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

10/10 would recommend Hubert. Quick, efficient, and friendly. Transfer to external bank accounts usually settle on the same day.

Question for anyone who knows.

So I just opened a hubert account and I created a fixed term GIC at 1 year (quarterly). I now need to add money to it.

My question is, when does the 1 year start - from the day I created the GIC, or the day I add money to it?

Can you only add money once and then it is locked?

adamtheman wrote: ↑ when does the 1 year start... the day I add money to it?

Can you only add money once and then it is locked?

This.

adamtheman wrote: ↑ Question for anyone who knows.

So I just opened a hubert account and I created a fixed term GIC at 1 year (quarterly). I now need to add money to it.

My question is, when does the 1 year start - from the day I created the GIC, or the day I add money to it?

Can you only add money once and then it is locked?

In my experience (only 3 months as a customer) they usually just remove it from your account list the day if you don't add money to it. You cant add more money after your 1 transfer in, that would probably make for horrible book keeping if say the rates adjust or when to pay you out your quarterly interest.

I dont know if there is a limit but you probably could do for example $1000 into a new GIC everyday if you wanted to.

amplified wrote: ↑ In my experience (only 3 months as a customer) they usually just remove it from your account list the day if you don't add money to it. You cant add more money after your 1 transfer in, that would probably make for horrible book keeping if say the rates adjust or when to pay you out your quarterly interest.

I dont know if there is a limit but you probably could do for example $1000 into a new GIC everyday if you wanted to.

That makes sense. I was just wondering because I added the GIC and it showed up and then I couldn't xfer money to it because my money was "on hold" but per the advice in this thread I phoned them and they will able to remove the hold so I could move the money over. I was just wondering what would have happened if I haden't moved money in it today and it sounds like they just would have removed the GIC entirely. Thanks for clarifying that!

amplified wrote: ↑ ...
I dont know if there is a limit but you probably could do for example $1000 into a new GIC everyday if you wanted to.

There's no limit from my experience, I have been able to make about 5 or something separate GICs in a day and load them with cash.
e.g. 10k, 5k, 3k, 2k, 1k

My reason is, I can break them and access the funds if needed without jeopardizing the interest, in case anyone was wondering why do this.

Today the rate on Hubert's Rates page for the 12-mo quarterly-paying GIC says 4.6%, an apparent increase from 4.5%.

But their details page still says 4.5%, and the starting rate for a new 12-mo GIC is still shown as 4.35%. I didn't notice while I was talking to them, so I don't know if this is an error, or somebody jumped the gun on Rates page mods before the rest of the system has caught up and sent out notices.

Update: Confirmed by email announcement later in the day - but they still forgot to update their Details page (still showing 4.5% instead of the 4.6% announced in the main page).

Updated OP to reflect new rates, quarterly up 0.1%, savings 0.25%

I'd like to switch my GIC today on the quarterly payment date, but the Hubert phone system appears to be down. I called in, was "#1 in queue" right away, waited 30 minutes, and then got kicked off. Twice. I left a callback request - nothing.

Scote64 wrote: ↑I'd like to switch my GIC today on the quarterly payment date, but the Hubert phone system appears to be down. I called in, was "#1 in queue" right away, waited 30 minutes, and then got kicked off. Twice. I left a callback request - nothing.

according to happysavings.ca, they are closed Dec24.

bjwcg7tf wrote: ↑ according to happysavings.ca, they are closed Dec24.

I eventually saw that. They're normally open Saturday, and I was just dialing their saved number without access to the web site. Would have been nice if they thought to update their phone system to say "we're closed early for the holidays" instead of "you're #1 in queue".

Scote64 wrote: ↑ I eventually saw that. They're normally open Saturday, and I was just dialing their saved number without access to the web site. Would have been nice if they thought to update their phone system to say "we're closed early for the holidays" instead of "you're #1 in queue".

You can create a GIC today on the website, and then phone them on the 27th and have them transfer to the one you created today. That way you wont lose 3 days interest.

Bull Dog wrote: ↑ You can create a GIC today on the website, and then phone them on the 27th and have them transfer to the one you created today. That way you wont lose 3 days interest.

Have you ever tried that? With the $ coming from terminating an existing quarterly GIC? Did it actually work, as in not losing a few days interest?

Scote64 wrote: ↑ Have you ever tried that? With the $ coming from terminating an existing quarterly GIC? Did it actually work, as in not losing a few days interest?

I haven't tried it, but I phoned them last week and they told me I could do that for a GIC with the quarterly interest renewing today, since they are closed for a few days.

Might as well, worse comes to worse ask them to delete the empty GIC on the 27th

Scote64 wrote: ↑ Have you ever tried that? With the $ coming from terminating an existing quarterly GIC? Did it actually work, as in not losing a few days interest?

I tried it..actually, they also suggested that when I asked how to handle when my GIC next interest date fell on a holiday

Scote64 wrote: ↑ Have you ever tried that? With the $ coming from terminating an existing quarterly GIC? Did it actually work, as in not losing a few days interest?

I learned that despite the day you open the GIC, you only earn interest on the GIC for the number of days the money is actually in the GIC. If you add the funds days after the GIC is created, you do not earn interest on the days when the GIC is not actually funded. That was my experience, anyways.

choclover wrote: ↑ I learned that despite the day you open the GIC, you only earn interest on the GIC for the number of days the money is actually in the GIC. If you add the funds days after the GIC is created, you do not earn interest on the days when the GIC is not actually funded. That was my experience, anyways.

I'll ask whether they will back-date the transfer. Obviously if they don't then there's no advantage, and you're just out of luck if the quarterly maturity date of the previous GIC happens to fall at the start of the longest bank holiday of the year.

Scote64 wrote: ↑ I'll ask whether they will back-date the transfer. Obviously if they don't then there's no advantage, and you're just out of luck if the quarterly maturity date of the previous GIC happens to fall at the start of the longest bank holiday of the year.

I called yesterday while they were closed and left a call back message. They called me back today when they opened at 8:30 ( 9:30 our time ) and back dated the GIC that had a quarterly renewal on Dec 24 into the empty GIC I created on Dec 24.

I also messaged on their website to complain that it's not acceptable to be closed 4 days, and I attribute that decline in service due to their recent merger.

Bull Dog wrote: ↑ I called yesterday while they were closed and left a call back message. They called me back today when they opened at 8:30 ( 9:30 our time ) and back dated the GIC that had a quarterly renewal on Dec 24 into the empty GIC I created on Dec 24.

I also messaged on their website to complain that it's not acceptable to be closed 4 days, and I attribute that decline in service due to their recent merger.

I've yet to hear from them or contact them today. So you confirmed that you won't lose any days interest on the switch?

Scote64 wrote: ↑ I've yet to hear from them or contact them today. So you confirmed that you won't lose any days interest on the switch?

Thats what they said