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Higher Oaken Rates, Again ...
May 25, 2022
5:24 am
cgouimet
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Effective Wednesday, May 25, 2022, we will be increasing the interest rate for the Oaken long-term GICs as noted below:
Long-term GICs:
1 Year GIC – 3.45% (currently 3.25%)
18 Months GIC – 3.70% (currently 3.50%)
2 Years GIC – 4.05% (currently 3.90%)
3 Years GIC – 4.25% (currently 4.10%)
4 Years GIC – 4.20% (currently 4.15%)
5 Years GIC – 4.20% (currently 4.15%)

These new rates will be applied automatically for all corresponding GICs booked on Wednesday, May 18th, 2022 or later. All other Oaken rates will remain unchanged.

CGO
May 25, 2022
2:33 pm
bigzim
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Hello,

So I have sent the application to Oaken n May 9th and they have received the funds from my institution on May 25. This is an RSP transfer. Considering the rates were 4.05% on a 3 yr term at that time and now the rate is 4.25%, should it be automatic that they would honour the higher rate?

Thanks

May 25, 2022
2:43 pm
Loonie
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I would hope so, but you'd better check with them.

May 26, 2022
1:13 am
RetirEd
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They said not on GICs booked before the 18th. (see message #1) You can always ask. I couldn't get a bump 10 days before the 1-week upgrade period a month ago.
RetirEd

RetirEd

May 26, 2022
4:16 am
savemoresaveoften
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if the GIC starts on May 25, it will be the new rate. If they have it started on May 9, its fair to them to be the old rate given it starts accruing that date. One thing you may be able to do is if you give up the interest accrued from the 9th to the 25th, they should be able to book a new GIC for u at the new rate. Do your math to see the breakeven and if worth it. For 3 years term, I suppose you will still be better off off the top of my head.

May 26, 2022
4:24 am
Saver-Mom
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GICs are generally locked in, meaning you cannot just ask to forego prior interest and restart them as you please at a later date.

Oaken is more than fair, notifying us of rate changes (up or down) a week prior, so occasionally we jump in and forego future potential increases. I prefer to appreciate their good rates and friendly service than worry about a minor bump up I missed.

May 26, 2022
4:36 am
savemoresaveoften
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Saver-Mom said
GICs are generally locked in, meaning you cannot just ask to forego prior interest and restart them as you please at a later date.

Oaken is more than fair, notifying us of rate changes (up or down) a week prior, so occasionally we jump in and forego future potential increases. I prefer to appreciate their good rates and friendly service than worry about a minor bump up I missed.  

yes and no. As long as its within the grace period, most if not all FI will do it.
Some are 5 biz days, some are 10 calendar days, some are 24-48hrs.
Some will given you the higher rate from the original start date, some will do it if you are willing to forego the interest during the grace period and start a new GIC.
Have done that with 3 diff FIs recently. EQ is the one that automatically does it for you based on the cut off date which is 5 biz days.

May 26, 2022
8:59 am
Dean
Valhalla Mountains, British Columbia
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.
Oops ... wrong thread. sf-smile

    Dean

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

May 27, 2022
9:41 am
bigzim
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They initiated the GIC on May 25th at the most recent 3 yr rate of 4.25%. Good by me. Thanks for everyone’s input

May 27, 2022
9:48 am
KamWest
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I think rates are going to go higher yet, am locking in for 3 months at Hubert at 3.05% in about two weeks. With any luck it may be 3.50 by then.

4.25% is a great rate but personally with the recent upswing I would not lock in for 3 years until I saw the first dip.

May 27, 2022
11:31 am
Bill
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Pretty sweet to find a one-way street re your money, i.e. you get new, higher rate if rates go up, you get to keep original rate if rates go down.

Next Bank of Canada interest rate setting in 4 days, might be worthwhile to wait if you're deploying around now.

May 27, 2022
3:21 pm
bigzim
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Kamwest,

I rather not be cute here. I have a ladder and I execute accordingly. I have more cash to deploy and if the rates move higher then I will buy accordingly. In the mean time if I can get over 4% guaranteed, then I am good. Everyone’s situation is different.

In the mean time I’ll continue to take my 3 vacations a year lol

June 7, 2022
9:12 am
GR
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With GIC rates at so many financial institutions now higher than Oaken's, watch for Oaken to increase rates very shortly. Even Home Bank/Home Trust have higher GIC rates than Oaken!!

June 7, 2022
10:01 am
Greedy Guy
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GR said
With GIC rates at so many financial institutions now higher than Oaken's, watch for Oaken to increase rates very shortly. Even Home Bank/Home Trust have higher GIC rates than Oaken!!  

Half of my Oaken found a new home at Motive.

June 8, 2022
2:21 am
Greedy Guy
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GR said
With GIC rates at so many financial institutions now higher than Oaken's, watch for Oaken to increase rates very shortly. Even Home Bank/Home Trust have higher GIC rates than Oaken!!  

https://www.oaken.com/gic-rates/
Oaken GIC rates increased!!!
1 Year GIC – 3.75%
18 Months GIC – 4.00%
2 Years GIC – 4.30%
3 Years GIC – 4.40%
4 Years GIC – 4.45%
5 Years GIC – 4.45%

June 8, 2022
6:19 am
cgouimet
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Greedy Guy said

https://www.oaken.com/gic-rates/
Oaken GIC rates increased!!!
1 Year GIC – 3.75%
18 Months GIC – 4.00%
2 Years GIC – 4.30%
3 Years GIC – 4.40%
4 Years GIC – 4.45%
5 Years GIC – 4.45%  

Retroactive to GIC's booked on, or after, Jun 1 2022 ...

CGO
June 8, 2022
7:41 am
MattS
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EQBANK, Over to you!

June 8, 2022
9:44 am
Dean
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.
I'm seeing the new 18mo GIC @ 4.00% of particular interest, as well as the new 2yr GIC @ 4.30%.

I'll give them both some thought ... but I may still stay Short for now, as I expect the near future to get even 'Greener'.

    Dean

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

June 8, 2022
9:48 am
COIN
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Dean said
.
I'm seeing the new 18mo GIC @ 4.00% of particular interest, as well as the new 2yr GIC @ 4.30%.

I'll give them both some thought ... but I may still stay Short for now, as I expect the near future to get even 'Greener'.

    Dean

  

How long will you stay short? You are losing money waiting.

June 8, 2022
10:04 am
cgouimet
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MattS said
EQBANK, Over to you!  

Kinda like slo-mo fencing ...

CGO
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