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Email this8:15 am
November 29, 2017
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Oaken is raising its GIC rates effective Dec 13 (will be automatically applied to all GICs booked Dec 6 or later)
Long-term GICs (registered and non-registered)
• 1 Year GIC – 2.00% (currently 1.90%)
• 18 Month GIC – 2.25% (currently 2.00%)
• 2 Year GIC – 2.35% (currently 2.25%)
• 3 Year GIC – 2.65% (currently 2.45%)
• 4 Year GIC – 2.75% (currently 2.50%)
• 5 Year GIC – 3.00% (currently 2.75%)
Short-term GICs
• 30-59 Days – 1.65% (currently 1.60%)
• 60-89 Days – 1.65% (currently 1.60%)
• 90-119 Days – 1.65% (currently 1.60%)
• 120-179 Days – 1.75% (currently 1.70%)
• 180-269 Days – 1.80% (currently 1.75%)
• 270-364 Days – 1.85% (currently 1.80%)
1 Year Cashable GICs
• After 30 Days – 1.55% (currently 1.50%)
• After 90 Days – 1.65% (currently 1.60%)
The HISA remains unchanged at 1.5%.
8:19 am
December 7, 2017
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Haha, beat me to it.
5 Year seems good, I think its the highest right now (Implicity has the same).
3 Year rate still 7 BP below the highest I've seen (2.72% w/ GIC Wealth - Min. 25K).
8:31 am
November 29, 2017
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Hey, it's nice that we both try to help! I can't take advantage of the increase at this time, but hopefully you and others can.
Nice to see that the 5-year rate is 3%. This is available through a few Manitoba CUs (AcceleRate, Huber & Steinbach), and GIC Wealth (broker) is offering it with a min. deposit of $50,000. A little while ago Motive was at 3.02%, but they've since come down to 2.97%. My understanding is that they don't like being top of the heap because they end up with too much cash. Nice problem to have, but still...
Despite Home Trust's issues, I don't see why anyone would hesitate to invest with them and/or Home Bank up to the CDIC max (including earned interest). Think of all the popsicles that we can help Warren Buffet buy 
12:47 pm
August 17, 2010
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I'm going to take advantage of the 5 year as I just had an 18 month term with Home Trust mature. By the way I got chocolate again from Oaken.
2:06 pm
November 29, 2017
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toto said
I'm going to take advantage of the 5 year as I just had an 18 month term with Home Trust mature. By the way I got chocolate again from Oaken.
Hi. Just in case you aren't aware, Home Bank -- which is a subsidiary of Home Capital -- has the same GIC rates as Home Trust, but separate CDIC coverage. You don't even need to open a separate account. When you buy a GIC through Oaken, you can just tell them to park it with Home Trust or Home Bank. And if you have GICs with both subsidiaries, they all show up when you log into your Oaken online banking.
But even more importantly: I forgot about the chocolate! I didn't get mine yet. I'll look for it this week. It was good!
2:24 pm
December 7, 2017
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What kind of chocolate? I got a $5 McDonalds Gift Card.
11:16 pm
June 6, 2017
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1 Year GIC – 2.00% (currently 1.90%)
• 18 Month GIC – 2.25% (currently 2.00%)
• 2 Year GIC – 2.35% (currently 2.25%)
EQ bank savings account rate is 2.30%, and you have the freedom to take your money out whenever you need it, if the EQ rate stays, I don't understand why people need to lock their money for 18 months with Oaken to get the lower 2.25%?
7:53 am
July 28, 2016
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Most people don't want to go over the CDIC limit for some small bank like EQ so they need other options to park their money.
Also... What kind of chocolate? I have some money at Oaken and I never got anything.
11:49 am
September 11, 2013
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firstbrand, people lock in for various reasons but one is you're guaranteed that rate if rates otherwise or elsewhere go down.
P.S. I'd find it useful if the comparison chart had another column showing 1-year GIC rates for the institutions on the chart. Some people are willing to give up the short-term liquidity that a HISA provides if the 1-year GIC rate is better so in that sense 1-year terms are comparable to HISAs and that's the connection with this site. For example, the chart shows Hubert's 1.85% savings rate but you can actually get 2.25% if you buy their quarterly redeemable 1-year GIC, and that may be of interest to some HISA devotees. Longer term GICs are another matter, to me once you're locking up your money for two years or more you're in a different mindset than are HISA savers.
1:19 pm
August 17, 2010
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My situation is I need multiple banks for insurance. I got a beautiful box of dark and milk chocolate, with the squirrel on them.
1:44 pm
October 22, 2015
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I got chocolate too! Very nice 
3:31 pm
October 21, 2013
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Chocolate today here too!
For the person who asked what kind of choc, I believe it's made by Callebaut. The quality if quite good. It's mostly wafers of dark chocolate.
6:49 pm
September 5, 2013
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I got one too. Nice! Sent via USP with very solid package. This is the second time from Home Trust /Oaken. Will renew GIC soon.
7:46 pm
November 29, 2017
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I thought they missed me this year, but there it was on my porch -- 100% pure financial institution-grade chocolate, and a nice card. Way to go Oaken.
7:58 pm
November 29, 2017
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firstbrand said
1 Year GIC – 2.00% (currently 1.90%)
• 18 Month GIC – 2.25% (currently 2.00%)
• 2 Year GIC – 2.35% (currently 2.25%)
EQ bank savings account rate is 2.30%, and you have the freedom to take your money out whenever you need it, if the EQ rate stays, I don't understand why people need to lock their money for 18 months with Oaken to get the lower 2.25%?
There are only 3 reasons I can think of why someone would choose a 18 month GIC at 2.25% vs. stick their money in EQ and earn 2.3%:
1. The EQ rate can drop at any minute. It started out at 3%. Then it dropped to 2%, and now it's at 2.3%. Or, of course it could rise -- though I think it's unlikely. If you lock-in at 2.25% then that's what you'll get, no matter what.
2. If you have a large deposit over $100,000, you may not want to park all of it with EQ. While I don't think for a moment they could go under, the financial world is driven -- to an absurd degree -- by old fashioned investor confidence. Literally within hours, if rumors start to fly (see: Home Capital) thousand of people can rush to pull out their savings. At the very least, this would lead to a long delay in getting your money, and more than a few sleepless nights.
3. If you buy an Oaken GIC (either Home Bank or Home Trust), they send you a very nice box of chocolate at Christmas. Did you know life is like a box of chocolates?
10:04 pm
June 6, 2017
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I also received a box of chocolates this afternoon, very decent package. I am a chocolate addict.
9:42 am
July 28, 2016
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Just got my chocolate this morning. Good rates and good chocolates.
That's my kind of bank!
4:43 pm
November 29, 2017
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While we're saying nice things about Oaken, here are 2 more than I like:
- They mail you a GIC certificate. Yeah, I know it's symbolic. But it's nice.
- Their online bank interface is a little on the prehistoric side (kind of looks like something from 10 years ago), if you send a secure message they get back to you fast -- like often within 2-3 hours, instead of 2-5 days at big banks (Scotia is awful for this). You also get a push notification via email, so you know when they've responded.
3:51 am
December 12, 2015
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Toto, not only does Oaken double your CDIC coverage by having the two investment options, Home Bank and Home Trust, but they also offer joint accounts. So if you have one trustworthy person you can cover $400,000, and with two trustworthy people you can cover $800,000, as previously discussed ( A, AB, AC, ABC x 2). Their customer service has been excellent, and I appreciate the chocolates too. The first year the box was HUGE, now more moderate, still a nice touch. Will also reinvest. I like the paper GIC certificates as well.
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