Hubert Financial Review 2022

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by Enoch Omololu

Updated

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Hubert Financial is a Canadian online bank based in Manitoba.

Like other online-only banks such as Tangerine, EQ Bank, Motive Financial, and Oaken Financial, Hubert offers some of the best deposit interest rates available.

This Hubert Financial review covers its deposit products, investing, mortgages, and credit cards.

Who is Hubert Financial?

Hubert Financial is the online direct banking arm of Sunova Credit Union.

It is based in Manitoba alongside other popular virtual banks like Accelerate Financial (Access Credit Union), Achieva Financial (Cambrian Credit Union), and Outlook Financial (Assiniboine Credit Union).

As an online bank with no branches, Hubert is able to save on overhead costs and pass these savings on to its customers through higher interest savings rates.

Who is Sunova Credit Union?

Sunova Credit Union is the 6th largest credit union in Manitoba.

With over $2 billion in assets under management and 47,000+ members, they also rank in the top-30 credit unions in Canada.

Sunova Credit Union can trace its roots back to the 1940s. Starting off as the Grassmere Tecumseh Credit Union, it rebranded as Stonewall Credit Union in 1955, became South Interlake Credit Union in 1974, and Sunova in 2008.

Read: Free Chequing Accounts in Canada

Hubert Financial Review

Hubert Financial Accounts

Hubert Financial offers a variety of high-interest accounts, term deposits, mortgages, a credit card, and investing through their partnership with VirtualWealth.

Happy Savings: This account offers:

  • No minimum balance
  • High-interest rate (1.40%*) – this is calculated daily and paid monthly
  • No monthly account fee
  • 100% guarantee by Deposit Guarantee Corporation of Manitoba

Tax-Free Savings: If you are a Canadian resident and at least 18 years of age, you can save using this tax-free account. It offers:

  • No minimum balance
  • No monthly account fees
  • High-interest rate (1.40%*)

Read more about the TFSA here. If you have been eligible since its inception in 2009 and have never contributed, you have a contribution room of $81,500.

RRSP and RRIF Savings: They offer these accounts with:

  • No monthly account fees
  • High-interest rate (1.40%*)
  • No minimum balance

Here are some more details about RRIF and RRSP accounts.

U.S. Savings:

  • Earn a rate of 0.25%*
  • No monthly account fees and no minimum balance

Term Deposits

Hubert Financial offers term deposits with 1-5 year terms. You can open a non-registered term account or use a TFSA, RRIF, or RRSP account.

A $1,000 minimum balance is required to purchase a term deposit. As of March 15, 2022, the interest rates for term deposits were:

  • 1-year quarterly term: 1.80% average
  • 2-year term: 2.00%
  • 3-year term: 2.20%
  • 4-year term: 2.30%
  • 5-year term: 2.50%

*Rates are current as of March 15, 2022.

Borrowing and Credit

Hubert Financial offers a conventional, high-ratio, or cash back mortgage that is only available to residents of Manitoba and homes in Manitoba.

They also have 2 credit cards offered in partnership with Collabria:

1. Hubert Financial Cash Back Mastercard:

  • No annual fee
  • 19.90% purchase interest and 21.90% cash advance rate
  • Earn 1 point per $1 spent
  • Mobile device insurance
  • Purchase protection and extended warranty

2. Hubert Financial World Mastercard

  • $120 annual fee
  • 19.90% purchase interest and 21.90% cash advance rate
  • Earn up to 2 points per $1 spent
  • Car rental collision/loss damage insurance
  • Comprehensive travel insurance benefits
  • Purchase protection and extended warranty
  • Four complimentary airport lounge access pass every year via Mastercard Airport Experiences provided by Loungekey

Read: Best Credit Cards in Canada

You can invest online using a robo-advisor, VirtualWealth. Click here to learn more about low-fee investing using robo-advisors.

How To Open a Hubert Financial Account

Residents of all the provinces (except Quebec) can open an account online. You must:

  • Be at least 18 years of age
  • Have a valid SIN
  • Have an account and personalized cheque from another financial institution in Canada
  • Purchase a $5 member equity share in Sunova Credit Union which makes you a part-owner who is eligible for profit sharing.

To reach them by phone, call 1-855-448-2378 from Monday-Friday (8am-8pm) and Saturday (8am-4pm) CST.

By mail: Hubert Financial, 233 Main Street, Selkirk, MB R1A 1S1.

Hubert Financial has a smartphone app, Hubert GO, which is available on both the Google Play Store and the App Store.

Read: Best New Bank Account Promotions in Canada

Is Hubert Financial Safe?

Hubert Financial is a division of Sunova Credit Union which is a member of the Deposit Guarantee Corporation of Manitoba.

This means that your deposits in the bank are 100% guaranteed, including any interests that have accrued.

Hubert Financial vs. EQ Bank vs. other Online Banks

Online banks tend to offer a significantly better savings rate than is available from the big banks. As of March 2022, here are some of the rates available:

Conclusion

Virtual online-only banks like Hubert Financial, Tangerine, or EQ Bank have their pros and cons.

On the one hand, they offer low or no-fee banking options that can save you hundreds of dollars every year as well as high-interest rates on deposits.

On the other hand, you need to be comfortable with using online banking for most, if not all transactions. In-person or in-branch services are usually not an option.

Overall, whether or not you go with an online bank depends on your preferences and banking needs.

Related Posts

Do you bank with Hubert Financial? Share your experience in the comments.

Hubert Financial Review: Online Bank in Canada
4.5

Summary

Hubert Financial is a Canadian online bank based in Manitoba. This Hubert Financial review covers its savings account rates, TFSA, GICs, and credit cards.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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