1 year cashable gic vs savings account | Hubert Financial | Discussion forum

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1 year cashable gic vs savings account
July 31, 2022
12:55 pm
christinad
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If i can only keep the money in hubert’s laddered gic for 6 months would i still make more money than if i left it in the savings account? I’m not sure if its worth it.

July 31, 2022
1:07 pm
semi-retired
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You would be ahead at the end of 6 months.The more money the greater the difference.

July 31, 2022
1:20 pm
Dean
Valhalla Mountains, British Columbia
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.
What Semi-Retired said ⬆

The 2.60% HISA Vs. the Cashable 1Yr GIC = 'Its A No-Brainer'

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

July 31, 2022
1:24 pm
christinad
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Thanks. I actually have my non registered savings accounts at eq. Is that correct its only 1.65% there for savings account? I hadn’t been paying attention. I may put some of it in a savings account and some in 1 year gic at hubert.

July 31, 2022
1:38 pm
Norman1
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You'll end up with more than the 2.6% per annum from the HISA if you don't cash in the one-year term (1) before its first quarterly interest 4.1% payment or (2) during the 38 days before its second quarterly interest payment of 4.2%.

July 31, 2022
10:41 pm
Loonie
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The rate on the Hubert savings account can, and quite possibly will, change during the course of six months, so there is no way to know what you will have at the end.

Similarly, if the quarterly rate changes by the end of 3 months, the outcome is not predictable now. If the rate for the first quarter of a new rate is higher than the second quarter of the first rate, you could cash in and reinvest and end up with more than currently anticipated.

Generally, the GIC will be better, but only if you don't require access to those funds during that time period.

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