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Oaken GIC Rates will go up Friday - Feb. 16/18
February 13, 2018
3:57 pm
Wayno
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New GIC Rate Increases on Friday.
Member e-mail will be sent out Thursday.

1yr 2.75%
18m 3.0%
2yr 3.1%
3yr 3.15%
4yr 3.20%
The 5yr rate will stay at 3.25%

February 13, 2018
9:15 pm
GR
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Thanks for the alert, Wayno. For savers and investors, it's great news to see interest rates moving up. BUT again, should we be suspicious and concerned about the reason(s) why Oaken seems to need GIC money so badly? They are frequently raising rates, which are already probably the highest in Canada! Also, their immediate need for substantial money is demonstrated by their large daily ads in the newspaper.

February 13, 2018
10:30 pm
Wayno
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Should you be concerned ... I really don't think so !

Their financial plans for 2017/18 and the reasons why they are offering these current rates are well documented in the press.

Their 2017 4Q financial results will be reported on Thursday, Feb. 15. 2018.

February 14, 2018
3:40 am
goldenhawk
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I just took 2 GIC last week. Anybody know if there's something to do, to have those new rate or it's to late?

February 14, 2018
5:17 am
Trump
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goldenhawk said
I just took 2 GIC last week. Anybody know if there's something to do, to have those new rate or it's to late?  

They used to update your rate if purchased x days before. And my last letter for renewal mentioned a 30 day policy. Please call them.

February 14, 2018
1:23 pm
Bill
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Wayno, I'm sure you're right, but how do you know this 2 days ahead?

February 14, 2018
1:58 pm
Wayno
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A reliable source at Oaken.

February 14, 2018
6:36 pm
Save2Retire@55
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Thanks for the info. I am going to see if they offer LIRA and RRSP. If they do, I will move what I have from the losers in Manulife to these ones.

February 14, 2018
6:39 pm
Save2Retire@55
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BTW, it is already on their web site.
What's the difference between Home Bank & Home Trust Company?

Select the issuer for your new account or investment:
Home Bank Home Trust Company

Select your term and interest rate
Less than 1 year
1 year (2.50%)
18 months (2.75%)
2 years (2.85%)
3 years (2.95%)
4 years (3.05%)
5 years (3.25%)

February 14, 2018
7:13 pm
Trump
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Save2Retire@55 said
BTW, it is already on their web site.
What's the difference between Home Bank & Home Trust Company?

Select the issuer for your new account or investment:
Home Bank Home Trust Company

Select your term and interest rate
Less than 1 year
1 year (2.50%)
18 months (2.75%)
2 years (2.85%)
3 years (2.95%)
4 years (3.05%)
5 years (3.25%)  

Yes they have RRSP and RRIF. They DON’T have RRSP or RRIF SAVINGS ACCOUNTS.

Oaken allows you to buy GICs from Home Bank or Home Trust. So Oaken has CDIC coverage x 2.

February 15, 2018
2:37 am
Loonie
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The rates currently on their website, as I write, are not as high as Wayno is telling us they will be on Friday. Compare as posted above #1 vs #9.

I don't think Oaken has LIRA, but I'm pretty sure Achieva does. Not very many places have them with decent rates.

The only important difference between Home Trust and Home Bank from the consumer point of view is that they each have separate CDIC insurance. It's all the same company, in the same way that TD Bank, TD Mortgage Co., and Canada Trust are all the same company but each has separate CDIC coverage.
Initially, the Oaken consumer was only offered Home Trust, so I have been maximizing my coverage at Home Trust before putting any in Home Bank - as good deals become available - just to make it easier for me. The staff there are fairly good at figuring out what's best for you in view of CDIC. Unlike TD, Oaken uses this option as a selling point.

February 15, 2018
6:41 am
Nehpets
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Save2Retire@55 said
I am going to see if they offer LIRA  

FI's that offer LIRA's are few and far between and restrict you to their own products, and even many deposit brokers are limited in what they can offer.

I've been fortunate to locate a deposit broker who can assemble a LIRA with a variety of GIC's that are usually market competitive, so it may be worth your while to check around with deposit brokers, even outside your own local area.

February 15, 2018
6:53 am
Save2Retire@55
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If I can't find LIRA with a good rate, I would just deposit in Questrade LIRA account and buy ETFs.

February 15, 2018
7:35 am
Norman1
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I think Oaken does have locked-in RSP's and LIRA's.

Their mail-in RSP application form has a section for "Locked-in plan information" to indicate the locked-in jurisdiction. There's also a checkbox to ensure a lock-in addendum is attached to the application.

February 15, 2018
11:59 am
Save2Retire@55
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Both Oaken and Hubert's highest rates compound annually which sucks.
If Oaken give Lira, they will take the Lira part and Hubert takes the RRSP.
Two new account to open next month. Fun times again.

February 15, 2018
12:31 pm
Bill
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Naturally the rates in posts #1 & #9 are different, it's not Friday yet.

To clarify re CDIC: Home Trust and Home Bank are not the same company, they are separate companies. Similarly, TD Bank, TD Mortgage and Canada Trust are not all the same company, they are separate companies. That's why all 5 each have their own CDIC limits.

February 15, 2018
5:24 pm
Loonie
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Bill said
Naturally the rates in posts #1 & #9 are different, it's not Friday yet.

I made this point simply because #9 said the rates were already on their website, which they're not.

Bill said
To clarify re CDIC: Home Trust and Home Bank are not the same company, they are separate companies. Similarly, TD Bank, TD Mortgage and Canada Trust are not all the same company, they are separate companies. That's why all 5 each have their own CDIC limits.  

As I said, from a consumer point of view, their separateness only matters in terms of CDIC insurance. Other than that, it's a mere technicality. TD and its various companies are all one as are Oaken's.

February 16, 2018
5:23 am
Nehpets
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As predicted by Wayno, this email notification came in this morning:

Please note that effective today (Friday, February 16, 2018), we have increased the interest rates for some of our long-term GICs (registered and non-registered) as follows:

• 1 Year GIC – 2.75% (previously 2.50%)
• 18 Month GIC – 3.00% (previously 2.75%)
• 2 Year GIC – 3.10% (previously 2.85%)
• 3 Year GIC – 3.15% ( previously 2.95%)
• 4 Year GIC – 3.20% (previously 3.05%)
These new rates will be applied automatically for all corresponding GICs booked on February 9, 2018 or later.

All other Oaken rates remain unchanged.

February 16, 2018
10:21 am
Bill
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"TD and its various companies are all one as are Oaken's." Not sure what is meant by "one", i.e. one what?

My local TD branch will sell me GICs from each of the separate TD companies in order to maximize my CDIC coverage, if I want. Is that what you mean by "one", i.e. one point of purchase?

February 16, 2018
12:07 pm
Trump
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Advisers have an interface to buy GICs from many sources such as Home Bank and Home Trust.

Oaken is an interface to Home Bank and Home Trust or any other banks that Home may buy. So is Oaken “one”??

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