Oaken Increases Rates Today & Retroactive to April 14 | Oaken Financial | Discussion forum

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Oaken Increases Rates Today & Retroactive to April 14
April 24, 2017
4:04 pm
Nehpets
Ontario
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From Oaken email received today:

As part of our commitment to making customers the first to know about our rate changes, please note that effective Tuesday, April 25, 2017, we'll be increasing our interest rates for the following terms:

Long-term GICs (registered and non-registered)
1 Year GIC – 2.00% (currently 1.85%)
18 Month GIC – 2.10% (currently 1.95%)
2 Year GIC – 2.20% (currently 2.00%)
3 Year GIC – 2.30% (currently 2.05%)
4 Year GIC – 2.40% (currently 2.15%)
5 Year GIC – 2.50% (currently 2.25%)

Short-term GICs
30-59 Days – 1.75% (currently 1.50%)
60-89 Days – 1.75% (currently 1.50%)
90-119 Days – 1.85% (currently 1.60%)
120-179 Days – 1.90% (currently 1.65%)
180-269 Days – 1.95% (currently 1.70%)
270-365 Days – 1.95% (currently 1.70%)

1 Year Cashable GICs
After 30 Days – 1.75% (currently 1.50%)
After 90 Days – 1.85% (currently 1.65%)
Oaken Savings Account
1.75% (currently 1.50%)
These new rates will be applied automatically for all GICs booked on April 14, 2017 or later.

April 24, 2017
5:10 pm
Doug
British Columbia, Canada
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Also, to Peter specifically, I noticed Oaken Financial's high interest savings account rate still shows 1.50%, not the newer 1.75%, so that will need to be updated in the "comparison chart" (and associated "rate history") when you get a chance. 🙂

Cheers,
Doug

April 24, 2017
6:15 pm
Brimleychen
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I also received this

http://app.go.hometrust.ca/e/e.....5c0ed86068

The higher the better.

Make sure you choose the right issuers for either Home Trust or Home Bank to balance the CDIC insured amount.

Let us enjoy the benefit of all the shorters. That is the market. Funding is tight for all the non big bank lenders 🙂

April 27, 2017
1:48 pm
SavingIsGood
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Good rate, not so useful FI. They are under CDIC.

April 27, 2017
5:33 pm
frank87
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I suggest that people take advantage of these rates while they're here. For people who aren't too familiar with Home Trust, their loan book is sound with just 0.24% of it in arrears and uninsured mortgages backed by 61% LTV. They also have loads of excess capital. They ran into some liquidity problems with their HISAs running down and that's why they're raising these rates. I don't expect it to stay at elevated levels forever.

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