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Hubert term deposit interest rate error
May 19, 2015
4:27 pm
GMH
Toronto
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Just last week I had a 1 yr term deposit mature. When I checked the 4Q interest payment (2.5%), I found that I was only paid ~0.85%! I phoned Hubert and they corrected it, but it shows a lack of diligence. This error was blindingly obvious, but it makes me wonder what other smaller errors go undetected.

May 20, 2015
12:21 pm
2of3aintbad
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Thanks for the warning. I have a number of these quarterly pay GICs from Hubert, and have confirmed that the interest payments look correct based on daily (not quarterly) interest. However, none of them have yet paid the final interest so I will be checking then.

May 22, 2015
11:04 am
rhvic
Victoria, BC
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I had a one year GIC mature recently, and it looks like Hubert calculated it just fine. It was one where successive quarters earned 2.2, 2.3, 2.4 and 2.5%. I ended up with an average 2.37%.

May 22, 2015
8:44 pm
mw
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About 1 year GIC, when mature do they move the money to savings account or roll over to new 1 year GIC ?

May 22, 2015
11:55 pm
frizun
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mw said

About 1 year GIC, when mature do they move the money to savings account or roll over to new 1 year GIC ?

The GIC would be rolled over to a new GIC by default.
If you prefer the money to go into your savings acct,you would need to tell them before
the maturity date.
I did it through the online chat,i give them my secret word and acct. number and they made the the change.

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