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More Rate Increases :-)
September 17, 2022
11:28 am
cgouimet
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Winnie said

That is not correct.
You will lose $8.42, if you will redeem your $25,000 today (3 days, Sept 15 -Sept 17) and you will gain $9.37 for the next 90 days for a net gain of $0.95  

Hmm ...

I did 3-4 days at .15 (4.30-4.10) instead of 4.10. So, the real loss of those first few days is $25k*4.10%/100/365*3=$8.42 as you calculated.

But, for the next 90 days ...

On a 4.25% GIC: $25k*(4.10%)/100/365*90=$252.74
On a 4.40% GIC: $25k*(4.25%)/100/365*90=$261.99

So, my net gain in closing my $25k 4.25% GIC to replace it with a new one on the 19th at 4.40% is 261.99-252.74-8.42=-$0.83. A huge loss.

That's assuming that in 90 days I would collect the 1st quarter interest and renew into a new higher rate GIC.

But if I end up keeping it for the full year ...

On a 4.25% GIC: $25k*(4.25%)/100/=$1062.50
On a 4.40% GIC: $25k*(4.40%)/100/=$1100.00

In that case, converting that 4.25% to 4.40% on the 19th would be 1100.00-1062.52-8.42=$29.06.

About right?

If so, perhaps dinner for 2 without wine Chez McD ...

CGO
September 17, 2022
11:38 am
cgouimet
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CGO
September 18, 2022
8:37 am
Laertes
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I'm new to Hubert. I guess I could wait until tomorrow, but for 4.40% for one-year GIC, are we thinking it'll be the following?:

The first three months: 4.25%
Months four to six: 4.35%
Months seven to nine: 4.45%
The last three months: 4.55%

September 18, 2022
8:56 am
cgouimet
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Laertes said
I'm new to Hubert. I guess I could wait until tomorrow, but for 4.40% for one-year GIC, are we thinking it'll be the following?:

The first three months: 4.25%
Months four to six: 4.35%
Months seven to nine: 4.45%
The last three months: 4.55%  

Yes

CGO
September 18, 2022
9:20 am
RetirEd
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When I bought my first GIC from Oaken in May (not a renewal), and asked about holding rates, they told me that all term deposits allowed a regulated 10 days to back out.

Mind you, I don't have a lot of confidence in Oaken's staff...check this:

http://www.canada.ca/en/financ......html#toc6

Your right to cancel an automatic renewal

A federally regulated financial institution may automatically reinvest your funds at the original investment’s end date. You can cancel this new investment within 10 business days of the start of the new term. If you’re in this situation, check the terms and conditions of your original agreement. You can also contact them for details on how to cancel the product.

Your right to information before renewal or rollover

Banks must disclose certain information about any renewal or rollover of a product or service they may provide to you.

If the product or service is for a term of more than 30 days, they’ll disclose the information:

21 days before the last day of the term, and
5 days before the last day of the term

RetirEd

September 18, 2022
10:04 am
Dean
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.
So once again, the Hubert CSRs are giving our forum members conflicting information (see Posts 33, 37 & 42).

Is Hubert's 2Yr Term Rate going Up or Down❓ And will we be given Prior notice, or will they just tell us when it's too late, on the day it happens❓

I tried to call Hubert today, but they're closed.

    Dean

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

September 18, 2022
10:16 am
cgouimet
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Dean said
.
So once again, the Hubert CSRs are giving our forum members conflicting information (see Posts 33, 37 & 42).

Is Hubert's 2Yr Term Rate going Up or Down❓ And will we be given Prior notice, or will they just tell us when it's too late, on the day it happens❓

I tried to call Hubert today, but they're closed.

    Dean

  

Shortly after the merger they went to Monday to Saturday phone support.

In my experience, Hubert rate changes go out late the day before. After 21:00 ON time ...

CGO
September 18, 2022
10:27 am
Dean
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Dean said
.
So once again, the Hubert CSRs are giving our forum members conflicting information (see Posts 33, 37 & 42).

Is Hubert's 2Yr Term Rate going Up or Down❓ And will we be given Prior notice, or will they just tell us when it's too late, on the day it happens❓

I tried to call Hubert today, but they're closed.

    Dean

  

cgouimet said

Shortly after the merger they went to Monday to Saturday phone support.

In my experience, Hubert rate changes go out late the day before. After 21:00 ON time ...  

Thanks Cgouimet

    Dean

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

September 18, 2022
10:31 am
cgouimet
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Dean said

cgouimet said

Shortly after the merger they went to Monday to Saturday phone support.

In my experience, Hubert rate changes go out late the day before. After 21:00 ON time ...  

Thanks Cgouimet

Unfortunately for us folks way out here in BC (Pacific Time),
that's virtually No notice at all. sf-confused

    Dean

  

6-8PM BC time vs 9-11PM ON time ...

CGO
September 18, 2022
11:17 am
GR
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Dean said
.
So once again, the Hubert CSRs are giving our forum members conflicting information (see Posts 33, 37 & 42).

Is Hubert's 2Yr Term Rate going Up or Down❓ And will we be given Prior notice, or will they just tell us when it's too late, on the day it happens❓

I tried to call Hubert today, but they're closed.

    Dean

  

<br

Why didn't you call them yourself earlier, instead of criticizing other posters? 2 yr. rate going DOWN. If interested, set it up today @ 4.75% and you should be able to fund it in a few days. I believe the rate of 4.75% will be locked in. See my post #52.

September 18, 2022
5:35 pm
pennysaver1
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GR said
New GIC rates I posted in post #42 were confirmed this morning by another CSR - effective Monday, Sept.19.

For existing clients who want a 2 yr. GIC at today's rate of 4.75% (before it drops to 4.40% on Monday), you should be able to do the following this weekend:

Log in to your account and select "create new account" at top of green box. Set up a new 2 yr. GIC at 4.75% and fund it within several days. I don't know how many days they allow.  

If anyone's wondering about that last line from GR's post, I had asked a rep about this a month or so ago and was told you have 2 days (48h) to fund your GIC after opening it, so anyone interested in taking advantage of the 2 year rate before it drops can open it today as long as they fund it within 48 hours of opening it.

I was also told that if someone has submitted a TFSA transfer form before a GIC rate drops, that person can get the pre-drop rate for those funds as long as they open a TFSA GIC before that rate goes down. Once the funds have been fully transferred my understanding is one would need to call Hubert for a rep to finish setting it up.

September 18, 2022
11:36 pm
cgouimet
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As "discussed" in the last few days, effective Sep 19 ...

HISA ...... 2.60% -> 2.85%
1Yr GIC .. 4.25% -> 4.40% (4.25/4.35/4.45/4.55)
2Yr GIC .. 4.75% -> 4.40%
3Yr GIC .. 4.50% -> 4.55%
4Yr GIC .. 4.75% N/C
5Yr GIC .. 5.00% N/C

(Per https://www.happysavings.ca/rates/)

What's different this time is that ...

1. Some telegraphing of the upcoming increase to some members.

2. From May-Aug, I received 7 email notifications of rate change. All of them between 21:25 and 23:25 ON time the day before. None yet on this one ...

CGO
September 19, 2022
6:36 am
pooreva
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NO email this time 🙁

September 19, 2022
6:43 am
krwilson
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Just received email at 9:39EST

New daily savings rate
2.85%

New term rates
1-year term - 4.40% average (new)
2-year term - 4.40% (new)
3-year term - 4.55% (new)
4-year term - 4.75%
5-year term - 5.00%

Quarterly breakdown of our 1-year term
The first three months: 4.25%
Months four to six: 4.35%
Months seven to nine: 4.45%
The last three months: 4.55%

September 19, 2022
9:22 am
Dean
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pooreva said

NO email this time 🙁  

I received my email notice of Hubert's latest rate changes @ 6:46am Pacific Time, this morning ... the Same day as the effective day of the rate changes ❗

Yet another disappointment from Hubert. sf-confused

    Dean

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

September 19, 2022
9:32 am
cgouimet
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Dean said

I received my email notice of Hubert's latest rate changes @ 6:46am Pacific Time, this morning ... the Same day as the effective day of the rate changes ❗

Yet another disappointment from Hubert. sf-confused

    Dean

  

Do you get advance notices from any FI?

CGO
September 19, 2022
9:59 am
Dean
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cgouimet said

Do you get advance notices from any FI?  

I receive advance notices from Oaken ... and until today, Hubert.

I'm sure there are others out there, but those are the ones I deal with that do/did.

    Dean

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

September 19, 2022
10:18 am
cgouimet
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Dean said

I receive advance notices from Oaken ... and until today, Hubert.

I'm sure there are others out there, but those are the ones I deal with that do/did.

    Dean

  

The best advance notice I've had from Hubert in the last 6 months was 2 1/2 hours.

As for Oaken I had one HISA notice 2 days ahead. GIC's on the day of but retroactive 7 days if they're increasing.

That's my experience but it seems you've had better ...

CGO
September 19, 2022
11:43 am
Laertes
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Just put some $ in to the one-year GICs. Thanks, GR, for the advance word. I didn't get my email until 9:36 AM ET today.

September 19, 2022
1:34 pm
savemoresaveoften
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GR track record so far maintain 100% hit rate, thanks for the heads up !

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