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Email this10:33 am
December 23, 2011
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Today's update...
http://www.oaken.com/july-2016/#main
Still no registered "savings accounts"
Oh well I guess I will go mow the lawn.
Not doubt they had other improvements to make......
10:55 am
August 4, 2010
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Integrating in CFF Bank (now "Home Bank") as a separate issuer would have taken a lot of their IT resources. Presumably this is also why they are changing the Oaken account numbers.
People will now be able to do a combined $200K instead of $100K in the various CDIC categories with Home/Oaken rates. I'm sure there are a few fat-cats that wished this was in place during their recent GIC sale... 
10:56 am
November 19, 2014
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That is great news. I like Oaken and this will mean being able to open yet another CDIC insured account with them. I'll shift my recently matured Luminus funds there on Aug. 23
12:48 pm
October 21, 2013
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This should help everyone who is trying to reduce the number of FIs that they have to deal with IF they continue to offer leading-edge rates in both of their banks in future.
Perhaps there will be some "opening specials".
... - well, at least free chocolates.
12:54 pm
August 4, 2010
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No bank hopes to continue to offer leading-edge rates in the future...
12:59 pm
February 24, 2015
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NorthernRaven said
... People will now be able to do a combined $200K instead of $100K in the various CDIC categories with Home/Oaken rates. I'm sure there are a few fat-cats that wished this was in place during their recent GIC sale...
Note that although they reduced their shorter term rates, their 5 year rate is still 2.75%.
1:04 pm
December 3, 2014
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I'm looking forward to this for sure.
As long the interest rates are the same.
10:20 am
February 1, 2016
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Applied for Oaken accounts early July. Experienced delay getting them established but advised as of Friday the accounts have been created but no details provided. Hope by Tuesday that can all be resolved.
We established two joint accounts - one with me as primary holder and one with my wife as primary holder. Each of us is secondary in the other's account.
Am I correct in my thinking that each of these accounts will be protected for $100K by CDIC?
In that vein having two institutions under the same umbrella could the potential for $400K CDIC coverage for a couple be possible? That's pretty good.
Sorry I missed out on the excellent shorter term rates. I will probably change my planning and opt for 5-year GIC investments but that is a longer time than I like.
Thanks for bringing this information to the forum.
10:57 am
December 23, 2011
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rodeworthy said
Applied for Oaken accounts early July. Experienced delay getting them established but advised as of Friday the accounts have been created but no details provided. Hope by Tuesday that can all be resolved.
We established two joint accounts - one with me as primary holder and one with my wife as primary holder. Each of us is secondary in the other's account.
Am I correct in my thinking that each of these accounts will be protected for $100K by CDIC?
In that vein having two institutions under the same umbrella could the potential for $400K CDIC coverage for a couple be possible? That's pretty good.
Sorry I missed out on the excellent shorter term rates. I will probably change my planning and opt for 5-year GIC investments but that is a longer time than I like.
Thanks for bringing this information to the forum.
I bought a GIC online on Thursday and I believe there was a warning saying the system was going to be down on Friday evening. And I just checked 10:50 am and is still down. Perhaps that is the delay.
I think some one else can better answer your 2 joint accounts for $200,000 coverage. But for sure each TFSA account and RRSP/RRIF account gets you another $100,000 each.
Sometimes I borrow from myself to get a good rate and then pay off my borrowed money with an upcoming maturity....usually never go out more than 3 months.
10:59 am
December 23, 2011
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The question is who will have better rates Home or Oaken or will they be the same?
11:27 am
April 6, 2013
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rodeworthy said
…
We established two joint accounts - one with me as primary holder and one with my wife as primary holder. Each of us is secondary in the other's account.Am I correct in my thinking that each of these accounts will be protected for $100K by CDIC?
…
Loonie's earlier post would indicate there would be no separate protection.
That is consistent with my interpretation of 3(1.1) in the Schedule to the Canada Deposit Insurance Corporation Act. All deposits for a given set of joint owners with one CDIC member share a single $100,000 limit, regardless of who is primary or secondary and regardless of the split between the joint owners (50/50, 60/40, 80/20, …):
Joint owners
3 (1.1) For greater certainty, where two or more persons are joint owners of two or more deposits, the aggregate of those deposits shall be insured to a maximum of one hundred thousand dollars.
12:12 pm
October 21, 2013
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I am continually amazed at Norman's ability to retrieve earlier posts. My searches are rarely as successful.
I agree with what he has said.
However, on the question of how much maximum coverage you can get from Oaken/Home under 2 brands, I am more optimistic than rodeworthy.
If both institutions offer the same range of products, you should be able to get 600K coverage for 2 people in non-registered accounts/GICs. This would be 100K for each person individually + 100K joint = 300K, x 2 institutions = 600K.
12:16 pm
November 19, 2014
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Indeed... when in doubt, go to the horses mouth....
HOW IT WORKS: DEPOSITS HELD IN MORE THAN ONE NAME
http://www.cdic.ca/en/about-di.....-name.aspx
"""Deposits held in more than one name
Joint deposits (in the names of two or more people) are insured separately from the owners’ eligible deposits held in other insured categories, such as those held in their individual names. Each eligible joint deposit is protected for up to $100,000 per set of joint owners, regardless of the number of people who own the deposit. So, for example, we would provide coverage of up to $100,000 in each of the following:
your joint chequing account with an aging parent;
your own personal savings account;
your joint savings account with a spouse.
Spouses, partnerships or a parent and child are examples of people who might have joint deposits.
To be eligible for separate coverage as a joint deposit, the following information must appear on the records of the CDIC member institution holding the funds:
a statement that the deposit is owned jointly;
the name and address of each of the joint owners.
If the institution fails, we will refund joint accounts with a payment to all of the joint depositors together.
6:47 am
December 12, 2015
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So the cost of acquiring CFF bank by Home Trust was $18.2 million... Is that why Oaken had such a good promo recently, to acquire funds?
http://www.cffbank.ca/announce.....n-cff-bank
Also, CFF bank offers savings accounts in both TFSAs and RRSPs, so likely Home Bank will need to do so as well, Kanaka!
Hopefully they will improve their rates from the current paltry 1.05%!
8:15 am
June 29, 2013
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Saver-Mom said
Hopefully they will improve their rates from the current paltry 1.05%!
Since they loan out money for mortgages at rates around 2.5%, it is not likely they can pay more than 1.05% on deposits. Not good for depositors/savers, but great for home buyers.
10:54 pm
April 6, 2013
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CFF Bank, to be Home Bank, will be able to offer more than the current 1.05% on deposits once it starts doing more of the non-CMHC insurable mortgages that Home Trust currently does.
I don't think Home Trust bought CFF Bank with the intention for it to continue to emphasize low-margin prime mortgages.
2:19 am
October 21, 2013
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The blurb from Oaken goes out of its way to inform us that this merger will mean that they offer 2 separate CDiC-insured systems and suggests that we will find it a good thing to be able to choose between them.
I have never seen a bank do this before. I have sometimes had to pry the information out of TD, for example. They acted like it was an exotic question.
Therefore I imagine that Home Bank envision the rates being very similar, if not identical, in both places. It would be foolish for them to point to an imagined advantage, only to fail to deliver it. Usually Oaken is not foolish.
I think that what they are looking for is growth, not just by acquiring CFF's customers and their money, but by enabling their current customers to get around the CDIC limits and deposit more money with them - which is what a lot of us want to do.
From my experience, the Big Banks make no effort to use their various separately-insured constituents in order to encourage more insured deposits. It's the opposite in fact. At TD, they don't even all offer the same products.
This could be a very smart move for Home Trust/Bank.
12:35 pm
February 1, 2016
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Thanks all for setting me straight on the joint account issue regarding CDIC coverage. Loonie's earlier post said:
All deposits for a given set of joint owners with one CDIC member share a single $100,000 limit, regardless of who is primary or secondary...
That pretty much says it all but others clarified it further straight from the horse's mouth err, CDIC website. I should have gone there first but I wanted to reacquaint myself with this forum. Been a while since I was here. I trust you guys.
I have been a very happy customer with Manitoba credit unions but alas they are now willing to loan out my money for less return than I am. So I have to move on and back into the world of CDIC and chasing rates 
Today I arranged with Oaken to have 3 accounts: one joint and individual accounts for each of us. They were very helpful to correct my earlier mistake. Later we may open individual RIF accounts. I like to think I should use our TFSAs to chase higher risk growth stocks.
The CSR advised me that there will definitely be two different rate schedules between Home Trust and Home Bank.
12:58 pm
October 21, 2013
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So they're not going to offer the same rates, eh? Hmmm.
I wonder what they have up their sleeves.
3:31 pm
August 4, 2010
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Oaken is actually just a name for Home Capital Group (which operates as Home Trust). Home Trust already does GICs and an ISA through the brokerage/advisor channels, at lower rates than the Oaken retail products. The ISA is at 1.30% (or 1.05% after the advisor commission rate) versus the 1.75% they are willing to pay retail HISA customers. It is the same with EQ - as their parent Equitable they have GICs and an ISA.
Presumably retail is worth paying a premium to since the customers may be more "sticky" than investor channel types, and may bring other opportunities, as well as needing to be given extra carrots while a customer base is built.
But don't expect to Oaken (or EQ) to always have market-busting rates. As they build the retail base, they'll be able to slide down to "towards the high end", just as, say, People's Trust and others have over the years. Generally, the Manitoba CUs tend to mark the top of the "stable" rates, with various newcomers spending some margin to attract attention for the short or medium term.
Please write your comments in the forum.