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Email this5:49 pm
December 23, 2011
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1 Year Cashable GIC (after 90 days): from 2.05% to 2.00%
1 Year GIC: from 2.05% to 2.00%
18 Month GIC: from 2.30% to 2.25%
5 Year GIC: from 3.05% to 3.00%
Effective Wednesday, May 28.
6:34 am
October 21, 2013
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Can I ask for the source of your information on the rate change? It seems unusual to announce a rate change in advance.
11:30 pm
October 21, 2013
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Thanks, Brian.
I must say, I am very surprised at this advance warning. I've never run into that before. Very useful!
6:02 pm
December 23, 2011
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I just transferred RRSP funds to them and they held,the rate for 30 days. I also used priority post for $17 to rush it there. Which was more than paid back with the higher rates.
By the way, why don't the posts for this forum go to the top of the heap.
10:14 pm
May 15, 2007
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kanaka said
By the way, why don't the posts for this forum go to the top of the heap.
Ah, thanks for pointing that out. That should be fixed now.
7:49 pm
October 21, 2013
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The rates have indeed changed today at Oaken:
1 ti 5 years: 2.00 2.25 2.35 2.40 2.60 3.00
1 yr cashable after 90 Days 2.00
I didn't see a rate for 18 months.
Thanks for the heads-up.
2:35 pm
December 23, 2011
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Today's email from Oaken
As part of our commitment to making customers the first to know about any rate changes, please note that we'll be reducing our 5 Year GIC rate from 2.90% to 2.80%, effective Monday, August 25, 2014.
Any applications received by Friday, August 22 will receive the current posted rate of 2.90%.
4:24 pm
August 5, 2014
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Kanaka, I guess 3.00% 5 year TFSA's and RRSP's at ICICI Bank of Canada is the place to invest if you want higher fixed rates instead of Oaken Financial.
Now you know why they increased their online savings account rate from 1.65% to 1.75%. It looks to me that they want depositors money at much lower variable rates.
It seems that always the 5 year GIC rate is being cut and other GIC rates are unchanged. It looks like most people are putting their money locked for 5 years because they have a feeling that GIC rates will fall more over the next few months.
6:47 pm
October 21, 2013
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The people at Oaken never send me any of these emails. I have an account there AND I have requested it online, and received acknowledgement. What is the matter with them??
Thanks for letting us know.
Update Oct 3/14: After 2 email requests, I am finally getting their mailings.
9:40 pm
December 23, 2011
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Loonie said
The people at Oaken never send me any of these emails. I have an account there AND I have requested it online, and received acknowledgement. What is the matter with them??
Thanks for letting us know.
Hi Loonie. Here is where I signed up. https://www.oaken.com/wps/portal/oaken/rates/email/stay+connected+by+email
You don't have to be a customer to be emailed. Although I am.
9:35 am
December 23, 2011
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Loonie said
yes, I had already signed up there, Kanaka. Did you receive this news email?
Yes, by email as a result of signing up, but I do also remember I have them my email on the application form for my GIC.
6:00 pm
May 15, 2007
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After the post above, the discussion began to fork into one about long term bond rates and the state of the economy. That discussion has now been moved to its own thread.
12:55 pm
October 21, 2013
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They are reducing their 1yr GIC from 2.15 to 2.05, effective Jan 19 (from email).
I doubt this will make any difference to anyone, as there are better rates out there anyway.
I guess they got all the one-year money they needed, and probably more, from the recent promo.
4:35 pm
November 4, 2014
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If they are just cutting their 1 year GIC from 2.15% to 2.05% but will still have a 2.00% 1 year cashable GIC after 90 days with no interest lost and no penalties then it is not that impactful.
This Oaken Financial, 1 year 2.00% cashable GIC after 90 days is only available for non-registered accounts so their 2.05% lower rate will impact RRSP's, RRIF's, TFSA's directly.
4:41 pm
November 4, 2014
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Actually, 2015 is starting out with lower but shifting rates. Peoples Trust has now the highest 1 year TFSA GIC at 2.60% but no longer a liquid, accessible, 3.00% TFSA savings account but now lower at 2.50%.
Their 1 year GIC is 2.40% is an RRSP eligible GIC as well at 2.40%. Their are at least 3 Manitoba credit union GIC's are 2.25% for 1 year.
4:47 pm
November 4, 2014
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I noticed that ATB Financial had for many months a low 2.00% 5 year GIC, RRSP, RRIF, RESP, TFSA rates after their 3.00% 5 year GIC, RRSP, RRIF, RESP, TFSA rates for months earlier.
Now they have increased them to 2.65% for 5 years which is better than what they had before but are still lower than many financial institution's GIC rates from 2.80% to 3.10%.
Please write your comments in the forum.