Big drop in Oaken 3-5y GIC rates ! | Oaken Financial | Discussion forum

savemoresaveoften said
Please note that effective Wednesday, December 28, we will be decreasing the interest rate for Oaken long-term GICs as noted below:

Long-term GICs:
• 3 Years GIC – 4.85% (currently 5.10%)
• 4 Years GIC – 4.65% (currently 4.95%)
• 5 Years GIC – 4.50% (currently 5.00%)
All other Oaken rates will remain unchanged.  

Those are significant decreases.

savemoresaveoften said

They are trying to get most people to lock in now, 7 days before the bomb drops  

Yes, I think it's mind games when you look at their recent history with their 5 year rate: 4.45 to 5, 5 to 4.65, then 4.65 to 5 and now 5 to 4.5. This partly exposes how volatile things are and no one is certain about what will happen next.

Loonie said
What bomb?
I must have missed something.  

I assume referring to when 3-5 year GIC rates drop on Dec 28 referred to in post 1

All of this might not be strategy... just part of the buy-out machinations.
RetirEd