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Hubert 1 Year GIC Question
September 15, 2019
11:16 am
Dean
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If a person has funds invested in a Hubert 1 Year GIC (paid quarterly), and wants to withdraw funds (mid-term) from that GIC, can a 'partial' withdrawal be made, or must All the funds in the GIC be withdrawn ?

Thanks,

Dean

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

September 15, 2019
12:47 pm
Loonie
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I've never tried but would expect it to be all.
They will probably tell you you can cash the GIC then reinvest the portion you don't need in a new GIC, but rates are lower now than they were when you took it out probably.
The best way to anticipate this possibility is to buy several smaller GICs instead of a large one. That's what I've done. There is no limit to how many you can buy.

September 15, 2019
1:45 pm
Winnie
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I did mid-term withdrawal before.
All the funds in the GIC must be withdrawn, only this option is available.
GIC must be cashed/closed.

September 15, 2019
1:46 pm
Doug
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Yes, Dean, you can withdraw part of the funds from your 1-year GIC, but you would lose the interest on the withdrawn part (you likely would still keep the interest on the part withdrawn up to the day preceding the day of the withdrawal). There is no penalty or fee.

I've personally never done it, but it definitely can be done. I don't think you can subsequently add to an existing 1-year GIC, though.

Cheers,
Doug

September 15, 2019
1:47 pm
Doug
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Winnie said
I did mid-term withdrawal before.
All the funds in the GIC must be withdrawn, only this option is available.
GIC must be cashed/closed.  

That's not what I was told by Hubert, nor is it my experience. You may have been given incorrect information by Hubert, Winnie, or they misunderstood what you were asking, perhaps.

Cheers,
Doug

September 15, 2019
1:55 pm
Winnie
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Doug said

That's not what I was told by Hubert, nor is it my experience. You may have been given incorrect information by Hubert, Winnie, or they misunderstood what you were asking, perhaps.

Cheers,
Doug  

Maybe, Doug, mistakes happens, maybe incorrect information.

So, they explained to me, that only 1 deposit (in multiple of $1,000) can be made to those 1 year GIC's and only 1 withdrawal/closing.

And, I closed my GIC mid-term, as they advised me to do so.

It would be very nice, if they would allow partial mid-term withdrawal and partial withdrawal at quarterly dates, when quarterly interest deposited.

I'm sure, that somebody will call Hubert and will bring clarity to this question.

It's possible, that they misunderstood.
My English is far away from good, I know that.

September 15, 2019
2:28 pm
Dean
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Dean said
If a person has funds invested in a Hubert 1 Year GIC (paid quarterly), and wants to withdraw funds (mid-term) from that GIC, can a 'partial' withdrawal be made, or must All the funds in the GIC be withdrawn ?

. . .  

I've just sent Hubert Financial an email, asking that ^ same question. I'll report back what their reply says.

The reason for my asking this question, is that I really like Hubert's 1 Yr GIC (paid & cashable quarterly). In the past I have been investing in 2 or 3 of their 1 Yr GIC's at a time, in the event that I may need some of the money before the year term is up. But if a 'partial' withdrawal from those 1 Yr GIC's is allowed, then that would eliminate the need to invest in more than one at a time.

Does that ^ make Cents ? sf-cool

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

September 15, 2019
2:45 pm
Winnie
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Exactly, I actually have 10+ of Hubert 1 Yr GIC's and if a partial withdrawal from those GIC's is allowed, that would reduce my number to 1 GIC.

September 15, 2019
5:00 pm
Loonie
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FWIW, I believe Doug has misunderstood the rules or perhaps they were not well communicated to him. Dean's email should clarify.
What I believe you can do (and this may be the root of the confusion) is cash out your GIC at any time during the year. However, the interest is only paid up to the date of the most recent quarterly payment. Some people think you can only cash out when the interest is paid but that has not been the rule in the past at least.

I'm not sure what Winnie means by "mid-term", but I have cashed one year GICs on the date of the quarterly interest payments at Hubert when rates were rising, and reinvested immediately to continue to get a higher rate. You then start over with the first quarter but you could choose different amounts than previously.

I must say, I have found some of Hubert's newer employees difficult to understand on the phone.

Winnie, your written English is very good (better than that of some native speakers here), so it's hard to imagine your spoken English is inadequate!sf-smile

September 16, 2019
6:53 am
Winnie
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Thank you, Loonie!

"Mid-term" - any time before GIC maturity date.

We already know, that we can freely redeem this 1 Year GIC at any time, but only completely redeem and close GIC.

The question is, if partial withdrawal from this 1 Year GIC is allowed.

"Partial withdrawal" example: you have $5,000 GIC and would like to take out only $1,000 at any time before maturity date without actual closing/redeeming that GIC.

I was told by Hubert, that all the funds in the GIC must be withdrawn, only this option is available.
GIC must be redeemed/cashed/closed at that withdrawal time.
No possibility for partial withdrawals.

September 16, 2019
8:44 am
GICinvestor
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Winnie if you say invested $5000 in a one year GIC with Hubert and wanted the availability of funds why not buy 5 x $1000?

September 16, 2019
9:19 am
Winnie
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I actually have more than 10 individual Hubert 1 Yr GIC's.
If a partial withdrawal from Hubert 1 Yr GIC's would be allowed,
I would open only 1 GIC instead of more than 10 individual GIC's.

September 16, 2019
9:38 am
GICinvestor
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"I actually have 10+ of Hubert 1 Yr GIC's and if a partial withdrawal from those GIC's is allowed, that would reduce my number to 1 GIC."

I don’t understand 10+. Is that more than 10 individual 1 year GICs?
Or is that more than $10,000 in 1 one year GIC? And then by a partial withdrawal, that cannot be done, “that would reduce my number to 1 GIC” I don’t understand.

But what I am saying I can’t see Hubert only allowing you to have one 1 year GIC. So if you had $5000 to invest for one year and wanted the option of availability of funds then do five 1 year GICs and pull one or more plus interest on the quarter if required. Yes, you would be limited to $1000 plus interest to withdraw...no more and no less. Since Hubert has no partial withdrawals, this would be your own “make do” creation for withdrawals. If you don’t need the funds then you get full interest for $5000 for the year.

September 16, 2019
10:12 am
Winnie
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Doug said
Yes, Dean, you can withdraw part of the funds from your 1-year GIC ...
I've personally never done it, but it definitely can be done.
 

GICinvestor said
...Hubert has no partial withdrawals...  

I was told by Hubert, that all the funds in the GIC must be withdrawn.
GIC must be redeemed/cashed/closed at that withdrawal time, only this one option is available.
No possibility for partial withdrawals.

Who is correct?
Are partial withdrawals actually allowed?

September 16, 2019
10:48 am
GICinvestor
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Your answer. No partial withdrawal of any GIC at Hubert. Outlook used to offer partials.

EE5420C9-31EC-490C-BDA3-6FA1A1959DEE.jpeg

September 16, 2019
10:53 am
GICinvestor
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Hubert, and many others, used to offer early redemption (with penalty). But Hubert does no longer.

Early Redemption

Any lasting happiness term deposits you purchase after January 15, 2016 are not eligible for early redemption. If you purchased a term prior to then, you can still redeem those deposits prior to their maturity dates! This change won’t affect our one-year quarterly term deposits, so you’re still be able to redeem quarterly with full interest.

Here are the reduced interest rates for early redemption for terms purchased prior to January 15, 2016:

Within the first 12 months: 0%.
Any time after 12 months (term deposits purchased between May 24, 2012 – January 15, 2016): 1.00%.
If you’re redeeming early, Hubert will adjust the interest accordingly to reflect to the reduced interest rate.

If you think you may need your funds before your term matures, consider our Happy Savings account. You’ll still earn a great interest rate and can use your funds at any time.

September 16, 2019
10:57 am
GICinvestor
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You might want to check out Oaken. Not sure if meets your needs. You might want to call them or email them.

Cashable GICs

An Oaken Cashable GIC gives you the benefits of a GIC, while still providing you with the ability to access your money if you need it later. Our Cashable GIC rates are based on a 1-year term, with either a 30 or a 90-day closed period where your money remains locked in.

If you chose the 30 Day Cashable GIC option, you can withdraw funds from your GIC any time after the first 30 days, and you’ll receive your entire principal and the interest your investment has earned to that point. If you choose the 90 Day Cashable GIC, you must wait 90 days before you can access your savings.

September 16, 2019
3:40 pm
Dean
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Dean said

Dean said
If a person has funds invested in a Hubert 1 Year GIC (paid quarterly), and wants to withdraw funds (mid-term) from that GIC, can a 'partial' withdrawal be made, or must All the funds in the GIC be withdrawn ?

. . .  

I've just sent Hubert Financial an email, asking that ^ same question. I'll report back what their reply says.

The reason for my asking this question, is that I really like Hubert's 1 Yr GIC (paid & cashable quarterly). In the past I have been investing in 2 or 3 of their 1 Yr GIC's at a time, in the event that I may need some of the money before the year term is up. But if a 'partial' withdrawal from those 1 Yr GIC's is allowed, then that would eliminate the need to invest in more than one at a time.

Does that ^ make Cents ? sf-cool  

I have yet to receive an email response about this from Hubert Financial, but I did get this response from their Live Chat Line today:

" 9/16/2019
[Hubert]
Hey there! Welcome to Hubert live chat, we'll be with you shortly!
3:20:02 PM
[Brittany] just entered
3:20:30 PM
[Brittany]
Hi Dean, what can I help you with todya?
3:20:37 PM
Dean
Hi Brittany. If a person has funds invested in a Hubert 1 Year GIC (paid quarterly), and wants to withdraw funds (mid-term) from that GIC, can a 'partial' withdrawal be made, or must All the funds in the GIC be withdrawn ?
3:21:45 PM
[Brittany]
No, you would need to redeem the full amount. We aren't able to do partial withdrawals from terms.
3:22:25 PM
Dean
Thanks for the help. Dean
3:22:54 PM
[Brittany]
Have a great day! "

So it would seem that 'partial' withdrawals from Hubert's 1 Yr GIC's are Not an option. I suspected this, but I just had to confirm for sure.

Hope this helps others here, as well.

Cheers,

Dean

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

September 16, 2019
4:06 pm
Doug
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Fair enough, but their website is far from clear. I find in their desire for simplicity, they tend to gloss over, or even conflict, on the finer points. And, when asked, their representatives do frequently give conflicting advice. In terms of service responsiveness, Hubert is excellent; but in quality of advice, it's middling, at best. A more recent example is when multiple Hubert representatives confirmed to me out of province residents could take advantage of special share offerings, with the latter even taking my application, payment, and proceeding. Weeks later, upon review by a supervisor, they reverse that, though, to their credit, they did back-date the transaction so no interest was lost on the funds.

Cheers,
Doug

September 16, 2019
5:18 pm
Dean
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Doug said

That's not what I was told by Hubert, nor is it my experience. You may have been given incorrect information by Hubert, Winnie, or they misunderstood what you were asking, perhaps.

Cheers,
Doug  

Doug ... are you saying that you have been able to make 'partial' withdrawals from Hubert 1 Yr GIC's ?

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

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