GIC Rate Reductions ... Effective Dec. 11th | Oaken Financial | Discussion forum

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GIC Rate Reductions ... Effective Dec. 11th
December 4, 2020
11:52 am
Dean
Valhalla Mountains, British Columbia
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.
Today's email from Oaken

    Please note that effective Friday, December 11, 2020, we will be decreasing the interest rates for some of our long-term GICs (registered and non-registered) as noted below:
    .
    Long-term GICs
    • 4 Years GIC – 1.70% (currently 1.75%)
    • 5 Years GIC – 1.80% (currently 2.00%)
    .
    All other Oaken rates will remain unchanged.

    .

And I had hoped the Bleeding was over. sf-confused

    Dean

sf-cool " Live Long And Prosper " sf-cool

December 4, 2020
5:42 pm
Alexandra
British Columbia
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Dean said
.
Today's email from Oaken

    Please note that effective Friday, December 11, 2020, we will be decreasing the interest rates for some of our long-term GICs (registered and non-registered) as noted below:
    .
    Long-term GICs
    • 4 Years GIC – 1.70% (currently 1.75%)
    • 5 Years GIC – 1.80% (currently 2.00%)
    .
    All other Oaken rates will remain unchanged.

    .

And I had hoped the Bleeding was over. sf-confused

    Dean

  

I called them today. I have a TFSA maturing on the 21Jan2021. They won't guarantee the old rate if take a new term. Not sure if I'll cash it in or not. Maybe they will up their TFSA rate next month. I never get e-mails from them telling me of rate change so glad it was posted here.

December 4, 2020
6:09 pm
Loonie
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October 21, 2013
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You have to sign up to get their emails. They don't come just because you have an account.
It took me a while to figure this out!

December 7, 2020
10:47 am
Dean
Valhalla Mountains, British Columbia
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Alexandra said

I called them today. I have a TFSA maturing on the 21Jan2021. They won't guarantee the old rate if take a new term. Not sure if I'll cash it in or not. Maybe they will up their TFSA rate next month.

I'm not surprised. That would be asking them to hold/guarantee the old/expired
rate for over a month ... but good-on-you for trying ❗

For the time being, I'm a big fan of Oaken's 18 month GIC (https://oaken.com/gic-rates/). For these times, it has a good rate and hopefully by the time 18 months has passed, GIC rates will have started to go Up again ... fingers crossed. sf-smile
.

Alexandra said

I never get e-mails from them telling me of rate change so glad it was posted here.  

Like Loonie said (post #3), that can be fixed . . .

    Here's how ➡ Log onto the Oaken website (https://oaken.com/), and then go down to the word 'Subscribe' on the right.

Cheerio,

    Dean

sf-cool " Live Long And Prosper " sf-cool

December 7, 2020
4:57 pm
davidgeorge
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Should we lock some fund for 5 year 2% with Oaken before Dec. 11?

December 7, 2020
8:48 pm
Loonie
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davidgeorge said
Should we lock some fund for 5 year 2% with Oaken before Dec. 11?  

Depends on your strategy.
If you are laddering, you probably already have all you want maturing in 2025.
If you don't already have some maturing in 2025, I would put some in if you are a GIC investor. Nobody, repeat, Nobody, knows if rates are going up or down in the next five years or less.
You could hedge your bets a little bit by taking the interest annually instead of compounding.

P.S.
According to their current online chart, the five year rate for non-registered is 1.95%. 2% only applies to registered funds. I don't recall Oaken making these kinds of distinctions before, so was surprised. Presumably the new rates apply to both.

December 12, 2020
10:25 am
Dean
Valhalla Mountains, British Columbia
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January 12, 2019
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Alexandra said

. . . I never get e-mails from them telling me of rate change so glad it was posted here.  

Dean said

. . .

    Here's how ➡ Log onto the Oaken website (https://oaken.com/), and then go down to the word 'Subscribe' on the right.

Your welcome. sf-smile

    Dean

sf-cool " Live Long And Prosper " sf-cool

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