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Email this3:12 pm
December 23, 2011
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Email today Oct 3 2014
The leaves may be falling, but our GIC rates are still blooming
Until November 7, 2014, we’ve added an extra 0.25% to all our GIC rates for the entire term!
In addition, today we're also raising the posted rate on our 1 Year GIC from 2.00% to 2.15%. This takes our 1 Year GIC rate up to 2.40%, inclusive of the additional 0.25%.
Finally, you don't have to worry if your GICs are coming up for renewal soon. This rate bonus will be automatically applied to all new and renewed GICs until November 7, 2014, so be sure to let your family and friends know about it too.
4:43 pm
October 21, 2013
Online
Judging from the email at least, this appears to also apply to the 1 year cashable and the short term (less than 1 yr) GICs. Oddly, the email refers to both of these as GICs, but the website does not specify. Best to doublecheck, if these are of interest.
It seems to me that the strategy means that they see an overall hike coming sooner rather than later.
I believe this now puts Oaken in the lead in every rate category, even over the MB credit unions, and it's good deal for people who want CDIC insurance. Peoples is competitive in the 1 year category. I think we can expect more changes from their competitors as well.
9:23 pm
October 21, 2013
Online
Does anyone have enough background to know if this is a seasonal pattern?
Rates went down in July, and down again in August, and now in October are up above July rates, but I'm pretty sure they were higher than this earlier in the year.
12:09 pm
August 9, 2014
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Check it for you already Loonie, it apply to everything, except for the saving account, this means it also include the RIF.
Their short term deposit, with the bonus interest rate, seems really nice if you know you wont use that money for some time in the near future.
1:57 pm
September 11, 2013
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I believe that Oaken is affiliated with Home Trust and so for CDIC 100k insurance coverage purposes they are one and the same. Home Trust too is often near the top of GIC rate lists.
3:11 pm
December 23, 2011
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Oaken .25% bonus extended till December 19 2014.
9:48 pm
November 4, 2014
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Kanaka, their 5 year 3.05% GIC rates are the highest I could find, http://www.cannex.com. Comtech Credit Union has 3.05% 5 year GIC rates as well.
Right now as Canada's annual inflation rate I believe is 2.20%, if you don't have money in an RRSP and TFSA then you are losing to taxes and inflation.
It is hard these days to make much money with safe, guaranteed, interest bearing investments.
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