One year laddered GIC rates tick up again | Hubert Financial | Discussion forum

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One year laddered GIC rates tick up again
December 20, 2022
9:40 am
AdrenalineTrade
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While they seem to be raising rates just a fraction at a time, they are still raising them while other FI's are pausing or lowering. I am a huge fan of this CU as I have found their one year laddered GIC to be just my cup of tea. Current rates now begin at 4.45% and increase by 0.10% every 3 months with the option to redeem quarterly. If you leave your money in there for the whole year, you will average 4.60% with all money fully insured by the Deposit Guarantee Corporation of Manitoba without limit.

December 20, 2022
9:50 am
Rail Baron
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I don't believe that our deposits in Hubert are insured by the Province of Manitoba. It pays to read the fine print.

December 20, 2022
10:54 am
hwyc
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Rail Baron said
I don't believe that our deposits in Hubert are insured by the Province of Manitoba. It pays to read the fine print.  

Where do you read? or how do you mean? ... A little surprise you make a claim like that. I always thought listings on HighInterestSavings charts are backed by deposit insurance.

December 20, 2022
10:55 am
AltaRed
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Rail Baron said
I don't believe that our deposits in Hubert are insured by the Province of Manitoba. It pays to read the fine print.  

WADR, the OP said the DGCM, not the province of Manitoba.

December 20, 2022
11:02 am
Rail Baron
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Yes, Hubert deposits are insured by the DGCM. I may have misread the OP, but I thought that it was initially stated that the province of Manitoba guaranteed these deposits, which is not the case.

December 20, 2022
12:32 pm
lifeonanisland
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This is a good vehicle for short term. Unfortunately, Hubert is going backwards with anything other than this one year quarterly. Time to look elsewhere.

February 16, 2023
12:20 pm
Loonie
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I spoke to Hubert CSR today, who said the one-year rate will be increasing tomorrow.

February 16, 2023
1:05 pm
Rail Baron
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Loonie said
I spoke to Hubert CSR today, who said the one-year rate will be increasing tomorrow.  

Thank you for posting this news! I had just purchased a one-year term this morning, and was able to redeem it the same day. So now the funds are in my HISA, waiting to fund the term at tomorrow's higher rate.

Dealing with Hubert is so easy and satisfying compared to all the other FIs I have GICs with!

February 17, 2023
6:18 am
Canadianbull
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Non-Registered Terms, TFSAs, RRSPs, and RRIFs*
1 year quarterly term*
5.00%
2 year term
5.25%
3 year term
4.85%
4 year term
4.90%
5 year term
5.00%

February 17, 2023
6:25 am
savemoresaveoften
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Interesting they just grind the 1y higher very slowly but still result in a lot of admin when it comes to the end of the 3 month period, where people redeem and reinvest.

February 17, 2023
6:44 am
cgouimet
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I bought a 1Yr GIC on Feb 15 @ 4.85%. I called at 8:30 MB time to upgrade to 5% which they wouldn't do. So, I cashed out the 4.85% and bought a new 5%.

All done in less than 2 minutes ...

CGO
February 17, 2023
8:46 am
Rail Baron
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I just purchased a 1 year term at the new rate. I did this online in less than two minutes, plus a two minute phone call to redeem the GIC at the old rate yesterday.

I also noticed that there is now a different HISA interest rate for RRSP and TFSA accounts than for non-registered accounts. Was this previously the case, or is this a new departure?

February 17, 2023
8:50 am
phrank
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Rail Baron said
I also noticed that there is now a different HISA interest rate for RRSP and TFSA accounts than for non-registered accounts. Was this previously the case, or is this a new departure?  

It wasn't like that recently no, I don't know about long term.

February 17, 2023
3:59 pm
savemoresaveoften
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cgouimet said
I bought a 1Yr GIC on Feb 15 @ 4.85%. I called at 8:30 MB time to upgrade to 5% which they wouldn't do. So, I cashed out the 4.85% and bought a new 5%.

All done in less than 2 minutes ...  

U lost 2 days of interest 4.7% which is 940bps. U gain 15bps per day with the new date. So need 62 days to break even. If u redeem after 3 months anyway, it’s only 1 month of extra 15bps. But then money is money.

February 18, 2023
9:54 am
victor6433
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February 18, 2023
10:38 am
cgouimet
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victor6433 said
cgouimet only loss 2 days, Ouch I lost 10 days.. so it will take me 10 months to get the interest back. Lol  

I did the math beforehand so I knew the outcome...

CGO
February 19, 2023
1:34 pm
victor6433
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Well I didn't do the math.. I did now.. lost about 115.00 for the 10 days.. I won't be doing that again.

February 19, 2023
3:08 pm
victor6433
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savemoresaveoften..
Opened my eyes... Money is Money... I am greedy... but next time I will do the math...
Thanks to savemoresaveoften.

February 19, 2023
3:56 pm
HermanH
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I did some math, too, and found that the 15 days of accumulated interest I would sacrifice would not cover the additional 0.15 higher interest rate.

If the rate is still available after my quarterly maturity, I will take it.

February 19, 2023
4:14 pm
victor6433
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HermanH said
I did some math, too, and found that the 15 days of accumulated interest I would sacrifice would not cover the additional 0.15 higher interest rate.

If the rate is still available after my quarterly maturity, I will take it.  

Well I have 1 Maturing every month. Something 2 thing about...

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