Hubert - Rate Drop Dec 24, 2020 to 1.00% | Hubert Financial | Discussion forum

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Hubert - Rate Drop Dec 24, 2020 to 1.00%
December 23, 2020
2:02 pm
Shawguy
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Hubert just sent another email saying High Interest Savings account rate is being lowered to 1.00% on Dec 24

December 23, 2020
2:13 pm
hwyc
GTA
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December 23, 2020
2:22 pm
Dean
Valhalla Mountains, British Columbia
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Shawguy said

Hubert just sent another email saying High Interest Savings account rate is being lowered to 1.00% on Dec 24  

That's not All they're dropping ❗❗

Todays email from Hubert

      Rate Update
      .
      This is not very festive news, but effective December 24, our rates are decreasing.
      .
      Our new rates will be:
      .
      High-interest savings - 1.00%
      .
      1-year term - 1.30% average
      2-year term - 1.40%
      3-year term - 1.50%
      4-year term - 1.60%
      5-year term - 1.70%

A 'Merry Christmas', from Hubert. sf-confused

    Dean

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

December 23, 2020
2:48 pm
christinad
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They are either not smart or are being considerate and suggesting we take our money elsewhere. They could have dropped in january. As for me i'm pulling out my savings account and putting it in eq bank.

December 23, 2020
4:17 pm
canadian.100
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christinad said
They are either not smart or are being considerate and suggesting we take our money elsewhere. They could have dropped in january. As for me i'm pulling out my savings account and putting it in eq bank.  

With Hubert's 5 year GIC paying 1.70% and their 5 year mortgage rate @ 1.94%, they probably had no choice but to reduce GIC /savings rates if they are going to have a favourable bottom line i.e. a profit and survive. I would not be surprised to see other FIs lower their rates in 2021. I suspect EQ Bank will lower some of their GIC/Savings rates at one point early in 2021.

December 23, 2020
4:36 pm
christinad
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Good point. I left most of my gics with them. Interested to see what happens with peoples trust as i have 2 gics with them that renew in early january. Maybe their 1.45 rate will hold until then.

Wow. Peoples trust tax free savings is 1.3%. Hubert's just isn't competive.

December 23, 2020
5:33 pm
pooreva
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christinad said
Wow. Peoples trust tax free savings is 1.3%. Hubert's just isn't competive.  

Just wait few days and Peoples and other will drop it to 1% 🙁

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