2019 08 22 Oaken Rate Drop | Oaken Financial | Discussion forum

With the 5 bps promotion offered to HighInterestSavings.ca guests and members, the 1-year GIC from PARAMA Credit Union is exactly equal to the revised 1-year GIC offered by Oaken Financial (no promo code needed).

I welcome Oaken's not getting on the special promo code game like Motus Bank and EQ Bank. They're very transparent in their deposit pricing across broker and direct-to-consumer channels and they have no transfer out fees on registered plans. Don't deal with them, but wishing I'd opened Oaken accounts instead of EQ Bank. Not impressed with EQ Bank's e-Statement lack of detail, ordering of transactions, and underlying banking system. EQ Bank reminds me of neopolitan ice cream - it's colourful and sweet, but not that good for our "waistlines." I'll take the nutritious quinoa and kale salad that Oaken is offering. 😉

Cheers,
Doug

Kidd said

So... if i understand my math correctly... that makes Polly's offer of 2.55% on a 1 year gic look pretty good?  

Am I missing something.....2.55 or 2.35? See their posted rates in pic.

In the old days of only having enough money to make ends meet and to pay a 9% to 18% mortgage no one had any money left to buy a 18% Canada Savings Bond (GICs were unheard of) so with the new norm of pitiful rates every basis point counts. So every basis point higher than what Parma offers will put their rates in the no thank you category. While I am not a rate chaser and I will not get into gimmick banking for .05 or a new toaster I will remain with 4 or 5 chosen FIs to deal with and will bounce around for best rate. Parmas .05 with no history of rates or just new on the block won’t attract me. Polly you should have reviewed the history of savings and GIC rates to see if Parma would have been a fit. Maybe an Edsel for all we know!!

Note: I took a screen shot from Parama rates page in the morning of August 15 2019. I added the very unfair to all Canadian investors the targeted offer of +.05’s and Oakens rates for comparison. A cheap gimmick for Parma to maybe gain a very few customers.

Hrm, interesting, @GICinvestor about Oaken's e-Statements. That's too bad. Oh well...at least they're only for savings and not day-to-day banking.

I only use the savings account for transition in/out for GICs. This the balance is usually zero....so no use for their statements. But would like to see a monthly statement with all GICs by FI.

Interesting that screenshot you posted from PARAMA Credit Union.
I'd also be curious to know if Polly is a branch team member, soliciting new business, or from their head office/central marketing team doing outreach and trying to drum up business overall. Perhaps if she can clarify her position with PARAMA and also clarify/respond to @GICinvestor's questions, that'd be helpful.

Polly is just throwing out some crackers. (It’s a pun). Nor am interested in unfair targeted promotions. I took a screen shot from Parama rates page in the morning of August 15 2019. I added the .05’s and Oakens rates for comparison.

GICinvestor said
I only use the savings account for transition in/out for GICs. This the balance is usually zero....so no use for their statements. But would like to see a monthly statement with all GICs by FI.

At least Oaken does have the nice calendar year annual portfolio statement with all accounts and GICs listed from both Home Bank and Home Trust, summarizing balances, term details, and interest earned. I find that to be a handy reference for tax time.

I just wish Oaken would make it slightly easier to open GICs. It's not particularly difficult, but certainly not as smooth as some other institutions, since you need to re-enter a lot of data onto Oaken's form that they should already have - it's almost as though you are a brand new customer each GIC.

mubulon3, thanks for the tip. I will look at it. I like to compare my GIC paper file, to my excel file against a DETAILED hard copy from the FI. I have to run a consolidated statement for all FIs that we deal wth.

Oaken really lacks on their monthly statement. I started to do their survey today but stopped as it was too long and far too many questions. I am rarely interested in surveys as they are often slanted for a certain outcome.

I just wish Oaken would make it slightly easier to open GICs. It's not particularly difficult, but certainly not as smooth as some other institutions, since you need to re-enter a lot of data onto Oaken's form that they should already have - it's almost as though you are a brand new customer each GIC.

Are you talking about the online entry? Keep in mind it is online but you are NOT logged into your Oaken account. Some entries auto fill when you direct the form to do so. Handy! Please tell me what your issue is?

I really like the online form. You only have to know your name, email, account number and client number for yourself and/or joint member. You can ask for various interest payments and set up where the interest goes and where the principal goes at maturity. Absolutely no follow up call to Oaken. AND you can do the GIC and do a pull of funds into Oaken savings just before or after you do the GIC entry. They are really good about setting up a GIC, give you the date of entry even though the pull might not be there for a day or 2.

Ie People trust. Funds must clear and show in account before you can do a GIC. If you want a joint GIC you and your spouse have to call in to make it joint. You have to call for interest on annual pay and to go to savings account at maturity. And many other FIs, you must do some of the latter extra follow up.

Oaken is FANTASTIC! Also once entry is done Oaken sends you an acknowledgement and then a summary of your input. And finally a nice certificate in the mail and same online too. Make sure you turn your alerts are on and they tell you of certificate ready, interest payment, maturity payment, pulled funds cleared etc.

mubulon3

I looked at the annual summary. I have printed it before. But I want to see what is current! Too bad they don’t have a rolling summary for 2019 that would become hard and fast on December 31. It could include all current GICs and any that had matured.

GICinvestor said

I’ll see if I still have.  

Done!

But I doubt if there will be a better all inclusive monthly statement or savings accounts for registered accounts.

Which means Hubert will have my RRIF so I can control my withdrawals, and Hubert, Accelerate and PT will have my TFSAs.