Rates to drop March 13, 2020 | Oaken Financial | Discussion forum

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Rates to drop March 13, 2020
March 6, 2020
12:34 pm
GR
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Please note that effective Friday, March 13, 2020 we will be decreasing the interest rates for some of our short-term GICs and all of our long-term GICs (registered and non-registered) as follows:

Short-Term GICs
• 180 Days – 2.30% (currently 2.45%)
• 270 Days – 2.30% (currently 2.50%)

Long-Term GICs
• 1 Year GIC – 2.40% (currently 2.55%)
• 18 Month GIC – 2.45% (currently 2.60%)
• 2 Year GIC – 2.50% (currently 2.65%)
• 3 Year GIC – 2.55% (currently 2.70%)
• 4 Year GIC – 2.60% (currently 2.80%)
• 5 Year GIC – 2.70% (currently 2.90%)

March 6, 2020
1:40 pm
Doug
British Columbia, Canada
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As predicted here, the flurry of rate drop notices are happening, both for HISAs and GICs, and I don't expect it to let up for at least a month. sf-cool

Get used it to everyone, for the next month, the top 10 recent forum threads will be HISA and GIC rate drop notifications. 😉

Cheers,
Doug

March 7, 2020
10:30 am
chamnic
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Typical ... As always, banks are quick on the trigger to lower when Fed drop rates. When rates go up, it takes forever to go up and then only by tiny increments.

March 7, 2020
11:01 am
gicjunkie
Ontario
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chamnic said
Typical ... As always, banks are quick on the trigger to lower when Fed drop rates. When rates go up, it takes forever to go up and then only by tiny increments.  

I wouldn't be too hard on Oaken.

First, they have been warning us before the rates are lowered.

Second, the drop is only 15-20 points, while the BoC drop was 50.

March 7, 2020
11:16 am
Dennis
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I like they give notice in advance. Most of other banks don't or do after it happened.

March 8, 2020
6:57 am
chamnic
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I was not specifically hard on Oaken (because I like their advance notice too), rather I was hard on all banks in general with their one-way rapidity to lower rates but not the reverse when rates go up.

I also like Oaken because they consistently have a good HISA rate without playing games with limited offer and so on, rate that they did not lower yet as part of this general drop which is a good thing.

March 11, 2020
2:03 pm
Doug
British Columbia, Canada
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GR said
Please note that effective Friday, March 13, 2020 we will be decreasing the interest rates for some of our short-term GICs and all of our long-term GICs (registered and non-registered) as follows:

Short-Term GICs
• 180 Days – 2.30% (currently 2.45%)
• 270 Days – 2.30% (currently 2.50%)

Long-Term GICs
• 1 Year GIC – 2.40% (currently 2.55%)
• 18 Month GIC – 2.45% (currently 2.60%)
• 2 Year GIC – 2.50% (currently 2.65%)
• 3 Year GIC – 2.55% (currently 2.70%)
• 4 Year GIC – 2.60% (currently 2.80%)
• 5 Year GIC – 2.70% (currently 2.90%)  

This rate drop has been superceded by the March 18th rate drop notice, just out now.

Technically, those rates will exist from March 13-17th, yes, but then March 18th, the rates are as follows:

Please note that we will be decreasing our Oaken Savings Account rate effective Thursday, March 12, 2020.

Savings Account Rate: effective March 12th
• 2.00% (currently 2.30%)
We will also be decreasing the interest rate for our short-term and cashable GICs (registered and non-registered) effective Wednesday, March 18, 2020 as noted below:

1 Year Cashable GICs:
• 1 Year cashable after 30 days – 2.00% (currently 2.30%)
• 1 Year cashable after 90 days – 2.05% (currently 2.35%)

Short-Term GICs
• 30 Days – 2.00% (currently 2.30%)
• 60 Days – 2.00% (currently 2.30%)
• 90 Days – 2.05% (currently 2.30%)
• 120 Days – 2.10% (currently 2.30%)
• 180 Days – 2.15% (currently 2.30%)
• 270 Days – 2.20% (currently 2.30%)

Cheers,
Doug

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