Hubert 1 Year GIC Question | Hubert Financial | Discussion forum

I did mid-term withdrawal before.
All the funds in the GIC must be withdrawn, only this option is available.
GIC must be cashed/closed.

Winnie said
I did mid-term withdrawal before.
All the funds in the GIC must be withdrawn, only this option is available.
GIC must be cashed/closed.  

That's not what I was told by Hubert, nor is it my experience. You may have been given incorrect information by Hubert, Winnie, or they misunderstood what you were asking, perhaps.

Cheers,
Doug

FWIW, I believe Doug has misunderstood the rules or perhaps they were not well communicated to him. Dean's email should clarify.
What I believe you can do (and this may be the root of the confusion) is cash out your GIC at any time during the year. However, the interest is only paid up to the date of the most recent quarterly payment. Some people think you can only cash out when the interest is paid but that has not been the rule in the past at least.

I'm not sure what Winnie means by "mid-term", but I have cashed one year GICs on the date of the quarterly interest payments at Hubert when rates were rising, and reinvested immediately to continue to get a higher rate. You then start over with the first quarter but you could choose different amounts than previously.

I must say, I have found some of Hubert's newer employees difficult to understand on the phone.

Winnie, your written English is very good (better than that of some native speakers here), so it's hard to imagine your spoken English is inadequate!

Winnie if you say invested $5000 in a one year GIC with Hubert and wanted the availability of funds why not buy 5 x $1000?

"I actually have 10+ of Hubert 1 Yr GIC's and if a partial withdrawal from those GIC's is allowed, that would reduce my number to 1 GIC."

I don’t understand 10+. Is that more than 10 individual 1 year GICs?
Or is that more than $10,000 in 1 one year GIC? And then by a partial withdrawal, that cannot be done, “that would reduce my number to 1 GIC” I don’t understand.

But what I am saying I can’t see Hubert only allowing you to have one 1 year GIC. So if you had $5000 to invest for one year and wanted the option of availability of funds then do five 1 year GICs and pull one or more plus interest on the quarter if required. Yes, you would be limited to $1000 plus interest to withdraw...no more and no less. Since Hubert has no partial withdrawals, this would be your own “make do” creation for withdrawals. If you don’t need the funds then you get full interest for $5000 for the year.

Your answer. No partial withdrawal of any GIC at Hubert. Outlook used to offer partials.

You might want to check out Oaken. Not sure if meets your needs. You might want to call them or email them.

Cashable GICs

An Oaken Cashable GIC gives you the benefits of a GIC, while still providing you with the ability to access your money if you need it later. Our Cashable GIC rates are based on a 1-year term, with either a 30 or a 90-day closed period where your money remains locked in.

If you chose the 30 Day Cashable GIC option, you can withdraw funds from your GIC any time after the first 30 days, and you’ll receive your entire principal and the interest your investment has earned to that point. If you choose the 90 Day Cashable GIC, you must wait 90 days before you can access your savings.

Fair enough, but their website is far from clear. I find in their desire for simplicity, they tend to gloss over, or even conflict, on the finer points. And, when asked, their representatives do frequently give conflicting advice. In terms of service responsiveness, Hubert is excellent; but in quality of advice, it's middling, at best. A more recent example is when multiple Hubert representatives confirmed to me out of province residents could take advantage of special share offerings, with the latter even taking my application, payment, and proceeding. Weeks later, upon review by a supervisor, they reverse that, though, to their credit, they did back-date the transaction so no interest was lost on the funds.

Cheers,
Doug