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October 31, 2023
10:09 pm
Lamaison
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Was just in my account and Oaken just announced 6.00% rate for terms of 12/18/24 months during the month of November.

November 1, 2023
7:59 am
serendipity
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November 1, 2023
9:39 am
Rail Baron
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This 6% offer could be withdrawn at any time, according to the fine print. Do the sages on this site think that 6% will hold until Nov. 30, or be pulled back earlier?

November 1, 2023
9:53 am
Dean
Valhalla Mountains, British Columbia
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Rail Baron said
This 6% offer could be withdrawn at any time, according to the fine print. Do the sages on this site think that 6% will hold until Nov. 30, or be pulled back earlier?  

That's just too good of a deal to pass up ... it's even right close to what the GIC Brokers offer !

Jump On It ... before they lower that Sweet Rate.

IMHO,

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

November 4, 2023
1:59 pm
victor6433
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Rail Baron said
This 6% offer could be withdrawn at any time, according to the fine print. Do the sages on this site think that 6% will hold until Nov. 30, or be pulled back earlier?  

I did want to wait till the end of the month... That won't be happening... I will be taking advantage of the 18 month period 2 make 12G "140K .. But rates WILL be going up again in 2024....
Agit is right by the way... Dean always think the rates R going down.... Which he has been proven wrong...

November 4, 2023
4:01 pm
victor6433
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Cgouimet... We are not here to make friends with u or Dean.... Or anyone.. But I would love to be friends with Agit though... He's a straight shooter.... I would take him/her out 4 dinner anytime....on me ...

November 8, 2023
3:32 pm
dentgal
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Oaken 6% for 1 yr, 18mos and 2 yr GIC.
Yeah!

November 10, 2023
1:57 pm
dentgal
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I just took advantage of the 6% offer. The fellow on the phone said that the rate is in place until the end of the month.

November 10, 2023
4:37 pm
Alexandre
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dentgal said
I just took advantage of the 6% offer. The fellow on the phone said that the rate is in place until the end of the month.  

I would not be surprised if it'll be extended "by popular demand." Still, if you have money to park with Oaken, don't listen to me and don't procrastinate.

I can't use that offer now - already parked my dollars elsewhere at close to this rate. How nice it is to live in times when 6% interest offer can be met with "meh, I am already good."

November 11, 2023
7:36 am
canadian.100
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Alexandre said

I would not be surprised if it'll be extended "by popular demand." Still, if you have money to park with Oaken, don't listen to me and don't procrastinate.

I can't use that offer now - already parked my dollars elsewhere at close to this rate. How nice it is to live in times when 6% interest offer can be met with "meh, I am already good."  

My bank manager thinks rates will continue at these levels (and could go higher). The reason is the US economy is doing well and rates likely to increase there. Unfortunately Canadian economy is not doing well but our interest rates will get dragged up because of US increasing rates. Our federal govt debt levels are wild and will increase unless they start to be serious and cut expenditures.

November 11, 2023
9:23 am
smayer97
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canadian.100 said

My bank manager thinks rates will continue at these levels (and could go higher). The reason is the US economy is doing well and rates likely to increase there. Unfortunately Canadian economy is not doing well but our interest rates will get dragged up because of US increasing rates. Our federal govt debt levels are wild and will increase unless they start to be serious and cut expenditures.  

CDN and US rates are totally independent. They only appear otherwise. You can prove this to yourself by looking at short-term bond market charts. They have often not moved in tandem, even in opposite directions.

November 15, 2023
6:30 am
suburbs4life
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I just purchased a commercial GiC over the phone at Oaken for the 6% rate offer. However, I was wondering how long it takes to get documentation of the GIC purchase? Its been 3 business days and there is nothing showing this change in my business account. Is this normal? The rep stated it should be updated within 1-2 business days. They will also snail mail a document to my business address they said. How long has it taken for others to see changes after GiC purchases? I have emailed them.

November 15, 2023
7:53 am
Wrayzor
GTA
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I've seen it take more than a week to appear online. Seems to be when they're seeing a lot of demand.

November 17, 2023
5:51 pm
Rail Baron
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I just topped up my Oaken accounts to the CDIC insurance limit @6%. I went for 2 year maturity to get the most of a good thing.

I have a big GIC maturing at Home Bank just before Christmas, so we'll see if the rates continue to be as attractive after the promotion ends.

I remember that my first savings account in the late 1960s, at Dry Dock Savings Bank in New York City, paid 6% interest. And that was on a school sponsored savings account.

Looks like I've gone back to the future!

November 17, 2023
5:59 pm
Bill
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Took just over a week to get my paper GIC in the snail mail.

November 18, 2023
6:16 am
suburbs4life
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Thanks everyone! Kinda disappointed with oaken that it takes so long for a simple update. Ive never had a gic with oaken before. I only care because its a large sum so if theres a problem it needs to be addressed asap. Unfortunately I am out of country now and wont call them.

Its now been 5 business days since the transaction and 4 business days since my app message regarding the GiC purchase. . Are they really that short staffed or busy? Anyways hopefully will get notification this week then.

November 19, 2023
7:23 am
RetirEd
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Rail Baron: And of course you left CDIC room for the interest, I'm sure, but I'll mention it for our fellow investors.

RetirEd

November 19, 2023
8:58 am
Rail Baron
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delete

November 19, 2023
9:40 am
Rail Baron
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Rail Baron said

Thanks for making that excellent point. I have left some room for the interest payments until Dec. 22, when I have a big GIC maturing at Home Bank.

If the Home Capital Group becomes insolvent in the coming month, I might lose a portion of my interest, but that's a risk I decided to take, in part because I wasn't sure how to calculate the pro-rated interest that I would get from CDIC in the event of an insurance payout. To do that, I would have to know the date of insolvency and then pro rate all my GICs' interest payout, I think.

I have been using the guideline for a $100,000 investment that Rob Carrick published in his Globe and Mail column last year (which is based on 5% interest):

One year: Invest $95,200 in the GIC issuer with the best rate and the rest in the company with the second-best rate
Two years: $90,500 in the issuer with the best rate, and the rest elsewhere
Three years: $85,500 at the best rate, and the rest elsewhere
Four years: $81,500 at the best rate, and the rest elsewhere
Five years: $78,000 at the best rate, and the rest elsewhere

  

November 19, 2023
10:55 am
Dean
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Rail Baron said

. . .

If the Home Capital Group becomes insolvent in the coming month . . .

. . .  

Is that hypothetical ... or do you know something we don't know ❓❗

    Dean sf-wink

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

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