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Email this8:38 am
March 9, 2019
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Hi everyone, new to site and would like some input. I am wanting to get some gic from oaken and was wondering how there are or if there is a reason I should be leary of purchasing from them. Also new to this way of purchasing online gic's any input would be greatly appreciated.
10:22 am
December 20, 2016
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I've dealt with Oaken for several years with no problems at all. There were some concerns last year when Oaken execs faced some legal issues, but it did not affect their GIC reliability
Oaken is made up of Home Bank and Home Trust, each of which has its own CDIC coverage, allowing you to invest up to $100,000. in each qualifying account and be covered by CDIC.
Better move fast, perhaps even today, Sunday March 10 if you can, because Oaken announced their rates will be dropping Monday, March 11.
Why have you zeroed in on Oaken at this particular time?
Have you looked at other options?
Stephen
11:03 am
March 9, 2019
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Hi, thank you for your repley, The reason is for the 18 month 3.30 interest rate now this looks like the best option out there.
money grabber
11:21 am
December 12, 2009
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money grabber said
Hi, thank you for your repley, The reason is for the 18 month 3.30 interest rate now this looks like the best option out there.
money grabber
Do you already have an account with Oaken? If so, you'll be able to take advantage of it today before it reportedly changes to 3.20% tomorrow. Otherwise, you'd need to open an account and not likely be able to fund the GIC in time to take advantage of that rate. 3.20% for 18 months is still pretty good - Coast Capital Savings has a 30-month 3.10%. EQ Bank's similar term rate is ~2.70-2.80%, so I think that's probably still the best rate for that term. 
In general, EQ Bank and Oaken Financial are similar in both size, strategy, and customer service focus. Either one is a good option and EQ Bank, which used to have the highest HISA rate, is now matched by Oaken, making either option equally good. EQ Bank can be used for day-to-day banking like Interac e-Transfers (5 times per month for free) and online bill payments.
Cheers,
Doug
11:40 am
February 17, 2013
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Only issue that stopped me from opening @ Oaken is their lack of TFSA/RSP savings accounts to deposit your GICs when they mature.
11:43 am
December 12, 2009
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Rick said
Only issue that stopped me from opening @ Oaken is their lack of TFSA/RSP savings accounts to deposit your GICs when they mature.
Don't they have at least a non-interest bearing portion of an RRSP/TFSA whereby your funds are "parked" until you move them into a new registered GIC? Surely they don't withdraw a matured GIC.
If they don't, that's good to know. Oaken is still a good option for non-registered savings, though. And, at least they have registered accounts (EQ Bank does not...yet).
Cheers,
Doug
11:52 am
February 9, 2019
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I agree with Rick that they are a disappointment with no savings accounts for registered accounts.
I have multiple FIs and will remove all registered funds from Oaken at maturity due to my age and not being able to manage RRIF withdrawals the way I want to.
What I have found is almost all my TFSAs are with Accelerate and most of my non registered funds are with Oaken.
Oaken had issues but I feel comfortable with their products and they have the BEST online input and unless you make a mistake you don’t have to make a second contact to ask for interest paid annually or to request the matured funds go into your non registered savings account vs an auto rollover.
So pick what FI serves you the best way for non registered vs TFSA or RRSP.
12:10 pm
December 20, 2016
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money grabber said
The reason is for the 18 month 3.30 interest rate now this looks like the best option out there.
If you miss out on the Oaken rates that reduce March 11, depending on your location and needs, you may want to look into Omnia Direct and/or Hubert, whose rates are still good and whose service is known to be very good.
Another option might be the 18 month special at 3.25% until March 31 at Rapport Credit Union, if it is practical for you to deal with them....not too much is known about their service and fees, however.
Looks like you can get 3.25% for 21 months at the Ukrainian Credit Union
Your other option could be to hook up with a deposit broker, as they frequently get deals that are time limited, so when they know you're in the market for a certain term / rate / amount, they would contact you.
In what Province are you located?
Stephen
12:33 pm
March 9, 2019
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This site is awesome, thank you all for your input, I am in B.C. I opened account with Oaken and they emailed and said they will hold rate for five days, but I have to mail check to them within this time frame. Hopefully it will get there in time. I was thinking of calling them first thing in morning and ask what if my money does not get there by Friday the mail seems very unreliable. Wish I would have opened account sooner.
money grabber
12:52 pm
September 15, 2017
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Another good option is Meridian Credit Union, the largest credit union in Ontario, which accepts members from anywhere in Canada - 18 month GIC 3.25% p.a.
1:03 pm
December 12, 2009
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money grabber said
This site is awesome, thank you all for your input, I am in B.C. I opened account with Oaken and they emailed and said they will hold rate for five days, but I have to mail check to them within this time frame. Hopefully it will get there in time. I was thinking of calling them first thing in morning and ask what if my money does not get there by Friday the mail seems very unreliable. Wish I would have opened account sooner.money grabber
You could send it Xpresspost with guaranteed 2-3 day delivery, depending whether you can mail the cheque to their Calgary office instead of Toronto. If Canada Post doesn't get it there within 3 days, call and request a refund since it was time-sensitive. You could have it ready for pick up Monday morning, if dropped off today, and then the guaranteed delivery time should be end of day Wednesday or early Thursday. Either way, you'd be within the week.
Should only cost you $15-17 to do that. On a large sum of money in the GIC, this seems minimal.
Cheers,
Doug
1:23 pm
September 30, 2017
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... plus one in Vancouver to choose from
https://www.highinterestsavings.ca/forum/oaken-financial/oaken-vancouver-march-6-2019/#p37315
3:01 pm
December 20, 2016
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Oaken Vancouver office
200 Granville St.
Suite 1288
Vancouver, BC V6C 1S4
1-855-OAKEN-22 (625-3622)
service@oaken.com
Hours
Monday to Friday, 9:00am to 5:00pm
Stephen
5:22 pm
February 9, 2019
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money grabber said
This site is awesome, thank you all for your input, I am in B.C. I opened account with Oaken and they emailed and said they will hold rate for five days, but I have to mail check to them within this time frame. Hopefully it will get there in time. I was thinking of calling them first thing in morning and ask what if my money does not get there by Friday the mail seems very unreliable. Wish I would have opened account sooner.money grabber
Me too...BC.
I couriered a cheque to them years ago. I called and they knew when they received it time wise and what time it moved to the 24th floor. They are efficient.
Once you have sent them a cheque I hope they set up the “Transfer Funds” option for you. You can buy a GIC first with no funds in your savings account. Then do a transfer to your Oaken savings account from your FI. Then in a day or two you will have a GIC all dated with the date of your input.
I find Purolater (owned by Canada Post) to be more on time than wishy washy Canada Post registered mail. Prices are comparable.
Please write your comments in the forum.