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Email this3:37 am
December 12, 2015
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I agree with Bill about adding info to the Comparison Chart regarding short term GIC rates, and another column for RRSP daily interest rates. Oaken is at the top right now in most GIC rates. I wonder how long it will last, as they may reach a level they need to replenish funds lost since their recent problems. So, invest now while these rates are still available, or wait to see if rates will rise later this month as predicted in this article noted in a different thread?
8:25 am
December 20, 2016
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Saver-Mom said
Oaken is at the top right now in most GIC rates.
That has not been my observation.
As a holder of significant Oaken GIC's, some of which are maturing in the coming days, weeks and months, I have not found Oaken's rates to be anywhere near the top, at this time, based on:
Additionally, GIC brokers I deal with have several GIC opportunities that exceed the storefront offerings of several FI's, particularly for one year terms.
9:36 am
January 30, 2009
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Nehpets said
Additionally, GIC brokers I deal with have several GIC opportunities that exceed the storefront offerings of several FI's, particularly for one year terms.
Hey Stephen, do you have a recommendation for a GIC broker? I went through the list of registered brokers some time last year and called 5 or 6. Every single broker offered me well below market rates I can get on my own - regardless of amount invested or time period for GIC. A few of them were quite surprised when I told them about simple savings account rates, or Cannex rates.
10:29 am
December 20, 2016
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James said
Hey Stephen, do you have a recommendation for a GIC broker?
James,
I believe some on the Forum have used GIC Wealth Management in Toronto, who frequently advertises rates somewhat higher than the average.
I have not purchased from them, although I have established a contact and likely would purchase if the opportunity were good enough.
My experience with local representatives of GIC Direct has not been satisfactory, so I've all but disqualified them from my list of options.
My best experience has been with a broker in Ottawa named Scrivens where I have had first hand favorable experience with rates that are frequently above average, except when Oaken had their promos last summer.
Scrivens also has an arrangement with the FI's with whom they place TFSA's & Tax Free GIC's where exit fees are waived when transferring from one of their partner institutions to another.
Contact info for Scrivens (scroll down to Retirement Planning)
Stephen
11:22 pm
October 21, 2013
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By way of explanation, Saver-Mom is in QC, so that limits her options.
When I have bought Oaken GICs, they have always been at the top of the heap, which is why I bought them They haven't always been up there though. I think all the FIs we deal with have spurts where they need more capital and/or accounts , and are willing to pay for it.
Thanks for tip on Scrivens. Never heard of them. Will they deal with people outside Ottawa? outside Ontario?
4:21 am
December 12, 2015
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Stephen/Nehpets, you said, "As a holder of significant Oaken GIC's, some of which are maturing in the coming days, weeks and months, I have not found Oaken's rates to be anywhere near the top" and provided four sources for GIC rates, but I cannot see anyone bettering Oaken's five year rate of 3%, and even their shorter rates are at or near the top.
7:53 am
December 20, 2016
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Saver-Mom said
I cannot see anyone bettering Oaken's five year rate of 3%, and even their shorter rates are at or near the top.
Perhaps as has been mentioned, being a Quebec resident lessens your options; and you are quite right, at the moment Oaken shares top spot a handful of FI's offering 3% for 5 year terms.
Their standing, however drops on shorter terms according to the sources listed in post #22 of this thread.
I'm not trashing Oaken, because they are on my "A" list, but I do weigh my options on the day I'm looking for a new term, with an eye to the future, as I am sure you do.
Consider contacting Rothenberg Capital Management, in Montreal, a broker I have been dealing with for years, while living in Montreal and now in Ontario. They offer GIC rates, sometimes better than the market as well as GIC's from "agent only" FI's.
Loonie said
Thanks for tip on Scrivens. Never heard of them. Will they deal with people outside Ottawa? outside Ontario?
I can't say, but a call to Ken Browness, one of the management personnel would answer the question.
6:44 am
May 20, 2016
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I received an email:
Please note that effective today, Wednesday, January 10, 2018, we have increased the interest rates for all our long-term GICs (registered and non-registered):
• 1 Year GIC – 2.25% (previously 2.00%)
• 18 Month GIC – 2.50% (previously 2.25%)
• 2 Year GIC – 2.60% (previously 2.35%)
• 3 Year GIC – 2.85% (previously 2.65%)
• 4 Year GIC – 3.00% ( previously 2.75%)
• 5 Year GIC – 3.15% (previously 3.00%)
These new rates will be applied automatically for all corresponding GICs booked on January 3, 2018 or later.
All other Oaken rates remain unchanged.
6:47 am
December 12, 2015
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Oaken is generously backdating the increases to last week.
Guess they are at the top for all rates now.
Thanks, Oaken!
7:00 am
November 7, 2014
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Just got the notice myself. Good to see rates going up.
Thanks for the heads up.
8:37 am
August 17, 2010
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Oaken raised even before poloz rate decision on Jan. 17th.
If poloz raises, oaken may have another increase .
11:03 am
November 7, 2014
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toto said
Oaken raised even before poloz rate decision on Jan. 17th.
If poloz raises, oaken may have another increase .
This may be a bit of "wishful thinking". Many times financial institutions read the markets and react in advance of the actual event. Hopefully for us investors, the BoC rate will go up. Oaken may not supplement their rates because they have already done it. Having said that, other institutions may follow suit, giving us more investment options.
12:06 pm
October 21, 2013
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It may also be a sign that business is booming again at Oaken. There was a newspaper article not too long ago which said they were not yet getting the mortgage referrals that they need, and the plan was to increase that soon. So, they may simply be needing to top up the piggy bank again.
11:49 am
January 16, 2017
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davidgeorge said
I received an email:
Please note that effective today, Wednesday, January 10, 2018, we have increased the interest rates for all our long-term GICs (registered and non-registered):
• 1 Year GIC – 2.25% (previously 2.00%)
• 18 Month GIC – 2.50% (previously 2.25%)
• 2 Year GIC – 2.60% (previously 2.35%)
• 3 Year GIC – 2.85% (previously 2.65%)
• 4 Year GIC – 3.00% ( previously 2.75%)
• 5 Year GIC – 3.15% (previously 3.00%)
These new rates will be applied automatically for all corresponding GICs booked on January 3, 2018 or later.All other Oaken rates remain unchanged.
This "OAKEN 5yrs GIC @ 3.15%" is not showing on the Promo page. Obviously there are some GIC showing-up, but not all (ref: https://www.highinterestsavings.ca/promotions/). It is case-by-case, I understand.
The only place where I found this offer quickly is on these sites: http://www.globeinvestor.com/s.....ndicator=N
http://www.cannex.com/public/t.....rm02e.html
If you have better places to find good GIC summary, could you share it. But please make the test to see if you find that "OAKEN 5yrs GIC @ 3.15%" offer on your suggested link.
For example, unless I made a mistake, I did not find it on these sites:
12:05 pm
December 17, 2016
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How about just going to the source
12:39 pm
October 21, 2013
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I don't find any secondary sources to be consistently reliable. They are only a very general guide to what's out there. I have sometimes found that they were behind by a few MONTHS!
I read somewhere that they are dependent on submissions from the FIs in question, and that the latter are not necessarily prompt.
Therefore, I don't use them.
Really, the most up to date source is right here on this forum. News posted here can then be confirmed with the FI in question.
Other than that, it's worth subscribing to the emails from some deposit brokers for anything that might not be publicly available.
8:33 pm
September 15, 2017
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Rumour of imminent announcement of another increase in GIC rate(s) at Oaken.
8:22 am
November 19, 2014
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GR said
Rumour of imminent announcement of another increase in GIC rate(s) at Oaken.
According to what source ?
I am about to buy two GICs at Oaken.
1:19 pm
September 15, 2017
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On Jan 22, the CSR at Oaken stated that they were anticipating an announcement from upper management about a possible rate increase. So far, it seems like no change.
In the recent past, I believe Oaken has usually applied rate increases retroactively to GICs purchased a few days before a rate increase effective date.
Perhaps someone can phone Oaken and attempt to find out about any expected rate changes in the very near future - and report here.
3:19 pm
October 21, 2013
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Oaken's Rates page is unchanged from what Alain reported above.
However, when I searched "Oaken rates", I got this page, http://go.oaken.com/returnaccount
which currently shows the following:
savings 1.5
1-yr 2.5
18 months 2.75
5 yrs 3.25
The page is copyright 2017, so I suppose it's possible that it's left over from last summer when they had to bump up their rates. But perhaps it indicates something new. I would have expected them to take down an old page of this type, if that's what it is. I have never found this type of page from Oaken to be inaccurate before. The main rates page is copyright 2018.
Maybe someone else can decipher the meaning of this better than I.
Please write your comments in the forum.