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Hubert announces term deposit special
April 16, 2014
3:24 pm
rhvic
Victoria, BC
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Just got this email from Hubert:

"Starting April 17 and for a limited time only, we are happy to offer a one year term deposit special featuring one of the best rates around. Paying interest up to 2.50%, this term deposit special will keep you smiling for a full 365 days. If you have funds in an existing one year term (scheduled to mature in May or June) we will automatically renew it for you at the new rate unless you notify us otherwise.
This redeemable term deposit special features compounding interest that will pay you interest quarterly. Here’s what you will earn:

The first three months: 2.20%
Months four to six: 2.30%
Months seven to nine: 2.40%
The last three months: 2.50%
The good news? You’re not locked in for the entire year – you can redeem your term after three, six or nine months. The even better news? If you sign up for the term special and keep your funds in place for the entire year, you’ll earn an average rate of 2.35% for the year. Not too shabby, is it?

Don’t miss out! For details, please visit our website or give us a call at 1-855-4HUBERT (1-855-448-2378).

Sincerely,

Hubert"

Not sure I want to lock in for those rates, especially since it is not 2.5% for the whole year. Currently both President's Choice and Tangerine are offering 2.5% on new deposits to June 30 - think I'll do that instead and then see what is available. What do others think?

April 16, 2014
4:50 pm
kanaka
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If you look at 2.35 for the full year it is not too shabby as they say.

April 16, 2014
6:32 pm
Loonie
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I think it's quite good, actually, if it really does work out to 2.35%. 2.35 is literally the average of the 4 rates, so, if there is no compounding at the end of each 3 month period, it would indeed be 2.35 overall.
You have the flexibility of being able to get out at 3 month intervals, and a very good 1 yr rate.
PC and Tangerine are not offering you anything decent beyond a couple of months or so, and are unlikely to do so later.
Rates in general could be even lower by July. Who knows? If they're higher, then you can check out of the Hubert deal and you haven't lost much compared to PC/Tangerine. If they're lower, you'd have been better off to have taken it. I don't see any clear signs of interest rates going up during the time period in question. Governor of Bank of Canada said today in the news that they were unlikely to go up over the next year.
http://www.cbc.ca/news/busines.....-1.2611947
However, I looked at their website and can't find the offer at this time. Can anyone provide a link?

April 16, 2014
8:03 pm
Norman1
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Loonie said
However, I looked at their website and can't find the offer at this time. Can anyone provide a link?

Could it be too early? The e-mail says starting April 17 (tomorrow).

April 17, 2014
7:56 am
rhvic
Victoria, BC
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The new offer is now on Hubert's web site at https://www.happysavings.ca/11new-page.aspx

April 17, 2014
8:11 am
ValueTime
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Seems straight forward and a "no brainer" if you have funds which can "sit" for awhile. I bought $100K which will earn $2,350 by next Apr 17th. This is good. I'll wait a month or two and maybe get another if it's still offered. Oh and I have a TD with Hubert maturing in May so I believe they should roll it over into this product ... but I'll keep an eye on it and do it myself if necessary.

April 24, 2014
8:14 am
rhvic
Victoria, BC
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My strategy with this term deposit at Hubert is to get several of them, say at $20K each. That way, if I need cash earlier than the one year, I can cash out one of them at the end of any three month term, and let the rest of them ride.

All said, the rate of about 2.35% for the entire year is not too shabby given current rates elsewhere.

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