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Email this2:07 pm
September 15, 2017
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Can this be correct????
Please note that effective Thursday, March 19, 2020 we will be increasing the interest rates of all of our long-term GICs (registered and non-registered) as follows:
Long-Term GICs
• 1 Year GIC – 2.50% (currently 2.40%)
• 18 Month GIC – 2.70% (currently 2.45%)
• 2 Year GIC – 2.75% (currently 2.50%)
• 3 Year GIC – 2.80% (currently 2.55%)
• 4 Year GIC – 2.85% (currently 2.60%)
• 5 Year GIC – 2.95% (currently 2.70%)
These new rates will be applied automatically for all corresponding GICs booked on Thursday, March 19, 2020 or later.
All other Oaken rates will remain unchanged.
2:17 pm
October 21, 2013
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The Lord works in mysterious ways, as the saying goes.
Manna from heaven?
2:23 pm
December 18, 2018
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It's even higher than they were before their march 13 drop ???
2:25 pm
September 30, 2017
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Hm the mail come today at 4:46pm and effective tomorrow ... and goes against the trend ? You are right - this is beyond my reasoning.
2:26 pm
September 5, 2013
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I guess BOC only bailout the big six. This market need cash for liquidity.
The C$ tanks after BOC and JT’s helicopter moneys.
https://www.bnnbloomberg.ca/canadian-economy-fighting-a-five-pronged-war-rosenberg-1.1408217
2:47 pm
April 28, 2017
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Loonie said
The Lord works in mysterious ways, as the saying goes.
Manna from heaven?
You are funny in a positive way
grew up in a Christian family and familiar with the saying...question is ...has the Lord given you substantial, immediate cash( as I suspect you have taken care of all your investments and have no liquidity) to take advantage of this offer?
On second take, I now see where you coming from...you are happy that others, not savvy as yourself, get a second chance at life...
3:10 pm
September 7, 2018
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Probably not a prudent action by Oaken mgt - except they are probably short on cash flow - remember when mgt just about put Oaken out of business in 2017 - Warren Buffett came to the rescue and bailed them out. So here we go again. Wonder which FIs will be casualties as a result of this economic upheaval. No doubt there will be casualties.
3:12 pm
January 22, 2020
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They've just sent a revised email - it looks like the new higher rates will be applied to all qualifying GICs booked on Mar 12 or later:
Long-Term GICs
• 1 Year GIC – 2.50% (currently 2.40%)
• 18 Month GIC – 2.70% (currently 2.45%)
• 2 Year GIC – 2.75% (currently 2.50%)
• 3 Year GIC – 2.80% (currently 2.55%)
• 4 Year GIC – 2.85% (currently 2.60%)
• 5 Year GIC – 2.95% (currently 2.70%)
These new rates will be applied automatically for all qualifying long-term GICs booked on March 12, 2020 or later.
All other Oaken rates will remain unchanged.
3:19 pm
January 22, 2020
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They are probably expecting (with good reason) a significant number of mortgage payments to be late ... so new cash needed
4:21 pm
January 3, 2013
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My Oaken GICs are going to expire next month. Glad they increased it. Hopefully it stays high till April.
12:26 pm
August 17, 2010
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I'm maxed out at Oaken with cdic insurance.
Love their rates during this crisis, but I think there might be a slight risk to go over.
1:02 pm
March 30, 2017
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always nice to take in some extra cash to have a bigger cushion during major economic event like now. Just like the guys who bought (not hoard) hand sanitizers, face mask and toilet paper early on...
5:14 pm
October 21, 2013
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They must be needing a lot of extra cash to finance the otherwise insurmountable task of offering registered savings accounts.
6:53 pm
January 3, 2013
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toto said
I'm maxed out at Oaken with cdic insurance.
Love their rates during this crisis, but I think there might be a slight risk to go over.
Each account has its own CDIC limit, right? Just open a new account 🙂 Unless I am missing something.
7:49 pm
October 21, 2013
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Save2Retire@55 said
Each account has its own CDIC limit, right? Just open a new account 🙂 Unless I am missing something.
I think you may be misunderstanding, but it depends on what you mean by "account".
toto can have up to 100K in Home Trust and up to 100K in Home Bank in non-registered funds.
And he can have the same in TFSA, and in RSP.
In each of these, it could be one big GIC or several smaller ones or a combo of GICs and savings account.
But if toto opens 3 different GICs, each at 50K at Home Bank, he will not be insured for the last GIC.
If he wants to open a joint account with someone else, then the two of them together can have an additional 100K in HT and 100K in HB, as above.
Also, you need to include the anticipated interest accumulated in order to protect the whole value.
8:30 pm
August 17, 2010
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Yes I'm maxed out with Gics on both sides, home trust and home bank.
5:31 am
January 3, 2013
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Yes I meant different kind of accounts not new let's say Saving or TFSA. So 1 Saving, 1 LIRA, 1 TFSA, 1 RRSP is total 400K on each bank. 2 banks 800K. Is this correct or am I dreaming?
5:47 am
March 30, 2017
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Save2Retire@55 said
Yes I meant different kind of accounts not new let's say Saving or TFSA. So 1 Saving, 1 LIRA, 1 TFSA, 1 RRSP is total 400K on each bank. 2 banks 800K. Is this correct or am I dreaming?
even if it is indeed 2 banks 800k (not expert and did not check the fine details how CDIC works) protected, you probably dont want to do it as if they do go under (unlikely), you dont want to have 800k tied up and waiting for the CDIC to issue u a check. Just spread it over a couple of names makes more sense in my mind.
6:32 am
October 21, 2013
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Save2Retire@55 said
Yes I meant different kind of accounts not new let's say Saving or TFSA. So 1 Saving, 1 LIRA, 1 TFSA, 1 RRSP is total 400K on each bank. 2 banks 800K. Is this correct or am I dreaming?
Yes, that sounds right.
I actually don't know for sure about the LIRA. It's possible it could be counted in same "box" as RSP.
6:59 am
September 29, 2017
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The CDIC language is quite simple, so get it from the source:
https://www.cdic.ca/your-coverage/how-deposit-insurance-works/
coverage of $100K for EACH of the 7 categories provided, per institution:
- amount in personal name alone (non-registered)
- amount in joint accts (non-registered)
- RRSP
- RRIF
- TFSA
- amount per beneficiary in a trust
- amount held for paying taxes on a mortgage
And yes, LIRA is lumped with RRSP in one category.
Please write your comments in the forum.