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Email this3:58 pm
September 29, 2020
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https://www.happysavings.ca/products/terms/one-year-terms/ looks good. But I wanted to check with others here.
What happens if you take your money before 3 months (before 90 days)? Do you still get to keep the earned interest? OR do you only get interest after 90 days?
4:12 pm
February 7, 2019
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Interest every 3 months and nothing more in between, just as stated on Hubert's link you refrenced...
"Again, you can choose to redeem your 1-year term at any time. If you do, all interest that has been paid to you is yours to keep, but if you redeem between a quarter you will not receive any interest from that quarter. For example, if you redeem after seven months, you’ll only receive interest up to month six!"
| CGO |
4:33 pm
December 29, 2021
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Yes as long as it is after a 1/4.
5:06 pm
January 12, 2019
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piggybank said
. . .
What happens if you take your money before 3 months (before 90 days)?
. . .
Then the interest you're paid will = Nada
- Dean
" Live Long, Healthy ... And Prosper! "
5:06 pm
September 29, 2020
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Dean said
piggybank said
. . .
What happens if you take your money before 3 months (before 90 days)?
. . .
Then the interest you're paid will = Nada
Dean
Thank you for confirming. Is Hubert financial the only bank that does this sort of thing?
7:23 pm
January 12, 2019
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Piggybank ...
To my knowledge, Hubert is the only FI that has a 1Yr GIC quite like this one. Each quarter has a slightly higher interest rate, and you can cash-out at anytime. But the catch is, if you cash out 'mid-quarter', you forfeit any interest earned during that quarter.
If you think you might need to cash-out sometime during the first quarter, this GIC isn't for you. In that case, Hubert's High-Interest Savings Account (@ 2.60%) would work much better.
Life In The Fast Lane 
- Dean
" Live Long, Healthy ... And Prosper! "
7:50 pm
September 29, 2020
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Dean said
Piggybank ...To my knowledge, Hubert is the only FI that has a 1Yr GIC quite like this one. Each quarter has a slightly higher interest rate, and you can cash-out at anytime. But the catch is, if you cash out 'mid-quarter', you forfeit any interest earned during that quarter.
If you think you might need to cash-out sometime during the first quarter, this GIC isn't for you. In that case, Hubert's High-Interest Savings Account (@ 2.60%) would work much better.
Thank you for clarifying that they will only give you the interest on the 91st day and on the 181st day and so on and so forth (and nothing in between).
I have money that I can put away for 3 months at least. So unless somebody else can tell me / us whether there are other 3-month GICs that have a better rate, I will proceed with Hubert.
PS. I love it when people here call me by my name. Oink oink lol
1:14 am
February 7, 2019
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piggybank said
Thank you for clarifying that they will only give you the interest on the 91st day and on the 181st day and so on and so forth (and nothing in between).
I have money that I can put away for 3 months at least. So unless somebody else can tell me / us whether there are other 3-month GICs that have a better rate, I will proceed with Hubert.PS. I love it when people here call me by my name. Oink oink lol
I don't know of a better 3-month option, but look around ...
My suggestion is to have at least one HUB GIC of an amount you think you might need to cash mid quarter so as to limit the amount of interest at risk.
| CGO |
2:50 pm
April 11, 2020
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Agree and if you do a couple of smaller GICs instead of one large one you are pretty flexible with your cash needs without losing too much interest if you need cash.
9:50 am
January 10, 2017
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piggybank said
https://www.happysavings.ca/products/terms/one-year-terms/ looks good. But I wanted to check with others here.What happens if you take your money before 3 months (before 90 days)? Do you still get to keep the earned interest? OR do you only get interest after 90 days?
Is it 3 months or 90 days? How are the "quarters" calculated. For example if one starts the 1 yr GIC on 15 August, 2022, exactly when do the quarter periods end? Is is 14 Nov 2022, 14 Feb 2023, 14 May 2023 and 14 Aug 2023 or something else?
10:09 am
April 14, 2021
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Happy uses quarters as three months. If you buy a GIC on Jan 1, the first quarter ends April 1 (even though the short month of Feb is included.)
10:12 am
January 12, 2019
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Lodown said
Is it 3 months or 90 days? How are the "quarters" calculated. For example if one starts the 1 yr GIC on 15 August, 2022, exactly when do the quarter periods end? Is is 14 Nov 2022, 14 Feb 2023, 14 May 2023 and 14 Aug 2023 or something else?
Hubert uses the same day date, for each quarterly period.
Example:
- April 27 ➡ July 27 / July 27 ➡ Oct. 27 / Oct 27 ➡ Jan. 27 / etc. ...
.
Hope that helps,
- Dean
P.S.
You're Welcome 
" Live Long, Healthy ... And Prosper! "
5:33 am
January 1, 2018
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I just started dealing with Hubert in late Feb... buying a 4 - 1yr GICs for flexibility; on the 1st Qtr date, with significant interest rate hike, I cashed out, and rebought. Next week will see the 1st Qtr anniversary date for these, and I'm tempted to repeat the process, given another decent raise in their 1yr rate to 4.25%.
I assume this approach will make tax time [T5s] more messy, as each 'early cash out' GIC will need to be reported separately. Does Hubert have a good system to provide the details or do I need to manually keep track of the interest earned on each one? thanks.
As for piggybank short term interest question ... I recently opened a new HISA at Meridian for their "3.5% for 8mths" promo. Not sure if it's still being offered, but you can check, if this seems like a better alternative than Hubert's 2.6% current rate.
5:38 am
December 20, 2019
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You only need to report total T5 interest earned from each financial institution.
I deal with many banks and have umpteen accounts and GIC's and all I do is report each T5 from each institution at the end of the year.
Quite honestly I have so many accounts I would never be able to report all of them, I rely solely on the T5's
6:24 am
April 6, 2013
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Hubert only issues one T5 slip that combines the interest from all savings accounts and term deposits. Any dividends from member shares are included as well.
One needs to keep track separately to ensure there isn't any error in the slips. But, one can report the total on the tax return.
8:55 am
September 11, 2013
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Aside from folks on this site I'm betting a tiny % of people, me included, ever recalculate and compare to T-slip amounts. I get too many to ever do that, I just look at the amounts for reasonability to ensure there's no egregious errors not in my favour, that's it. These days I assume computers do the calculations, errors would affect at least a number of clients, amending slips would be issued on discovery.
9:58 am
January 3, 2009
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I keep track in my own spreadsheet. I can understand why people don't as it is a lot of work, but I do catch errors. The worst being about 10 years ago when an institution tried charging me for the interest on our GICs twice, once annually and once when they matured! It was easy to prove with CRA because they had sent proper T5's. It doesn't matter if the calculations are done by computer, somewhere along the way data entry and configuration is done by humans and humans make the programs that do the calculations so trust at your own risk.
11:06 am
September 11, 2013
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phrank, I don't follow what you're saying - ? You say the T5's were right. But you were "charged" for interest on a gic, and twice? What do you mean, charged for gic interest?
I did have a case where CRA had duplicate T5 amounts from one fi, i.e. the same amount was uploaded twice, two identical T5s reported by fi to CRA, I could see it on MyAccount twice. I contacted the fi and a few weeks later just one T5 remained on MyAccount, never heard what happened.
5:57 am
January 1, 2018
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thanks for the feedback re Hubert T5s. I guess the main question with these constantly changing rates on the 1yr cashable GICs is: when is it worth the bother to cash out and re-purchase new ones?
For me that decision is next week, and the current 4.25% is more than a full percentage point higher than when I purchased them. Seems a no-brainer to take the low interest quarterly payout, on the day of, and go again?
Curious if others see things differently ?
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