Hubert Financial Reviews, Ratings And Fees March 2023

Hubert Financial is a Canadian-based online bank that offers many of the same banking products that you’d find at a traditional financial institution, including savings accounts, credit cards, and mortgages. Thanks to the limited overhead fees associated with the lack of physical branches, clients of Hubert Financial can take advantage of savings on fees and higher rates on savings accounts.

The bank boasts some of the best online deposit rates, along with an easy-to-use interface that makes banking simple and convenient.

Check out The Big Five banks in Canada.

What Financial Products Does Hubert Financial Offer? 

Hubert Financial offers the following banking products:

High-Interest Banks Accounts

Each of these accounts require no minimum balance, no monthly fee, and are guaranteed by the Deposit Guarantee Corporation of Manitoba

• Happy Savings. 1.0% interest calculated daily.
• Tax-Free Savings. No taxes paid on interest earned; 1.0% interest calculated daily.
• RRSP and RRIF Savings. 1.0% interest calculated daily.
• U.S. Savings. 0.25% interest calculated daily.

Find out the difference between a TFSA and an RRSP.

Terms 

Hubert Financial’s term deposits range from 1 to 5 years and can be registered or non-registered accounts. One-year terms are redeemable quarterly, and two-year to 5-year terms are non-redeemable. Term deposits require a $1,000 minimum balance for purchase. 

Interest is calculated and compounded yearly, and rates are as follows: 

• 1-year term: 2.0% 
• 2-year term: 2.10%
• 3-year term: 2.15%
• 4-year term: 2.20%
• 5-year term: 2.30%

Thinking about investing? Check out our beginner’s guide to investing.

Investment Accounts

Hubert Financial offers its VirtualWealth platform that gives investors an affordable way to invest their money online any time and from anywhere they happen to be. This robo-advisor allows you to choose your investment portfolio and risk tolerance. Based on this information, VirtualWealth will monitor your investments according to your needs and goals. 

To invest via VirtualWealth, just follow these simple steps:

1. Use Hubert Financial’s calculators to determine your savings target.
2. Confirm your documents.
3. Choose an amount to invest.

Credit Cards

Hubert Cash Back Mastercard

• No annual fee
• Earn 1 point for every $1 spent
• Mobile device insurance
• Zero Liability protection
• 19.90% interest rate; 21.90% cash advance rate

Hubert World Mastercard

• Earn 2 points for every $1 spent on gas and travel, and 1 point for every $1 spent on everything else
• Rental car insurance
• Trip cancellation insurance
• Zero liability protection
• $120 annual fee
• 19.90% interest rate; 21.90% cash advance rate

Mortgages

• Conventional mortgages. Requires a 20% down payment.
• High-ratio mortgages. Down payments as low as 5%.
• Cash-back mortgages. Get up to 5% of the principal amount of the mortgage in cash to help cover high-cost expenses.

Options include:

• Weekly, bi-weekly, or monthly payments
• Open or closed mortgages
• Fixed or variable rates
• Up to 25 year amortization periods 
• Life and disability insurance

How to Open an Account with Hubert Financial

Opening an account with Hubert Financial is easy. Just follow these simple steps:

1. Apply. The application process should take no longer than a few minutes to complete and requires certain pieces of information to be supplied, including your full name, social insurance number (SIN), employment information, and address. 
2. Application reviewed. Once you’ve submitted your application, it will be reviewed and should be confirmed in as little as 1 business day. 
3. Make an initial deposit. An initial deposit of $5 will be required for your membership share.
4. Confirm your account. Once your direct deposit information is provided to you, your account will be activated and you can begin online banking.

Bottom Line

Online and mobile banking makes managing your money much more convenient and streamlined, and Hubert Financial’s products and mobile platforms make it a viable option when it comes to digital banking.