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Hubert Quarterly, multiple GIC's or just one?
September 21, 2024
5:35 am
KamWest
Toronto
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I am trying to get clarification on the Hubert quarterly GIC

I used to open multiple quarterly GIC's

So for instance

GIC #1 = 10,000
GIC #2 = 10,000
GIC #3 = 10,000

So this way if I needed access to my funds in between quarters I could cash one GIC and only lose the interest for that quarter on that amount.

I'm not too concerned about this anymore because riding out a quarter is no big deal.

I know I can cash out at the end of any quarter but I guess the question is....

If I have a 30k quarterly GIC can I pull out 10k at the end of a quarter and continue the term with the remaining 20k ??

September 21, 2024
5:38 am
KamWest
Toronto
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Why I like hubert is because places like Saven don't let you pull out period. I called and you cannot get your money if you lock in for a year. Typically you could forgo interest and get to the funds but that is not the case in a lot of places so the fact that you can break the Hubert GIC anytime (in case of an emergency) is quite attractive.

September 21, 2024
7:56 am
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KamWest said
If I have a 30k quarterly GIC can I pull out 10k at the end of a quarter and continue the term with the remaining 20k ??  

If you have 3 GICs each of them is completely independent of others. So you can cash out one (or two) and the other two (or one left) will continue into next quarter with higher interest.

September 21, 2024
8:02 am
KamWest
Toronto
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This was my question...

If I have a 30k quarterly GIC can I pull out 10k at the end of a quarter and continue the term with the remaining 20k ??

September 21, 2024
8:17 am
Norman1
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I've seen no indication that the Hubert quarterly term deposits are partially redeemable like the RBC Prime-Linked Cashable GIC's are.

Someone reported on RedFlagDeals in 2020 that they asked and the answer was no, each Hubert quarterly term deposit is not partially redeemable.

September 21, 2024
9:25 am
Dean
Valhalla Mountains, British Columbia
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.
What Norman said ⬆

And a quick call to a Hubert CSR (far more efficient than here) will give you the Same answer.

Do 'Partially' redeemable GICs even exist, Anywhere ?

    Dean

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

September 21, 2024
9:36 am
Norman1
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RBC Prime-Linked Cashable GIC's are partially redeemable within some limits:

3) Must maintain a minimum of $5,000 at all times. Minimum withdrawal amount is $1,000.

I've done the partial redemption many times. Accrued interest on the withdrawn principal is paid at the time the GIC is partially redeemed. When the redemption is done online during business hours, the proceeds appear in one's RBC chequing account after a few minutes.

September 21, 2024
2:02 pm
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KamWest said
This was my question...

If I have a 30k quarterly GIC can I pull out 10k at the end of a quarter and continue the term with the remaining 20k ??  

If all 30k are in ONE GIC - NO you cannot redeem partially and take 10K and leave 20K. You HAVE to take all 30K and close GIC.
Thus open 3 x 10K and then you can take 10k at each quarter NOT affecting the rest.

September 21, 2024
8:23 pm
Rail Baron
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I have done something similar to what is being proposed with 3x10k GICS in Hubert's quarterly term. But I staggered the terms of each GIC by one day each so there was no confusion about which one I would redeem and which ones I would leave earning interest.

September 21, 2024
11:08 pm
Jimmy
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KamWest said
This was my question...

If I have a 30k quarterly GIC can I pull out 10k at the end of a quarter and continue the term with the remaining 20k ??  

Could you not just cash out the 30k and then immediately open a new quarterly GIC with the remaining 20k? Only negative is that new rate might be lower.

September 22, 2024
3:43 am
RetirEd
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I split a $10K deposit with ALLY into $1K/$2K/$3K/$4K once. Great deal, great outfit back then. And I could have my choice of cashability. And they let me run right up to CDIC limits and withdraw my interest every month. Each makes its own policy and pricing. Cashable terms have been out of favour for most of the interest-rate run-up for evident reasons.

Ally got eaten.

RetirEd

September 22, 2024
7:03 pm
KamWest
Toronto
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Damn, I miss Ally

Brings back so many good memories

Eaten, swallowed and crapped out by Royal Bank

September 23, 2024
4:15 am
RetirEd
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KamWest: Following my example, splitting your $30K into $5K, $10K and $15K would give you maximum flexibility as your needs arose.

Need $5K? Cash the $5K.

Need $10K? Cash the $10K.

Need $15K? Cash the $15K.

Need $20K? Cash the $5K and the $15K.

Need $25K? Cash the $10K and the $15K.

Need $30K? Cash everything.

Need more? Your problem. sf-wink

RetirEd

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