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Hubert GIC rate increases Dec 1?
November 30, 2023
4:07 pm
NorthernRaven
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I was talking to a Hubert rep tonight, and they said that there is a rate notification coming out tomorrow (Dec 1). The non-cashable 1-year (current 5.55%) and 2-year (5.65%) are apparently both going to 5.75%.

The cashable quarterly 1-year rate is supposed to be unchanged at 5.20%, so they are continuing to increase the gap between that and the standard 1-year - now 55 basis points.

The FHSA announcement is coming December 11.

December 1, 2023
5:38 am
gamgam
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Email received this morning:

Rate updates, effective:

December 1, 2023

High-interest Savings
3.60%*

Variable Rate
(TFSAs, RRSPs, and RRIFs)
3.65%*

Registered and Non-Registered Terms
(TFSAs, RRSPs, and RRIFs)

One-Year Non-Redeemable
5.75%*

One-Year Quarterly Term
5.20%

Two-Year Term:
5.75%*

Three-Year Term:
5.25%

Four-Year Term:
5.05%

Five-Year Term:
5.05%

*Asterisks indicate an updated rate.
All deposits including interest are guaranteed without limit by the Deposit Guarantee Corporation of Manitoba (DGCM).
Specials are available for a limited time, conditions apply.
Please see our Rates page for current rates.

December 1, 2023
6:20 am
NorthernRaven
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They asterisked the two savings accounts, but I think that's a goof, the rates (3.60%, 3.65%) are unchanged.

December 1, 2023
7:56 am
cgouimet
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I'm reading from this that they're going high on 1/2Yr to bring $ back but not in quarterlies ...

CGO
December 1, 2023
10:50 am
Dean
Valhalla Mountains, British Columbia
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.
Thanks for the heads-up, NorthernRaven !

It's good to see another FI adding FHSAs to their offerings.

I'll pass the word onto my Son.

    Dean

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

December 1, 2023
8:05 pm
everhopeful
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I don't think Access likes the quarterly redeemable GICs that they inherited from Hubert. I predict that they will become slowly more uncompetitive so that holders naturally progress out of them over time (while avoiding a mad rush to the exits), and when it is thinned out enough, they will be converted to a fixed term (with lots of notice) or bounced out to the HISA at maturity.

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