Hubert 5-year GIC up 0.1 to 2.4% | Hubert Financial | Discussion forum

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Hubert 5-year GIC up 0.1 to 2.4%
December 15, 2016
8:34 am
ertyu
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Starting today our 5-year term deposits will earn 2.40% interest (previously our 5-year terms were 2.30%). This rate can be used for our TFSAs, GICs, and RRSPs!

December 15, 2016
1:44 pm
Loonie
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Hubert also offers this rate on RIFs, although it is difficult to find that info on their website.

This might be a good sign for rates in general.
My observation over the last few years is that FIs have been moving in the direction of providing their best deals on shorter and shorter terms, and for the last year or so the emphasis has been on no term at all, i.e. savings accounts. If they are starting to pay more attention to the longer term, that may mean they think rates are finally going up, so they want to lock in money at a good rate for them. Let's see if this develops into a trend.

Peoples, however, offers 2.45 on non-registered, RRSP, and TFSA. As far as I know, Peoples does not offer RIFs, so you would not want to buy for RSP if you are over 65 due to mandatory conversion rules.

January 5, 2017
6:20 am
Saver-Mom
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Loonie, with the declining rates overall at People's, including dropping the 5-year rates to 2.25% for registered GICs and 2.1% on non-registered GICs, I fear that your optimistic prediction of increasing rates is not yet likely. I guess the Manitoba CUs have the best rates now, but we are looking at really bad rates, and given the wild overspending and increasing personal debt of the last decade, you would think that savers would be rewarded and our money needed to fund the overspenders. I don't understand...

January 5, 2017
8:19 am
Brimleychen
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Although the BOC tried very hard to hold down overnight rates, the rates on bond market have been slowly creeping up in the last three months. It is very significant on US market, and sooner or later it will spill over Canada.

Here is the day to day basic.
http://www.financialpost.com/m.....an_us.html

Here is the 3M LIBOR at US:
3M LIBOR Tops 1.00% For First Time Since 2009

The trending is at the definite up trend for the rate.sf-embarassed

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