Exclusive Online Offer - Give yourself the gift of a 29 Month GIC at 3.75% | Oaken Financial | Discussion forum

Just got this too. The details below. It's a nice offer.

End the year on a high note - for a limited time, enjoy a 3.75%+ annual interest rate on a 29 Month registered or non-registered GIC, exclusively at Oaken Digital.
Purchase a GIC

Here’s what you need to know:

The promotional offer* is available until December 3, 2025.
Offer valid exclusively for personal customers who open a 29-month GIC through Oaken Digital.
Rates and offer details are subject to change without prior notice.
Terms and conditions apply. See here for more details.

Received this offer as well.

Just purchased a 3yr GIC with them on Nov 11th (3.6%)

Have three coming due between 21 Nov and 3 Dec.

Also one on 4th of Dec. Have to think this all out. Change a bunch of maturity instructions etc.

Rail Baron said
Any thoughts about the term length of this offer? Why 29 months? I've never seen a GIC with this term before.  

Maybe trying to attract past Canadian Western Bank customers. CWB offered "special term, special rate" GICs all the time. If you check their website you can see that they're still there for 13 and 29 month terms. Why? I don't know, that's beyond my knowledge.

Admin - add to GIC promo page?

Many people must have bought these GICs at the end of the promo. I booked one online on Nov. 30, and it is still noted as "processing" as of tonight.

Rail Baron said
Update: Still no GIC as of Dec. 6. I called in to make sure that there was nothing missing or anomalous in my online purchase input.

Was told that Oaken is "swamped" with 29 month GIC purchases and that it will be some time next week before the purchase is processed. It will be interesting to see what the purchase date is entered as. If they add two weeks to the purchase date for processing time, then I am not going to be a happy customer. I'll report back when I actually get the GIC.  

That is strange. I purchased 2 GIC's with them on the 3rd of Dec. One I funded from my H.T. HISA and the other directly from my CIBC account. They both went through no problem. You usually have to wait about 45 seconds maybe while processing. You stay there until it is done. Don't go out or try to go back into your account summary. I waited until the last day as a GIC from H.B. was maturing into CIBC on the 3rd.

Second update: I see that my GIC has now been recorded, with a start date of Dec. 1, 2025. It took Oaken one full week from the date of online purchase to set up the certificate, and to pull funds from TD, which probably won't reach them for a couple more days.

As long as they eat the cost of this funding delay, and don't date the interest accruing in my GIC from the actual receipt of funds from TD, then I am satisfied. But I have a sneaking suspicion that somewhere in the fine print of the terms and conditions that Oaken has us accept before doing business, there might be some wiggle room stating that interest on a GIC only begins getting paid on the date funds are received.

Does anyone have that particular rule handy? Or do I need to dig deeply into Oaken's legal documents to determine when I'll actually start earning interest on this GIC, if it's not the start date of the term.

Rail Baron said
Second update: I see that my GIC has now been recorded, with a start date of Dec. 1, 2025. It took Oaken one full week from the date of online purchase to set up the certificate, and to pull funds from TD, which probably won't reach them for a couple more days.

As long as they eat the cost of this funding delay, and don't date the interest accruing in my GIC from the actual receipt of funds from TD, then I am satisfied. But I have a sneaking suspicion that somewhere in the fine print of the terms and conditions that Oaken has us accept before doing business, there might be some wiggle room stating that interest on a GIC only begins getting paid on the date funds are received.

Does anyone have that particular rule handy? Or do I need to dig deeply into Oaken's legal documents to determine when I'll actually start earning interest on this GIC, if it's not the start date of the term.  

I've been buying GICs in Oaken's HB and HT for many years and I have ALWAYS received proper amount of interest from the date of issue. I've never experienced them playing games with interest. Unlike some of the others, they've always been fair that way. It's unfortunate that you experienced the delay, but they're actually doing customers a big favor by allowing us to pull and fund a new GIC in one step via the online platform. Contrast that with a certain "orange-ish" FI that held well over $100k for a full week (cleared money I transferred from TD) despite my booking a GIC online with them for that money AND despite having more than that amount already in a GIC with them? Ridiculous. I lost a full week's worth of interest.