Holds on funds at hubert | Hubert Financial | Discussion forum

If you PUSH money to Hubert via a bank link from another institution, it should be instantaneously available. If you use a Hubert link to PULL the money into Hubert, then the usual hold period applies. I believe that it is 5 days.

Not much risk if rates rise dramatically, can cash it in at each quarter-end.

You can also tell them at the same time as you're setting up the gic to set it not to auto renew, which is their default and can't be changed online. Or you can call them anytime before maturity date to do so.

christinad said
...Its annoying i can't buy the 1 year gic with the money right away...  

Yes, you can buy GIC right away, when your money actually at another institution.
Immediately after opening GIC of your choice online, just choose "Transfer money from external bank" to that particular GIC.

Transferred money will appear in your GIC the same day a few hour later after your transfer done processing at Hubert.
I did it many many times, always worked perfectly.

I contacted Hubert yesterday to talk to them about buying the one year GIC at 2%. I had transferred money to them but it was still on hold. They were very happy to release the hold early, thus allowing me to buy the GICs now. Excellent service from Hubert!

Doug said

10 calendar days, if I remember correctly.

They will not waive the hold, generally, but might for small value transfers. If you push the money from your external bank, there's no hold, though. Transfers are fast, so if you do the push before 7:30 am Pacific time Monday through Friday, it should post to Hubert by the end of the business day. They used to have two payment processing periods per day, and may still, at 7:30 am and 2:30 pm Pacific time. I wouldn't rely on the 2:30 pm payment processing period, though, and would just aim for the 7:30 am one.

Cheers,
Doug  

That's interesting and I wasn't aware of the push option to avoid the held funds at the receiving end. Good to know.

cgouimet said
Something I have done although not recently ...

1. Buy GIC.
2. Transfer $ from say Tangerine to the GIC.

Once the funds arrive, 24-48hrs, the GIC is earning without the Hold ...  

yeah I was told by the rep as long as you setup the GIC first, then you can choose to do the "Transfer" to the GIC "account" directly, this way the new GIC starts same date / next date. Dont transfer to ur savings account first cuz that will be automatically held for x number of days and the only way to use it to buy GIC is to call in.

Winnie said

Yes, you can buy GIC right away, when your money actually at another institution.
Immediately after opening GIC of your choice online, just choose "Transfer money from external bank" to that particular GIC.

Transferred money will appear in your GIC the same day a few hour later after your transfer done processing at Hubert.
I did it many many times, always worked perfectly.  

Yup, this is the excellent response. I set up a transfer, and then opened a GIC to lock in the rate and, then, realized - oops - you can just transfer directly into GIC.

Norman1 said
The exact workflow at Hubert seems to be the following:

1. Open a Hubert GIC. It looks like another account. For some time, the new GIC will appear in the list of destinations for transfers.
2. Initiate the transfers from internal and external account to the new GIC.

As savemoresaveoften wrote, it is better to transfer directly from external accounts to the new GIC to avoid having funds stuck in a hold in another account.

That's in contrast to EQ Bank that requires one to transfer the external funds to a savings account first to be stuck there in a hold for some days.  

Ah, interesting. Yeah, makes sense that that would work with Hubert and is quite streamlined. When I did it, I transferred it to my Hubert HISA, then called Hubert, who processed the transfer, and either moved or removed the hold, to the new GIC. Both options work, but good to know there's a self-serve option.

Cheers,
Doug