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Email this6:06 am
February 7, 2019
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Please note that effective Tuesday, December 6, 2022, we will be increasing the interest rate for Oaken long-term GICs as noted below:
Long-term GICs:
• 1 Year GIC – 5.25% (currently 5.10%)
• 18 Months GIC – 5.25% (currently 5.15%)
• 2 Years GIC – 5.25% (currently 5.15%)
The new GIC rates will be applied automatically for all corresponding GICs booked on Tuesday, November 29th, 2022 or later. All other Oaken rates will remain unchanged.
| CGO |
7:40 am
June 8, 2022
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They are so backlogged that there is a 4 week+ wait time for the GIC to actually open and show up on your account. I have reached out to customer service and also their internal online customer service and they just apologize and say we're working on improving things in 2023.
Back in October I requested opening a GIC and after 3 weeks rates went up higher so I just cancelled. I submitted a new GIC request in early Nov and it STILL hasn't been opened and its Dec 6th now.
If Tangerine or another bank offers 5.25%, I'm moving all my funds out.
8:12 am
February 7, 2019
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UnsaltedCashew said
They are so backlogged that there is a 4 week+ wait time for the GIC to actually open and show up on your account. I have reached out to customer service and also their internal online customer service and they just apologize and say we're working on improving things in 2023.Back in October I requested opening a GIC and after 3 weeks rates went up higher so I just cancelled. I submitted a new GIC request in early Nov and it STILL hasn't been opened and its Dec 6th now.
If Tangerine or another bank offers 5.25%, I'm moving all my funds out.
I opened 2 gic's online on Nov 17. Confirmed and visible online in 3 business days.
| CGO |
8:56 am
January 12, 2019
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UnsaltedCashew said
. . .
If Tangerine or another bank offers 5.25%, I'm moving all my funds out.
I beat-cha to it, several months ago. My Grand total at Oaken has been $1 & 37₵ for quite some time now.
Regardless of their rates, it'll stay that way until they clean up their act. And I don't expect that to happen any time soon.
Oaken just ain't what it used to be. 
- Dean
" Live Long, Healthy ... And Prosper! "
9:03 am
September 24, 2019
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I have a RIF due today. It is for the (small?) amount of $9800. Right now I have the maturity instructions to put in for 5yrs currently @5.0%. I think I will just leave it rather than phoning them to change to say the 2 yr @ 5.25%.
I have two more much larger RIF's with them maturing at different times in the summer of 2023.
What do you think? Better to know you will be getting the 5% for five years?
9:21 am
May 24, 2016
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I’d take the 5 year, 5%. I’ve never had a problem with Oaken, other than them not having a TFSA savings account. I got through immediately this morning, and don’t usually have to wait long.
9:53 am
October 27, 2013
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As a reminder, Smith Financial has made an offer to buy out Home Capital Group which would normally close sometime in mid-2023. No one knows what Smith Financial might do with the "retail direct", i.e. Oaken Financial, portion of the Home Trust family. Either it will be the 'opening' Smith Financial wants to break into retail deposit taking and build it up, or it will wind it down in favour of remaining in the brokerage channel. I am not aware of any comments being made by Smith Financial in this regard and I am guessing they would keep their cards close to their chest.
Added: Oaken is about 30% of Home's deposit taking business and has been a relatively steady portion. See slide 12 of https://s2.q4cdn.com/668293721/files/doc_financials/2022/q3/Q3-2022-Earnings-Presentation.pdf Meanwhile, their NIM has been in steady decline per slide 8 which suggests they cannot really afford to pay too much more for their deposits.
10:20 am
September 24, 2019
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It seems like yesterday when many of us were discussing whether they got their chocolates etc. from Oaken. Time flies. I wonder if I'll be getting my chocolates this year? 
2:18 pm
June 8, 2022
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cgouimet said
I opened 2 gic's online on Nov 17. Confirmed and visible online in 3 business days.
To clarify, the delay being experienced is with business / commercial GICs. Their personal GICs may be operating ok.
Please write your comments in the forum.