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Hubert's Rates Going Down Again
September 26, 2019
3:23 pm
Selkirk
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.
I just got an email from Hubert Financial, advising that their terms rates will be going down again, Effective Tomorrow (Sept. 27th) :
.

" Rate Update

We want to give you a heads up that our term rates are scheduled to decrease tomorrow.

The new rates are as follows:

1-year term - 2.50% average

2-year term - 2.55%

3-year term - 2.60%

4-year term - 2.65%

5-year term - 2.75% "
.

Except for their one year term, all their other rates are going down. Their posted rates already show tomorrow's new rates, but I would imagine that their old rates will still be effective until midnight tonight.

September 26, 2019
3:31 pm
Selkirk
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I was surprised to get an 'advance' notice from Hubert !

Have they ever done that before ?

September 26, 2019
4:43 pm
Loonie
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Dean said
I was surprised to get an 'advance' notice from Hubert !

Have they ever done that before ?  

As I recall, they did it once before, but normally they just tell us after the fact.

September 27, 2019
9:56 am
Selkirk
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Loonie said

As I recall, they did it once before, but normally they just tell us after the fact.  

I wish they'd do it all the time❗

I took advantage of the advance notice they sent me yesterday, and bought into two more Terms before their rates went down today.

September 27, 2019
2:29 pm
Loonie
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Be sure to include the recommendation that such notices always be sent in advance of any changes when you get your next customer satisfaction survey from Hubert - or compliment temon it if they continue to do it, and ask for longer notice, like Oaken which gives one week, which is enough time to transfer in some funds.

September 27, 2019
4:06 pm
GICinvestor
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Loonie. Keep in mind you only have to do a transfer in to Oaken to order a GIC. The funds do NOT actually have to be there....same for Hubert. Bad transfer equals a cancelled GIC.

September 27, 2019
4:37 pm
rk
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I and my wife have all our TFSAs at Hubert in one year GICs. One of my wife's RRSP GIC is maturing pretty soon - at a different FI. We had been planning for a while now to transfer those RRSP funds to Hubert, as soon as they become available ... not any more. We will have to find them a different home.

September 28, 2019
8:18 am
pooreva
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rk said
I and my wife have all our TFSAs at Hubert in one year GICs. One of my wife's RRSP GIC is maturing pretty soon - at a different FI. We had been planning for a while now to transfer those RRSP funds to Hubert, as soon as they become available ... not any more. We will have to find them a different home.  

So what is your point??? Hubert does not read nor cares if anybody from this forum moves money there. They do what they do; take it or leave it.
Instead of giving them finger, it will be more productive for the all members of this forum if you say WHERE are you going to move your $. Then we all might benefit.

September 28, 2019
8:38 am
GICinvestor
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rk said
I and my wife have all our TFSAs at Hubert in one year GICs. One of my wife's RRSP GIC is maturing pretty soon - at a different FI. We had been planning for a while now to transfer those RRSP funds to Hubert, as soon as they become available ... not any more. We will have to find them a different home.  

Soon everyone will follow suit, rate wise, and PT & Oaken may hold out. Sometimes Hubert’s 1 year GIC is very attractive.

Where are you moving to?

Hubert has in the past, followed this site.

September 28, 2019
9:49 am
Selkirk
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Loonie said

Be sure to include the recommendation that such notices always be sent in advance of any changes when you get your next customer satisfaction survey from Hubert - or compliment temon it if they continue to do it, and ask for longer notice, like Oaken which gives one week, which is enough time to transfer in some funds.  

Well worth repeating ⬆

September 30, 2019
6:25 pm
rk
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GICinvestor said

Where are you moving to?

 

We have a few weeks to figure it out.

October 27, 2019
7:23 am
jgclghrn
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Just got this from Hubert:

"Rates are decreasing tomorrow, October 28. We will post the new rates on our website tomorrow morning.
New term rates are as follows:
1-year term - 2.40% average
2-year term - 2.45%
3-year term - 2.50%
4-year term - 2.55%
5-year term - 2.65%"

October 27, 2019
7:58 am
Selkirk
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jgclghrn said
Just got this from Hubert:

"Rates are decreasing tomorrow, October 28. We will post the new rates on our website tomorrow morning.
New term rates are as follows:
1-year term - 2.40% average
2-year term - 2.45%
3-year term - 2.50%
4-year term - 2.55%
5-year term - 2.65%"  

At least they gave us a one day advance notice again ... that's two times in a row now❗

I wonder if we'll ever be able to talk them into a 5 or 6 day notice. Doesn't Oaken do something like that ?

Cheerio,
Selkirk (a.k.a. Dean)
.

P.S.
Hey jgclghrn ... just how is your name pronounced❓sf-wink

October 27, 2019
9:22 am
Loonie
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Do you ever get the feeling you're being punished for something you didn't do?

October 27, 2019
10:02 am
Doug
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Oof, for the 1-year quarterly, that's only 0.10-0.20 above the best 1-year brokered GIC available through Scotia iTRADE and other discount brokerages, I believe. Believe 2.23-2.27% is still possible with Scotia iTRADE. If the spread is this low, or lower, I will move out my 1-year Hubert GIC with an effective annual interest rate of 3.15% when it matures in mid-January 2020.

Figure 1:  Screenshot of partial GICs available through Scotia iTRADE as at this date
Figure 1: Screenshot of partial GICs available through Scotia iTRADE as at this date

Cheers,
Doug

October 27, 2019
10:32 am
canadian.100
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Doug said
Oof, for the 1-year quarterly, that's only 0.10-0.20 above the best 1-year brokered GIC available through Scotia iTRADE and other discount brokerages, I believe. Believe 2.23-2.27% is still possible with Scotia iTRADE. If the spread is this low, or lower, I will move out my 1-year Hubert GIC with an effective annual interest rate of 3.15% when it matures in mid-January 2020.

Figure 1:  Screenshot of partial GICs available through Scotia iTRADE as at this date
Figure 1: Screenshot of partial GICs available through Scotia iTRADE as at this date

Cheers,
Doug  

This is for sure a race to the bottom for rates. Hubert rates are now only marginally better than the banks. For me CDIC guarantee is stronger than the Manitoba type guarantee so moving on from Hubert...........
Must say I feel much better about my reset preferred shares these days. The values have increased in the last month (people no doubt looking for yield better than 2% with GICs currently on a downward trend) and the Div Tax Credit makes them even more worthwhile.
I sure do not see GIC rates improving for a while and if a recession arrives (not unlikely) that will likely depress GIC rates even more. GICs back closer to 1% could become reality.

October 27, 2019
10:43 am
Selkirk
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.
I'm guessing Hubert's next step will be to lower their rate on their HISA again ... it's just a matter of time. sf-frown

Selkirk (a.k.a. Dean)

October 27, 2019
10:53 am
GICinvestor
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Selkirk said
.
I'm guessing Hubert's next step will be to lower their rate on their HISA again ... it's just a matter of time. sf-frown

Selkirk (a.k.a. Dean)  

Tongue in cheek.
I think they will wait for results of current FeedBack before they make any more changes.
sf-confusedsf-confused

October 27, 2019
12:26 pm
GICinvestor
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jgclghrn said
Just got this from Hubert:

"Rates are decreasing tomorrow, October 28. We will post the new rates on our website tomorrow morning.
New term rates are as follows:
1-year term - 2.40% average
2-year term - 2.45%
3-year term - 2.50%
4-year term - 2.55%
5-year term - 2.65%"  

You forgot to mention it all!

to share that our rates are decreasing tomorrow, October 28. We will post the new rates on our website tomorrow morning.

New term rates are as follows:
1-year term - 2.40% average
2-year term - 2.45%
3-year term - 2.50%
4-year term - 2.55%
5-year term - 2.65%

I am sorry too......because I will remove funds.

October 27, 2019
4:07 pm
Rick
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GICinvestor said

I am sorry too......because I will remove funds.  

To where?

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