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Hubert Rate Drop
April 21, 2017
7:22 am
Rate Whore
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Hubert just dropped their 1 year quarter rate to 1.95%:still the place to be.

April 21, 2017
7:46 am
Top It Up
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Just for clarity, from Hubert

"If you sign up and keep your funds in place for the entire year, you’ll earn an average rate of 1.95% for the year (with compounded interest). ... Here’s what you will earn:"

The first three months: 1.80%
Months four to six: 1.90%
Months seven to nine: 2.00%
The last three months: 2.10%

April 21, 2017
9:03 am
christinad
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Hubert now has the same rates as Peoples Trust for TFSA and RRSP 1 year gic. Hubert's is cashable though. Both have no transfer out fee. Peoples Trust seems pretty predictable at dropping rates at the beginning of year, but who knows.

April 21, 2017
9:12 am
Top It Up
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christinad said

Hubert's is cashable though.  

There is a caveat to that

https://www.happysavings.ca/products/terms/one-year-terms/

April 21, 2017
5:40 pm
SavingIsGood
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Top It Up said

There is a caveat to that

https://www.happysavings.ca/products/terms/one-year-terms/  

Which is??? I do not see any, even though they could spell out my point #3 below

Huber is very simple:
1. every 3 months you can take principal and accumulated interest (close GIC)
2. every 3 months interest rate increases
3. you can take out ALL your money at ANY time but you will get accumulated interest up to 3,6,9 months with no interest for in between. Meaning: if you cash your GIC in eighth month you will get principal+interest for 6 months ONLY. No interest for 2 months (8-6=2).
4. Every single penny is guaranteed by Manitoba. Not like CDIC's 100K only.

I did not peek at People's lately did they implement internet banking; but after that fiasco with stolen or whatever client's data and putting flag on my credit history - screw them. Buying GIC is extremely easy: You open account, You transfer from internal/external account, You close it at any time, You get notification a month in advance that your GIC is close to term.

I am not aware of any other FI offering cashable GIC with even close such conditions.

April 21, 2017
5:56 pm
Top It Up
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SavingIsGood said

"you can take out ALL your money at ANY time but you will get accumulated interest up to 3,6,9 months with no interest for in between. Meaning: if you cash your GIC in eighth month you will get principal+interest for 6 months ONLY. 

This is all I read

Early Redemption

Any lasting happiness term deposits you purchase after January 15, 2016 are not eligible for early redemption.

Maybe you can point to a link that says otherwise?

April 21, 2017
6:20 pm
Bill
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Top It Up, the 2nd sentence after your quote above goes on to say "This change won’t affect our one-year quarterly term deposits, so you’re still be able to redeem quarterly with full interest." (I think they mean "you'll" instead of "you're".)

April 21, 2017
6:27 pm
Top It Up
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I agree, but SavingIsGood contends, in their statement, that they can cash the GIC at anytime they want during the year, ignoring the quarterly period.

April 21, 2017
10:16 pm
mmlt
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I have to give Hubert an A for customer service thus far. They are going to honor the old interest rate due to my slow transfer issue.

April 22, 2017
11:14 am
SavingIsGood
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Top It Up said
I agree, but SavingIsGood contends, in their statement, that they can cash the GIC at anytime they want during the year, ignoring the quarterly period.  

I will get back to you on Monday when I reach customer service. I was able to close one of my 1y GICs in Jan 2017 in the middle of term. Unfortunately Hubert does not keep history of all your GICs so I have no idea when did I buy that GIC but for sure it was after Jan 2016. Stay tuned...

April 22, 2017
3:15 pm
Norman1
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You may be able to find it looking through monthly statements online.

Pick "online statements" in the left vertical navigation bar. There will be a choice to view online statements and the month/year of the statement.

I wondered about the cashable at one point. Loonie and Frizun asked and found that Hubert's one-year term was indeed cashable anytime, with the loss of any interest that had accrued but not paid out quarterly yet.

April 22, 2017
3:33 pm
Top It Up
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That forum thread was from 2015 - Hubert changed their early cashable rules to NO early cashable in Jan 2016 - my read is only cashable on the quarter.

April 22, 2017
5:33 pm
christinad
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I have a 3 month 1 year ladder at peoples. I agree the privacy breach is irritating but so is the lack of poa acceptance at hubert without a doctors note. It seems good to hedge your bets in terms of interest rate and do both.

April 23, 2017
7:59 am
Winnie
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Norman1 said

I wondered about the cashable at one point. Loonie and Frizun asked and found that Hubert's one-year term was indeed cashable anytime, with the loss of any interest that had accrued but not paid out quarterly yet.  

I also can confirm, that Hubert's one-year term is cashable anytime, with the loss of any interest that had accrued but not paid out quarterly yet.
I tried that in November 2016.

April 23, 2017
8:49 am
Bill
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Seems to me confusion often arises due to lack of grammar skills.

"This change won’t affect our one-year quarterly term deposits, so you’re still be able to redeem quarterly with full interest." This is ambiguous, it does not rule out redeeming other than quarterly without full interest.

"You’re not locked in for the entire year — you can redeem your term after three, six, or nine months." This, too, is imprecise: by referring to 3 separate quarters it creates the impression you can only redeem at a quarter end, but "after" means after (which also would make the additional reference to six and nine months superfluous plus confusing).

If a business that wants my money is not good at clear communication, I start wondering about what else it might not be good at.

April 23, 2017
8:58 am
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Bill said

If a business that wants my money is not good at clear communication, I start wondering about what else it might not be good at.  

FUNNY you say that.

I'm currently in a row with a long-time broker - who may, in fact, be ultimately correct, HOWEVER, they're giving all the wrong answers in their defence - and that is worrisome.

April 23, 2017
7:34 pm
Loonie
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That's why I wrote to them in the first place, to clarify.

Imprecise grammar is found virtually everywhere these days.
If one chooses to be specific and detailed, one gets accused of being long-winded.
However, that's how lawyers get rich and cases are won and lost.
It would have been better if they'd had their lawyers review the offer and put in a footnote.

April 24, 2017
8:14 am
SavingIsGood
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Top It Up said
That forum thread was from 2015 - Hubert changed their early cashable rules to NO early cashable in Jan 2016 - my read is only cashable on the quarter.  

That is NOT true.

1year cashable GIC - you can cash it at ANY TIME during the year. You will get full interest if you cash it at every quarter of your term. You will NOT get interest for period in between quarters if you cash it in between quarters, as I mentioned in my previous post.
ALL OTHER GICs are casable but you will not get any interests.

Confirmed today at 09:15 with Sara from Hubert.

For nitty-gritty details unfortunately you have ALWAYS to check in person. If they are to put everything in writing, it will be over 100 pages and it will be all lawyers talk. That is called 'small print'.

April 24, 2017
8:19 am
Top It Up
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Not really "cashable" then IF you're not getting interest outside the quarterly redemption periods . hard to see what all the hoopla is about Hubert, if you're having to leave money on the table.

June 15, 2017
10:12 pm
Loonie
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I have one-year GICs maturing at Hubert soon and am thinking of pulling them out.
There are other FIs offering better rates even if you do have to lock in, but I can stagger my deposits over the year to partly compensate. Hubert should go back up to 2.05.
I fear they have wasted too much money and time developing their lacklustre credit card instead. I can keep the money elsewhere short term until they put their rates up again and will probably be better off.

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