Hubert dropping 1-year GIC rate to 2.20% from 2.30% | Hubert Financial | Discussion forum

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Hubert dropping 1-year GIC rate to 2.20% from 2.30%
May 8, 2020
2:49 pm
Doug
British Columbia, Canada
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Per Rate Update e-mail:

Figure 1: Rate Update e-mail snippet screenshot

Effective Saturday, May 9, 2020.

I expect Peoples Trust and Peoples Bank of Canada to follow in turn, eventually bringing their 1-year GIC rates down to 2.0-2.10% or so. Over the month of May, and potentially into June, I expect the 1-5 GIC rates of the current top 10 or so FIs to fall commensurately such that, for the 5 year GIC, 2.25-2.30% will be the top rate by early to possibly as late as mid June.

HISA rates will fall over the next three months, such that 1.5-2.0% will be the top rate available.

Even though the Bank of Canada has committed to maintaining the zerobound policy interest rate over the medium- to potentially long-term, analysts are also predicting that the bond market may force into slightly negative rate territory. I don't think that's as likely, but you never know. What we'll see is the Big 6 banks + HSBC + Manulife + Tangerine cut their HISA base rates to 0.0-0.05%, if they haven't already done so, and cut costs in other ways.

Cheers,
Doug

May 8, 2020
2:59 pm
Doug
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What does everyone think of this rate drop or of my predictions?

Let's discuss. sf-cool

Cheers,
Doug

May 9, 2020
7:02 am
hwyc
GTA
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Peoples already did, on the same day

May 9, 2020
8:29 am
Dean
Slocan Valley, West Kootenays, British Columbia
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Doug said

What does everyone think of this rate drop or of my predictions?

Let's discuss. sf-cool

Cheers,
Doug  

    . . . My New Bank ⬆ sf-wink

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

May 9, 2020
4:03 pm
Doug
British Columbia, Canada
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Dean said

    . . . My New Bank ⬆ sf-wink

  

Hi Dean,

I would join a bank or credit union (agnostic to either) that used a rainbow striped something (including a sock) as their company logo. sf-cool

What should we call such a bank or credit union?

Cheers,
Doug

May 10, 2020
11:16 am
rodeworthy
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Sock-it-to-em!

May 10, 2020
11:51 am
JenE
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Love it!

May 10, 2020
12:31 pm
Dean
Slocan Valley, West Kootenays, British Columbia
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Doug said

Hi Dean,

I would join a bank or credit union (agnostic to either) that used a rainbow striped something (including a sock) as their company logo. sf-cool

What should we call such a bank or credit union?

Cheers,
Doug  

"Rainbow Sock Credit Union"

Slogan: 'Keep Yer Moolah Where Yer Feet Go' sf-wink

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

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