GIC Interest Rates Increased April 2019 | Oaken Financial | Discussion forum

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GIC Interest Rates Increased April 2019
April 29, 2019
9:39 am
GR
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Effective April 26, 2019, a rare increase in today's marketplace. Obviously, they had lowered their rates too much and were losing GIC business.

1 Year GIC – 2.80% (previously 2.65%)
18 Month GIC – 2.85% (previously 2.70%)
2 Year GIC – 2.85% (previously 2.75%)
These new rates will be applied automatically for all corresponding GICs booked on April 19, 2019 or later.
All other Oaken rates remain unchanged.

April 29, 2019
9:42 am
Doug
British Columbia, Canada
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GR said
Effective April 26, 2019, a rare increase in today's marketplace. Obviously, they had lowered their rates too much and were losing GIC business.

1 Year GIC – 2.80% (previously 2.65%)
18 Month GIC – 2.85% (previously 2.70%)
2 Year GIC – 2.85% (previously 2.75%)
These new rates will be applied automatically for all corresponding GICs booked on April 19, 2019 or later.
All other Oaken rates remain unchanged.  

Nice of them to do that retroactive rate increase. That, too, is rare. 😉

Wonder if Peoples Trust's and some of the Manitoba CU's 1-year and 15- or 18-month GICs had an impact on this. Oaken does seem to want to stay competitive and maintain their deposit base, which is growing.

I wouldn't say it was because they were losing too much business, not at all. Most likely, it's like I said, they just want to maintain, and grow, their deposit base and prevent erosion.

Cheers,
Doug

May 5, 2019
9:57 pm
Loonie
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They may be losing funds from their early adopters, 2013-14, who bought five year GICs - especially those who bought in registered accounts and have now decided to switch due to Oaken not offering savings versions and more competition.

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