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Email this10:16 pm
December 18, 2024
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pentel said
@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.
Start up Oaken. See how it goes, then decide the fate of Tangerine or Simplii. I have never been compelled to try either along with PC bank or CT bank. So I can’t comment.
4:51 am
November 8, 2018
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GIC-Fanatic said
Personally, I would not use Flinks.
I do use Flinks to link remote accounts, but after successful account link I immediately change password for that account. Link stays active (tested it), but info collected from me to establish it becomes useless for anyone trying to abuse it.
5:47 am
October 2, 2025
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Alexandre said
GIC-Fanatic said
Personally, I would not use Flinks.I do use Flinks to link remote accounts, but after successful account link I immediately change password for that account. Link stays active (tested it), but info collected from me to establish it becomes useless for anyone trying to abuse it.
They have only partial info to try to abuse it, we can change the password but not the card no/login-id. There is a reason why the debit/credit card number is masked on receipts, etc.
7:27 am
November 8, 2018
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Most FIs that use login with card # also allow to set alias as login id.
9:41 am
December 18, 2024
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There is NO debit card or debit card number to login with at OAKEN. YOU make it up and is all letters. And is NOT changeable
2:01 pm
November 18, 2017
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semi-retired: This is another situation where you can benefit from annual-payout terms. You only have to allow CDIC room for the principal and current year's interest, as the next year the total will reset to the initial principal, as they interest will be elsewhere.
And yes, one can hold both Home Trust and Home Bank amounts to $100K each AND there are still similar amounts available for joint or registered accounts.
Pentel: I have always set up my Oaken links from their Vancouver office or by mail, but I was recently able to phone and set up a link to the Home Bank Side to an account I already had on the Home Trust side.
In years past, I had working links to Oaken from other institutions, but now they only allow them from the Oaken side. PT still had my links to Oaken on file from before, but they no longer work. I am happy with my dozen years of experience with Peoples Trust/Bank. They tend to move rates more slowly than most others, whether rising or falling.
At the moment, their GIC rates are good but their savings account rates kinda suck.
GIC-Fanatic: I will reinforce the advice to call in to Oaken's local office here before showing up unannounced.
RetirEd
6:12 pm
December 18, 2024
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If I recall, you set up links with Oaken and will work with both Home Trust and Home Bank.
Oaken annual payouts on non registered or TFSA (only if you transfer out annually) you still need combined principal amounts at $100,000 minus the expected interest payouts or just CYA at $90,000 principal. Your Oaken GICS online the accrue interest daily. RRSP/RRIF is a different duck.
And RetirEd in your past posts, I never thought to get an appointment with Oaken. But because of your advice, I will do. It’s only manned by a few people?
6:44 pm
August 4, 2010
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I think the "Oaken" offices are just three of the half-dozen or so (?) physical locations that they maintain for their Home Trust/Bank mortgage business, which are able to accept and forward Oaken paperwork. I seem to remember the Oaken site listed Halifax at one time, but that may have closed during Covid, and if it has been re-established for mortgage stuff, isn't listed on Oaken anymore. Assume they are small storefront operations, and double check someone who can take your Oaken stuff will be around at your desired time.
The Oaken site lists Toronto/Vancouver/Calgary, while Home Trust and Bank sites have Montreal and Halifax as well, but I'd definitely confirm with those latter two whether you can do any Oaken stuff with them.
11:45 pm
October 2, 2025
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RetirEd said
semi-retired: This is another situation where you can benefit from annual-payout terms. You only have to allow CDIC room for the principal and current year's interest, as the next year the total will reset to the initial principal, as they interest will be elsewhere.And yes, one can hold both Home Trust and Home Bank amounts to $100K each AND there are still similar amounts available for joint or registered accounts.
Pentel: I have always set up my Oaken links from their Vancouver office or by mail, but I was recently able to phone and set up a link to the Home Bank Side to an account I already had on the Home Trust side.
In years past, I had working links to Oaken from other institutions, but now they only allow them from the Oaken side. PT still had my links to Oaken on file from before, but they no longer work. I am happy with my dozen years of experience with Peoples Trust/Bank. They tend to move rates more slowly than most others, whether rising or falling.
At the moment, their GIC rates are good but their savings account rates kinda suck.
GIC-Fanatic: I will reinforce the advice to call in to Oaken's local office here before showing up unannounced.
@RetirEd @GIC-Fanatic @NorthernRaven and others: thank you for the insight on Oaken. Very helpful.
9:36 am
November 18, 2017
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GIC-Fanatic: Yes, that's what I meant. One can deposit, say, $95K with an expectation of $5K interest (not real numbers) paid out into deposits elsewhere each year, and stay within the $100K CDIC limits.
The Vancouver Oaken office I use is at the foot of downtown, a small suite in a office tower near Canada Place. There's usually only one employee visible, though there is a "back office" and I did once see another employee. Small but not unprofessional. These days, the phone service centre answers quickly and competently, though this was not always the case four years ago.
My most recent visit found the original employee who first signed me up still there.
RetirEd
10:28 am
December 18, 2024
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RetirEd said
1.
Yes, that's what I meant. One can deposit, say, $95K with an expectation of $5K interest (not real numbers) paid out into deposits elsewhere each year, and stay within the $100K CDIC limits.2.
The Vancouver Oaken office I use is at the foot of downtown, a small suite in an office tower near Canada Place. There's usually only one employee visible, though there is a "back office" and I did once see another employee. Small but not unprofessional. These days, the phone service centre answers quickly and competently, though this was not always the case four years ago.3.
My most recent visit found the original employee who first signed me up still there.
1. Over the many years of working I was exposed Lotus 123 then Excel. So I run all my investments through Excel and it produces an ongoing summary. My GICS show at the matured values by FI and it produces a calculated warning if the matured value is over $96,000.
I only have interest pay out to an associated saving account at Oaken and push out non registered funds to a different FI and in the case of TFSA’s I move “interest only” TFSA’s to Vancity ( I know … crappy rates) to make room at the higher % for my new annual deposit. I have never taken the option to pay out interest to a linked account….do you?
2.
Are you phoning downtown or Toronto? Toronto calls sometimes have very poor English…but I usually make it through….but would like to see improvements. The odd time I get a call from Calgary letting me know that I have an upcoming maturity. And I don’t like that. As most FI’s don’t call you….I think Iaken should follow the example.
3.
That’s a good sign.
11:41 am
November 18, 2017
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GIC-Fanatic: Yes, I have had interest paid out to a linked account. But I've only done it from Peoples to VanCity so far. As Oaken doesn't allow links from other institutions' end, it can only be done from Oaken to another institution.
I have no idea where my calls to their customer service centre go most of the time.
I suspect that you get maturity calls because they don't mail statements. Lack of any printed communications from Oaken is my main complaint about them. They will no longer even send an annual statement, but they will send T-slips as compelled by law when I call them and remind them. And when request it, they do send confirmation of new investments. The usual rep says they will print things out when I visit the office.
RetirEd
12:34 pm
December 18, 2024
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I believe most calls are to the Toronto office. But do feel some are still working from home.
I'll stick with my own pushes.....I feel there is more control that way.
Printed Communications??
I get lots. Some times 2 in the mail and 1 or 2 emailed to me. Then, online, it highlights upcoming maturities. I have no problems there. Just don't think it's appropriate to call me.
Send an annual statement? Like in the mail? I have only downloaded mine, never has been mailed to me.
New investments? They are always mailed to me automatically. They have cheaped out on the paper though.
T slips I am ok with to download....likely will be faster.
Interesting differences.
I would like to see their monthly statements to include everything. Similar to Hubert or People's.
4:16 pm
October 27, 2020
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NorthernRaven said
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.
Do you mean savings accounts and unregistered GICs for each issuer/type pairing share the $100K CDIC pool?
Aren't savings accounts + unregistered GICs in one category; the sum of both counting towards the $100K coverage? And aren't registered GICs in a separate category regarding the $100K coverage?
5:30 pm
October 27, 2020
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Having read the complete thread, I think I have the answers to the questions I posed in my last post (#34):
Yes
and
Yes.
But another question: Is it true that bills cannot be paid online with Oaken Financial?
9:30 pm
February 7, 2019
Online
Pythagoras said
NorthernRaven said
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.
Do you mean savings accounts and unregistered GICs for each issuer/type pairing share the $100K CDIC pool?
Aren't savings accounts + unregistered GICs in one category; the sum of both counting towards the $100K coverage? And aren't registered GICs in a separate category regarding the $100K coverage?
Per https://www.cdic.ca, for each insured FI, $100k of Cash and GIC's (not $100k of each Cash and GIC), for each insured FI, in each of ...
Non-Registered Individual
Non-Registered Joint
RRSP
RRIF
TFSA
RDSP
RESP
FHSA
Trust
And Oaken has two FI's, Home Bank and Home Trust. So $100k for each of the categories for each Bank and Trust ...
| CGO |
9:31 pm
February 7, 2019
Online
Pythagoras said
Having read the complete thread, I think I have the answers to the questions I posed in my last post (#34):
Yes
and
Yes.But another question: Is it true that bills cannot be paid online with Oaken Financial?
No Checking accounts and no Bill Payments.
| CGO |
9:49 pm
October 27, 2020
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cgouimet said
No Checking accounts and no Bill Payments.
I thought Oaken could replace Motive for me; well, I guess not 🙁
7:40 am
April 6, 2013
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You'll need something like the EQ Bank Personal Account, Manulife Bank Advantage Account, or the Simplii Financial No Fee Chequing Account.
Those will accept pre-authorized debits from billers. One can also do bill payments from those accounts.
Please write your comments in the forum.