Personal Finance

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

  • Last Updated:
  • Jan 25th, 2023 9:46 am
Deal Fanatic
Jan 21, 2018
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Vancouver
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.
Deal Fanatic
Oct 7, 2007
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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.
Even with the rate drop, this still might be a good way to go with idle cash.
[OP]
Sr. Member
Jul 25, 2010
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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%*
Thanks, updated with the last set of changes since the beginning of the year. It's interesting their rates went up on March 2 when the economic downturn was already in full swing (albeit this was quickly pushed back down on March 13 and 19). When I saw the notification on March 12 I quickly opened a GIC to decide later how much to put in. Even now with the big drop the 1yr quarterly rates are going to look pretty good a few months from now when the economy really starts feeling the cascading effects of COVID19.

Also interesting to note that since March 13, they adjusted their quarterly to increase non-linearly (three 0.05% increases followed by one 0.1% increase) resulting in slightly different actual averages than advertised. Guess too many people kept pulling out early and they want to encourage holding the whole year.
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Jan 21, 2018
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DrAcX wrote: When I saw the notification on March 12 I quickly opened a GIC to decide later how much to put in.
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.
[OP]
Sr. Member
Jul 25, 2010
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Vancouver
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.
Yes, it is a 2-step process but I've never waited more than 1-2 days anyway so I'm not sure how far you can realistically stretch this before it raises a red flag with them. I personally like this flexibility, not to abuse it or anything but allows me to move funds from other banks into Hubert after the GIC is created which takes 1-2 days to register.

And yeah, once you deposit once into the GIC you can't add more, and neither can you partially withdraw. The GIC they offer is probably the most or one of the most flexible out there. From what I've heard there are places where if you withdraw early you not only get no interest, but you also pay a fee O_o, and that's on top of having rates that are almost 0.
Deal Fanatic
Jan 21, 2018
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DrAcX wrote: once you deposit once into the GIC you can't add more, and neither can you partially withdraw.
I often split mine into 2 or more GICs for that reason - there's no downside to having multiple GICs instead of one, and the individual ones can be cashed in separately.
Deal Fanatic
Oct 7, 2007
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The Oaken savings account and cashable GIC's may also be worth considering given that Oaken's stuff is CDIC insured.
[OP]
Sr. Member
Jul 25, 2010
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Vancouver
Updated rates for new quarterly term starting Nov 18, 2021 @ 1.5% avg
[OP]
Sr. Member
Jul 25, 2010
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Updated rates for new quarterly term starting Dec 15, 2021 @ 2.0% Avg (0.5% bump from previous!)

There's also apparently a 3.0% 5 year term for an unknown limited time

Still got a long way to go to match with the actual 30%+ inflation in reality though...
Deal Fanatic
Jan 21, 2018
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DrAcX wrote: Updated rates for new quarterly term starting Dec 15, 2021 @ 2.0% Avg (0.5% bump from previous!)
Just in time for me to tell Tangerine where they can stick their pathetic offer! :)
(Actually I haven't asked Tangerine yet - I'm just anticipating based on past experience.)

I wonder if this is to promote their 3-way credit union merger?
Deal Fanatic
Jan 21, 2018
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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%"
Deal Fanatic
Oct 7, 2007
9259 posts
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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%"
Interesting that some of the rates are going down. I saw this e-mail but hadn't had time to compare the rates to the past and had just assumed they were moving up.
[OP]
Sr. Member
Jul 25, 2010
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Updated to latest rates, happy to say they are all heading back up
Now a pretty decent option available to all, no haggling or other nonsense
[OP]
Sr. Member
Jul 25, 2010
721 posts
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Relatively big 0.4% bump in quarterly term
[OP]
Sr. Member
Jul 25, 2010
721 posts
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Vancouver
0.55% increase starting tomorrow, pricing in the upcoming BoC rate hike
with rates continuing to rise in the next little while, going quarterly is the best way to go
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Nov 26, 2011
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EQ now paying 3.55% on a 1 year GIC

EQ bumped it up to 3.65% for a 1 year GIC
Last edited by Rockdaddy22 on Jun 5th, 2022 4:57 am, edited 1 time in total.
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Aug 2, 2019
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Rockdaddy22 wrote: EQ now paying 3.55% on a 1 year GIC
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.
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Jul 29, 2013
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Ontario
Rate Update

Effective Thursday, June 9, our rates (both registered and non-registered) are changing, including our daily savings rate. The daily savings rate can be applied to TFSA, RRSP, and RRIF products.

New daily savings rate (effective June 9)

2.05%

New term rates (effective June 9)

1-year term - 3.25% average

2-year term - 3.65%

3-year term - 3.85%

4-year term - 4.05%

5-year term - 4.35%

Quarterly breakdown of our 1-year term (effective June 9)

The first three months: 3.10%

Months four to six: 3.20%

Months seven to nine: 3.30%

The last three months: 3.40%
Deal Fanatic
Jan 21, 2018
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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.
Hubert's quarterly-payout 1-year GIC is great at times like now when interest rates are going up. Every 3 months you can do a quick calculation as to whether it would be best to cash in and roll it over at the new higher rate. Right now it's definitely better.

But EQ doesn't include GICs in their weird $200K savings deposit limit.

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