Personal Finance

Hubert 1-yr Quarterly Term 4.85% avg, Savings account 3.40%, Updated Feb 2, 2023

  • Last Updated:
  • Feb 2nd, 2023 10:43 pm
Member
Apr 22, 2007
250 posts
80 upvotes
Hubert's customer service is great.
One thing I found a little bit inconvenient is you have to call in to transfer from a quarterly one year term to a regular savings account after a quarter, online chat used to offer that service but it no longer works.
Deal Fanatic
Jan 21, 2018
7835 posts
8528 upvotes
Vancouver
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 didn't get a callback yet today on either number for which I left messages, so I called them and requested the GIC transfer as of Saturday.

They said:

- We can't do that unless you opened a new unfunded GIC as of Saturday (fortunately I did, thanks to this thread).

- We'll do it this one time, but in future you should call and set it up in advance if Hubert is going to be closed on the maturity date, and we'll do it for you.

So success. Thanks everyone who mentioned this.

I also complained about the long closure and the lack of an updated phone message to say they were closed early for the holiday on Saturday.

No response on that, other than to say that all the banks were closed Monday and Tuesday. While I do rate Hubert customer service tops, I think they should have been a bit more apologetic about this issue.
Deal Addict
Aug 1, 2006
2378 posts
1986 upvotes
Toronto
Scote64 wrote: I didn't get a callback yet today on either number for which I left messages, so I called them and requested the GIC transfer as of Saturday.

They said:

- We can't do that unless you opened a new unfunded GIC as of Saturday (fortunately I did, thanks to this thread).

- We'll do it this one time, but in future you should call and set it up in advance if Hubert is going to be closed on the maturity date, and we'll do it for you.

So success. Thanks everyone who mentioned this.

I also complained about the long closure and the lack of an updated phone message to say they were closed early for the holiday on Saturday.

No response on that, other than to say that all the banks were closed Monday and Tuesday. While I do rate Hubert customer service tops, I think they should have been a bit more apologetic about this issue.
I did phone them ahead of time and they recommended the method we did, so this was the only way.
Deal Addict
User avatar
Apr 2, 2010
3158 posts
3030 upvotes
GTA
YAMI wrote: Hubert's customer service is great.
One thing I found a little bit inconvenient is you have to call in to transfer from a quarterly one year term to a regular savings account after a quarter, online chat used to offer that service but it no longer works.
Oh, that's a change. I just did that last month!
That's inconvenient if they permanently changed that.
Deal Fanatic
Oct 7, 2007
9277 posts
5105 upvotes
martydxb wrote: Oh, that's a change. I just did that last month!
That's inconvenient if they permanently changed that.
I thought so too. I wonder if they did this for security reasons.
Member
Apr 22, 2007
250 posts
80 upvotes
martydxb wrote: Oh, that's a change. I just did that last month!
That's inconvenient if they permanently changed that.
This happened to me two months ago when I tried to redeem a quarterly one year term. I was told I had to call in to make the transfer. Since you did it last month, maybe they changed it back?
Deal Addict
User avatar
Apr 2, 2010
3158 posts
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YAMI wrote: This happened to me two months ago when I tried to redeem a quarterly one year term. I was told I had to call in to make the transfer. Since you did it last month, maybe they changed it back?
Not sure, I went back to my bank account and can confirm this worked on the first week of Nov...
I prefer chat a lot, I just hope it was one agent who did not know the instructions.

Have you setup a 'verbal password' in the past? They require this to continue any transaction over chat so in case you dont have one, maybe that could be the reason.
Deal Addict
Aug 1, 2006
2378 posts
1986 upvotes
Toronto
martydxb wrote: Not sure, I went back to my bank account and can confirm this worked on the first week of Nov...
I prefer chat a lot, I just hope it was one agent who did not know the instructions.

Have you setup a 'verbal password' in the past? They require this to continue any transaction over chat so in case you dont have one, maybe that could be the reason.
I find them very quick in answering the phone, so I don't mind having to call them. Quite often you get same person, ie. Cayla or Caitlin, I can't remember her name
Deal Fanatic
User avatar
Apr 16, 2006
6226 posts
690 upvotes
Moved cash over to Hubert. Their 3.25% interest was higher than the retention rate Tangerine gave me a few months back of 3.0% (which was admittedly competitive at the time).

Hopefully the Tangerine Lottery will be kind to me and I'll get an offer better than Hubert. Until then, Hubert gets my money.
Jr. Member
Dec 15, 2022
149 posts
118 upvotes
Exp315 wrote: While in theory you can end your current term investment and start a new one at the new higher rate at the end of any quarter, you will note that the 0.1% rate increase is carefully chosen so that you cannot benefit by doing that because of the graduated increasing rate.
What? Your theory is hugely flawed. Surprised no one has called you out on it in 5 years considering its the 2nd post in the thread.

You can absolutely benefit from switching mid quarters after 3 months, it all depends on what options you have available to you at that given point in time, and when exactly you switch. It's basic math.

If I lock in now at 4.75% promo for the year (which gives 4.445 percent in quarter1) and hypothetically Tangerine gives me 5% interest on the first week after the third quarter has elapsed. I'd be forgoing a week's worth of interest at the "higher 0.1%" rate as you so put it ($100,000 deposit example puts that at a loss of $86) in that 1 week. Switching to a 5% promo yields $96/week. So an extra $10. It'd take 8 weeks to break even at that higher rate (which still leaves more weeks in that quarter) to come out ahead "and benefit".

Needless to say that's just 1 example, if a higher rate is offered, and you are more deligent about switching out asap, it works out even more effeciently.

All that to say: Don't be so black and white, you absolutely can benefit by switching out, despite the gradual increase. It's just unlikely to time out, and most may not even consider it worth their while.
Can only lead a horse to water...
Jr. Member
Dec 15, 2022
149 posts
118 upvotes
Octavius wrote: Moved cash over to Hubert. Their 3.25% interest was higher than the retention rate
Why not straight into the quartlerly cashable GIC?
Can only lead a horse to water...
Jr. Member
Feb 28, 2007
181 posts
121 upvotes
Toronto
DanDurino wrote:
What? Your theory is hugely flawed. Surprised no one has called you out on it in 5 years considering its the 2nd post in the thread.

You can absolutely benefit from switching mid quarters after 3 months, it all depends on what options you have available to you at that given point in time, and when exactly you switch. It's basic math.

If I lock in now at 4.75% promo for the year (which gives 4.445 percent in quarter1) and hypothetically Tangerine gives me 5% interest on the first week after the third quarter has elapsed. I'd be forgoing a week's worth of interest at the "higher 0.1%" rate as you so put it ($100,000 deposit example puts that at a loss of $86) in that 1 week. Switching to a 5% promo yields $96/week. So an extra $10. It'd take 8 weeks to break even at that higher rate (which still leaves more weeks in that quarter) to come out ahead "and benefit".

Needless to say that's just 1 example, if a higher rate is offered, and you are more deligent about switching out asap, it works out even more effeciently.

All that to say: Don't be so black and white, you absolutely can benefit by switching out, despite the gradual increase. It's just unlikely to time out, and most may not even consider it worth their while.
If I continue your calculation, using 12 weeks in a quarter,
1 week was lost in forfeit Hubert interest
8 weeks to break even in Tangerine
so u have 3 weeks remaining in that quarter to get meaningful advantage compared to Hubert,
i.e @100K will get $30 (!!) more for that quarter.

And you said "You can absolutely benefit from switching mid quarters after 3 months'.

Your example forfeit Hubert interest after 1st week. Not so 'mid quarter'.
If we use 6 weeks as 'mid quarter', what is the 'absolute' benefit when forfeit after 6wks?
Jr. Member
Dec 15, 2022
149 posts
118 upvotes
bjwcg7tf wrote: If I continue your calculation, using 12 weeks in a quarter,
1 week was lost in forfeit Hubert interest
8 weeks to break even in Tangerine
so u have 3 weeks remaining in that quarter to get meaningful advantage compared to Hubert,
i.e @100K will get $30 (!!) more for that quarter.

And you said "You can absolutely benefit from switching mid quarters after 3 months'.

Your example forfeit Hubert interest after 1st week. Not so 'mid quarter'.
If we use 6 weeks as 'mid quarter', what is the 'absolute' benefit when forfeit after 6wks?
No argument there. You are repeating everything I already insinuated.

But you are taking the "mid quarter" a bit literally, I meant mid quarter as in "anytime before the following quarter's interest rate is paid" - that's why I qualified the example with my last sentence above, which you quoted: "All that to say: Don't be so black and white, you absolutely can benefit by switching out, despite the gradual increase. It's just unlikely to time out, and most may not even consider it worth their while"

Simply put - it's not possible to come out ahead in most casses, and even if you are, it wouldn't be worth it. But don't say it cant be done.

Again - the whole calculation changes if you're going to a much higher interest rate.

Case in point someone that signed up in MARCH 2022 this is what they are getting right now... 1.85% by cancelling now, they are foregoing 1.95% interest. But if they can now sign up at HSBC's 5.05% (or would have done that 3 months ago in October) , don't tell me they can't easily come out ahead.


March 8, 2022
The first three months: 1.65%.
Months four to six: 1.75%.
Months seven to nine: 1.85%.
The last three months: 1.95%.
Avg 1.80%


You're arguing for the sake of arguing, the original message that I quoted was black and white, and was simply wrong.

That's all.
Can only lead a horse to water...
Deal Fanatic
Jan 21, 2018
7835 posts
8528 upvotes
Vancouver
DanDurino wrote: You're arguing for the sake of arguing, the original message that I quoted was black and white, and was simply wrong.
Pot, meet kettle. :)

Bottom line: it's a simple calculation whether you can earn better interest by switching at any time. Make sure you understand the T&C's. Don't forget to allow for a potential few days of interest lost if transferring between institutions. Consider that the after-tax gain may not be worthwhile if the difference is small.
Jr. Member
Dec 15, 2022
149 posts
118 upvotes
Scote64 wrote: Pot, meet kettle. :)

Bottom line: it's a simple calculation whether you can earn better interest by switching at any time. Make sure you understand the T&C's. Don't forget to allow for a potential few days of interest lost if transferring between institutions. Consider that the after-tax gain may not be worthwhile if the difference is small.
Why would there be a couple days of lost interest if transferring between institutions?

Your money has to be in 1 institution or the other at any given point in time. I've transferred hundreds of thousands back and forth and never ran into a situation where one bank didn't account for the extra interest for missing interest in another bank.

Which institutions don't do this?
Can only lead a horse to water...
Deal Addict
Aug 1, 2006
2378 posts
1986 upvotes
Toronto
Just a heads up for everyone, if your 1 yr GIC quarterly interest is paid on a Sunday, and you want to move the money out or change to a different term, you can call ahead of time and they will mark it on their calendar to move the money into your new GIC or HISA on the Monday, one day later, and backdate it one day. You still have to log into the Hubert site and create the new GIC on the Sunday for this to work.

For Sunday Feb 19 weekend, the Monday Feb 20 is Family Day, so if you have a 1 yr GIC quarterly interest maturing on Sun Feb 19 or Mon Feb 20, you can call in ahead of time for them to move the money on the Tuesday into the HISA or to the new GIC you created on Feb 19 or 20.

If your 1 yr GIC is maturing on Mon-Sat, you can call in ahead of time and create the GIC on that day, or just create the GIC and then call in on the same day that it matures.
[OP]
Sr. Member
Jul 25, 2010
722 posts
901 upvotes
Vancouver
Updated OP with new rates effective today
Quarterly +0.25%, Savings +0.15%

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