Canada Day promo 4% 2yr GIC | Page 2 | Oaken Financial | Discussion forum

Have you tried even if the money shows in HISA but not out of original
FI? I usually only pull from a linked, non Oaken account, for GICS. But maybe it looks at my HISA too……but is usually zero balance.

All I can say is… Oaken continues to improve the online process of buying a GIC. I have no issues with them.

As Dean recommended I jumped on this.
I have not used Oaken for years....I used to have some GIC's with them and they used to send out chocolates at Christmas and I recall getting a gift card on my birthday from them is that still the case today?

pwr1019 said
As Dean recommended I jumped on this.
I have not used Oaken for years....I used to have some GIC's with them and they used to send out chocolates at Christmas and I recall getting a gift card on my birthday from them is that still the case today?  

Sadly no and no. That put them in a higher level of appreciation when they did. Chocolates at Xmas and birthday card with a MacDonalds $5 gift card.

.

Oaken 2 Year GIC @ 4.00% ... 2 Days 2 Go❗

Get 'em while you can

Dean

Fortunate timing of one expiry yesterday for me, renewed into a 2 Yr.

With the US PPI numbers today, the odds of a US rate reduction increased and US stock futures jumped from negative to positive as a result. How or if that influences our BoC rate remains to be seen (or never seen but felt...), however it seems the opposite, ie; the odds of any rate increase in any Cdn. Bank's short-medium term GICs, are very remote indeed.

GIC-Fanatic said
For timed offers do you ever borrow from yourself from your HISA account to buy and then let the maturing GIC pay you back?  

Yes, have done in the past, however with my current strategy, not much is available. That's because I use numerous mostly 1 year term GICs laddered through the year instead of holding funds in HISA accounts. In other words, making GICs my "HISAs" and pocketing the approximate extra 1% interest, with little inconvenience. With rates down to where they are now, 1% extra can be a 30-40% increase in the rates earned on the same money.

dougjp said

Yes, have done in the past, however with my current strategy, not much is available. That's because I use numerous mostly 1 year term GICs laddered through the year instead of holding funds in HISA accounts. In other words, making GICs my "HISAs" and pocketing the approximate extra 1% interest, with little inconvenience. With rates down to where they are now, 1% extra can be a 30-40% increase in the rates earned on the same money.  

About a year ago I had a talk with myself. Too much money in an HISA and zero interest. So the amount in HISA …. some is pieced out to 30 day GICS that are spaced a week apart. Ie $60,000 divided by 4 weeks equals $15,000 a week is available if needed otherwise it gets renewed automatically. That’s with Peoples…..but no longer as the 30 day rate is less than HISA rate. So they are being collapsed every week to get the higher HISA rate. And some is being moved out altogether for better than People’s HISA rate. So PT … you snooze … you lose. lol

Then I got to using 30 day (1 year) lock GICS which are better in my opinion. Cash in anytime .. if less than 30 days, zero interest … if over 30 days …. interest is earned and paid out based on number of days invested.

Then Hubert quarterlies … can pull any time .. but if you don’t reach a 3 month anniversary, you lose out on interest for a period of time.

So using all types of redeemables ….. I should have sufficient cash available …. and more if I am prepared to lose interest.

I do occasionally borrow from myself but for a very short period of time …. Iike no more than 30 days.

So I use redeemables that are blended with HISA in a ledgered spreadsheet that provides a decent return rate vs a zero rate.

It may be over as far as Oaken is concerned, and it was a good opportunity for the current environment, but the deposit brokers have been offering rates similar to what Oaken had and even higher for some time.

It would appear the FI's we have become accustomed to dealing directly with the past few years are just not offering GIC opportunities while many have opted for the lower overhead option of offering their GIC's through deposit brokers.

My experience with brokers has been very satisfying and a lot less complicated that dealing with any FI directly.

Perhaps more emphasis on discussions about broker offerings might be found to be informative and beneficial to our Forum.

Some examples:

https://fa1.moneyguide.ca/index.php/rates/rates-guaranteed-investment-certificates/

https://gicwealth.ca/

https://www.scrivens.ca/investment-rates

There is one other I monitor, but they have not been updating their listing daily as they had been doing in the past, which includes the name of the institution along with the rate. Though updates recently only been posted weekly, can give an indication of trends of various FI's.

https://www.finctr.ca/rates/newhighr.pdf

A call to any of the listing brokers would provide specific details for daily offerings, that often vary from day to day...a good way to pick up flash sale opportunities.

Stephen