BNS 2.5 Redeemable GIC-MINI $100,000 | Oaken Financial | Discussion forum

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BNS 2.5 Redeemable GIC-MINI $100,000
June 14, 2018
5:09 am
dentgal
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This is advertised as a Business GIC. I'm not sure why or what the difference is.
Watch out for the redeemable rates--which aren't bad, but you are penalized. ----------------------------------------------------------------------

Earn 2.5% when you open a new Redeemable GIC with a 15-month term.
Offer ends July 31, 2018.

2.5% Over a 15-month term
Give your business a boost. Get 2.5% on a redeemable GIC for business

When investing funds for your business, a stable return can provide peace of mind. "Our redeemable GIC lets you earn interest on surplus funds and gives you the flexibility to withdraw those funds at any time.

• Earn 2.5% on any funds you keep in the GIC for a 15-month term1

• Receive a competitive rate on amounts redeemed before the term ends1

• Invest with a minimum of $100,000 CAD

This offer ends July 31, 2018. Visit your nearest branch today and talk to a Small Business Advisor to find out more or open an account.
Term and Early Redemptions

The term of the GIC is 15 months (the “Term”). If the GIC is held until maturity full interest will be payable. The GIC can be partially or fully redeemed at any time during the Term. If you choose to redeem your GIC before the end of the term, the interest paid on the portion of the GIC that has been redeemed will be based on the following Early Redemption Schedule :

# of Days / Months Redemption Rate
0 – 6 months (0 – 180 days) 1.65 %
6 – 12 months (181 – 365 days) 2.00 %
12 – 15 months (366 – 454 days) 2.25 %
Maturity Rate (Day 455) 2.50 %

Depending on the timing of any early redemptions and any prior interest payments related to this GIC, there may be a claw back of interest from the principal to reflect the presiding rate within the Early Redemption Schedule. Claw back occurs when paid interest exceeds the interest the customer should have earned based on the early redemption rate.

June 14, 2018
6:53 am
Norman1
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It looks like a special offer only available to their business banking customers. I don't think the offer is available to their personal banking customers.

June 17, 2018
12:45 pm
toto
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Off topic, but wondering if Oaken has a transit and bank number, it's Sunday or it call them.
I checked on past forums but couldn't see anything. Thanks

June 17, 2018
1:40 pm
Norman1
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toto said
Off topic, but wondering if Oaken has a transit and bank number, it's Sunday or it call them.

I checked on past forums but couldn't see anything. Thanks

Home Trust Company does have an institution number. But, that doesn't mean they have set up their Oaken Savings Account to receive direct deposits and pre-authorized debits.

JenE wrote last July that she asked Oaken. The answer was that transfers in and out of the Oaken Savings Account can only be initiated at Oaken.

June 19, 2018
1:35 pm
toto
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Thank you norman1, Oaken said they can only link at their end, but they did let me set up a direct deposit to my linked tangerine account. I was trying not to lose interest on a term that is maturing, if I pushed from Oaken I lose 2 or 3 days interest.
Oaken said the direct deposit would show up in tangerine account the day of maturity, so solved the problem.

June 19, 2018
5:00 pm
Norman1
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toto said
… I was trying not to lose interest on a term that is maturing, if I pushed from Oaken I lose 2 or 3 days interest.

Oaken said the direct deposit would show up in tangerine account the day of maturity, so solved the problem.

That's definitely possible if Oaken transmits the direct deposit early enough for Tangerine to credit it on the day of maturity.

Under Payments Canada Rule F1, each branch is required to specify how many business days (one or two) it needs to credit a direct deposit. That way, direct deposits can be sent with enough lead time to be posted on the due date of the deposits.

I think that's how everyone's payroll direct deposits arrive on pay day, regardless of the lead time required by individual branches.

June 20, 2018
4:58 pm
JenE
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I have just had a maturing Oaken GIC deposited to my big five bank on the date of maturity, which I have found to be the norm for Oaken.

June 23, 2018
1:04 pm
toto
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Thanks bloggers, that's great info. I'm going to get Oaken to direct deposit my term that is maturing to my tangerine account . I was nervous it wouldn't make it on the day, but looks like it does from your experiences.

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