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Hubert Financial

5 year GIC 3.0% for a limited time starting Dec 15

Last Updated:
Dec 18th, 2021 6:59 am

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Dec 14th, 2021 10:10 pm

BigScee [OP]: Member; Apr 20, 2016; 423 posts; 413 upvotes; Edmonton

Dec 14th, 2021 10:10 pm

5 year GIC 3.0% for a limited time starting Dec 15

Retailer:: Hubert Financial

I received an email from Hubert that they would be raising their rates and for a limited time are offering a 3% 5 year GIC.

We're excited to share that effective Wednesday, December 15, some of our term deposit rates (both registered and non-registered) are increasing. We will also be offering a limited-time rate special, see below for details.

Our term rates (effective December 15) are as follows:
...
5-year term - 3.00% (NEW LIMITED TIME OFFER - ACT NOW!)

Last edited by BigScee on Dec 16th, 2021 10:10 pm, edited 1 time in total.

41 replies

Dec 14th, 2021 10:28 pm

profile: Deal Addict; Jul 29, 2013; 1984 posts; 1765 upvotes; Ontario

Dec 14th, 2021 10:28 pm

Also 1 year GIC for 2%.

+3

Dec 14th, 2021 10:37 pm

Frankie3s: Deal Fanatic; Jul 4, 2004; 9369 posts; 2529 upvotes

Dec 14th, 2021 10:37 pm

Nice to see. I've been very happy with the service from Hubert Financial. Great way to get 2% for a year without begging.

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+4

Dec 14th, 2021 10:40 pm

crappier: Newbie; Aug 9, 2019; 38 posts; 116 upvotes

Dec 14th, 2021 10:40 pm

I wonder if with the often discussed interest rate hikes that 3% will be low by the time the 5 years is up? Obviously rates have to actually go up to make this the case so who knows.

Certainly a good deal today.

+2

Dec 15th, 2021 12:16 am

Tjklovesthisplace: Sr. Member; Apr 19, 2020; 643 posts; 1043 upvotes; langley

Dec 15th, 2021 12:16 am

Buy a etf

+13

Dec 15th, 2021 1:19 am

bobu: Deal Addict; Sep 23, 2008; 1571 posts; 506 upvotes

Dec 15th, 2021 1:19 am

Feels like easy way to make some money. Remortgage property at these low fixed rates, buy 3% GIC, write-off interest rate, profit?

+1

Dec 15th, 2021 8:31 am

Bull Dog: Deal Addict; Aug 1, 2006; 2610 posts; 2283 upvotes; Toronto

Dec 15th, 2021 8:31 am

Frankie3s wrote: ↑ Nice to see. I've been very happy with the service from Hubert Financial. Great way to get 2% for a year without begging.

My favourite credit union. Only for parking money since there's no debit card or cheques.

+2

Dec 15th, 2021 8:47 am

husamus156: Deal Addict; Apr 6, 2017; 1119 posts; 847 upvotes; Westmount, QC

Dec 15th, 2021 8:47 am

hingisfan24 wrote: ↑ Just buy Fortis stock instead. Pay less tax and see more gains, even just by dividend alone, plus not locked in.

yes, but there is risk.

you capital isn't guaranteed
dividends can be cut at any time.

for a pure safe investment perspective, it's really good.

But I agree that you can get way more if you're willing to take some small risk

+9

Dec 15th, 2021 9:28 am

hingisfan24: Jr. Member; Sep 14, 2018; 179 posts; 113 upvotes

Dec 15th, 2021 9:28 am

husamus156 wrote: ↑ yes, but there is risk.

you capital isn't guaranteed
dividends can be cut at any time.

for a pure safe investment perspective, it's really good.

But I agree that you can get way more if you're willing to take some small risk

Fortis didn't cut dividends during the financial crisis or covid. Pretty safe to say they never will. Capital swung down less than 20% and recovered within a few months.

Dec 15th, 2021 9:32 am

Scote64: Deal Fanatic; Jan 21, 2018; 8914 posts; 9939 upvotes; Vancouver

Dec 15th, 2021 9:32 am

hingisfan24 wrote: ↑ Fortis didn't cut dividends during the financial crisis or covid. Pretty safe to say they never will.

I wouldn't be so sure. Have you read about an obscure thing called climate change and carbon emissions reduction?

+1

Dec 15th, 2021 9:33 am

scoper: Deal Guru; Aug 5, 2006; 10074 posts; 7216 upvotes; Global Village

Dec 15th, 2021 9:33 am

With inflation skyrocketing 3% might be the floor for upcoming 5 year GIC rates.

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+1

Dec 15th, 2021 9:36 am

ccliffy: Newbie; Apr 4, 2012; 73 posts; 73 upvotes; Ottawa

Dec 15th, 2021 9:36 am

FYI not part of CDIC but instead protected by Manitoba's equivalent

+7

Dec 15th, 2021 9:38 am

Scote64: Deal Fanatic; Jan 21, 2018; 8914 posts; 9939 upvotes; Vancouver

Dec 15th, 2021 9:38 am

BTW, for people that don't know Hubert and don't read carefully, their 1 yr. GIC does not pay the advertised rate at the end of a year. Instead they pay quarterly at an escalating rate that averages out to the advertised rate. In this case it's:

The first three months: 1.85%
Months four to six: 1.95%
Months seven to nine: 2.05%
The last three months: 2.15%

This is actually a big advantage, because you can terminate the GIC at the end of any quarter and keep the interest earned to date. And a very good reason to do that is if you can get a higher rate elsewhere, including a new higher rate from Hubert. Anyone who has an earlier 1 yr, GIC from Hubert at a lower will be running the calculations on whether it's worthwhile to switch.

+7

Dec 15th, 2021 10:04 am

konig1: Sr. Member; Nov 26, 2018; 520 posts; 519 upvotes

Dec 15th, 2021 10:04 am

Scote64 wrote: ↑ BTW, for people that don't know Hubert and don't read carefully, their 1 yr. GIC does not pay the advertised rate at the end of a year. Instead they pay quarterly at an escalating rate that averages out to the advertised rate. In this case it's:

The first three months: 1.85%
Months four to six: 1.95%
Months seven to nine: 2.05%
The last three months: 2.15%

This is actually a big advantage, because you can terminate the GIC at the end of any quarter and keep the interest earned to date. And a very good reason to do that is if you can get a higher rate elsewhere, including a new higher rate from Hubert. Anyone who has an earlier 1 yr, GIC from Hubert at a lower will be running the calculations on whether it's worthwhile to switch.

are there penalties for cancelling early?

+1

Dec 15th, 2021 10:10 am

Scote64: Deal Fanatic; Jan 21, 2018; 8914 posts; 9939 upvotes; Vancouver

Dec 15th, 2021 10:10 am

konig1 wrote: ↑ are there penalties for cancelling early?

No penalties. I've done the cancel-old and switch-up-to-new-rate before. I have a spreadsheet that tells me if I should do that when Hubert announces a new higher rate. It's basically trading off interest earned to date in the quarter which will be lost vs. the higher amount to be earned in the remaining part of the quarter by switching up.

+2

Dec 15th, 2021 10:45 am

kool1: Deal Guru; Mar 22, 2005; 12514 posts; 5850 upvotes

Dec 15th, 2021 10:45 am

3% yield -5% inflation = 2% loss in purchasing power per year X 5 years = -10% loss in real value.

+4

Dec 15th, 2021 11:26 am

GiOBoY: Deal Guru; Apr 9, 2006; 10356 posts; 15167 upvotes; GT-EH

Dec 15th, 2021 11:26 am

when i try to open a 1 year term account, it's displaying only 1.5% (for 12 months)...

The 5 year one (60 months) is @ 2.2% (not 3%) ??

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+1

Dec 15th, 2021 11:36 am

hightech: Deal Expert; Dec 23, 2003; 17394 posts; 6254 upvotes; Toronto

Dec 15th, 2021 11:36 am

kool1 wrote: ↑ 3% yield -5% inflation = 2% loss in purchasing power per year X 5 years = -10% loss in real value.

Exactly!

Current inflation rate in Canada sits at 4.7% (https://www.cbc.ca/news/business/inflat ... -1.6286464)

This means at 3% locked in over 5 years, you are losing 1.7% a year due to inflation.

There is a reason why people suggest going into Equities with solid dividend stocks. Sure, there is risk, but taking the safe route means losing money every year compared to what you can get. Something as simple as Bank Stocks which have pretty much doubled since April 2020 and pay great dividends. I think Telco's like Bell/Telus/Rogers are also good to look at. Like them or not, they do offer value to people.

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+3

Dec 15th, 2021 11:50 am

Scote64: Deal Fanatic; Jan 21, 2018; 8914 posts; 9939 upvotes; Vancouver

Dec 15th, 2021 11:50 am

GiOBoY wrote: ↑ when i try to open a 1 year term account, it's displaying only 1.5% (for 12 months)...

The 5 year one (60 months) is @ 2.2% (not 3%) ??

Their interest-rate landing page also still says 1.5%, but you see the 2% deal when you click through. I guess they're a bit slow to update this morning. I see a fair share of these little glitches from Hubert, but I forgive them because they have fantastic customer service, the best of any institution I deal with. I hope that doesn't change with the 3-way merger they are doing with other Manitoba credit unions.

Update: since it does appear with the old 1.5% rate when I click "open account" for a new term deposit, I just called Hubert to verify. Got an agent on the line in 60 seconds. Agent confirmed that the email is correct, 2% rate applies now, the web site has not been updated correctly yet.

Last edited by Scote64 on Dec 15th, 2021 2:53 pm, edited 2 times in total.

+1

Dec 15th, 2021 1:07 pm

kool1: Deal Guru; Mar 22, 2005; 12514 posts; 5850 upvotes

Dec 15th, 2021 1:07 pm

greg123 wrote: ↑ Suggest alternative? Everything is ATH right now, stocks, real estate…

ATH doesn't mean it goes down the drain from here.

If your time horizon is 5 years - Buy any of the big 5 bank stocks. You will definitely return > 5%/yr over 5 years.

Bank stocks are not "expensive".

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