Hubert Financial is one of the few financial institutions in Canada that offer a high-interest rate on savings accounts.
Being a digital-only institution, Hubert Financial offers very low fees and high-interest rates on all of its financial products.
This is one reason why it is a really good option for anyone looking to get the highest interest rate on their savings and investments.
In this article, I will present you with a comprehensive Hubert Financial review.
I will also compare some of the financial products offered by Hubert Financial with that of other online banks in Canada so that you can make an informed financial decision.
Continue reading to find out the details!
Table of Contents
Who is Hubert Financial?
Hubert Financial is an online-only division of the Manitoba-based financial institution, Access Credit Union.
Because it is an online bank, Hubert Financial has a very low overhead cost and therefore gives its customers access to multiple transactions with no fees attached.
Hubert Financial is the answer to all of your banking needs when it comes to convenience and security.
All your deposits at Hubert Financial are 100% guaranteed by the highly reputable Deposit Guarantee Corporation of Manitoba.
Offering a range of services like high-interest savings accounts, credit cards and term deposits, Hubert Financial provides a wide range of financial options.
With Hubert Financial, you can enjoy the security of having a financial institution that has been built to meet the needs of Canadians across the nation.
Also, with Access Credit Union’s CAD$6.1 billion in assets under management, you can rely on Hubert for safe banking services.
In addition, the easy online application process makes it simple to start an account and take advantage of the many benefits that Hubert offers.
How Does Hubert Financial Work?
Hubert Financial works like every other online bank and digital financial institution in Canada.
All of Hubert’s Financial services are provided online because the bank is 100% digital in its structure and operations.
Unlike some credit unions, Hubert Financial offers products and services that are accessible to all Canadian residents except in Quebec.
When signing up with Hubert Financial, you are also joining the parent company – Access Credit Union at the same time.
This is the reason why you are charged a one-time membership fee of $5 to become a member of the credit union.
The $5 membership share for joining Hubert Financial is fully refundable whenever you apply to cancel your membership.
Once you successfully open an account with Hubert Financial, you immediately have access to all of its financial products which include high-interest savings and investment accounts.
In the next section below, you will get to know more about Hubert Financial’s parent company – Access Credit Union.
Who Owns Hubert Financial?
As mentioned earlier, Hubert Financial is currently owned by Access Credit Union, a reputable financial institution based in the Manitoba Province.
Access Credit Union was established 82 years ago in Winkler, Manitoba. The institution is recognized today as the second-largest credit union in the Manitoba Province.
The credit union was rated as the 13th largest credit union in Canada with over CAD$6.1 billion in assets as of 2021.
At the moment, Access Credit Union has 52 branches in Manitoba and it is trusted by more than 169,700 members.
In July 2022, the popular Sunova Credit Union and Noventis Credit Union merged with Access Credit Union and now operate altogether under the Access Credit Union brand name.
The recent merger strengthened Access Credit Union’s operations and also enlarged its customer base than before.
All of these transformations give a good indication that Hubert Financial has a very bright future as a division of Access Credit Union.
Hubert Financial Products and Services
Just like many other Canadian online banks, Hubert Financial offers varieties of financial products to meet your banking needs.
So what are the financial products you can access at this financial institution? Below are the financial products offered by Hubert Financial:
- High-Interest Savings accounts
- Term Deposits
- Credit Cards
- Robo Advisor Investing tool
To help you have an understanding of the financial products offered by Hubert Financial, let’s take a closer look at each of the financial products offered by the institution below.
Hubert Financial High-Interest Savings accounts
Hubert Financial offers four different types of savings accounts with competitive interest rates.
The bank has its unique names given to each of the savings accounts it offers. Here is a list of the high-interest savings accounts offered by Hubert Financial:
- Happy Savings
- Tax-Free Savings
- Retirement Savings
- US Savings
Each of these savings accounts gives a high-interest rate of 3.00% except for the US Savings account which gives a 0.10% interest rate.
The Tax-Free and Retirement savings accounts offered by Hubert Financial are made up of TFSA, RRSP and RRIF savings.
Key Features
Below are some of the key features of all the savings accounts offered by Hubert Financial.
- No monthly service fee
- A high-interest rate that is calculated every day and paid into your account every month
- No minimum balance requirement
- 100% deposit protection by DGCM
- No taxes on earned interest for the Tax-Free Savings account
Hubert Financial Term Deposits
Hubert Financial’s term deposits are almost the same as the GICs offered by other online banks in Canada. The Term Deposits are available for non-registered TFSA, RRSP and RRIF.
The high-interest term deposits offered by Hubert Financial might be a better option for clients looking to take their savings to a higher level.
Hubert Financial offers 1 to 5-year investment terms with the 1-year term being redeemable every quarter.
This simply means that you can shorten your investments to 3, 6, or 9 months. Meanwhile, the 2-year to 5-year terms are non-redeemable with Hubert Financial.
Key Features
Below is a list of the main features that apply to Hubert Financial term deposits.
- $1,000 minimum balance requirement
- Interest is calculated and compounded every year
- 100% guaranteed deposit protection via DGCM
The table below shows the interest rate offered by Hubert Financial on its non-registered term deposits according to each term:
| Term Period | Interest Rate |
| 1-year (quarterly) term | 4.50% |
| 2-year term | 4.60% |
| 3-year term | 4.70% |
| 4-year term | 4.90% |
| 5-year term | 5.10% |
Hubert Financial Credit Cards
Hubert Financial offers credit cards that come with a lot of amazing rewards and other great offers.
At the moment, Hubert Financial offers two types of credit cards. The two credit cards offered by this financial institution are:
- Hubert Cash Back Mastercard
- Hubert World Mastercard
To help you understand each of the credit cards offered by Hubert Financial, let’s look at each of the cards below.
Hubert Cash Back Mastercard
With the Hubert Cash Back Mastercard, you are entitled to earn cash rewards each time you make any purchase with the card.
The best part about this credit card is that the purchases you make with your Hubert Cash Back Mastercard are protected and you are covered by an extended warranty.
Key Features
Below are the key features of the Hubert Cash back Mastercard:
- Zero fees
- An interest rate of 19.90% on purchases
- Cash advance interest rate of 21.90%
- Gift cards
- You will earn 1 point for every $1 you spend on your card
- Credits for travel
- The card comes with mobile device insurance
- Liability protection
- Account credits are included
Hubert World Mastercard
As for the Hubert World Mastercard, it gives access to impressive travel benefits as well as hotel, cruise and flight rewards.
This card is more suitable for Hubert Financial clients that often travel outside Canada or tour the world.
Key Features
Below are some of the key features of the Hubert World Mastercard:
- $120 yearly fee
- An interest rate of 19.90% on purchases
- A cash advance interest rate of 21.90%
- Card rental protection
- You will earn 1 point for every $1 you spend on the card
- Also, you will earn 2 points for every $1 you spend on gas, travel and other currencies
- Liability protection
- Travel coverage (plus cancellation insurance)
Huber Financial Robo Advisor Investing Tool
The popular Robo advisor, Qtrade Guided Portfolios is available to Hubert Financial clients because Hubert’s parent company Access Credit Union is a partner of Qtrade.
If you are a Hubert Financial member you can easily sign up for Qtrade Guided Portfolios. The following are provided by Qtrade Guided Portfolios:
- Fully automated (Robo Advisor) service that can help you make good investment decisions
- A professionally-managed investment portfolio with very high-quality diversified investments
- Regular rebalancing and continuous oversight by a team of expert investment advisers
- Mobile apps to help you track your investments
- Knowledgeable investment representatives that give friendly support by phone and email
Hubert Financial Fees
Aside from offering very high-interest rates on savings accounts, Hubert Financial is also known for charging Zero fees on daily transactions.
This simply means that Hubert Financial clients don’t pay a dime for sending and receiving money or making withdrawals.
Huber Financial however charges a fee for just two things which are:
- Wire transfers – CAD$9.53 for incoming Canadian wires and US$12.36 for incoming US wire transfers
- $25 fee for an account that has been inactive in the last six months with a balance of less than $1,000
For more information on wire transfers and inactivity fees of Hubert Financial, please refer to the bank’s official webpage here.
Pros and Cons of Hubert Financial
The truth is that each financial institution in Canada has both advantages and disadvantages.
Here are some of the pros and cons of Hubert Financial so that you can decide if it is the right financial institution for you:
Pros
- No monthly service fee
- Competitive interest rates on savings accounts
- No transaction fees for deposits, withdrawals or transfers
- 100% guaranteed deposit protection by DGCM for all accounts
- Easy sign-up and account application process that can be completed online
- US Dollar savings account for people who want to save in USD
Cons
- Limited financial products compared to other banks
- Higher credit card interest rates
- $25 fee for accounts that are inactive for six months with less than a $1,000 balance
- Minimum deposit requirement of $1,000 for Term deposit investments
- Wire transfer fees for both incoming Canadian wire and US wire transfers
How to Open Hubert Financial Account
As mentioned earlier, Hubert Financial has a fast and easy signup process that can be completed online with no stress at all.
Before you can join Hubert Financial, there are certain requirements you have to meet. You need to meet the following requirements:
- Be at least 18 years or older
- Have a valid email address
- Be a Canadian citizen or permanent resident
- Have a functional account with another financial institution in Canada
- Have a Social Insurance Number (SIN)
- Be ready to pay $5 for the one-time membership share that is refundable
After successfully completing the Hubert Financial signup process, the bank gets in touch within 1 business day to confirm your application.
Hubert Financial Mobile App
Customers of Hubert Financial have the option to use the bank’s mobile app or the online banking platform to access their accounts.
The Hubert Financial mobile banking app is currently available for both iOS and Android devices. It is probably the fastest and easiest way to access your Hubert Financial account on the go.
The best part about the Hubert Financial mobile app is that it is very secure. An additional layer of security is added to the app as it requires 2-step verification for each login attempt.
Hubert Financial Savings Account vs Other Online-Only Banks
There is no way my Hubert Financial review can be complete if I don’t compare the bank with some of its competitors.
In this section, I have picked out five different Canadian online banks and credit union subsidiaries to compare with Hubert Financial.
See the table below for a quick comparison between Hubert Financial’s savings account and that of other online-only banks.
| Feature | Hubert FinancialSavings accounts | AcceleRate Savings account | EQ Bank Savings Plus account | Tangerine Savings account | Neo Financial Neo Money account | Simplii High-Interest Savings account |
| Interest Rate | 3.00% | 3.00% | 2.50% | 1.00% | 2.25% | 0.40 to 2.00% |
| Minimum balance (to earn interest) | None | None | None | None | None | None |
| Monthly fee | Zero | Zero | Zero | Zero | Zero | Zero |
| No. of Free transactions | Unlimited | Unlimited free deposits only | Unlimited Interac e-Transfers and bill payments | Free transfers (but no Interac e-Transfer) | Unlimited Interac e-Transfers and bill payments | Free transfers (but no Interac e-Transfer) |
| Other notable features | Mobile app Cash back Credit Card | Automated Savings Mobile app | Mobile cheque deposits International money transfer Automated savings Mobile app | Mobile cheque deposits Automated Savings Mobile app | Automated Savings Cash back Credit Card Mobile app | Automatic deposits Mobile app |
From the above table, it is clear that Hubert Financial is among the few online banks currently offering the highest interest rates on savings accounts.
TThe only digital bank on the table that comes close is AcceleRate Financial and good enough, it is also an online division of a Credit union.
The only obvious difference between Hubert Financial and AcceleRate Financial savings accounts is the number of free transactions allowed.
This is where Hubert Savings account outshines that of AcceleRate Financial which only offers free unlimited deposits.
Hubert Financial Terms Rate vs Other Online-Only Banks Rate
Just as we compared Hubert’s savings accounts rate with that of its competitors, let’s also compare the term deposit rates as well.
Check out the table below for a brief comparison of the GIC rates of Hubert Financial versus other online-only banks.
| Term | Hubert Financial | AcceleRate Financial | EQ Bank | Achieva Financial | Simplii Financial |
| 1-year | 4.50% | 4.50% | 5.10% | 4.70% | 4.50% |
| 2-year | 4.60% | 4.60% | 5.10% | 4.75% | 4.05% |
| 3-year | 4.70% | 4.70% | 5.10% | 4.80% | 4.10% |
| 4-year | 4.90% | 4.90% | 5.00% | 4.90% | 4.15% |
| 5-year | 5.10% | 5.10% | 5.00% | 5.00% | 4.20% |
And yet again, Hubert Financial takes a good lead over some of its competitors in the interest rates offered for each GIC term.
EQ Bank did outperform Hubert Financial in the GIC rates for 1 to 4 years term.
However, Hubert Financial and AcceleRate Financial outshined EQ Bank by offering a slightly higher interest rate for the 5-year GIC term.
RELATED: AcceleRate Financial Review
Final Thoughts on Hubert Financial Review
From the above discussion, you can see that Hubert Financial is a reliable online financial institution in Canada.
If you are looking for an online banking option that offers high-interest rates on savings accounts, then you might want to consider Hubert Financial.
Its parent company has been operating in Canada for over 80 years and has a lot to offer its clients.
This Hubert Financial review has discussed everything you need to know about the financial institution.
Hopefully, you can now decide whether Hubert Financial is a suitable financial institution for your banking needs.
If you still can’t make an informed financial decision, you can look at the alternatives provided for you above and decide which one is right for you.
FAQs on Hubert Financial Review
Is Hubert Financial safe and legit?
Yes, Hubert Financial is owned by Access Credit Union, an institution that has been managing billions of dollars worth of assets over the past 80 years. Hubert Financial also offers 100% guaranteed deposit protection via DGCM.
What is the minimum opening deposit at Hubert Financial?
You only need a $5 one-time refundable membership share to open an account with Hubert Financial.
Once you become a Hubert Financial client, you can open any savings account without any minimum deposit requirements. However, the term Deposits require a $1,000 minimum investment to get started.
How do I make a deposit to my Hubert account?
There are two ways of depositing money into your Hubert account and they are as follows:
- Sign in to your Hubert GO Web account and click on “Transfer Funds” to select whether you are transferring into your Hubert account or getting a transfer from a verified bank account of another bank.
- Write your Hubert account number on the back of a cheque that it is payable to yourself and mail it to Hubert Financial via the address:
Hubert Financial
233 Main Street
Selkirk, MB
R1A 1S1
Is Hubert Financial available to non-residents of Manitoba?
Yes, everyone from any part of Canada can open an account with Hubert Financial. Quebec is the only province that is currently not supported by Hubert Financial.
