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December 15, 2021 rate increases
December 17, 2021
3:18 pm
AltaRed
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My apologies. Looks like I followed Mordko's and Norman's entry into this thread...triggered by the drive-by in post #2.

December 18, 2021
8:58 am
jbntly
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I agree there were too many posts about inflation.

The Hubert new rates are well better than the competition on both the cashable 1 year GIC at 2% and the 5 year GIC at 3% interest.

I think it is OK to talk about inflation in the context of its likelihood to result on the BOC to increase rates to combat it.
This makes for an interesting discussion as whether the 1 year or the 5 year GIC is preferable now because when the BOC raises rates GIC rates will also go up relatively in sync.

However even if we consider the BOC will lift rates 0.5% a year over the next 4 years, you would come out reasonably the same either way in the end if you just kept buying the best 1 year GIC rates or went with the 5 year GIC.

Which one is best really depends on one's individual situation and need for the money to be accessible and also whether one thinks the BOC will increase rates more than 0.5% per year.

December 18, 2021
9:28 am
Loonie
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the BoC hasn't moved a millimeter, but rates have gone up considerably this year for us.

December 18, 2021
10:41 am
canadian.100
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Loonie said
the BoC hasn't moved a millimeter, but rates have gone up considerably this year for us.  

That is true - but that is quite normal. Markets move on expectation of future events. Institutions and people are expecting BoC rates to increase so banks etc. start to increase their rates way before the actual BoC rate is increased. HISA and GIC rates have gone up but may not go up any more when the BofC finally raises its rates. It is exactly the same with stock markets - behaviour is based on future events - that companies WILL be profitable etc. so P/E may get a bit high for the moment but the P/E should normalize if and when the operations results expectation is met.

January 10, 2022
7:29 am
savemoresaveoften
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anyone in ON has Hubert and bad things to say (bad system, cant get a real person when needed, etc ?) I am about to open an account as their rates seem reasonable, decent online transfer limit, etc.

January 10, 2022
7:48 am
Loonie
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Customer service by phone is excellent at Hubert but I don't like their system for e-statements. You have to download each account individually. As far as I can tell, there is no way to get one statement for all accounts. In general, I find it harder to navigate than most.

Plans are underway for a merger with two other CUs. I fear customer service and rates may suffer after that. Maybe the statements will improve!

January 10, 2022
7:49 am
cgouimet
Kingston ON
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savemoresaveoften said
anyone in ON has Hubert and bad things to say (bad system, cant get a real person when needed, etc ?) I am about to open an account as their rates seem reasonable, decent online transfer limit, etc.  

We've had funds with Hubert for 3 years: Single & Joint HISA's and 1 Yr GIC's.

Online banking is mostly good. Easy to create accounts and start GIC's and even joint GIC's. My only Online banking issue is that their new interface offers an account renaming facility that worked but no longer works and they won't say when it's going to work again.

(As an aside, TNG has the best online banking system of the ones I use ... TD, BMO, Hubert, DUCA, Simplii, Meridian and others I have used briefly ... Motive, Implicity, Manulife and Canadian Tire.)

Their online chat works well. Max wait time for me has been less than 5 minutes.

Phone chat also very good. Much better than TNG. Max wait time for me has been 15 seconds.

January 10, 2022
9:07 am
savemoresaveoften
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Thanks Cgouimet and Loonie for your feedback. Will go ahead and open an account. Recently ‘retired’ my people’s bank and Alterna bank as they don’t seem competitive anymore

January 10, 2022
9:30 am
HermanH
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I agree that their phone service is very good, along with most other functions. The only criticism I have is that I had some difficulty trying to purchase a new GIC. However, once I figured out that you buy a GIC by creating it like a new account, everything was fine.

January 10, 2022
1:41 pm
BillieBob
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savemoresaveoften said
anyone in ON has Hubert and bad things to say (bad system, cant get a real person when needed, etc ?) I am about to open an account as their rates seem reasonable, decent online transfer limit, etc.  

I am in Ontario and have been with Hubert for over 6 years. I agree with others that customer service by telephone is excellent. The online chat system works well too. Hubert's online banking system could be better but I find it sufficient.

Loonie said
Customer service by phone is excellent at Hubert but I don't like their system for e-statements. You have to download each account individually. As far as I can tell, there is no way to get one statement for all accounts. In general, I find it harder to navigate than most.… 

Loonie: One can download a monthly statement that shows all of your accounts in one PDF. After choosing Statements in the Documents tab, it's the first option in the list.

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Screen-Shot-2022-01-10-at-4.18.21-PM.png

January 10, 2022
2:15 pm
christinad
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Are people going ahead and buying a one year gic at 2% or are they waiting to see if interest rates rise there is something better? I'm thinking its quite a good rate.

January 10, 2022
2:32 pm
cgouimet
Kingston ON
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christinad said
Are people going ahead and buying a one year gic at 2% or are they waiting to see if interest rates rise there is something better? I'm thinking its quite a good rate.  

Yes. And ...

I have some HUB 1.3% 1 year quarterly GIC'S. The day one collects its quarterly interest, I call HUB to close it. 15 seconds later those $ are in a new 2% 1 year quarterly GIC. 1 down, 2 to go ...

January 10, 2022
3:14 pm
BillieBob
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christinad said
Are people going ahead and buying a one year gic at 2% or are they waiting to see if interest rates rise there is something better? I'm thinking its quite a good rate.  

Yes, because Hubert’s 1-year GICs are redeemable quarterly without losing interest. You just have to call in prior to or on the interest date to redeem it and then purchase a new one at the increased rate.

January 10, 2022
4:41 pm
Loonie
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Thanks, BillieBob. I'll have another go at it. I thought maybe it was just my very bad vision, which doesn't always take in everything on the screen, but spouse couldn't find it either! We're a couple of old farts!! I like to think my brain still works...

January 11, 2022
8:13 am
savemoresaveoften
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savemoresaveoften said
Thanks Cgouimet and Loonie for your feedback. Will go ahead and open an account. Recently ‘retired’ my people’s bank and Alterna bank as they don’t seem competitive anymore  

So I went ahead and applied for an account online about 2hrs ago. The process is easy and may be a few minutes spent. At the end it says "watch for a email for the next step". Finally recd something 2 hrs later. Looks like they need a real person to look at each application before sending the said email. Would be better if they sent an automated email to confirm application received.

January 14, 2022
12:27 pm
Loonie
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By email:

"Rate Update

We'd just like to share that the last day to take advantage of our 5-year term special at 3.00% is Monday, January 17, 2022. The new rate will take effect on Tuesday, January 18, 2022, at 12:00 AM CST.

Don't miss out - get in touch today!

Our term rates for both registered and non-registered products (effective January 18) are also changing and will be as follows:

1-year term - 2.00% average (NO CHANGE)

2-year term - 1.75% (NEW)

3-year term - 1.90% (NEW)

4-year term - 2.05% (NEW)

5-year term - 2.25% (NEW)

The quarterly breakdown of our 1-year term is as follows:

The first three months: 1.85%

Months four to six: 1.95%

Months seven to nine: 2.05%

The last three months: 2.15%

*All rates are subject to change."

January 14, 2022
12:48 pm
Dean
Valhalla Mountains, British Columbia
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.
And now that quarterly-cashable one year term @ 2.00% looks even better❗ It's a great place to park our Moolah, while the longer term rates continue go up, elsewhere (EQ/Oaken/etc.).

Just wait ... 8 to 10 months from now, a 5yr GIC @ 3.00% will look like 'Chump Change'.

My Two Nickels (we don't have pennies any more sf-wink),

    Dean

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

January 14, 2022
2:23 pm
Alexandra
British Columbia
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I don't care....I'm still purchasing some 5yr rates with them. Again, interest paid annually into HISA to be used in combo with others such as CIBC annually paid to purchase any higher rate GIC's next year. sf-embarassed

January 14, 2022
4:43 pm
HermanH
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Alexandra said
I don't care....I'm still purchasing some 5yr rates with them. Again, interest paid annually into HISA to be used in combo with others such as CIBC annually paid to purchase any higher rate GIC's next year. sf-embarassed  

Why would you purchase a 5-yr GIC at 3% when that same GIC at CIBC is 3.25%? Do you see a difference between the two products?

If you are willing to lock in for 5 years, why not do as I did and just go for the Escalator for (overall) 3.288%? The cash flow is different for an escalator, but the overall yield is slightly better.

Why would you go for the lower rate Hubert 5-yr GIC?

January 14, 2022
5:53 pm
Alexandra
British Columbia
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Okay HermanH; I feel obligated to explain.sf-embarassed I have more than the max funds covered by CDIC with CIBC.
I don't see the escalator rate that you are (were) talking about with CIBC. I purchased the CIBC ones through on-line banking with CIBC.

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