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Email this1:13 pm
May 24, 2016
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I've spoken to customer service reps. at Oaken on a number of occasions about them offering tax free savings accounts, and asked that they pass the message on to their superiors. I've also been told that a number of other customers have requested the same thing. Today I went one step further and asked if I could contact those 'superiors' myself. I was given the following email address and fax number:
Service@oaken.com
Operations and Management Team, 1-866-431-1570
Perhaps if lots of customers email, fax, or both, Oaken management may indeed make a tfsa available.
1:29 pm
May 24, 2016
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I sent this email:
"I have, on a number of occasions, requested that your customer service representatives pass on my message that simple TFS Accounts be made available to customers. The flexibility of being able to hold matured TFSA GIC funds in such an account would be very beneficial. If one wanted to amalgamate several maturing GICs, one would be able to do so, or perhaps redeem a smaller amount than the actual GIC. These are only two scenarios but I'm sure there are others.
I know that like-minded people have suggested that they would prefer to have just one financial institution meeting 99% of their needs, rather than feeling they have to have numerous F.I. accounts.
I sincerely hope that Oaken is progressing towards allowing customers to hold a TFSA and would appreciate hearing from your institution in this regard."
2:39 pm
December 23, 2011
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JenE. I would suggest that you set up for private message here on the site. 2 years ago I went to the Zoomer show and the Oaken folks were there. I was able to get names and email addresses and took the time to email why as a do it your selfer; why I would like to be able to manage my own withdrawals that would exceed the mandatory amount by using the RRIF or RRSP savings account. Got a bunch of rhetoric about how the mandatory payment system works by taking from the GIC. I don't want my GIC to be touched....I will make sure I have more funds than what is required in an associated SAVINGS ACCOUNT every year to withdraw. I WILL and CAN self manage!!!!!
Here is the response from 2 years ago..........are you ready......
A RIF savings account is on our product roadmap, however I cannot give a specific date at this time. Obviously if this is what you need, we cannot help.
WE CANNOT HELP struck me in a bad way. Actually it is offending in away saying we want your money but we are not going to provide an acceptable level of service for managing it. Are they limiting the amount of funds they want on deposit? Why even offer RRSP RRIF and TFSA and not have an associated SAVINGS ACCOUNT? Whatever!!!! See my point?
Thus in my other posts you will see why I have decided to only put funds in an institution IF they have an associated savings account. So no more RRSP into Oaken.
From me, sorry to say this won't happen.
Perhaps if lots of customers email, fax, or both, Oaken management may indeed make a tfsa available.
If they want to not offer what others do.....then I will shift my business elsewhere and avoid depositing any registered funds at Oaken.
9:14 pm
October 21, 2013
Online
It's annoying, for sure.
On the other hand, they generally offer better customer service than their competitors, and that is also something I value fairly highly. I don't just mean being "nice" on the phone, but also being accurate, timely, and efficient.
I figure that if spouse and I move our current TFSAs to 5yr GICs (one for each of us) to Oaken, we will earn about 1500 more than at the next best. I don't like the fact that they don't offer a savings version. However, for $1500, it may be worth it to us to put up with this. Perhaps in five years they will have caught up with the "roadmap".
However, there is no way they will get another TFSA GIC from us next year as it's far too much nuisance for smallish amounts like $5500 or $6000, to put it into a FI that does not have a Savings version..
9:01 am
May 24, 2016
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This is the reply just received from Oaken:
" Thank you for your feedback. Unfortunately a daily savings TFSA is not a product that Oaken currently offers, I apologize for any inconvenience this may cause. While it is possible that Oaken may add the option at some point in the future there has been no decision as to if or when that may occur.
If you have any further questions please feel free to contact Oaken Customer Service at 1-855-625-3622 8:00AM to 8:00PM EST Monday through Friday."
Regards,
Kevin Smith
Customer Care Specialist
11:31 am
October 27, 2013
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The online banks (maybe all banks?) need to get to a program where a single TFSA can hold multiple assets, including GICs, term deposits and HISAs. Brokerages do this all the time. It defies logic to do otherwise BWTFDIK.
12:35 pm
September 11, 2013
Offline
Banks are not going to compete with or cannibalize from their own discount brokerages. You have the option, go to the broker if they already have what you want.
3:29 pm
October 21, 2013
Online
As far as I know, Oaken doesn't have a discount brokerage. Does it?
I expect that eventually they will all have at least GICs and Savings, maybe not term deposits until rates come up for those as they can't be very popular at the moment.
However, there is also the risk that, the more services they offer, the less interest they will offer, as it will cost them more to maintain more services. There will likely always be a new upstart offering bare-bones and higher rates.
6:37 pm
September 11, 2013
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Oaken does not have an associated discount brokerage, as far as I know. Doesn't matter where you open your discount brokerage account, though, they all carry GICs and other financial instruments of various institutions (some have better selections than others). Most banks, including Oaken, already have GICs and term deposits (as well as savings accounts) as well as the basic registered accounts such as RRSPs, TFSAs and RIFs you can hold them in. The only problem is they just sell their own instruments, that's the advantage of the discount brokerages where you have a selection of instruments from various institutions so aren't stuck with the low rates of your particular institution. The bigger banks, I believe, will remain retail establishments aimed at the low hanging fruit, those who have little knowledge of or interest in looking beyond their own institution - that's where the easy money will always be. People on this forum are likely more sophisticated and/or attentive so are not likely the main target of the regular retail banks. The online banks like Oaken (associated with Home Trust) are interested in filling specific niches they think they can profitably mine hence they are somewhat selective in what they offer, though their selection may be in flux over time due to the changes in the marketplace and where they find they are making money and where they aren't. Seems to me it's impossible to find an online institution that will be at the top of the list for every one of your criteria.
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