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No Registered Savings Accounts @ Oaken :-(
May 7, 2021
3:57 pm
Dean
Valhalla Mountains, British Columbia
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.
As we know, most FI's that offer Registered GIC's for TFSA's, RSP's & RIF's, have Registered SA's to go along with them. Oaken is one of the very few exceptions. Oaken doesn't offer Registered SA's to accompany their Registered GIC's. I'm aware that some Oaken customers couldn't care less, but for others (like me) it's a deal breaker.

Over the last 4+ years I have asked Oaken CSR's several times; "Why don't you have Registered SA's?" ... and every time I ask this, they Never answer the question❗ Instead, each time (for the last 4+ years), they give me this Same Stupid Shpiel, almost word for word:

      "We are currently working on several new projects including the development of a Registered Savings Account. As we get closer to a launch date, we’ll be sure to provide more details."

And 'Yes' (in case you missed it) ... this has been going on for Over four (4) years now. sf-confused

Does anyone here know why Oaken doesn't offer Registered SA's ... or is it a company secret ❓

    Dean

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

May 8, 2021
2:46 pm
Loonie
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The bottom line has to be that they don't need to (yet) in order to attract and retain the deposits they require.

I've been pulling mine out but haven't found one ideal place yet.
I imagine most people aren't as hands-on as we are about these funds. They probably just let the GICs roll over because the rates are good.

They won't say yes and they won't say no. They are watching the meter on their deposits and so far so good.

May 8, 2021
3:04 pm
PubMob
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May 8, 2021
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I have been watching here for years!! The same old, same old. Don't try to make Oaken better...force them to be better!! How.....use each FI for what they are good for. Use Oaken for non registered for CDIC coverage or $100,000 x 2. They have a very poor method of gathering your RRIF payment and simply put I don't like it and as each TFSA or RRIF GIC comes to maturity I will transfer them out, free of charge, even if they have the best rate. I like to control my RRIF payments and can do that to my delight at Hubert. Also the average CSR at Oaken cannot effectively answer any questions about RRIF's and have delay tactics just to make you want to hang up. <== Bad customer service!!

May 9, 2021
11:19 am
Dean
Valhalla Mountains, British Columbia
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.
Two good comments, so far

With so many FI's that Do offer Registered SA's, Oaken's decision to Not offer them is quite Puzzling (& disappointing). Which leads to the Big question;
"Why Not ❓" ... but Oaken isn't saying.

I wonder how they think it's to their advantage, to Not offer Registered SA's.
Is it some weird, ineffective marketing tactic (maybe), the cost to run them (probably not), a "Look, We're Different" advantage (unlikely), against their religion ( sf-wink ), ... who knows ❗

Meanwhile, I'll continue to keep my registered money elsewhere.

    Dean

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

May 9, 2021
11:45 am
PubMob
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Dean said
.
Two good comments, so far

With so many FI's that Do offer Registered SA's, Oaken's decision to Not offer them is quite Puzzling (& disappointing). Which leads to the Big question;
"Why Not ❓" ... but Oaken isn't saying.

I wonder how they think it's to their advantage, to Not offer Registered SA's.
Is it some weird, ineffective marketing tactic (maybe), the cost to run them (probably not), a "Look, We're Different" advantage (unlikely), against their religion ( sf-wink ), ... who knows ❗

Meanwhile, I'll continue to keep my registered money elsewhere.

    Dean

  

Point being.....WHO CARES!!!

They have been indicating that they are on the way...so is the next earthquake.
Too long....so long.

Like I say...loyalty vs practicality. It is NOT practical, in my opinion, to have RRIF money with them. I am stuck with them for a few years but every maturity...out they go. I have no rainy day funds in RRIF in a savings account at Oaken...but I do in Hubert in either savings or the 1 year cashable GIC.

Others may be happy.

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