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Hubert 1 year GIC rate drop
July 21, 2015
7:40 am
ertyu
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The 1 year GIC that steps up each quarter and is also redeemable quarterly has dropped 0.15% for each step. Now from 1.9 - 2.2% over the term and an annual average of 2.05% according to Hubert.

July 21, 2015
10:29 am
frizun
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It seems their other terms have taken a drop as well.

2 year term 2.10%
3 year term 2.20%
4 year term 2.35%
5 year term 2.50%

July 21, 2015
11:27 am
Loonie
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... and mine rolled over today. I was holding my breath. It's .3 less than a year ago.sf-cry

July 21, 2015
11:45 am
ertyu
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frizun said

It seems their other terms have taken a drop as well.

2 year term 2.10%
3 year term 2.20%
4 year term 2.35%
5 year term 2.50%

Yep
2 year term 2.10% - drop of 0.20%
3 year term 2.20% - drop of 0.25%
4 year term 2.35% - drop of 0.20%
5 year term 2.50% - drop of 0.20%

July 22, 2015
6:14 am
JustMe
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But it does not affect GIC you already bought?????

July 22, 2015
7:15 am
Norman1
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The rates on Hubert term deposits already bought are locked in and aren't affected by the rate drop yesterday. However, those with a term deposit that matured yesterday and was automatically rolled over might be affected by the drop.

I think it depends whether the rollover happened in the day before the rate drop or after the rate drop.

July 22, 2015
11:14 am
2of3aintbad
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email with subject 'Happy Savings Account' arrived this morning:
"Our Happy Savings Account rate is changing. Effective today, our Happy Savings Account rate will be adjusted to 1.80%. We've also adjusted some of our term deposit rates, please check out our website for details.

At Hubert we promise to make sure our members are in the loop about what's going on, especially when it comes to our rates, products, and services. So whether our rates are changing or we're introducing a new service, we promise to let you know as soon as possible."
just wondering when such an email is helpful. rates already changed.

July 22, 2015
1:13 pm
Loonie
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Norman1 said

The rates on Hubert term deposits already bought are locked in and aren't affected by the rate drop yesterday. However, those with a term deposit that matured yesterday and was automatically rolled over might be affected by the drop.

I think it depends whether the rollover happened in the day before the rate drop or after the rate drop.

Mine matured and rolled over yesterday, the day of the rate drop, and I got the new rate. It is currently functioning as a 3 month GIC at 1.9%. Perhaps I can do better somewhere else for 3 months, will have to check.

July 22, 2015
1:32 pm
semi-retired
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Don't forget if you joined ZAG you will get 2.5% on savings account till the end of the year.

July 22, 2015
4:54 pm
Loonie
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semi-retired said

Don't forget if you joined ZAG you will get 2.5% on savings account till the end of the year.

Thanks. I didn't get around to signing up for Zag so I probably don't qualify. Maybe I should look into it though.

July 22, 2015
6:02 pm
Norman1
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There may still be time. This is from Zag Launch Promotion Fine Print about their promotional 2½% rate:

Promotional Rate

  • To be eligible for the promotional rate, you must be a new client and successfully open your first Zag Savings account, Zag RRSP Savings account or Zag TFSA Savings account with a minimum deposit of $1,000 by August 14, 2015.
  • In the case of a joint account, the promotional rate offer will be valid only if the primary account holder is a new client.
  • An account is deemed as successfully opened when you have satisfied the Product Terms and Conditions.
  • Interest will be calculated as outlined in the Product Agreement.
July 22, 2015
6:41 pm
Loonie
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Thanks, Norman.
When I click on the "Product Agreement", it does say that rate is' subject to change. The "Fine Print" page does state 2.5, but then also refers to the Product Agreement page, so they appear to contradict each other. Perhaps someone already received clarification on this?

September 18, 2015
7:50 am
ertyu
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A subtle change on the website today, "For a limited time only" was removed from the 1 year escalating GIC page. I think that just confirms what people had already been told or assumed.

June 22, 2016
1:53 am
Loonie
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In view of Achieva and Implicity's recent rate drops, Hubert will not likely be far behind. And they won't give us any notice about it either.

Last year I got scr*wed because my 1-yr cashable at Hubert rolled over on the day they dropped the rate.

So, this year I got a little smarter. I moved some money around and bought my NEW 1yr GICs today. When the old ones mature in July, the rates will likely have been lowered, but I will care less as I already bought at today's rate. Will have to find something else to do with the ones that mature.

None of these are great rates, but 2.05 is better than 1.85, and it's cashable, so it's good for emergency funds etc.

I thought someone else might benefit from this strategy as well.

June 22, 2016
6:37 am
kanaka
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Loonie said

In view of Achieva and Implicity's recent rate drops, Hubert will not likely be far behind. And they won't give us any notice about it either.

Last year I got scr*wed because my 1-yr cashable at Hubert rolled over on the day they dropped the rate.

So, this year I got a little smarter. I moved some money around and bought my NEW 1yr GICs today. When the old ones mature in July, the rates will likely have been lowered, but I will care less as I already bought at today's rate. Will have to find something else to do with the ones that mature.

None of these are great rates, but 2.05 is better than 1.85, and it's cashable, so it's good for emergency funds etc.

I thought someone else might benefit from this strategy as well.

I do that too.....pre buy GIC's a month or so ahead of a maturing one. But hasn't Hubert dropped their "cashable" option or does the one year GIC still have that? With rates dropping it is kind of crappy for the five year ladder program!!!

June 22, 2016
4:34 pm
Loonie
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The one-year is still cashable.
It's a good rate for emergency funds because you know what it's going to be for the whole year, as opposed to promo rates etc.

June 22, 2016
7:05 pm
Norman1
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Last year, Loonie and Frizun reported that Hubert's one-year GIC is cashable anytime. However, no interest will be paid from previous three-month interest payment date to the date cashed.

June 22, 2016
8:53 pm
Loonie
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Yes, it's still true that you get paid interest up to the most recent payment (every 3 months), not to date. However, there is no penalty or loss of interest per se. If you cash in right after an interest payment, you don't lose anything except the advantages of going longer.

June 29, 2016
8:23 pm
semi-retired
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Speaking about Hubert,I just received a letter from them.I transferred out most of my balance about a year ago to a higher rate institution & havn't done anything there since.The letter stated either process a transaction within 15 days or they will take the liberty of transferring my present account to an inactive classification.I transferred over 25.00 to keep them happy for now.I have never, ever, received a memo from any financial institution I have ever dealt with telling me to do this.I wonder if a 1 year no activity in an account triggers this at any other FI's??

June 29, 2016
9:21 pm
Loonie
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Whew! I got it right this time!

semi-retired: I've had letters like that from the Big Banks before, but usually after a couple of years or so. However, there is not much incentive to keep an account with such a small balance at one of the big banks because of their service charges.

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