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Email this1:25 pm
October 2, 2025
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Oaken has one of the best rate for savings, etc at 2.80%. On their web page, it said "Each deposit is available through either Home Bank or Home Trust Company, both of which are separate members of CDIC."
So if I deposit $200,000 on a Savings at Oaken, I can choose to put $100,000 at Home Bank and put another $100,000 at Home Trust Company, this will fully insured the $200,000 (without the two FI, coverage is only $100,000), is that correct?
I noticed Oaken do not have chequing account, how can I withdraw money from the savings account? What are the transaction limits for withdrawal?
1:59 pm
August 4, 2010
Online
Yes, when you buy GICs from Oaken, you get to choose which of Home Bank/Home Trust you want to buy from, so you can balance your $100K CDIC coverages as you like. I don't know if you can set up the savings accounts with a choice like that, but probably.
You'll have to do EFT transfers with Oaken (they don't have Interac e-Transfer available either). Back in the day I was never able to set up Oaken as a linked account anywhere else (they don't seem to allow external push pull like most others), so you'll probably have to do everything from the Oaken side (you can link external accounts there), unless something has changed. I don't know what their per-transaction EFT limit is, customer service would be able to tell you, and most places often let agents do a larger transaction for you. Also, most places don't have a per-day limit on transfers or anything, just whatever the per-transaction limit might be, so you can do multiple transfers.
2:38 pm
October 2, 2025
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This is great for GIC that I can take full advantage of Home Bank and Home Trust to maximize CDIC coverage, hopefully it works too with savings.
Kind of inconvenient if there is no easy way to withdraw money easily, Interac e-Transfer is not relevant here as it is restricted to $3000/day, $10000/week. I need to move say $20000 or $50000 in one transaction to fund any other bank's HISA special offers. It is for this reason PC Money Account is not an option as their bank-to-bank transfer is restricted $10000/day and $20000/month. It will take months to move large sum of money, by the time I moved month by month, the 90 days or 120 days promotion at the other bank will expire. PC Financial do have attractive rates though.
I still like a HISA account that has a chequing account, whether combined or otherwise. I can just write myself a cheque to move funds and not limited by the transaction limits.
3:11 pm
April 15, 2015
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Remember that 100000 CDIC coverage includes principal & interest combined.
4:43 pm
August 4, 2010
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pentel said
This is great for GIC that I can take full advantage of Home Bank and Home Trust to maximize CDIC coverage, hopefully it works too with savings.Kind of inconvenient if there is no easy way to withdraw money easily, Interac e-Transfer is not relevant here as it is restricted to $3000/day, $10000/week. I need to move say $20000 or $50000 in one transaction to fund any other bank's HISA special offers. It is for this reason PC Money Account is not an option as their bank-to-bank transfer is restricted $10000/day and $20000/month. It will take months to move large sum of money, by the time I moved month by month, the 90 days or 120 days promotion at the other bank will expire. PC Financial do have attractive rates though.
I still like a HISA account that has a chequing account, whether combined or otherwise. I can just write myself a cheque to move funds and not limited by the transaction limits.
You can do those large in or out transfers with Oaken (to external accounts linked at Oaken). You just can't set up your Oaken account as an external link at another institution. So you always have to start your EFT push or pull on the Oaken side.
I just did a quick check, and you can open an Oaken savings account with either issuer, so $200K of CDIC coverage available for each registration type (nonreg, TFSA, RRSP). Remember, savings accounts and GICs for each issuer/type pairing share the $100K CDIC pool.
If you have those large amounts to park and want to chase short term promos, Manulife is offering a 4.75% promo rate for 4 months (there's a thread here). Their Advantage account does have eTransfer/cheques etc. - it looks like they are trying to attract the free transactional account hunters. Regular rate would currently be 1.75% after the promo period.
4:44 pm
December 18, 2024
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I’m sure you realize:
It’s $100,000 CDIC coverage for ALL non-registered funds, including GICS.
If you can use both savings accounts, full of cash, that’s good.
I have set up push/pull to move funds at Oaken.
If you really don’t need $190,000 cash in a savings account you may find some rates higher than Oaken as may want to look at …30/90 day lock in (1year) GICS, 30 day GICS with auto renew, and quarterly 1 year GICS.
4:45 pm
November 8, 2018
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https://www.oaken.com/en-ca/help-centre/transfers/
From that link: "transfers amounts cannot equal or be more than $10,000,000 (ten million dollars)."
If you ask me, $10M ought to be enough for anybody.
4:46 pm
August 4, 2010
Online
Hubert's quarterly 1-year cashable GIC is currently a blended 3.65%, and provides a nice blend of immediate access and guaranteed rate, if you don't insist on CDIC coverage (Manitoba credit union guarantee fund).
6:32 pm
October 2, 2025
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NorthernRaven said
You can do those large in or out transfers with Oaken (to external accounts linked at Oaken). You just can't set up your Oaken account as an external link at another institution. So you always have to start your EFT push or pull on the Oaken side.
I just did a quick check, and you can open an Oaken savings account with either issuer, so $200K of CDIC coverage available for each registration type (nonreg, TFSA, RRSP). Remember, savings accounts and GICs for each issuer/type pairing share the $100K CDIC pool.
If you have those large amounts to park and want to chase short term promos, Manulife is offering a 4.75% promo rate for 4 months (there's a thread here). Their Advantage account does have eTransfer/cheques etc. - it looks like they are trying to attract the free transactional account hunters. Regular rate would currently be 1.75% after the promo period.
I have never done push and pull before, I will check out Oaken EFT push or pull. Good to know that I can open a savings that allow me to choose whether to use Home Bank or Home Trust. In this case, I can insure the full $200,000 in the savings account by using both Home Bank and Home Trust. Yes, I've been looking out at that Manulife Advantage account, the Manulife's Databarn database vulnerability did scare me a bit but I hope to overcome the fear.
6:34 pm
October 2, 2025
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GIC-Fanatic said
I’m sure you realize:
It’s $100,000 CDIC coverage for ALL non-registered funds, including GICS.If you can use both savings accounts, full of cash, that’s good.
I have set up push/pull to move funds at Oaken.
If you really don’t need $190,000 cash in a savings account you may find some rates higher than Oaken as may want to look at …30/90 day lock in (1year) GICS, 30 day GICS with auto renew, and quarterly 1 year GICS.
Yes, I'm aware the $100,000 CDIC coverage for ALL non-registered funds, including GICS. Which is why Oaken has advantage over other FIs as it has Home Bank and Home Trust to allow us to double the coverage.
6:38 pm
March 15, 2019
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NorthernRaven said
(Manitoba credit union guarantee fund).
Years ago I sat in on a meeting with David Dodge and he said that a Canadian province was bsically insolvent.
6:41 pm
October 2, 2025
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NorthernRaven said
Hubert's quarterly 1-year cashable GIC is currently a blended 3.65%, and provides a nice blend of immediate access and guaranteed rate, if you don't insist on CDIC coverage (Manitoba credit union guarantee fund).
Wow, cashable GIC at 3.65%. Definitely worth looking into. For large sum withdrawal at Hubert, is it similar to Oaken EFT push or pull?
I don't mind the Manitoba credit union guarantee fund at all (as long as it covers customers from BC - I'm from BC). It has no limits in coverage, if I can chose between the two, I will chose Manitoba credit union guarantee fund over CDIC because of the $100,000 limit at CDIC (not unless I'm missing something if CDIC is better)
6:42 pm
October 2, 2025
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COIN said
Years ago I sat in on a meeting with David Dodge and he said that a Canadian province was bsically insolvent.
I hope it's not Manitoba or BC, or any other province for that matter now.
6:43 pm
October 2, 2025
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Alexandre said
https://www.oaken.com/en-ca/help-centre/transfers/From that link: "transfers amounts cannot equal or be more than $10,000,000 (ten million dollars)."
If you ask me, $10M ought to be enough for anybody.
Thanks for the link on Transfers. Regarding "Link to an external account" on Flinks, do I have to reveal my login id/password of the external bank to Flinks?
7:40 pm
December 18, 2024
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pentel said
Thanks for the link on Transfers. Regarding "Link to an external account" on Flinks, do I have to reveal my login id/password of the external bank to Flinks?
@pentel
Think twice before using Flinks. See other posts here.
I sent Oaken voided cheques to set up push/pull.
Hubert quarterlies are cashable only on the 1/4, without loss of interest. Cashable any time but may receive no interest for the incomplete 1/4.
30 or 90 lock in GICS are cashable at any time with no loss of interest if cashed in after the 30 or 90 days. Cashed before…no interest.
If you like the Hubert quarterlies take a look of putting in 1/3 money in a quarterly every 30 days. If you want better access to $ without losing interest.
Because of my age, estate planning and no face to face with Hubert….I will only do “joint” with them. And other reasons that should not impact on your decision to use Hubert.
8:33 pm
October 2, 2025
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GIC-Fanatic said
@pentel
Think twice before using Flinks. See other posts here.
I sent Oaken voided cheques to set up push/pull.
Hubert quarterlies are cashable only on the 1/4, without loss of interest. Cashable any time but may receive no interest for the incomplete 1/4.
30 or 90 lock in GICS are cashable at any time with no loss of interest if cashed in after the 30 or 90 days. Cashed before…no interest.
If you like the Hubert quarterlies take a look of putting in 1/3 money in a quarterly every 30 days. If you want better access to $ without losing interest.Because of my age, estate planning and no face to face with Hubert….I will only do “joint” with them. And other reasons that should not impact on your decision to use Hubert.
@GIC-Fanatic thank you for the caution on Flinks and tip on the ability to use voided cheques to set up push/pull. I didn't know that and will definitely use voided cheques. I found the Flinks post that you mentioned. Sounds risky to use Flinks. I discovered from that Flinks thread that Oaken has a branch in Vancouver. Linking external accounts may be solved for me if I can do that in person at the Vancouver office.
9:18 pm
December 18, 2024
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Personally, I would not use Flinks.
You can use a voided cheque or a voided copy of banking info from your account profile (for FI’s with no cheques).
Yes, apparently a small Oaken office in Vancouver. And is wise, from what I heard, to make an appointment first. I’m in the Pitt Meadows area and have not visited. But did meet one of the employees at a Zoomer event years ago.
Also look into People’s group. Two banks, one roof …. each bank has different options. It’s a mix of online and on the phone. Office in Vancouver too. Rates have slid lately but better than our local banks or credit unions.
Who to use…..Hubert or Oaken! Hands down, in my opinion, Oaken is the best.
Hubert has pi$$ed a lot of us off….they amalgamated from Crosstown CU to Access Cu. Went from fantastic people and decent system to different people (trying hard) to a lack lustre system. Now pretty much all transactions are over the phone. They screwed up our T4’s royally and pretty much downplayed it. Lost $1700 for 14 months and lots of time calling CRA and Hubert…all Hubert’s fault. And hands down the Hubert quarterlies are hard to overlook.
You don’t have to be loyal to an FI …. “use” them to suit “your” needs.
9:33 pm
October 2, 2025
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GIC-Fanatic said
Personally, I would not use Flinks.
You can use a voided cheque or a voided copy of banking info from your account profile (for FI’s with no cheques).Yes, apparently a small Oaken office in Vancouver. And is wise, from what I heard, to make an appointment first. I’m in the Pitt Meadows area and have not visited. But did meet one of the employees at a Zoomer event years ago.
Also look into People’s group. Two banks, one roof …. each bank has different options. It’s a mix of online and on the phone. Office in Vancouver too. Rates have slid lately but better than our local banks or credit unions.
Who to use…..Hubert or Oaken! Hands down, in my opinion, Oaken is the best.
Hubert has pi$$ed a lot of us off….they amalgamated from Crosstown CU to Access Cu. Went from fantastic people and decent system to different people (trying hard) to a lack lustre system. Now pretty much all transactions are over the phone. They screwed up our T4’s royally and pretty much downplayed it. Lost $1700 for 14 months and lots of time calling CRA and Hubert…all Hubert’s fault. And hands down the Hubert quarterlies are hard to overlook.
You don’t have to be loyal to an FI …. “use” them to suit “your” needs.
Thank you for the information. Very helpful, glad I found this forum and discovered these financial institutions. I have one question on id verification, if I open the (Oaken) account online, how does Oaken verify my identity? Do I have to mail copies of my id to Oaken?
Yes, like your feedback on using Oaken over Hubert. I have to check out People to see if they are any good. But from the rates Oaken is offering, I think I can just use Oaken.
9:55 pm
December 18, 2024
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I opened accounts at Oaken a loooong time ago, when they only had Home Trust. I think I did a fillable pdf application and mailed it. And perhaps a copy of my PICTURE ID DL. Suggest you find the application and print it and take a read. You might be able to set up one or more push/pulls at the same time. You might need SIN numbers for you, joint or beneficiaries as well. Once you read over the application you can call them or email any questions. Remember to keep a copy of your finished and signed application. For some requests they will ask for a signed letter of direction. I just do what they ask and email it to them. They will acknowledge the receipt of your email and advise it has been handed off, accordingly.
Yes, they will ask for proof of identity and they may do a credit check on you as well. How they verify…..not sure.
10:10 pm
October 2, 2025
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@GIC-Fanatic
Again, thank you for your insight on Oaken and the account opening procedure. I will certainly take a look at the pdf form. I'm liking Oaken, certainly better than Simplii Financial or Tangerine that I presently use.
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