Rate Increase | Oaken Financial | Discussion forum

Seems kind of like a promo with 2.75% for any GIC over a year.

2.75% for 18 months is excellent! I will certainly take advantage since I moved out of EQ back to Zag as soon as EQ pulled their bait and switch nonsense.
Will go in person to open the GIC as I live in Toronto and will keep you posted on the transaction experience.

It does seem to apply to ALL GIC's.
Here's what I received in an email:
Long-term GICs

Term 1 Year 18 Mths 2 Year 3 Year 4 Year 5 Year Min. dep.
Annual compound or annual pay 2.05 2.75 2.75 2.75 2.75 2.75 $1,000
Semi-annual 2.00 2.70 2.70 2.70 2.70 2.70 $1,000
Monthly 1.95 2.65 2.65 2.65 2.65 2.65 $1,000
Cashable GICs

Term 1 Year Min. dep.
After 30 Days 1.75 $1,000
After 90 Days 1.85 $1,000
Short-term GICs

Term (Days) 30‐59 60‐89 90‐119 120‐179 180‐269 270‐364 Min. dep.
Paid at maturity 1.75 1.75 1.80 1.80 1.80 1.80 $1,000
Also available as RSP from 90 days, with minimum deposit of $2,500.

Retirement Savings Plans (RSP)

Term 1 Year 18 Mths 2 Year 3 Year 4 Year 5 Year Min. dep.
Annual compound 2.05 2.75 2.75 2.75 2.75 2.75 $1,000
Tax Free Savings Accounts (TFSA)

Term 1 Year 18 Mths 2 Year 3 Year 4 Year 5 Year Min. dep.
Annual compound or annual pay 2.05 2.75 2.75 2.75 2.75 2.75 $1,000
Retirement Income Funds (RIF)

Term 1 Year 18 Mths 2 Year 3 Year 4 Year 5 Year Min. dep.
Annual compound or annual pay 2.05 n/a 2.75 2.75 2.75 2.75 $10,000
Income options: annual, semi-annual, quarterly and monthly.

frizun said

That's weird,The email I got was not that extensive.had no mention of RSPs.
Hope this isn't one of those different deal for different members thing.
Guess we'll see what they post on the website Monday.

My email said.....correction....

As part of our commitment to making customers the first to know about our rate changes, please note that effective Monday, May 9, 2016 we'll be increasing our interest rates for the following terms:
1 Year GIC - 2.05% (currently 1.95%)
18 Month GIC - 2.75% (currently 2.05%)
2 Year GIC - 2.75% (currently 2.10%)
3 Year GIC - 2.75% (currently 2.15%)
4 Year GIC - 2.75% (currently 2.30%)
5 Year GIC - 2.75% (currently 2.50%)
These new rates will be applied automatically for all GICs booked on May 2 or later.

All other Oaken rates remain unchanged.

Web site says as of right now......all types of GICs registered and non registered.

However, Oaken resolutely refuses to offer a savings account option with TFSA/RSP/RIF.
Thus, when your GIC matures, you must be prepared to either renew it at whatever the prevailing Oaken rate is or move it elsewhere immediately. By then, there might be transfer-out fees for each GIC, although I am not sure if they have them now.

Loonie said

However, Oaken resolutely refuses to offer a savings account option with TFSA/RSP/RIF.
Thus, when your GIC matures, you must be prepared to either renew it at whatever the prevailing Oaken rate is or move it elsewhere immediately. By then, there might be transfer-out fees for each GIC, although I am not sure if they have them now.

I attended the Zoomer show 2 years ago and talked with the VP and he said they were looking a developing savings account but it would not happen overnight. I emailed him telling him the usefulness of having, for the DIYers to manage their RRSP/RRIF withdrawals and the response was....something like....we cannot help you. So I had decided to keep our accounts there but for non registered only as I do not want my hands tied to hard dead lines for RRSP RRIF or TFSA GIC maturities. And if you do request a "do not new" where does it go?

They have set up their system though, for you to update your payment methods and what you want to to with your funds at maturity for non-registered accounts only.

ps. even though the tickets to the Zoomer show were free but it adds to the drive to Vancouver and the ridiculous parking fees, I would never go it again. The entertainment was good but it was high density cruise line companies and funeral arrangement companies. Pretty much useless to me.

Oaken probably is in no hurry to offer registered savings accounts if they can get us to take the GICs.

I got 25 Air Miles from filling out a form at one of the funeral directors' booths, which effectively reduced the parking fee by $2.50 Also, some nice Post-it(TM) notes from CDIC which I am still using. Other than that not much of use unless you wanted stock investment advice from Peter Hodgson (sp?). He was suggesting some kind of gambling company . No thanks. Surely there is something more worthwhile than that to invest in.

I joined Oaken about 2 months ago--missed the great 2.75 special. But will create a joint account with my daughter to allow me an additional $100K protection. I'm pretty sure i did set up a savings account so when the GIC matures, it will go into the savings account. I asked for a "bonus" rate a couple of months ago and they gave me an additional 0.05% so i will try again. So far, this out-trumps ZAG and EQ and tangerine. I'm thinking of going 2 years. Any thoughts if I should take the 2.75 for a longer term??? (p.s. My scotiaMcLeod advisor can get me a GIC, but he can't match the rate of me getting it myself at Oaken--he is offering 2.05 from Oaken)

ITrade Home Trust (Oaken) min $5000 for 5 years ....2.35%

Makes .30 commission???

After an unsatisfactory call with Oaken a couple of weeks ago I tried their online application for a GIC. Works good! And no problems doing a joint GIC as well. They email an almost perfect summarized receipt by email. Well done Oaken!

Does any one know if they still mail out those nice GIC certificates?