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Email thisWebsite: https://www.oaken.com
Headquarters: Toronto, Ontario
Parent company: Home Trust
Credit union? No
Available to Quebec residents? Yes
Founded in: 2013
CDIC coverage note: Oaken Financial and Home Trust are both part of Home Bank, but they provide separate CDIC coverage.
Disclaimer: Although our best efforts are made, the information posted on this website is not guaranteed to be accurate. Please visit their website for authoritative information.
Latest discussions about Oaken Financial -- view all
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July 10, 2024 |
October 18, 2024 |
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Oaken Financial |
September 10, 2024 |
October 9, 2024 |
8 |
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Oaken Financial |
August 31, 2024 |
September 3, 2024 |
8 |
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Oaken Financial |
August 7, 2024 |
August 18, 2024 |
25 |
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Oaken Financial |
July 22, 2024 |
July 29, 2024 |
16 |
Customer service: Rated 1 / 5 stars
Account features: Rated 3 / 5 stars
Interest rates (consistency and amount):
Fees:
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: About a year
Why do you bank with them?: High interest rates
What do you like about this bank / credit union?: I like the idea that it’s an online bank that doesn’t waste money on a large physical presence
What could be improved about this bank / credit union?: Customer service is absolutely abysmal no matter what you ask- The reply is always we’ll get back to you within two banking days.
General comments: Transferring in from another institution is a lengthy difficult process, Different for TFSA and RRIF accounts. Finding the paperwork on their website is difficult or impossible and if you call in you will be told by one person that you need only that RRIF transfer form and others will tell you you also need the Canadian government form or just the Canadian government form. No one really seems to know what they’re doing. When sending in the transfer forms be prepared to wait 4 to 6 weeks for them to send it to your institution to initiate the transfer. I don’t think the lost interest is worth the higher interest you get.
Review by C Bignell — November 6, 2024 @ 2:06 am
Customer service: Rated 2 / 5 stars
Account features: Rated 2 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: 3 years
Why do you bank with them?: high interest rates on savings
What do you like about this bank / credit union?: high interest on savings
What could be improved about this bank / credit union?: online infrastructure is horrible
General comments: They started offering TFSA Savings accounts several months ago, but when purchasing a TFSA GIC you are unable to direct the maturity proceeds into your TFSA Savings account. They told me they are working on it, but obviously they are a Mickey Mouse organization if it is taking months to put this into effect
Review by John Coris — June 13, 2024 @ 8:10 am
Customer service: Rated 1 / 5 stars
Account features: Rated 3 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: I have tried for nearly a month
Why do you bank with them?: High Interest Rates
What do you like about this bank / credit union?: Nothing
What could be improved about this bank / credit union?: Customer Service
General comments: Very poor customer service. They do not have enough employees to assist with starting an account therefore it takes an unreasonable amount of time to do so. They are polite but extremely inefficient. Do not deal with them!!
Review by Glenn Code — January 24, 2024 @ 5:08 am
Customer service: Rated 1 / 5 stars
Account features: Rated 3 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: Attempting to set up account and gic ladder.
Why do you bank with them?: High gic rates.
What do you like about this bank / credit union?: High gic rates.
What could be improved about this bank / credit union?: Customer service, onboarding
General comments: Unbelievable frustrating process to set up account and gic ladder. The website uploader does not work and the customer service is incompetent. I have been trying to set up a savings account to fund the gic ladder. It has now been 26 days and I am still waiting. I have had at least 9 or 10 calls with them and a few emails. The agents cannot explain why it is taking so long. They are friendly, but have not been given access to any information that would enable them to assist you. Since my initial application the gic rates have dropped. I have been waiting several days not for them to confirm which rate they provide me. I have requested to speak with a manager and was told they would call back in up to 5 business days. At this point, the hassle is not worth the higher rates.
Review by Mark Thompson — January 8, 2024 @ 1:01 pm
Customer service: Rated 2 / 5 stars
Account features: Rated 1 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 2 / 5 stars
How long have you banked with them?: A few years
Why do you bank with them?: High interest rates
What do you like about this bank / credit union?: High interest rates
What could be improved about this bank / credit union?: Everything other than high rates. Signup process is f*cking brutal. Customer service is incompetent. Communication channels are intermittent.
General comments: It was like pulling teeth to get an account setup and properly funded. We should have just bailed at that point, but stuck with the horrible process and ended up with money sitting in high-interest TFSAs. We just pulled money sitting in our TFSAs GICs that matured in December and will be doing the same with those that mature in January. We were looking to do a transfer sometime in the new year, but their only TFSA option is GICs - no TFSA savings accounts. Like seriously, WTF? So, you either renew with them and lock your money in for at least another year or you withdraw it and lose the contribution room until the next calendar year. We want nothing further to do with this company so we decided to take the hit and have money sitting outside of our TFSAs just to cease dealing with Oaken. Oh yeah, and the money we asked to redeem at maturity disappeared from our Oaken account on the maturity date (so not earning interest there) and didn't show up in our bank accounts for days (so not earning interest there either). So, in addition to losing some TFSA room for most of 2024, we also lost about $150 in interest while our money was sitting in limbo.
Review by Ken J — December 23, 2023 @ 7:59 pm
Customer service: Rated 1 / 5 stars
Account features: Rated 2 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 2 / 5 stars
How long have you banked with them?: 1 month.
Why do you bank with them?: High interest rates.
What do you like about this bank / credit union?: High interest rates.
What could be improved about this bank / credit union?: Everything. Their signup process was horrendous. It took 2 weeks to open an account online and that's unacceptable. I've successfully opened accounts with several other institutions within minutes. I almost gave up before even getting started. Their online (email) customer service is useless since they claim nothing, absolutely nothing, can be accomplished through email. Their online interface is brutal and glitchy. They offer a tax-free GIC but they don't offer a tax-free savings account?! So on maturity you have to re-up with them or transfer the money out which takes at least 8 weeks! That's why I'll never do anything TFSA related with Oaken.
General comments: If you want good interest rates on non-registered GIC's and you aren't going to be making many transactions/money transfers, then Oaken might be worth a look.
Review by 4n2t0 — November 20, 2023 @ 5:37 pm
Customer service: Rated 1 / 5 stars
Account features:
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: More than 10 years
Why do you bank with them?: Good rates
What do you like about this bank / credit union?: GICs
What could be improved about this bank / credit union?: LOTS
General comments: I tried 10 times to log in to my accounts(Home Bank and Home Trust) yesterday by following the instruction to click on the blue log in button. I have tried 4 times today already and failed.This is just not good enough. In, addition I shall be contacting others to air my complaints. Now, when I tried to submit a report on the Oaken site nothing happened and the site went back to blank "we want to hear from you" Ha
Review by william reed — October 13, 2023 @ 9:42 am
Customer service: Rated 5 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: 10 years
Why do you bank with them?: Best interest rates, both savings account and GICs. They offer personal and business accounts. They have TFSA and RSP GICs. Very easy to manage my accounts online and through the app.
What do you like about this bank / credit union?: Friendly and efficient customer service on the phone - I have never had a problem with them. Home Bank and Home Trust are separate, enabling double CIDC protection. Easy-to-use web interface and app. Also, pleasing web and app design.
What could be improved about this bank / credit union?: There is a regular savings account. I would like to have a TFSA savings account. Also, but less important, perhaps a US dollar account.
General comments: I have had only good experiences with Oaken for 10 years. I have also recommended them to others.
Review by Dan Haley — July 29, 2023 @ 10:55 am
Customer service: Rated 1 / 5 stars
Account features: Rated 1 / 5 stars
Interest rates (consistency and amount): Rated 1 / 5 stars
Fees: Rated 1 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: 8 years
Why do you bank with them?: Originally gic with higher interest rates
What do you like about this bank / credit union?: Nothing
What could be improved about this bank / credit union?: Don’t return phone calls deny receiving paperwork
General comments: Poorest customer service verging on criminal
Review by Terry gowdy — April 19, 2023 @ 11:48 am
Customer service: Rated 5 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: 10+ years
Why do you bank with them?: Higher interest rates than the big 5, CDIC insured funds
What do you like about this bank / credit union?: Knowledgeable staff, has an office in VancouverBC, Hometrust and Homebank to put funds in
What could be improved about this bank / credit union?: RRSP, TFSA saving accts
General comments: Smooth online experiences on website. Very short wait for phone line. Staff friendly. When GIC matures— you get reminder sent by Mail a month earlier for instructions whether to renew or transfer out. NO charge to transfer TFSA to another bank.
Review by Angie Liu — April 1, 2023 @ 2:37 am
Customer service: Rated 1 / 5 stars
Account features: Rated 2 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 4 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: 2months
Why do you bank with them?: Interest rates
What do you like about this bank / credit union?: Interest rate, that’s about it
What could be improved about this bank / credit union?: Service, Service, and service! poor phone service and worse in person service. Unknowledgeable people, no call backs at all, no follow ups when problems with your application. It’s the worse service ever dealt with a financial institution
General comments: Wouldn’t recommend dealing with them, pure hassle
Review by Maya koch — March 1, 2023 @ 3:53 pm
Customer service: Rated 1 / 5 stars
Account features:
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: trying to, but too difficult communicating.
Why do you bank with them?: I could not.
What do you like about this bank / credit union?: rates
What could be improved about this bank / credit union?: hire real human beings. Make communicating easy.
General comments: sorry this did/could not work out.
Review by richard reinhart — February 1, 2023 @ 7:56 am
Customer service: Rated 1 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: Tried to become a customer. Waited 8 days and never finalized purchase of TFSA GIC
Why do you bank with them?: I don't
What do you like about this bank / credit union?: High rates
What could be improved about this bank / credit union?: The process for purchasing a TFSA GIC is horrendous.
General comments: 5 members of my family tried to purchase TFSA GIC's. Here's some of the useless delays that were introduced by Oaken: 1. Requesting PAD form in place of a void cheque. After PAD form provided, several days later asked for a void cheque from an applicant who they already knew had no cheques. 2. Days after PAD form submitted again, asked for a copy of bank e-statement to confirm account number on PAD. 3. Days after e-statement submitted, was asked for confirmation of birth date submitted with application weeks earlier. 4. After submitting all requested information in responses to multiple e-mails was asked for a signed letter of direction for the bank withdrawal (even though Pre-Authorized Debit form was the first document requested and provided). 5. After 4 applicants had already submitted ALL of their account specific personal information via e-mail as instructed by Oaken, the 5th applicant was told "WE CANNOT ASSIST WITH ACCOUNT SPECIFIC INQUIRIES VIA EMAIL". WTF? 6. Two applicants had to call customer service to find out the status of their applications 2 weeks after applying. Only then were they told Oaken was awaiting additional information. Total of 3 weeks between TFSA application and funds withdrawn from bank account. 3.5 weeks after our first application, we cancelled all applications still in process and will never deal with Oaken again. Their delays in setting up a GIC more than offset the slightly higher interest rate they're offering. 4. I waited 8 days for a reply on application status and heard nothing back. I told them to cancel my application and delete all of my personal information
Review by P L — January 13, 2023 @ 5:55 pm
Customer service: Rated 4 / 5 stars
Account features: Rated 3 / 5 stars
Interest rates (consistency and amount):
Fees:
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: 3+ years
Why do you bank with them?: High interest rates, DIY
What do you like about this bank / credit union?: [ good rate guarantee policy ]
What could be improved about this bank / credit union?: [ no INTERAC !!! ]
General comments: [ counter intuitive - for 2022 Dec transactions, need to download Jan statement 2023 !!! ]
Review by HWYC — January 5, 2023 @ 5:21 am
Customer service: Rated 5 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: 10 years
Why do you bank with them?: Interest rate
What do you like about this bank / credit union?: Their apps is the greatest
What could be improved about this bank / credit union?: Open an office in Montréal
General comments: 1 year ago I moved my tfsa and riff with them and all process was completed without problems
Review by Leo — September 20, 2022 @ 12:15 pm
Customer service: Rated 1 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 3 / 5 stars
How long have you banked with them?: 1 year
Why do you bank with them?: High interest rates
What do you like about this bank / credit union?: High interest rates. They answer the phone or phone back reasonably quickly.
What could be improved about this bank / credit union?: Turnaround time for transactions is VERY SLOW. It can take more than two weeks to open an account, open a new GIC, or deposit funds into a GIC
General comments: Turnaround time for transactions is VERY SLOW.
Review by Ian Wilson — August 23, 2022 @ 4:06 pm
Customer service:
Account features:
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars
How long have you banked with them?: Not yet
Why do you bank with them?: Interest rate is higher
What do you like about this bank / credit union?: not sure yet and find out
What could be improved about this bank / credit union?: more branches?
General comments: I am going to see the staff soon at the branch. The reason why I am interested in this bank is because the rate is higher than the others. So I wanted to learn about this institution. I am confused because so many negative comments about the customer service and some errors which can not be done, especially finance industry. I also notice that review #12, someone talked about CDIC "However, I have recently been made aware CDIC protection may not be valid given the distinction of Oaken Financial from Home Trust in recent years." The reason I would invest my money into GIC is because it is secured by that, but can someone tell me why it may be not in this institution? ASAP response would be so appreciated! Thanks
Review by maplesakura — May 21, 2022 @ 9:09 pm
Customer service: Rated 1 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: 1 year
Why do you bank with them?: interest rates, online
What do you like about this bank / credit union?: interest rates
What could be improved about this bank / credit union?: customer service, before banking with them ask how they will service your beneficiaries after you die. My dad passed away recently and they have been horrible to deal with in trying to finalize the estate
General comments: Awful service. As an online bank, I have no statements for my dad who passed away, I need balances, T5's to finalize taxes and file probate. They have been most difficult to try and do this.
Review by Scott Laitinen — March 11, 2021 @ 8:03 pm
Customer service: Rated 5 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: 3+ years
Why do you bank with them?: good interest rates, have small office in Vancouver BC
What do you like about this bank / credit union?: good GIC rates and HISA rates
What could be improved about this bank / credit union?: Keep up the higher rates as compared to other virtual banks
General comments: Great customer service---gave good guidance over phone for purchasing GICs. Straightforward transactions---no need to negotiate rates.
Review by Angie — July 28, 2020 @ 7:05 pm
Customer service: Rated 4 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: at least 10 years
Why do you bank with them?: higher returns than other institutions
What do you like about this bank / credit union?: I have received only exemplary service. The returns are worth moving money from other institutions. It's a bit complicated to first set up an account, but I appreciate this b/c of security. They are covered by CDIC for each of Home Trust and Home Bank, so I feel safe below the $100,000 threshold.
What could be improved about this bank / credit union?: n/a
General comments: I don't understand the negative comments. My experience has been positive
Review by Donnie — July 16, 2020 @ 8:57 am
Customer service: Rated 1 / 5 stars
Account features: Rated 3 / 5 stars
Interest rates (consistency and amount): Rated 2 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: 2 years
Why do you bank with them?: I'm about to move away from Oaken Financial due to very poor (recent) customer service.
What do you like about this bank / credit union?: Customer service used to be excellent. It is now terrible! I used to like their (higher) interest rates, (for GICs) however recently their rates just continue to do down, and they are no longer competitive with other (similar) financial institutions.
What could be improved about this bank / credit union?: Oaken Financial needs to address their very poor level of customer service. The last rep. we spoke with, was very unhelpful and refused to transfer our call to someone that could address our concerns and answer questions about our account. Oaken no longer has a complaint process, so if you're unhappy with their service - there is nothing you can do about it! (except move away from Oaken).
General comments: Stay away from Oaken. They used to be a great company to bank with. Due to their current, very poor level of customer service we no longer recommend doing business with Oaken Financial.
Review by Robert — May 6, 2020 @ 9:04 am
Customer service: Rated 1 / 5 stars
Account features: Rated 1 / 5 stars
Interest rates (consistency and amount):
Fees:
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: Have tried for 2 months.
Why do you bank with them?: Thought I would have gotten an account by now, after all the paperwork and waiting. Am expecting next to hear that the 'booked' interest rate is no longer available.
What do you like about this bank / credit union?: Nothing yet
What could be improved about this bank / credit union?: Some indication that it is a real bank with professional or at least somewhat competent services. Its like a telemarketer or beginner scammer is interrupting his leisure time to email me back with temporary excuses.
General comments: Something doesn't add up here. I don't know how they can get and keep a charter.
Review by Jack Dunn — April 27, 2020 @ 3:27 pm
Customer service: Rated 3 / 5 stars
Account features: Rated 1 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 4 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars
How long have you banked with them?: 6 months
Why do you bank with them?: better GIC rates
What do you like about this bank / credit union?: GIC rates
What could be improved about this bank / credit union?: Call back as their agents promise. My bank account was linked with a wrong account no. never ever happened before with any other bank and was never able to speak to their supervisor despite several calls and follow ups. I was hoping linking up wrong bank account would be a serious matter for them but obviously not
General comments: why not offer cash account for TFSA and RRSP? I dont want my life savings to be hanging in the air with GIC matures and agents either dont call back or make some mistake like hooking up wrong bank account and then I can not talk to anyone.....I can not afford that
Review by Faro — July 11, 2019 @ 7:56 am
Customer service: Rated 1 / 5 stars
Account features:
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: 2 yrs
Why do you bank with them?: interest rate on GIC
What do you like about this bank / credit union?: competitive rates
What could be improved about this bank / credit union?: Customer service agents knowledge, responsiveness. They don't follow-up after promised return calls with information.
General comments: despite competitive rates I prefer OMNIA, Motive, Credit unions both DUCA and Meridian.
Review by PV — March 1, 2019 @ 11:40 am
Customer service: Rated 5 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars
How long have you banked with them?: 6 years
Why do you bank with them?: Great service, low fees, and best interest rates in the country
What do you like about this bank / credit union?: Great service, low fees and best interest rates in the country
What could be improved about this bank / credit union?: On line account information could be improved.
General comments: We have had terrific service from this company. I convinced my father in law to move most of his GIC's to Oaken which he did. He recently passed away and my wife is executor. Oaken had the investments paid out (including interest to date) within a week. Three weeks later she is still waiting for the big banks to complete the process.
Review by Greg Hockaday — December 31, 2018 @ 8:04 am
Customer service: Rated 1 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 4 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: Month
Why do you bank with them?: Rates high
What do you like about this bank / credit union?: Snotty Dan . Condescending. Rude staff. Incompetent.
What could be improved about this bank / credit union?: Hire smarter people. Fire dan
General comments: Fire dan
Review by Joseph — December 11, 2018 @ 10:05 am
Customer service:
Account features:
Interest rates (consistency and amount):
Fees:
Interface (online, telephone, in-person, etc.):
How long have you banked with them?: n/a
Why do you bank with them?: n/a
What do you like about this bank / credit union?: n/a
What could be improved about this bank / credit union?: n/a
General comments: the reviews are not very good to put ones money with them. I guess I will stick with the big 5 banks....just cause they have high interest rates which is great, it is not worth stress for more money, my opinion...and customer service that seems to be a big issue. thks. but no thanks....
Review by sue — February 17, 2018 @ 10:49 am
Customer service: Rated 1 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: One year
Why do you bank with them?: Better rates than other institutions
What do you like about this bank / credit union?: Their rates
What could be improved about this bank / credit union?: Everything
General comments: Having read the comments posted here, the general consensus seems to be that their support staff are rude and incompetent in general. I don't have the the time to provide the details, but from my experience I have to agree. Dealing with them is a frustrating and unpleasant experience. This is so unfortunate because they really have an opportunity to become a first rate financial institution and experience the obvious benefits that come with that. This kind of behavior comes from the top. It must be a very unpleasant place to work.
Review by Current Customer — February 6, 2018 @ 6:15 am
Customer service: Rated 1 / 5 stars
Account features: Rated 1 / 5 stars
Interest rates (consistency and amount):
Fees:
Interface (online, telephone, in-person, etc.):
How long have you banked with them?: More than two years.
Why do you bank with them?: I was attracted to the high interest rates and 'verbal assurance' of CDIC protection by their 'call' centre. However, I have recently been made aware CDIC protection may not be valid given the distinction of Oaken Financial from Home Trust in recent years.
What do you like about this bank / credit union?: I have been dismissive of their repeated errors and extremely poor customer service for higher interest rates. I ought not to have been since their errors to my profile have caused me anxiety, time and sleepless nights.
What could be improved about this bank / credit union?: Oaken Financial needs to listen to their clients concerns and be respectful. Unfortunately, this has not been my lived experience at all levels.
General comments: If you enjoy being treated with large 'call' centre service for your financial needs with post call repetitive frustration and errors (despite escalation)--you will have made the right choice.
Review by Over 55 — January 19, 2018 @ 6:28 am
Customer service: Rated 1 / 5 stars
Account features: Rated 1 / 5 stars
Interest rates (consistency and amount): Rated 1 / 5 stars
Fees: Rated 1 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: My late father did.
Why do you bank with them?: I have no idea why he did and wish he hadn't.
What do you like about this bank / credit union?: Nothing.
What could be improved about this bank / credit union?: They need to release funds from an estate in a timely manner. They should also give ALL the information about what needs to be done in order to release funds rather than coming up with another excuse for why they can't every time you meet the newest milestone.
General comments: Better off with someone else.
Review by Ray DuBois — December 18, 2017 @ 4:22 pm
Customer service:
Account features:
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: I have not yet.
Why do you bank with them?: n/a
What do you like about this bank / credit union?: The highest GIC rates for Quebec residence.
What could be improved about this bank / credit union?: Their reviews
General comments: My wife and I have quite a bit of cash to purchase GIC's but I have to tell you we are nervous because of the reviews we see here. The only way we would even consider is if someone from Oaken get in touch with us to give us some reassurance. We'll see....
Review by Rob from MTL — November 20, 2017 @ 3:35 pm
Customer service: Rated 1 / 5 stars
Account features:
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: Since 2014
Why do you bank with them?: To get the highest RRSP, TFSA, and GIC rates.
What do you like about this bank / credit union?: Very very little to like
What could be improved about this bank / credit union?: Quality of service. I have had to follow 3 or 4 times for each new account opened. They are not completing the transactions in an accurate and timely fashion. I really have to nag them via secure e-mail to get things done.
General comments: Poor implementation of registered and non-registered items sent via mail. Be prepared to hound them.
Review by Bay Girl — September 15, 2017 @ 7:31 am
Customer service:
Account features:
Interest rates (consistency and amount):
Fees:
Interface (online, telephone, in-person, etc.):
How long have you banked with them?: ???
Why do you bank with them?: ???
What do you like about this bank / credit union?: I am retired and am looking for a safe investment with no market concern,however reading your clients reviews and with only approx. 50% comfortable, does not make me feel comfortable
What could be improved about this bank / credit union?: Seems front
General comments: A bit concerning, for a retired looking for safety
Review by john yannetta — May 22, 2017 @ 9:23 am
Customer service: Rated 5 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: One month
Why do you bank with them?: Excellent interest rates
What do you like about this bank / credit union?: Easy to use, excellent interest rates. Deposits are CDIC insured.
What could be improved about this bank / credit union?: The website is good, but does not have an intuitive flow. Account set-up is not the smoothest experience, but with all the federal money laundering and know-your-client regulations, it is to be expected with any institution.
General comments: Overall, I'm very pleased so far. Customer service is a pleasure to deal with.
Review by G — March 4, 2017 @ 4:08 pm
Customer service: Rated 1 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees: Rated 3 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: Wanted to peen account
Why do you bank with them?: High interest rate
What do you like about this bank / credit union?: I do not like them at all
What could be improved about this bank / credit union?: this bank need to improve their knowledge staff not to treat client as criminal when they want to put money with them
General comments: I open up account on line and it took the 2 weeks for them tocontact me. When they contacted me they told me I need to sent in my documents as driver licence and utilities bill which my name on it so I did. Then took them 3 days later and told me now that is not good enough. I need to go to lawyer or any profession who know me to verify who I am. They give such a hassle and headache. I am giving them my money why are they treated me as a criminal and hassle
Review by Shawna — August 22, 2016 @ 7:06 am
Customer service:
Account features:
Interest rates (consistency and amount):
Fees:
Interface (online, telephone, in-person, etc.):
How long have you banked with them?: No experience to date
Why do you bank with them?: n/a
What do you like about this bank / credit union?: n/a
What could be improved about this bank / credit union?: public posting of credit ratings assigned by the rating agencies
General comments: I have a few million to invest - but not at the interest rates provided by Canada's chartered banks. Oaken's GIC rates are attractive, but higher risk typically comes with higher returns. I have requested info on credit ratings assigned to Oaken by the rating agencies such as Standard and Poor and Moody's -no response so far. Anyone know how to contact the rating agencies for the rating assigned to Oaken?
Review by Richard Leigh — May 30, 2016 @ 9:30 am
Customer service: Rated 1 / 5 stars
Account features: Rated 1 / 5 stars
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees: Rated 4 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: More than 2 years
Why do you bank with them?: It was a big mistake
What do you like about this bank / credit union?: nothing. they are just a joke
What could be improved about this bank / credit union?: Train their staff. make them more professional than being robots.
General comments: If you want to bank with a totally unprofessional institution that doesnt care about its customers Oaken should be your choice. Or else please look elsewhere.
Review by Anand — February 26, 2016 @ 7:59 am
Customer service: Rated 4 / 5 stars
Account features: Rated 3 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars
How long have you banked with them?: couple of months
Why do you bank with them?: interest rates, their HQ is in close proximity to where I live (Toronto)
What do you like about this bank / credit union?: I really like it. I might have to switch banks because I need a TFSA savings account... only downside
What could be improved about this bank / credit union?: TFSA savings account
General comments: Really Like Oaken, I have nothing but positive things to say about my experience
Review by Brandon — January 24, 2016 @ 6:31 pm
Customer service:
Account features:
Interest rates (consistency and amount):
Fees:
Interface (online, telephone, in-person, etc.):
How long have you banked with them?: several years now
Why do you bank with them?: great rates and very easy to do online banking with
What do you like about this bank / credit union?: great service,online phone help is great
What could be improved about this bank / credit union?: maybe have a mortage and trust division
General comments: excellent,there always trying to give you the best competitive rate
Review by John — December 14, 2015 @ 11:50 am
Customer service: Rated 1 / 5 stars
Account features: Rated 3 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: 2 years
Why do you bank with them?: higher interest rates
What do you like about this bank / credit union?: not much
What could be improved about this bank / credit union?: train their front line staff better
General comments: They dont seem to care for a customer's needs
Review by Yusuf — November 22, 2015 @ 4:25 pm
Customer service: Rated 5 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: 1 month
Why do you bank with them?: Interest rate was appealing. Enjoy transferring money within hours between my savings oaken and chequing credit union
What do you like about this bank / credit union?: Great transfer speeds both ways, customer service was great, 0 fees
What could be improved about this bank / credit union?: little higher savings rates
General comments: none
Review by ken — October 7, 2015 @ 5:34 pm
Customer service: Rated 5 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: IJUST STARTED A HIGH INTEREST SAVINGS ACCOUNT TO DEPOSIT MONEY FOR A TFSA AND TO BUY GIC'S
Why do you bank with them?: THE INTEREST RATES, the efficiency of the person who took my information.
What do you like about this bank / credit union?: THE WOMAN ON THE PHONE IS EFFICIENT, AN E-MAIL WITH THE DETAILS WAS SENT FORTHWITH WITH THE CORRECT info. SO FAR EVERYTHING IS SMOOTH AND SWIFT, WE'LL SEE ABOUT THE REST
What could be improved about this bank / credit union?: I do not know yet.
General comments: Hopefully the accounts will be set up efficiently without trouble. Any problems, I'll scrap the whole set up and find another venue or investment.If they can connect with my TD accounts and am able to easily transfer funds back and forth, WOW.If not, forget the whole idea
Review by STANLEY COHEN — April 25, 2015 @ 5:27 am
Customer service: Rated 2 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 3 / 5 stars
Fees: Rated 2 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 2 / 5 stars
How long have you banked with them?: 2 years
Why do you bank with them?: rates
What do you like about this bank / credit union?: not much but rates
What could be improved about this bank / credit union?: responsible executives to answer questions and quickly solve simple problems.
General comments: keep rates up and quickly solve problems
Review by Jim Williamson — February 28, 2015 @ 8:00 am
Customer service: Rated 1 / 5 stars
Account features: Rated 1 / 5 stars
Interest rates (consistency and amount):
Fees:
Interface (online, telephone, in-person, etc.):
How long have you banked with them?: I have phoned them twice in recent months to have a application mailed out.
Why do you bank with them?: I have never received the application
What do you like about this bank / credit union?: I guess they don't want my investment of +100k
What could be improved about this bank / credit union?: Answer the phone, send out applications as they are needed to people that ask for them
General comments: Nothing else to say
Review by Mark Lawrence — January 18, 2015 @ 5:41 pm
Customer service: Rated 2 / 5 stars
Account features: Rated 3 / 5 stars
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees: Rated 4 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: I attempted to bank with them 6 weeks ago, but they don't have my money.
Why do you bank with them?: I wanted to bank with them because their GIC interest rates were the highest, and their GIC's are insured up to $100,000 (total investment amount).
What do you like about this bank / credit union?: Their interest rates are excellent with respect to what other banks pay.
What could be improved about this bank / credit union?: They could make it easier to bank! I printed out the online form and filled it out, checking for mistakes, and mailed it along with three checks for $25,000 each. A week later, I got a phone call from Oaken. The guy said I wrote down the wrong interest rates for the three accounts I wanted. That struck me as odd, because I triple-checked my form and thought I'd put down the right amounts--the interest rates quoted plus the extra bonus they promised if I bank with them in the next couple weeks or whatever. A couple weeks later, I received three GIC certificates from Oaken. A couple more weeks later, I noticed that the three checks hadn't been cashed. I phoned Oaken again. The guy said there were two reasons I didn't have my GIC's. One, I'd "created" (his word) my own interest rates. Really? I said that I'd received a phone call about the "correct" rate and had okayed it. Second reason, the address on my check wasn't the same as the bank's record of my address. In fact, I'd crossed out my old address and written in my new one--a practice my bank was fine with until recently (and still allows my husband to do). The crossed-out address was the one my bank had as my former address; the hand-written address was the one my bank now has on file. So, I asked, was the problem that I'd hand-written my current address? Yes, the guy said, and lectured me that the form said it wouldn't accept a hand-written address. Funny, I read that form over carefully and understood it to mean that the address on my checks had to match the address the bank had--and I believe I met that standard. I thought the guy was arrogant and condescending, treating me as if I were stupid. I'm not stupid, in fact, nor am I arithmetic-challenged. But suppose I were? Don't people unnerved by math and banking and without advanced educations deserve respect too? Who the ***whatever does this guy think he is, talking to a potential customer like that? I can still buy my GIC's at the rate quoted on my certificates if I act in the next three weeks. I'm debating the wisdom of doing that.
General comments: If I decide to proceed with investing with Oaken, I'll go in person to their downtown Vancouver office, which is over an hour away from where I live.
Review by Carol Read — November 26, 2014 @ 12:02 pm
Customer service: Rated 5 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: 2o years with them including under their previous name
Why do you bank with them?: Always received a better rate and service.
What do you like about this bank / credit union?: Personal Service plus above.
What could be improved about this bank / credit union?: ?
General comments: I have banked over many years with all the Major Banks and Credit Unions and never received such consistently high Interest Rates nor Personal Service.
Review by Brian Norris — May 14, 2014 @ 3:31 pm
Customer service: Rated 1 / 5 stars
Account features: Rated 1 / 5 stars
Interest rates (consistency and amount): Rated 1 / 5 stars
Fees: Rated 1 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: 4 months
Why do you bank with them?: It was a mistake
What do you like about this bank / credit union?: nothing
What could be improved about this bank / credit union?: nothing
General comments: nothing
Review by Dean Mason — March 22, 2014 @ 5:58 pm