Hubert 1-yr Quarterly Term 4.6% avg, Savings account 3.25%, Updated Dec 19, 2022

Scote64 wrote: ↑ Historical note: it is worth checking the current rate for new GICs every quarter. While the amount Hubert adjusts upward is usually such that it's not quite worth cashing in your current quarterly-cashable GIC vs. letting it ride, that's not always true. It has happened occasionally that it's worth cashing in and immediately taking out a new GIC. But it has to be done on the first day of the new quarter to avoid losing interest, so set yourself a reminder.

martydxb wrote: ↑ UPDATE: Now 2.4% (was 2.6%)

• The first three months: 2.25%*
• Months four to six: 2.35%*
• Months seven to nine: 2.45%*
• The last three months: 2.55%*

DrAcX wrote: ↑ When I saw the notification on March 12 I quickly opened a GIC to decide later how much to put in.

Scote64 wrote: ↑ Are you saying that you can open the GIC account and not put in any money right away, but still maintain the same rate? It is a bit weird that it's a 2-step process at Hubert (open GIC account, then put in money), but it seems like an accidental flaw to allow people to lock in a rate with no money commitment. As far as I am aware, you can neither increase nor decrease the amount in the GIC after the original deposit, other than to close it. I once asked about partial withdrawal, and Hubert told me that's not possible, but I never asked about additional contribution to an existing GIC at the original rate. That one wouldn't make much sense to allow either.

DrAcX wrote: ↑ once you deposit once into the GIC you can't add more, and neither can you partially withdraw.

DrAcX wrote: ↑ Updated rates for new quarterly term starting Dec 15, 2021 @ 2.0% Avg (0.5% bump from previous!)

Scote64 wrote: ↑ Hubert is dropping their 1-year GIC rate from 2% to 1.8% tomorrow (no advance warning this time), as hinted at the credit union merger discussion last month, and in spite of rates generally going up. The takeover by Access CU (Accelerate) is beginning to take effect.

However the savings rate is going up from 1.25% to 1.4%, so there's a little bit of good news.

"Rate Update

Effective, Tuesday, March 8, our rates (both registered and non-registered) are changing. Our daily savings rate is also increasing.

New daily savings rate (Effective March 8)

1.40% (Previously 1.25%)

New term rates (Effective March 8)

1-year term - 1.80% average
2-year term - 2.00%
3-year term - 2.20%
4-year term - 2.30%
5-year term - 2.50%

New quarterly breakdown of our 1-year term (Effective March 8)

The first three months: 1.65%
Months four to six: 1.75%
Months seven to nine: 1.85%
The last three months: 1.95%"

Rockdaddy22 wrote: ↑ EQ now paying 3.55% on a 1 year GIC

Ron_Jeremy wrote: ↑ Insurance is 100% unlimited by Deposit Guarantee Corp of Manitoba.

https://www.happysavings.ca/meet-hubert ... guarantee/

Darkurio wrote: ↑ EQBank trades flexibility for higher rates. Their 1yr GIC is truly locked until it matures (I don't believe you can even withdraw it and forfeit the interest like with other places).
They also have various limits like $200k total for individual users which ultimately cap how much you can invest.

Imo Hubert strikes a better balance but depends on one's needs and how they use the account. Ex. interest paid out quarterly, but can also withdraw anytime, at most forfeiting 3 months of interest if you withdraw just before the payout. Because of that, if rates are rising in the next few quarters (which is very likely these days), you can keep withdrawing and re-investing at the higher rates, making the difference between Hubert and EQBank become very small while still having the flexibility Hubert offers.