Hubert - Rate Drop Dec 24, 2020 to 1.00% | Hubert Financial | Discussion forum

Shawguy said

Hubert just sent another email saying High Interest Savings account rate is being lowered to 1.00% on Dec 24  

That's ⬆ not All they're dropping ❗❗

Todays email from Hubert ⬇

Rate Update
.
This is not very festive news, but effective December 24, our rates are decreasing.
.
Our new rates will be:
.
High-interest savings - 1.00%
.
1-year term - 1.30% average
2-year term - 1.40%
3-year term - 1.50%
4-year term - 1.60%
5-year term - 1.70%

A 'Merry Christmas', from Hubert.

Dean

christinad said
They are either not smart or are being considerate and suggesting we take our money elsewhere. They could have dropped in january. As for me i'm pulling out my savings account and putting it in eq bank.  

With Hubert's 5 year GIC paying 1.70% and their 5 year mortgage rate @ 1.94%, they probably had no choice but to reduce GIC /savings rates if they are going to have a favourable bottom line i.e. a profit and survive. I would not be surprised to see other FIs lower their rates in 2021. I suspect EQ Bank will lower some of their GIC/Savings rates at one point early in 2021.