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Email this4:46 am
November 8, 2018
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Not sure if it were mentioned before, so apologies if this is known information.
Yesterday I pulled money to my empty Oaken Home Bank HISA to purchase their GIC. Today these funds are shown in Oaken account, and they are on hold as expected.
Oaken drops their GIC interest rates the day after tomorrow. I decided to try opening GIC today online, with current rate, and use all funds that are on hold. I was able to.
In my Oaken account I now see GIC the way I ordered it, with the principal amount I specified, and now empty HISA as expected.
Because Oaken informs on rate changes about a week in advance, it means it is possible to lock in on rate before it drops, even if you need to pull funds to Oaken.
You don't even need to telephone them to request GIC purchase from funds on hold: it can be done it online.
8:54 am
September 21, 2022
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Alex from past experience with Oaken at least in n-Reg'd account (different than elsewhere) U don't need to go thru savings account prior to puchasing a new gic... U can buy Ur gic and fund it with external linked account directly _ the gic (&interests) should be dated as per purchase (not once funds clear) --maybe this will change once they have savings accounts for all their registered accounts?
12:41 pm
March 3, 2022
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Correct. I've bought GICs directly from externally linked accounts and have their dates set to the day of the creation of the GIC (not when the funds get pulled into Oaken), which I think is nicer than most FIs, even as the funds usually take a day or two to settle in from the ext a/c.
1:58 pm
November 8, 2018
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Thanks. This is really different than elsewhere, in a good way.
Next time I buy GIC from Oaken I'll do that with funds straight from externally linked account.
2:10 pm
October 30, 2023
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Alexandre said
Thanks. This is really different than elsewhere, in a good way.Next time I buy GIC from Oaken I'll do that with funds straight from externally linked account.
Oaken quite awhile ago. I would pull funds in, then do a GIC online and put into the notes that funds were in the process of being pulled in from ABC Bank in the amount of $xxxx.xx. Never had an issue.
But now as said you can do a GIC and pull in the same process.
Also you can transfer registered funds from an FI and do the GIC all in one process. They will help you over the phone with this one. But what’s nicer is you can transfer/move all TFSA funds into an Oaken TFSA savings account and then later do the GICS needed. RRSP soon too and RRIF later.
Also old and good version of Hubert you could do a GIC and pull fund in, in one process. OR you could open a GIC account to lock in the rate and days or hours later go into that account (GIC) and fund it.
Please write your comments in the forum.