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

Scote64 wrote: ↑ Day of, actually. Interest is paid in the morning of the quarterly date, and you can withdraw right away, and re-up at a higher rate if desired.

Does withdrawing require a phone call in or is it available to do via the website?

astroboy100 wrote: ↑ Does withdrawing require a phone call in or is it available to do via the website?

Phone call, but it's no problem - Hubert always answers their phone right away, and it takes 2 minutes. Just know your verbal password and the GIC# you want to terminate. They do it immediately.

I have recently deposited some $$$ in a TDDI TFSA I recently opened, was planning on putting into stocks, just sitting as cash currently, but now thinking of putting into GIC’s. This looks like the best option out there.

If I open TFSA with Hubert, and transfer that existing TDDI TFSA money over, will that count twice towards my contribution?

Many thanks!

If you get a one year GIC, do they allow partial redemptions?

Tempted to put money in as it's significantly higher than my HISA (and extra $50/month if I put in my entire $40,000). Just not sure if it's worth the inconvenience.

How long before my balance become "available".
Transferred last Friday, still can't access the money.

DealLaSing wrote: ↑How long before my balance become "available".
Transferred last Friday, still can access the money.

6 business day. but if u want the new money to deposit new GIC, u can call their customer support.

frugal1 wrote: ↑ If you get a one year GIC, do they allow partial redemptions?

No, they don't. All or nothing. What you should do is set up multiple smaller GICs instead of one big one.

1 Year being increased to 4.25% tomorrow. Called in today to activate account and that's what agent told me.

Updated rates to reflect tomorrow's +0.15% in the quarterly

Update: Another 0.15% increase.
Effective, Monday, September 19, 2022: 1-year term - 4.40% average

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%

https://www.happysavings.ca/products/te ... ear-terms/

Thx updated OP
Also included links to the BoC and fed interest rate schedules for reference

Wonder what are the chances they'll increase again soon in response to past BoC and upcoming US fed rate bumps.
Lately the positive differences between the BoC rate and what's offered by banks seems to be decreasing, especially since the latest bump to 3.25.

DrAcX wrote: ↑ Thx updated OP
Also included links to the BoC and fed interest rate schedules for reference

Wonder what are the chances they'll increase again soon in response to past BoC and upcoming US fed rate bumps.
Lately the positive differences between the BoC rate and what's offered by banks seems to be decreasing, especially since the latest bump to 3.25.

If I had to guess and I have a really bad crystal ball, I would say that GIC rates will increase again when the US fed interest rates are increased as I believe there is a tighter correlation between these and our term deposit rates than our actual BoC rate. But I am just someone who is still a student of life.

BarbaraJeanE834 wrote: ↑ Tempted to put money in as it's significantly higher than my HISA (and extra $50/month if I put in my entire $40,000). Just not sure if it's worth the inconvenience.

What I have done in the past is split it up...you can buy say 4 different 10k GICs...if you need to cash one the others are still there climbing the ladder.

Are there fees involved to transfer large sum of money from td to hubert ?

Cerebros wrote: ↑ Are there fees involved to transfer large sum of money from td to hubert ?

Certainly no fee at Hubert, but you would have to check your particular TD account to see if there is a small debit transaction fee (like under $1) for transfers out. Your money will be on hold for a week at Hubert if you do a "pull" on TD from their end.

Hubert has daily ($50K), weekly, and monthly limits on "push" EFTs when you transfer money out, but you can have the limit waived by just calling in, and Hubert always answers calls promptly. In fact they called me recently to ask if I needed a waiver when I tried to do a push that was over the limit and I didn't call them right away.

Update!

Effective, November 4, 2022

New daily savings rate: 3.00%

New term rates
1-year term - 4.50% average

Quarterly breakdown of our 1-year term:

The first three months: 4.35%

Months four to six: 4.45%

Months seven to nine: 4.55%

The last three months:4.65%

Updated OP to reflect 0.1% increase in 1-yr term and 0.15% in daily savings
(tho kinda hoping for a bit more than that given the benchmark is at 3.75% in Canada and 4% in US now)

DrAcX wrote: ↑ Updated OP to reflect 0.1% increase in 1-yr term and 0.15% in daily savings
(tho kinda hoping for a bit more than that given the benchmark is at 3.75% in Canada and 4% in US now)

They might just be staggering these to prevent mass redemptions of these every quarter. With Hubert's minor rate hikes, it might not be worthwhile for most people to cancel their GIC and renew. Possibly that's whats going on.

martydxb wrote: ↑ They might just be staggering these to prevent mass redemptions of these every quarter. With Hubert's minor rate hikes, it might not be worthwhile for most people to cancel their GIC and renew. Possibly that's whats going on.

What they should be doing is increasing the increment between quarters. That way there would be more incentive for people to stick with a running GIC that has already advanced to a higher interest tier rather than cash it in on a new one. Right now my 1yr GICs from August would increase to 4.2% if I keep them, but a new one starts at 4.35%. if the difference was less than 0.05% I probably wouldn't bother switching, but at 0.15% it's worthwhile.