Savings account rate down to 1.50% on July 15 | Oaken Financial | Discussion forum

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Savings account rate down to 1.50% on July 15
July 14, 2020
12:23 pm
GR
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Savings account interest rate down again to 1.50% July 15.

July 14, 2020
1:53 pm
Dean
Valhalla Mountains, British Columbia
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GR said
Savings account interest rate down again to 1.50% July 15.  

Yup ... I just got that ^ email too. I drained my Oaken SA about 2 months ago ... and now it's going to stay that way.

On the Up-side though, their 18 month GIC is still @ 2.10%. sf-smile

Interesting times, for sure ❗

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

July 14, 2020
2:09 pm
AltaRed
BC Interior
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It appears they are discouraging liquidity in favour of term deposits. Is HCG struggling again and do not want to risk another run on the bank?

July 14, 2020
8:27 pm
Bud
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They didnt give much notice on the savings rate change a days notice. The same may be for their other rates

August 13, 2020
9:20 am
gicjunkie
Ontario
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Another rate drop at Oaken:

Please note that effective Thursday, August 20, 2020, we will be decreasing the interest rates of our long-term GICs (registered and non-registered) as follows:

Long-term GICs
• 1 Year GIC – 1.65% (currently 1.85%)
• 18 Months GIC – 1.95% (currently 2.10%)
• 2 Years GIC – 1.75% (currently 1.95%)
• 3 Years GIC – 1.90% (currently 2.05%)
• 4 Years GIC – 2.00% (currently 2.15%)
• 5 Years GIC – 2.10% (currently 2.30%)

All other Oaken rates will remain unchanged

August 13, 2020
9:39 am
2of3aintbad
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Oaken is the best for giving advance warning. I have been laddering the 18 mo GIC, but expecting this, so time to go 'all in'

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