Hubert GIC Rates Back Up | Hubert Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Hubert GIC Rates Back Up
March 31, 2022
11:50 pm
cgouimet
Member
Members
Forum Posts: 1478
Member Since:
February 7, 2019
sp_UserOfflineSmall Offline

Effective Friday, April 1, our rates (both registered and non-registered) are changing.

Our term rates (Effective April 1):
1-year term - 2.00% average (NEW)
2-year term - 2.00%
3-year term - 2.20%
4-year term - 2.35% (NEW)
5-year term - 2.60% (NEW)

Quarterly breakdown of our 1-year term (effective April 1):
The first three months: 1.85%
Months four to six: 1.95%
Months seven to nine: 2.05%
The last three months: 2.15%

CGO
April 1, 2022
5:06 am
Jim Sherat
Member
Members
Forum Posts: 154
Member Since:
January 1, 2018
sp_UserOfflineSmall Offline

Interesting that the drop for 1yr from 2.0 > 1.80 only lasted a mere 3 weeks ! Makes you wonder what changed in that short period to drive this reversal ?

April 1, 2022
6:57 am
canadian.100
Member
Members
Forum Posts: 946
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

Jim Sherat said
Interesting that the drop for 1yr from 2.0 > 1.80 only lasted a mere 3 weeks ! Makes you wonder what changed in that short period to drive this reversal ?  

Truly that was an amateur decision. Rates were going up at the time and Hubert decided to drop their rate. Likely there was enough of an outflow of funds that Hubert saw the light and reversed their decision.

April 1, 2022
8:20 am
Bill
Member
Members
Forum Posts: 3940
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

Financial institutions' needs for inflows or outflows of funds with varying lengths of maturity change from week to week, or even less, I'd imagine, not so unusual to calibrate related rates as needed.

April 3, 2022
4:59 pm
RetirEd
Member
Members
Forum Posts: 1035
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

It's possible that some bank planners wanted to push depositors to choose the longer terms with a lower 1-year rate. We're seeing a lot of lenders making longer terms surprisingly attractive to mail down funds that might flee for higher rates elsewhere, or renew in the same place at higher rates. Even the big banks have been rivaling the best rate providers they never competed with in recent years.13
RetirEd

RetirEd

April 8, 2022
10:34 am
savemoresaveoften
Member
Members
Forum Posts: 2901
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

I called in to leave instruction to cash out some of the quarterly coming up soon.
Was told they will be sending out new promo rates (or better rates than current) very soon.

April 8, 2022
6:42 pm
MG
Member
Members
Forum Posts: 267
Member Since:
February 16, 2013
sp_UserOfflineSmall Offline

Just received this email from Hubert. I will need to check my next quarterly anniversary date so I can be ready to switch over. I like the flexibility of being able to cash in quarterly.

Hubert.png

April 8, 2022
7:52 pm
pennysaver1
Member
Members
Forum Posts: 12
Member Since:
July 6, 2019
sp_UserOfflineSmall Offline

Just saw the latest email with rate update as well, it's too bad I just bought a 1 year GIC about a week ago :/ Does anyone know if Hubert would apply the new rate retroactively to a recently purchased GIC (similar to Oaken) if asked? Has anyone ever tried this?

I suppose I could redeem it now and repurchase, but I would hate to lose the interest gained so far..

April 8, 2022
9:17 pm
Norman1
Member
Members
Forum Posts: 6831
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Sometimes, it is better to lose a bit to end up with more in the end.

Which would be more in the end?

  1. Earning 0% for the past one week and then 2.1% for the rest of the three months.
  2. Earning 1.85% for the three months.
April 8, 2022
9:26 pm
HermanH
Member
Members
Forum Posts: 1182
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

I bought the 2%-avg rate on Jan 1, so the first three months were 1.85% and the next three were supposed to be 1.95%

Apr 1 ended the first quarter, so I will definitely be re-purchasing for the 2.10% quarter

April 9, 2022
1:02 am
cgouimet
Member
Members
Forum Posts: 1478
Member Since:
February 7, 2019
sp_UserOfflineSmall Offline

Norman1 said
Sometimes, it is better to lose a bit to end up with more in the end.

Which would be more in the end?

  1. Earning 0% for the past one week and then 2.1% for the rest of the three months.
  2. Earning 1.85% for the three months.

  

Cashing in at the 7-day mark for $0 interest so as to improve the interest for the balance of the quarter from 1.85% to 2.1% will improve your earnings by about 21.5¢ per $1000.

Similarly, cashing in at the 7-day mark for $0 interest so as to improve the interest for the balance of the year from 2.0% to 2.25% will improve your earnings by about $2.05 per $1000.

CGO
April 9, 2022
5:30 am
MAC99
Member
Members
Forum Posts: 48
Member Since:
December 27, 2021
sp_UserOfflineSmall Offline

I have a number of 2% 1 year term GIC's at day 24. While it makes sense to cash in Monday and move to the 2.25%, with the Bank of Canada expected to raise rates by 50bps on Thursday April 13 I assume Hubert will be increasing rates again next week.

Is it typical for Hubert to raise rates in close alignment with BoC increases?

April 9, 2022
8:04 am
cgouimet
Member
Members
Forum Posts: 1478
Member Since:
February 7, 2019
sp_UserOfflineSmall Offline

MAC99 said
Is it typical for Hubert to raise rates in close alignment with BoC increases?  

I don't think so. Not that reliably anyways.

But since you're relatively new here, here's a learning exercise ...

Follow the "Profiles " link at the top of this page. Then, select Hubert. Follow the the "GIC rate history" link and then compare that history to the BoC history ...

CGO
April 9, 2022
9:57 am
Loonie
Member
Members
Forum Posts: 9281
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

To assess whether it makes sense to cash out mid-quarter is not just a question of the rate during that quarter. When you buy the GIC, you are also guaranteeing that you can have the rates in effect for the remaining quarters if you don't cash it later. Those are also bumped up by your re-purchase. Not easy to evaluate as we never know what's coming, but worth thinking about.

April 9, 2022
10:36 am
christinad
Member
Members
Forum Posts: 315
Member Since:
October 15, 2015
sp_UserOfflineSmall Offline

I just saw peoples trust is 2.4% for one year. This doesn’t look good in comparison.

April 9, 2022
11:21 am
cgouimet
Member
Members
Forum Posts: 1478
Member Since:
February 7, 2019
sp_UserOfflineSmall Offline

christinad said
I just saw peoples trust is 2.4% for one year. This doesn’t look good in comparison.  

And EQ Bank @ 2.50%, Tangerine @ 2.35% and Oaken @ 2.25%. But, only Hubert offers that rate cashable quarterly ...

CGO
April 9, 2022
11:45 am
MAC99
Member
Members
Forum Posts: 48
Member Since:
December 27, 2021
sp_UserOfflineSmall Offline

cgouimet said

And EQ Bank @ 2.50%, Tangerine @ 2.35% and Oaken @ 2.25%. But, only Hubert offers that rate cashable quarterly ...  

The cashable quarterly feature is certainly a nice option to have!

I think with a pending 50bps hike this week, these rates will all be increased again. I’m going to sit in the 1.4% savings account in the interim.

April 11, 2022
5:03 pm
mmlt
Member
Members
Forum Posts: 164
Member Since:
February 4, 2017
sp_UserOfflineSmall Offline

pennysaver1 said
Just saw the latest email with rate update as well, it's too bad I just bought a 1 year GIC about a week ago :/ Does anyone know if Hubert would apply the new rate retroactively to a recently purchased GIC (similar to Oaken) if asked? Has anyone ever tried this?

I suppose I could redeem it now and repurchase, but I would hate to lose the interest gained so far..  

You should ask. I find them very accommodating. I bought a Gic last Friday and the rate increased Sat. A quick call this morning and all was good.
My local CU is a PITA compared to Hubert.

April 11, 2022
5:22 pm
cgouimet
Member
Members
Forum Posts: 1478
Member Since:
February 7, 2019
sp_UserOfflineSmall Offline

pennysaver1 said
Just saw the latest email with rate update as well, it's too bad I just bought a 1 year GIC about a week ago :/ Does anyone know if Hubert would apply the new rate retroactively to a recently purchased GIC (similar to Oaken) if asked? Has anyone ever tried this?

I suppose I could redeem it now and repurchase, but I would hate to lose the interest gained so far..  

You should do the math ...

CGO
April 11, 2022
5:47 pm
pennysaver1
Member
Members
Forum Posts: 12
Member Since:
July 6, 2019
sp_UserOfflineSmall Offline

mmlt said

You should ask. I find them very accommodating. I bought a Gic last Friday and the rate increased Sat. A quick call this morning and all was good.
My local CU is a PITA compared to Hubert.  

Yes sorry I didn't provide an update on this, so I did call over the weekend and was told that unfortunately they don't apply new rates retroactively to previously purchased GICs, so I took everyone's input into consideration and decided to cash it in. I will likely re-purchase within the next few days/weeks as I anticipate there may be another increase in the near future.

And thanks everyone for the friendly advice and insight, really appreciate it! 🙂

No permission to create posts

Please write your comments in the forum.