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Email this10:07 am
September 24, 2019
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Effective August 13th, Oaken will be reducing their GIC rates to:
1 yr 4.7% from 5.05%
18 Mo 4.6% from 5.05%
2 yr 4.4% from 5.05%
3 yr 4.3% from 4.7%
4 yr 4.2% from 4.5%
5 yr 4.2% from 4.5%
2:02 pm
January 12, 2019
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.
Thanks for that ⬆, Alexandra.
Those are some 'Pretty Big' rate reductions, eh ❗
Question . . .
- During the process of setting up a GIC at Oaken, how many Days do they give you to put money in it, before they won't let you complete the process at the rate when you started ❓
.
Thanks in advance,
-
Dean
" Live Long, Healthy ... And Prosper! "
2:24 pm
September 24, 2019
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Dean said
.
Thanks for that ⬆, Alexandra.Those are some 'Pretty Big' rate reductions, eh ❗
Question . . .
During the process of setting up a GIC at Oaken, how many Days do they give you to put money in it, before they won't let you complete the process at the rate when you started ❓
.
Thanks in advance,Dean
Hi Dean,
What I usually do when purchasing GIC's from Oaken, I fund them directly from one of my linked accounts. So I have CIBC, RBC and Tangerine as my linked accounts. This way, I don't need to transfer funds.
3:05 pm
January 12, 2019
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Dean said
.
Thanks for that ⬆, Alexandra.Those are some 'Pretty Big' rate reductions, eh ❗
Question . . .
During the process of setting up a GIC at Oaken, how many Days do they give you to put money in it, before they won't let you complete the process at the rate when you started❓
.
Thanks in advance,Dean
The reason for my question ⬆, is that I have an Oaken GIC coming due next week that I'd like to reinvest in another Oaken GIC (at the present rates), but it won't come due (paid out) until Aug. 14th ... a day after Oaken lowers their GIC rates.
If I start the process of setting up a new Oaken GIC on Aug. 12th (at the present rate), will Oaken hold the rate for me until I fund it on Aug. 14th ?
- Dean
" Live Long, Healthy ... And Prosper! "
7:07 pm
September 24, 2019
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Dean said
The reason for my question ⬆, is that I have an Oaken GIC coming due next week that I'd like to reinvest in another Oaken GIC (at the present rates), but it won't come due (paid out) until Aug. 14th ... a day after Oaken lowers their GIC rates.
If I start the process of setting up a new Oaken GIC on Aug. 12th (at the present rate), will Oaken hold the rate for me until I fund it on Aug. 14th ?
Dean
I don't know how that would work. Maybe phone them and ask what they could do for you. Like changing the maturity instructions while the rate is currently @5.05% to re-invest vs paying out to your account.
10:51 pm
November 18, 2017
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I took some of the 2-year 5.05%. They said they'd hold the rate for 5 days.
RetirEd
2:03 pm
January 12, 2019
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.
Thanks for that ⬆, RetirEd.
I'm guessing you had to call in and talk to an Oaken CSR, to get them to hold the rate for 5 days ... yes ?
- Dean
" Live Long, Healthy ... And Prosper! "
2:08 pm
March 30, 2017
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Dean said
.
Thanks for that ⬆, RetirEd.I'm guessing you had to call in and talk to an Oaken CSR, to get them to hold the rate for 5 days ... yes ?
Dean
I think hold just mean as long as set up new GIC before Aug 13, u will get the rate. they dont hold any rates beyond that date.
3:25 pm
January 12, 2019
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savemoresaveoften said
I think hold just mean as long as set up new GIC before Aug 13, u will get the rate. they dont hold any rates beyond that date.
See Post #4 above 
- Dean
" Live Long, Healthy ... And Prosper! "
12:15 am
February 7, 2019
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Dean said
The reason for my question ⬆, is that I have an Oaken GIC coming due next week that I'd like to reinvest in another Oaken GIC (at the present rates), but it won't come due (paid out) until Aug. 14th ... a day after Oaken lowers their GIC rates.
If I start the process of setting up a new Oaken GIC on Aug. 12th (at the present rate), will Oaken hold the rate for me until I fund it on Aug. 14th ?
Dean
Depending on your current funding capacity/availability, you could open a new GIC now at the higher rate funded from wherever the funds are then change the maturity of the existing GIC to an Oaken HISA.
| CGO |
2:22 am
November 18, 2017
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I did indeed call the phone rep. Initially it would have taken me more than five days to fund, but when I called again a couple of days later they locked it. Good thing, too, as rates are sagging despite "good economic news."
RetirEd
5:57 am
February 7, 2019
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RetirEd said
I did indeed call the phone rep. Initially it would have taken me more than five days to fund, but when I called again a couple of days later they locked it. Good thing, too, as rates are sagging despite "good economic news."
"good economic news"?
| CGO |
9:10 am
September 30, 2017
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Dean said
...If I start the process of setting up a new Oaken GIC on Aug. 12th (at the present rate), will Oaken hold the rate for me until I fund it on Aug. 14th ?
Dean
I am going to apply for some on Monday as well but without the money in Oaken just yet. I think 5 *business* day is Oaken's norm because funding by mailing cheque is still an option & it goes by the cheque date.
However, we all known Oaken may be overwhelmed at times. There may be extra delay for them to actually come around cashing the cheque.
9:31 am
January 12, 2019
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cgouimet said
Depending on your current funding capacity/availability, you could open a new GIC now at the higher rate funded from wherever the funds are then change the maturity of the existing GIC to an Oaken HISA.
Presently/currently that's ⬆ Not an option for me at this time ... otherwise, we wouldn't be having this conversation.
Wish me Luck ... I'll be calling Oaken 2day.
-
Dean
" Live Long, Healthy ... And Prosper! "
9:41 am
October 27, 2013
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cgouimet said
"good economic news"?
I wouldn't necessarily say good, but I see nothing really wrong with the economy at the current time. GDP growth is slowing and unemployment is moving up marginally, but because of rate of immigration rather than people necessarily losing jobs.
We need the current state of unemployment to keep wage inflation down, and subsequently goods and services inflation (prices) in check. Companies just pass wage inflation through to consumer prices if they cannot, or will not, improve their productivity through innovation and capital investment.
We also need to keep consumer demand expectations down to avoid another round of inflation. Canadians generally over drive their headlights regardless of how much coinage they have in their pockets. Take it away from them in the form of debt interest payments.
The status quo is pretty darn good in my opinion.
10:43 am
January 12, 2019
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Dean said
Presently/currently that's ⬆ Not an option for me at this time ... otherwise, we wouldn't be having this conversation.
Wish me Luck ... I'll be calling Oaken 2day.
Dean
I just got off the phone with an Oaken CSR. I was told that they 'Cannot' hold the present GIC rate for me after it changes on the 13th ... not even for a day ❗ 
Well ... I tried ... C'est la vie !
- Dean
" Live Long, Healthy ... And Prosper! "
12:12 pm
November 3, 2022
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Dean said
I just got off the phone with an Oaken CSR. I was told that they 'Cannot' hold the present GIC rate for me after it changes on the 13th ... not even for a day ❗
Well ... I tried ... C'est la vie !
Dean
Well, if Oaken won't help you to keep your money invested with them, there's always Hubert. I transferred proceeds from Oaken GICs to Hubert's one year quarterly GIC @5.25% this week.
I've been frustrated with Access CU's approach to downgrading Hubert's online and CSR capacity, but as long as you are willing to call in during their Monday-Friday business hours, and have an account linked from "the good old days" when we were able to do everything online, your GIC can be booked immediately, and funded within a couple of days.
I'm surprised that Hubert is still keeping its 5.25% rate, and don't expect it to last much longer. Hopefully it will last until your GIC matures at Oaken!
1:43 pm
March 30, 2017
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Dean said
Dean said
Presently/currently that's ⬆ Not an option for me at this time ... otherwise, we wouldn't be having this conversation.
Wish me Luck ... I'll be calling Oaken 2day.
Dean
I just got off the phone with an Oaken CSR. I was told that they 'Cannot' hold the present GIC rate for me after it changes on the 13th ... not even for a day ❗
Well ... I tried ... C'est la vie !
Dean
see my post#8 🙂
I asked them the same question not too long ago.
At least they are consistent...
2:07 pm
September 11, 2013
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deleted
12:32 pm
January 12, 2019
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.
What a Difference a Day makes . . .
Oaken has fallen to the middle of the pack ... and look Whoz on Top now !
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You can almost Hear the money being sucked out of Oaken right now (including mine). Oh well ... they'll eventually be back near the top.
- Dean
" Live Long, Healthy ... And Prosper! "
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