Make Saving Even Better With a Tax-Free Term!
A tax-free term is another awesome product Hubert offers to help build your savings. A tax-free term comes with all the benefits of a TFSA with a higher interest rate! With five options to choose from (from a one-year quarterly term to a five-year term), you can select the one that best fits your savings plan.
- 100% guaranteed by the Deposit Guarantee Corporation of Manitoba.
- Interest calculated and compounded annually.
- $1,000 minimum balance required.
- Two-year to five-year terms non-redeemable.
- One-year terms redeemable quarterly.
Any TFSA term deposits you purchase after January 15, 2016 are not eligible for early redemption. If you purchased a TFSA term prior to then, you can still redeem those deposits prior to their maturity dates! This change won’t affect our one-year quarterly term deposits, so you’re still be able to redeem quarterly with full interest.
Here are the reduced interest rates for early redemption for terms purchased prior to January 15, 2016:
- Within the first 12 months: 0%.
- Any time after 12 months (term deposits purchased between May 24, 2012 – January 15, 2016): 1.00%.
If you’re redeeming early, Hubert will adjust the interest accordingly to reflect to the reduced interest rate.
If you think you may need your funds before your term matures, consider our high-interest TFSA instead. You’ll still earn a great interest rate and can use your funds (tax-free!) at any time.