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Hubert 1 year quarterly is a Win Win combo
February 4, 2022
8:36 am
KamWest
Toronto
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Screenshot-67.png

Wow, there really is no downside here, the base first quarter blows everyone else away.

I was going to move to Saven at 1.5% until I saw this.

I like that I can redeem each quarter with no penalty.
If I need my money I can get to it and if I leave it to maturity I get the highest interest.

I just inquired about the deposit limits so I am waiting to hear back.

Full terms are here:

https://www.happysavings.ca/products/terms/one-year-terms/

February 4, 2022
9:10 am
cgouimet
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This isn't new.

And, it wasn't new when I bought my first Hubert 1year GIC's in Feb 2019. In fact I recently saw a post on this website talking about this 1 year GIC in Jan 2015.

I'm just sorry I wasn't aware of it back then ...

CGO
February 4, 2022
9:31 am
KamWest
Toronto
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Yeah, I wish I would have known sooner

So basically for 4 months you get 1.85%

That beats almost all High interest savings accounts and only ties the money up for 4 months.

Leave it in for 12 and get 2% for the whole year.

Because it's cashable anytime the most you ever lose is one quarter worth of interest if you have an emergency and need to withdraw.

February 4, 2022
9:32 am
KamWest
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The only question I would have is....

You put in 100k

You are in the quarter and need to withdraw 10k, do you still get the interest on the other amount and only lose the interest on the 10k withdrawn?

I cannot see anything about that.

February 4, 2022
9:36 am
BillieBob
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KamWest said
The only question I would have is....

You put in 100k

You are in the quarter and need to withdraw 10k, do you still get the interest on the other amount and only lose the interest on the 10k withdrawn?

I cannot see anything about that.  

No, you would have to redeem the GIC in its entirety. Then you would open a new GIC for the remainder of the funds.

If you think you will require some of the funds within the year, buy multiple GICs instead of just one.

(BTW, quarterly is 3 months not 4 months. sf-smile)

February 4, 2022
9:37 am
Winnie
Ontario
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KamWest said
So basically for 4 months you get 1.85%
 

For 3 months.

KamWest said
You put in 100k

You are in the quarter and need to withdraw 10k, do you still get the interest on the other amount and only lose the interest on the 10k withdrawn?
 

You must take out all 100k, no partial withdrawal allowed.

February 4, 2022
9:38 am
KamWest
Toronto
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BillieBob said

No, you would have to redeem the GIC in its entirety. Then you would open a new GIC for the remainder of the funds.  

Thank you for that

Thinking about it the other option would be to do two of them for 50k each and then if you ever did have an emergency of sorts you could cash 1.

February 4, 2022
9:40 am
BillieBob
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KamWest said

Thank you for that

Thinking about it the other option would be to do two of them for 50k each and then if you ever did have an emergency of sorts you could cash 1.  

Exactly. You can split the $100K into as many GICs as you'd like.

February 4, 2022
9:41 am
cgouimet
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I agree with BillieBob ...

That's why I have a number of GIC's; they are all about the same size and they are staggered such that every month on the 15th, one of them gets its quarterly interest and that's my opportunity to cash out that "small" GIC without any penalty/loss ...

CGO
February 4, 2022
9:47 am
cgouimet
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The one thing they don't explicitely say (at least I haven't seen it) is that the interest is earned and paid quarterly.

Then, on the Hubert website, on the rates page the 1 year GIC shows up in green ... it's a link to a full page talking about it including ...

"Again, you can choose to redeem your 1-year term at any time. If you do, all interest that has been paid to you is yours to keep, but if you redeem between a quarter you will not receive any interest from that quarter. For example, if you redeem after seven months, you’ll only receive interest up to month six!"

CGO
February 4, 2022
12:01 pm
KamWest
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I applied for Hubert, the one year term is too good to pass up.

I submitted the application and it's been 2 hours, it says watch your email for the next step and I expected it to be instantaneous. (headscratch)

February 4, 2022
12:16 pm
BillieBob
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KamWest said
I applied for Hubert, the one year term is too good to pass up.

I submitted the application and it's been 2 hours, it says watch your email for the next steop and I expected it to be instantaneous. (headscratch)  

It won't be instantaneous. (I've been with Hubert for 7 years and I'm pretty sure it took much longer than it does now.) Here is a thread from 2 weeks ago that someone posted relating their experience when opening an account with Hubert:

https://www.highinterestsavings.ca/forum/hubert-financial/hubert-account-opening-experience-review/

February 4, 2022
12:35 pm
cgouimet
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Not instantaneous. TNG isn't either. It won't be long. Don't scratch too much ...

CGO
February 5, 2022
3:42 pm
KamWest
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Yes, I got an email 2 hours later, I uploaded the documents and all I have to do is wait for the micro deposits.

I'm actually quite excited about this, hopefully the online portal is decent. The 3 month interest rate is fantastic and beats out almost all savings accounts just for committing to 3 months.

Just like in the topic, I am splitting my deposit up into a number of GIC's in different denominations. Some big some small so this way I can get to the money if I ned it for investing somewhere.

Keeping my fingers crossed and hoping this might finally be a better solution to CTF.

February 6, 2022
7:10 am
Jim Sherat
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Like KamWest, I began the process of opening an account for my wife and I, with end goal being to make the first one [hers] Joint, and then purchase staggered [Joint] 1yr. GICs, to take advantage of this attractive option for Savers. Let's hope it survives the apparent merger discussed in a different thread ?!

My wife is all set, and we've transferred the $10 from our linked FI to cover the Membership fees. I'm just waiting for my micro deposit to show up, then I'll call and complete the [Joint Account] process. All contact with Hubert personnel by phone and email has been pleasant, efficient, and frankly, 10 / 10 ! I look forward to a long relationship with Hubert.

Until I read this thread I wasn't aware they paid out the interest from the 1yr GICs each Quarter. Excellent !

February 6, 2022
11:57 am
GR
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"Until I read this thread I wasn't aware they paid out the interest from the 1yr GICs each Quarter. Excellent !"

Jim Sherat:
To clarify. interest is credited quarterly but not PAID OUT, as interest is compounded and added to principal.

February 6, 2022
12:17 pm
cgouimet
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GR said
"Until I read this thread I wasn't aware they paid out the interest from the 1yr GICs each Quarter. Excellent !"

Jim Sherat:
To clarify. interest is credited quarterly but not PAID OUT, as interest is compounded and added to principal.  

Correct. Credited to the GIC. So, a $1000 2% earns 1.85% in Q1; at Q1, the GIC now is at $1004.63. You can cash that or wait for Q2 to complete when the 1.95% increases your cashable amount to $1,009.53. Etc...

Actually, the numbers are approximate as my calculations suggest that while it's 1.85% annualized in Q1, it's actually 1.85% / 365 * days in the qtr ... not all qtr's are created equal after all ... I'm a numbers guy...

CGO
February 7, 2022
3:05 am
Jim Sherat
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thanks for the clarification re Interest [paid out qtly vs accrued]; I'm ok with that ... still an Excellent option for Cash on hand. and beats our current 1.25% [EQ], or the 0.010% Big Bank rate. What a joke that is !

February 7, 2022
10:42 am
Dean
Valhalla Mountains, British Columbia
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Jim Sherat said

. . . the 0.010% Big Bank rate. What a joke that is !  

By our standards ... 'Yes', the Big Bank rates are a joke.

But sadly, that's were most people still keep their $$$.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

February 7, 2022
2:17 pm
RetirEd
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As I've noted before, cutting up a $100K cashable GIC into tranches (love those continental financial terms) of 10, 20, 30 and 40 Kilobux provides reasonable freedom in case of cash needs.

And as always, do the calculation for compounded escalators to see exactly how much you'll be earning in total.
RetirEd

RetirEd

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