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Email this8:44 am
February 7, 2019
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Dean said
OK then ... what's the deal @ Oaken ?
And where do we find it ?
Thx,
Dean
We've grown accustomed to Oaken (noone else) retroactively applying rate increases on their GIC's. This is the first time Oaken has chosen to follow industry practice of not doing that. Maybe they'll return to their former practice on the next rate increase ...
| CGO |
11:35 am
September 11, 2013
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The deal with Oaken for new purchases of gics is once you've bought it it's yours for the length of the term.
Alexandra said they told her they're not adjusting rates for gics bought within 7 days "this time around" which suggests to me that they're generally retaining their policy of upping the rate if there's a rate increase within a week of you buying it (and apparently there's no demand for marching the rate within 7 days if their rates decline after purchase date!). We'll see.
2:08 pm
March 14, 2023
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Dean said
OK then ... what's the deal @ Oaken ?
And where do we find it ?
Thx,
Dean
Don't know their official policy or where to find it (Bill has given some insight above). Up until now they've been pretty consistent with upping rate when there is a +change within 7 days of purchasing.
I didn't mean to imply that Oaken has ever offered a cancellation time period if that's what was inferred from my post.
5:48 pm
November 8, 2021
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Dean said
OK then ... what's the deal @ Oaken ?
And where do we find it ?
Thx,
Dean
So, according to your neighborhood AI bot, Oaken doesn't offer gic cancellation grace period. If they have one, it's certainly not visible on their website. This site appears to star in the AI bot response. The only way to be sure is to contact Oaken and ask.
10:02 am
December 18, 2018
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Oaken will not have changes rates of recently renewed GIC anymore and they won't send rate changes notice anymore.
Just got this reply when I inquired if my GIC that I had renewed less than 7 days prior to rate changes would be updated.
Please be advised that effective this rate change, Oaken financial will no longer be looking back 7 days. Also, this will be the last time we send out email notifications advising clients about rate increases. GIC rates may change without advance notice. The current rates will be displayed on Oaken.com and available through Oaken Digital.
Interest rates change in response to market conditions and business needs. Providing rates that are effective as of the current date helps ensure consistent treatment for all customers and allows us to respond more quickly to market changes.
7:39 am
February 7, 2019
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And again on Sep 14 ...
2 year GIC: 3.90 -> 4.05%
3 year GIC: 4.00 -> 4.10%
4 year GIC: 4.05 -> 4.15%
| CGO |
8:52 am
February 7, 2019
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cgouimet said
And again on Sep 14 ...2 year GIC: 3.90 -> 4.05%
3 year GIC: 4.00 -> 4.10%
4 year GIC: 4.05 -> 4.15%
And, contrary to a recent Oaken statement that there would no longer be email notifications of rate changes, this came via an email notification ...
| CGO |
9:33 am
January 3, 2009
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cgouimet said
And, contrary to a recent Oaken statement that there would no longer be email notifications of rate changes, this came via an email notification ...
I came for the same reason, I also received this notification. Glad to see the CSR gave them bad info and that they still send out notifications. That will have an impact on my level of business with them.
9:42 am
December 18, 2018
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Yeah I was surprised too, I posted the notice saying they would not send rate changes email in the future.
I am guessing the CSR meant Oaken won't send those in advance anymore like they used to. We get it the same day the rate changes. Seems to be in line with the last sentence in the correspondence I got ("Providing rates that are effective as of the current date helps ensure consistent treatment for all customers and allows us to respond more quickly to market changes").
10:04 am
November 3, 2022
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It seems that Oaken is revamping a lot of their procedures and systems. When I purchased a 2 year GIC following the rate increase announcement today, I received an instant confirmation of investment certificate on their web site. Getting the certificate used to take several days after one's purchase date.
10:09 am
February 7, 2019
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Rail Baron said
It seems that Oaken is revamping a lot of their procedures and systems. When I purchased a 2 year GIC following the rate increase announcement today, I received an instant confirmation of investment certificate on their web site. Getting the certificate used to take several days after one's purchase date.
Been like this for quite a while. Open GIC and then give it a nickname all in one login...
| CGO |
7:47 am
January 3, 2009
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and another one, and another one, looking more and more like the 70's
Effective Monday, September 21st, 2026, the interest rates* on the following Oaken GICs have been updated:
Long Term GICs:
1 year GIC: 3.80%
18 month GIC: 3.85%
3 year GIC: 4.20%
4 year GIC: 4.25%
5 year GIC: 4.40%
8:30 am
February 7, 2019
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For a while, it was buy ASAP before the rates go down again.
Now, it's like don't buy too soon cause they'll go up again ...
| CGO |
2:12 pm
August 30, 2023
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cgouimet said
For a while, it was buy ASAP before the rates go down again.Now, it's like don't buy too soon cause they'll go up again ...
Yes I bought at 3.80% and 3.82%, looks like we have to wait now. It is already at 4.10% and going up EVERY DAY. Talking about the 2 year. I guess we have to see how far it goes before it starts to stabilize for some period. I have not tracked this before, any guesses this time around? Might be the 2 year reaches a level of say around 4.50% this time around and hovers for a while?
1:42 am
February 7, 2019
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zgic said
Yes I bought at 3.80% and 3.82%, looks like we have to wait now. It is already at 4.10% and going up EVERY DAY. Talking about the 2 year. I guess we have to see how far it goes before it starts to stabilize for some period. I have not tracked this before, any guesses this time around? Might be the 2 year reaches a level of say around 4.50% this time around and hovers for a while?
If you want to see the history of rates, Peter maintains up to 8 years of it in the GIC table. Find Oaken in the table, click on the Updated Date to get every rate change for up to 8 years.
| CGO |
6:54 am
September 15, 2017
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Anticipate another increase very soon in Oaken's GIC rates for 2 years to 5 years. Rates with Home Trust/Home Bank through GIC agents/brokers are higher - 2, 3, 4, & 5 years today at 4.13%, 4.35%, 4.36% & 4.45%, respectively, and increasing daily.
7:02 am
November 8, 2021
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zgic said
Yes I bought at 3.80% and 3.82%, looks like we have to wait now. It is already at 4.10% and going up EVERY DAY. Talking about the 2 year.
Pretty much. I was in the exact same situation. 5 days after purchase, rate hike. Just to confirm what was mentioned here before, Oaken would not adjust rates. I asked, they politely declined.
Tiff, several days ago, mentioned the odds of a BoC rate hike have increased. Banks know when something is in the offing and act. This is Oaken's second rate hike in about 10 days.
10:20 am
September 7, 2018
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GR said
Anticipate another increase very soon in Oaken's GIC rates for 2 years to 5 years. Rates with Home Trust/Home Bank through GIC agents/brokers are higher - 2, 3, 4, & 5 years today at 4.13%, 4.35%, 4.36% & 4.45%, respectively, and increasing daily.
If one has the minimums required, I think one should go with the GIC agents? Oaken would never be able to match the agents' rates.
10:40 am
February 7, 2019
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I opened some GIC's yesterday after the rate change. The process has changed. I used to be able to open 3 at a time in one application. It's now one at a time.
| CGO |
9:54 am
February 7, 2019
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cgouimet said
I opened some GIC's yesterday after the rate change. The process has changed. I used to be able to open 3 at a time in one application. It's now one at a time.
I followed up with Oaken Customer Service to see if this was an intentional change. Linda messaged back...
"Please be advised that Oaken Digital never allowed multiple GICs to be submitted under a single application. If you wish to purchase multiple GICs at the same time, this can only be completed through a customer service representative over the phone. Kind regards, Linda."
| CGO |
