Apr 22 - Savings 1.7% and GIC increases | Hubert Financial | Discussion forum

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Apr 22 - Savings 1.7% and GIC increases
April 21, 2022
9:48 pm
frugal lady
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Effective Friday, April 22, our rates (both registered and non-registered) are changing, including our daily savings rate. The daily savings rate can be applied to TFSA, RRSP, and RRIF products.

New daily savings rate (effective April 22)

1.70% (previously 1.50%)

New term rates (effective April 22)

1-year term - 2.25% average (NO CHANGE)

2-year term - 2.30%

3-year term - 2.60%

4-year term - 3.10%

5-year term - 3.35%

Been waiting patiently for GIC rates to increase but not good enough. Time to move to greener pastures.

April 22, 2022
9:33 am
Dean
Valhalla Mountains, British Columbia
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.
It's sad to see how far Hubert has fallen down the GIC Chart . . .

About the only thing left that's attractive now is their HISA rate (@ 1.70%).

And I wonder if Hubert will even exist, after the three-way amalgamation is complete ('sometime' next year?). Time will tell.

    Dean

sf-cool " Live Long And Prosper " sf-cool

April 22, 2022
11:10 am
pooreva
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Dean said
.
It's sad to see how far Hubert has fallen down the GIC Chart . . .

Yes and no. You can get better rate for 1y GIC and what are you going to do if rates go crazy but your money is locked?
I prefer flexibility of redeeming every 3 months and unlimited deposit than 'fantastic' rate locked for a year or longer.

April 22, 2022
11:42 am
canadian.100
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pooreva said

Dean said
.
It's sad to see how far Hubert has fallen down the GIC Chart . . .

Yes and no. You can get better rate for 1y GIC and what are you going to do if rates go crazy but your money is locked?
 

Not sure what your definition is of "crazy" but if you believe GIC rates will go to say 10% (and mortgages and loans to say 12%), then I think a recession is possible - after which interest rates will drop very quickly to stabilize the economy - you know, the usual BoC strategy.
We know the BoC has waited too long to raise its rate and it is doing the increases far too slowly. Inflation is now in a gallop upwards - the question is how high rates need to go to stabilize inflation without pushing the economy off the cliff.

April 22, 2022
11:55 am
Dean
Valhalla Mountains, British Columbia
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pooreva said

Dean said
.
It's sad to see how far Hubert has fallen down the GIC Chart . . .

Yes and no. You can get better rate for 1y GIC and what are you going to do if rates go crazy but your money is locked?
I prefer flexibility of redeeming every 3 months and unlimited deposit than 'fantastic' rate locked for a year or longer.  

Don't forget that both Oaken & EQ offer 3 month GIC's @ 2.00% .

Regardless of Insurance limits, I prefer to 'Spread The Risk'.

    Dean

P.S.
And will Hubert even exist,
in a year (or so), from now ❓

sf-cool " Live Long And Prosper " sf-cool

April 22, 2022
12:25 pm
KamWest
Toronto
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I'm happy with Hubert, the 1.7% is respectable

I'm keeping my fingers crossed that Hubert will stay a spin off of sorts because everyone else could learn from their incredible customer service.

It is hands down the best experience I have ever had at a financial institution.

April 22, 2022
12:30 pm
KamWest
Toronto
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Dean said
.
It's sad to see how far Hubert has fallen down the GIC Chart . . .

HeHe

Have you seen how far Canadian Tire has fallen?sf-surprised

April 22, 2022
1:20 pm
mmlt
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I don't chase interest rates. I'll live with a little less. Hubert's customer service and hassle free banking is worth it to me.

April 22, 2022
1:39 pm
Bill
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I called them a couple of days ago, if I remember right the person answering said thanks for calling Sunova, or something like that. Service was fine.

April 22, 2022
5:02 pm
pooreva
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>>Don't forget that both Oaken & EQ offer 3 month GIC's @ 2.00%

Don't forget that Hubert offers 2.1% on 3 months...

April 22, 2022
5:21 pm
Bill
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I do keep forgetting about those, it would be helpful if the GIC chart could show good rates on GIC terms of less than a year as there are a number of them, I think.

April 23, 2022
4:18 am
smayer97
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Bill said
I do keep forgetting about those, it would be helpful if the GIC chart could show good rates on GIC terms of less than a year as there are a number of them, I think.  

I second that.

I know it is more work but @Peter, any chance of that?

April 23, 2022
7:34 am
cgouimet
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smayer97 said

I second that.

I know it is more work but @Peter, any chance of that?  

I'm sure someone will ask for the 9/15/18-Mo ones too ... :):)

CGO
April 23, 2022
10:06 am
Loonie
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I would suggest adding 18 months but the terms less than a year are more difficult and less rewarding generally. Several FIs do offer competitive rates on 18 months. The best ones I know of right now are at Oaken, Wyth, WealthOne or through deposit brokers - all over 3%; Tang at 2.90%.

For the terms less than a year, they tend to have different parameters. Some will say, for example, six months; others say X days; and still others give a range of days. And then there is the anomalous cashable graduated one year GIC at Hubert which serves the same purpose. Further, most of these short rates are poor and I can't imagine anyone here wanting them, often less than good HISA rates. Very few that are available outside of Ontario offer rates of any significance. Perhaps the better ones could just be noted in the forum and/or in monthly newsletter, as was done with the recent Tangerine 9-month term deposit @ 2.11% (now exceeded by Oaken 270 days at 2.30%) and Hubert (2.20% average for 3 of the four quarters of a one year term).

I do track these rates. The best ones are usually Oaken or Hubert's graduated one year GIC. EQ is Ok for 3 months but I find it useless as there are no RIFs or joint GICs.

April 24, 2022
8:19 am
Peter
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Could someone start a manually updated listing of short-term and odd-term GIC rates? That would be useful to determine whether it's something worth automating.

April 24, 2022
10:12 am
Loonie
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Sorry, I can't take on that responsibility. I do track them but not regularly enough to be reliable, and I just can't do it with my poor vision. It's just too difficult for me.

April 24, 2022
11:34 am
smayer97
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Peter said
Could someone start a manually updated listing of short-term and odd-term GIC rates? That would be useful to determine whether it's something worth automating.  

What would that look like? I too look at them but only at key times, like when a promo rate is about to expire somewhere, comparing what is the next best move. Many times, the short term GICs are very competitive with promos, especially at the small banks and CUs. But because of the sheer number, it quickly becomes cumbersome. Hence the benefit of this site, which has automated the process for key FIs. for ≥ 12 months.

As examples (using a few week old data), EQ had 3/6/9 mos GICs at 2%, 1.6 and 1.85% (and a 15 mo at 2.5%), Oaken 1.35%, 1.4%, 1.45%, Hubert 1.95%, 2.05%, 2.15% (as part of a cashable 1 yr GIC), Tangerine had 2.11% for their 9mo (3 and 6 were very low, << 1%).

I find that the # of GICs <12 months that are interesting are fewer, but the trouble is tracking them down, because there are so many Fis on this site. Hence the rub and challenge of doing this manually. So automation would be great to find and highlight the best of them (via a threshold).

April 24, 2022
12:01 pm
smayer97
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Alternatively, maybe just expanding the GICs section on the Promo page to include the short term GICs that meet a certain threshold...seems that there may not be that many overall on a regular basis.

I only identified about 4 FIs out of a dozen or more FIs with "interesting" offers.

April 24, 2022
2:18 pm
RetirEd
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18- and 15-month terms can (depending on the amount) be a way to move TFSA maturity dates to the end of the year to avoid transfer fees. Then one waits a month or two and does the year-end-shuffle.
RetirEd

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