Review: Happy Savings

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This post is a hubert financial review covering its accounts, GIC rates and fees.

This is a Hubert Financial Review, an online bank based in Manitoba but available to Canadians across all provinces except Quebec.

In this review, you’ll learn about Hubert Financial’s high interest savings account and its other product offering, how to open an account, the fees and if it is right for you.

Hubert Financial At A Glance

Account OpeningOnline
Credit CheckNo
Minimum Opening Deposit$5
Account TypesHigh interest savings account (HISA), US Savings Account, Term Deposits / GICs, Mortgages
HISA Rate1.00%
Registered Account OfferingsTFSA, RRSP and RRIF
Monthly Maintenance FeesFree
Deposit Insurance100% through DGCM
ParentSunova Credit Union
Credit CardsYes
LoansMortgage (Manitoba Residents Only)

About Hubert Financial

Hubert Financial is a Manitoba-based digital only financial institution that was launched in November 2010.

It is a division of Sunova Credit Union, one of the largest credit unions in Canada with over $2.2 billion in assets and 48,000+ members.

You can open an account with Hubert Financial in all provinces except Quebec.

Hubert Financial Accounts and Services

Hubert Financial has a good mix of products. It doesn’t offer just a high interest savings account like some other online banks.

There are credit cards, mortgages and even a robo-advisor investing tool through VirtualWealth.

High Interest Savings Account (HISA)

There are 4 different accounts:

  • Happy Savings (non-registered account)
  • Tax-free Savings
  • Retirement Savings (RRSP and RRIF)
  • US Savings account

Some of the features of the accounts include:

  • Competitive interest rate
  • Zero minimum balance
  • Zero Monthly fees
  • 100% guarantee by DGCM
  • Interest is calculated daily but paid at the end of the month.

The Canadian dollar denominated accounts currently have an interest rate of 1.00%, while the US Savings account pays an interest of 0.25%.

Term Deposit Accounts

If you’re looking to earn a little more on your deposits, you can take advantage of Hubert Financial’s term deposit investments or GICs. It is available for non-registered, RRSP, RRIF and TFSA.

It offers 1 to 5-year investment terms. But the 1-year term is redeemable quarterly so technically, you can investment for shorter periods between 3 to 9 months.

Other features of the Term deposit or GIC accounts include:

  • A minimum deposit of $1,000
  • Investments are non-redeemable for the 2-year to 5-year GIC terms
  • The 1-year term can be redeemed quarterly
  • Interest is calculated and compounded annually or receive it in your savings account.

Hubert Financial GIC Rates across the 4 account types are currently:

  • 1-year term: 1.30%
  • 2-year term: 1.40%
  • 3-year term: 1.50%
  • 4-year term: 1.60%
  • 5-year term: 1.70%

Note that the rate on the 1-year term is an average of the variable interest rates for each quarter. For example, the first quarter has a savings rate of 1.15% while the last quarter has 1.45%.

Check this post for a list of the highest GIC rates in Canada and how Hubert Financial compares to the other GIC providers.

VirtualWealth – Investing Product

The investing service, VirtualWealth, is provided through its partnership with Aviso. It lets you invest in a low-cost portfolio built using ETFs.

The fees start at 0.60% for portfolio values below $100,000 and goes down to 0.35% for portfolios with an asset of $1 million.

You can open an RRSP, TFSA, RESP or non-registered investment accounts.

Related Post: How To Build A Diversified Investment Portfolio (3 Quick & Easy Ways)

Hubert Financial Credit Products

Free Credit Score and Credit Report

The bank provides two borrowing products to his customers – credit cards and mortgages.

Credit Cards

You can choose between the 2 MasterCard branded credit cards at Hubert Financial depending on your needs:

Hubert Cash Back Mastercard

  • Earn cash back on your purchases. 1 point for every $1 spent
  • 19.90% interest rate and 21.90% cash advance rate
  • Purchase protection up to $50,000
  • Mobile device protection

Hubert World Mastercard

It is a higher end credit card with more benefits and rewards, with an annual fee of $120.

Other features include:

  • 19.90% interest rate and 21.90% cash advance rate
  • Purchase protection up to $50,000
  • Earn 1 point on every $1 spent, or 2 points for purchases on travel , gas or in foreign currencies.
  • Four complimentary airport lounge passes per year, with access to over 850 lounges in 450 airports worldwide.
  • Rental car coverage

Check the product page for more benefits.

Mortgages

Hubert Financial’s Mortgages are only available to Manitoba residents. So you’re out of luck if you reside in other provinces.

Its mortgage offering includes conventional (minimum 20% down payment), high-ratio (5% down payment) or cash back mortgages.

Hubert Financial Fees

One of the biggest positives about Hubert Financial, outside of its decent savings rate, is that there are no fees for everyday transactions.

That is, you won’t be charged for sending money or making withdrawals. Sending, requesting or receiving Interac Transfers are also free.

There are just 2 fees and both of them can be easily avoided.

  1. Inactivity Fee of $25.
  2. Incoming Wire Transfers (CAD 9.53 for Canadian wire transfers and $12.36 for U.S. wires)

You can check their FAQ page for more information.

All the Hubert Financial rates and fees above are up to date at the time of writing this post. To get the current rates for their different account offerings, please visit the website.

How to Open An Account at Hubert Financial

The bank has one of the fastest account opening process. A new account application can be completed in 5 to 10 minutes.

To become a member, you must be:

  • Aged 18 (the age of majority in Manitoba) and above
  • A Canadian citizen or permanent resident
  • Have an account at another Canadian financial institution
  • Have a social security number and email address
  • Purchase a one-time refundable membership share of $5 (deducted from your first deposit)

By purchasing the $5 membership share, you become a member of Sunova Credit Union.

Once you’re done, they’ll review your application and contact you within 1 business day.

Hubert Financial Support and Customer Service

Customer Service at Hubert Financial

If you have any questions during the account opening process, you can get in touch with Hubert Financial using one of the options below:

Phone:  1-855-448-2378

Online Chat: Orange button on the right side of the screen on their website

Mailing Address: 223 Main Street, Selkirk, MB R1A 1S1

Alternatively, you can use the online form here.

Hubert Financial’s customer service is available from 8am to 8pm on Monday – Friday, or 8am to 4pm on Saturdays.

Hubert Financial Mobile App

Hubert Financial has mobile apps for both Android and iOS (iPhone and iPad) devices.

The apps let you bank on the go and monitor your savings. And comes with an extra layer of security through two-step verification each time to try to login to your account.

Are my deposits at Safe?

Yes, all your deposits at Hubert Financial are 100% guaranteed by Deposit Guarantee Corporation of Manitoba (DGCM) through Sunova Credit Union, its parent.

Pros and Cons

The Pros for Hubert Financial are:

  • Competitive interest rate on savings account
  • Zero transaction fees and no monthly maintenance fees
  • It offers a USD savings account, though the interest is on the lower end.
  • The account application is easy and stress-free. It can be completed online in a few minutes

And here are some of the Cons of Hubert Financial:

  • There is an account inactivity fee of $25 if you have less than $1,000 and your account is inactive for 6 months.
  • You need a minimum deposit of $1,000 to invest in GIC
  • Wire transfer fee of CAD9.53 or USD12.36 for Canadian or US wire transfers respectively
  • Mortgage product is only available to Manitoba residents

Hubert Financial Vs Other Online Banks in Canada

Hubert Financial product offerings and features are respectable and compares favourably with other online banks in Canada.

The rates are competitive, but you can get slightly higher rates from other banks like:

But it makes up for this with zero fees on your everyday banking needs.

Check this post for the Best High Interest Savings Account in 2021 to know how Hubert compares.

Hubert Financial Vs EQ Bank

So how does Maxa Financial compare with EQ Bank, one of the best online banks in Canada?

Hubert FinancialEQ Bank
Interest Rate1.00%1.25%
Interac TransfersFreeFree
Debits including ATM withdrawalsFreeFree
Monthly Maintenance FeeFreeFree

The offerings are almost at par. Both banks let you save your money, and still do your normal transactions with no fee.

The main difference is the interest rate – EQ Bank pays higher at the moment. But you can’t go wrong with either bank.

You can also get a 2.30% rate on EQ Bank TFSA and RRSP HISAs till May 26, 2021 when it’ll drop to 1.25%.

Related Posts:

Hubert Financial Vs Tangerine

Tangerine usually offers a welcome rate for new customers (currently 2.10% for 5 months). The regular interest rate is however lower than Hubert Financial’s.

So unless you’re planning or willing to move your funds around, you may be better off just picking a bank with an attractive rate with or without a promotion.


Some FAQs

What is the minimum opening deposit at Hubert Financial?

You’ll need a minimum of $5 to open an account. The $5 is for a one-time membership share purchase. The money will be refunded if you decide to close your account.

Is Hubert Financial Safe?

Yes. Deposits at Hubert Financial are not guaranteed by CDIC, but they are protected 100% by Deposit Guarantee Corporation of Manitoba (DGCM).

Is Hubert Financial available to non-residents of Manitoba?

Yes, Hubert Financial serves Canadians across all provinces and territories except Quebec.

Does Hubert Financial have a mobile app?

Yes, there is both an android and iOS app.

Can I open a USD account at Hubert Financial?

Yes, Hubert has a USD savings account.


Final Thoughts : Is Hubert Financial Right For You?

My Hubert Financial review is positive.

Unless you’re looking for a slightly higher interest rate on your savings account, the bank has everything you need in an online bank account: convenience and a competitive interest rate.

Hubert Financial Review
4.5

Summary

Hubert Financial is a Manitoba-based digital only financial institution that serves Canadians across all provinces except Quebec.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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