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Oaken Continues To Slowly Raise Its Rates
March 4, 2022
6:29 am
phrank
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Please note that effective Friday, March 4, 2022, we will be increasing the interest rate for the long-term GICs as noted below:

Long-term GICs:

18 Months GIC – 2.50% (currently 2.30%)
2 Years GIC – 2.60% (currently 2.50%)
3 Years GIC – 2.90% (currently 2.70%)
5 Years GIC – 3.05% (currently 2.85%)
These new rates will be applied automatically for all corresponding GICs booked on Friday, February 25, 2022 or later. All other Oaken rates will remain unchanged.

March 4, 2022
8:23 am
cgouimet
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They seem to be first or almost first increasing rates after the BoC rate increase on Mar 3. So, they're quick at that ....

Opening an account is slower than anything I've ever experienced.

Started the process online on Feb 20. Provided scan of void cheque on line at the same time.

Received email Mar 1 that my application was processed Feb 28 and that I should be receiving my welcome package shortly. Or "For more immediate access to your online account, please call our contact center to activate your online profile."

I called but apparently that's incorrect as they can't do that.

Mar 4, still nothing here ...

P.S. The math required to post this ... 1+1. Awesome - I don't need to get my calculator ...

CGO
March 12, 2022
12:56 pm
GR
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With 1 year GIC rates 2.25% at Tangerine and 2.20% at Peoples (as well as significantly higher rates available through brokers/agents), it's time for Oaken to raise their 1 year rate from 2.15%!

March 24, 2022
8:30 am
cgouimet
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Please note that effective Thursday, March 24, 2022, we will be increasing the interest rate for the long-term GICs as noted below:

• 1 Year GIC - 2.25% (currently 2.15%)
• 18 Months GIC – 2.70% (currently 2.50%)
• 2 Years GIC – 2.95% (currently 2.60%)
• 3 Years GIC – 3.40% (currently 2.90%)
• 4 Years GIC – 3.15% (currently 3.00%)
• 5 Years GIC – 3.20% (currently 3.05%)

These new rates will be applied automatically for all corresponding GICs booked on Thursday, March 17, 2022 or later. All other Oaken rates will remain unchanged.

CGO
March 24, 2022
8:39 am
hwyc
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3 yr is a whooping 0.5% sf-surprised

… but all I care to see is 2 yr above 3% or another increase in HISA

March 24, 2022
8:51 am
cgouimet
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I thought the "effective March 24" and then later "retroactive to March 17" was interesting ...

CGO
March 24, 2022
9:01 am
JenE
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Thank you, cgouimet, that 3 year rate is just what I was looking for!

March 24, 2022
9:56 am
Dean
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cgouimet said

Please note that effective Thursday, March 24, 2022, we will be increasing the interest rate for the long-term GICs as noted below:

• 1 Year GIC - 2.25% (currently 2.15%)
• 18 Months GIC – 2.70% (currently 2.50%)
• 2 Years GIC – 2.95% (currently 2.60%)
3 Years GIC – 3.40% (currently 2.90%)
• 4 Years GIC – 3.15% (currently 3.00%)
• 5 Years GIC – 3.20% (currently 3.05%)

These new rates will be applied automatically for all corresponding GICs booked on Thursday, March 17, 2022 or later. All other Oaken rates will remain unchanged.  

For those who can't wait any longer, that 3yr rate does look enticing❗ But for myself, I'm still inclined to 'Stay Short', and wait for even sweeter rates.

I'm guessing in 8 to 10 months from now, we'll look back on those rates, and have a good little Chuckle.

Much better rates are sure to come, for those who can wait.

    Dean

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

March 24, 2022
11:12 am
lifeonanisland
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The three year rate is enticing! But I have to agree with Dean. I think by next year we'll look back at the these rates and have a laugh. Pundits and central banks are clearly telegraphing MUCH higher interest rates coming. I wouldn't be surprised to see Canada bump by .5 percent at the upcoming meeting in April, and in the US, Jerome Powell has implied that will be the case at the Fed's next meeting. So it's not just desirable to have higher GIC locked in rates for me, but also it's becoming a necessity as the implications of out-of-control inflation are only just starting to become clear.

March 24, 2022
11:21 am
cgouimet
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Agree with Dean and Island ... Staying short for now.

CGO
March 25, 2022
7:00 am
savemoresaveoften
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Noticed on CIBC Investor Edge, a few other names (LB, ICICI, EQ) are also offering 3%+ for the 3y term. Range is 3.05-3.1%, which is consistent with brokerage taking 25+ bps compare to direct from issuer.
However the rate is good for registered account as well, which works for me esp for the self directed RRSP. Hard to find any decent cash instrument to be part of the fixed income portion and GIC like this fits the gap.

Even tho I truly believe rates will be higher few months down the road, earning 3%+ until then is better than earning 0 and wait...

March 25, 2022
7:59 am
COIN
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savemoresaveoften said
However the rate is good for registered account as well, which works for me esp for the self directed RRSP. Hard to find any decent cash instrument to be part of the fixed income portion and GIC like this fits the gap.
  

Probably won't work for registered plans like RRIF and LIF because Investor's Edge will not "break" a GIC to make the mandatory minimum payouts.

March 28, 2022
1:16 pm
Bobbyjet11
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cgouimet said
Agree with Dean and Island ... Staying short for now.  

Yep. As I feared may happen when those ridiculously high inflation numbers were released near the end of 2021, the 2.5%, 3yr term GIC I took out last September is not looking so good anymore.

March 28, 2022
1:48 pm
Canadianbull
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Is it easy to open online account with oaken?

March 28, 2022
3:34 pm
frugal lady
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Canadianbull said
Is it easy to open online account with oaken?  

I just started the process of opening an Oaken account.
1. Fri Mar 25 - fill out online application. Scan cheque payable to myself for $1.00 and email it to Oaken.
2. Mon Mar 28 receive email from Oaken requesting clarification that they can electronicially deposit the cheque. They also request a fax, photocopy or scan of a document showing same name and address as on application ie tax notice, utility bill, property tax, etc. Sent document requested by email Mar 28.

will update as things progress

March 30, 2022
7:14 am
frugal lady
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frugal lady said

I just started the process of opening an Oaken account.
1. Fri Mar 25 - fill out online application. Scan cheque payable to myself for $1.00 and email it to Oaken.
2. Mon Mar 28 receive email from Oaken requesting clarification that they can electronicially deposit the cheque. They also request a fax, photocopy or scan of a document showing same name and address as on application ie tax notice, utility bill, property tax, etc. Sent document requested by email Mar 28.

will update as things progress  

Mar 30 - received email that application complete and welcome pkg and online banking enrolment will be mailed.

March 30, 2022
5:09 pm
RetirEd
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Oaken just raised its 3-year GIC to 3.4%. I bit and moved my ISA cash there into the 3-year. (Non-registered) We're starting to see two trends in GICs:

1. Even the big banks are offering tempting longer rates to discourage depositors from waiting for higher rates. That way, money isn't sitting in savings accounts or short-term GICs and the banks don't have uncertainly about the cash running to other financial institutions.

2. We're getting early signs of an inverted yield curve (with the longest terms dropping behind those a year or two shorter. This usually indicates institutional fears of en economic downturn or recession a couple of years out.

Anyway, the 3.4% 3-year was a good catch, I already have Oaken set up with cash in it, and they set it up on the phone with printed mail confirmation to come. I'm in.
RetirEd

RetirEd

April 11, 2022
6:28 am
GR
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Anticipate notification today of significant increase in all Oaken GIC rates.

source: Cannex

Oaken Financial no 1,000 2.6000 3.3000 3.7000 3.6500 3.7000

April 11, 2022
8:10 am
cgouimet
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Please note that effective Monday, April 11, 2022, we will be increasing the interest rate for the long-term GICs as noted below:
• Short-Term GICs:
• 90 days – 1.65% (currently 1.45%)
• 120 days – 1.70% (currently 1.50%)
• 180 days – 1.75 (currently 1.50%)
• 270 days – 1.75 (currently 1.50%)
• Long-term GICs:
• 1 Year GIC – 2.60% (currently 2.25%)
• 18 Months GIC – 2.85% (currently 2.70%)
• 2 Years GIC – 3.30% (currently 2.95%)
• 3 Years GIC – 3.70% (currently 3.40%)
• 4 Years GIC – 3.65% (currently 3.15%)
• 5 Years GIC – 3.70% (currently 3.20%)
These new rates will be applied automatically for all corresponding GICs booked on Monday, April 4, 2022 or later. All other Oaken rates will remain unchanged.

CGO
April 11, 2022
8:40 am
Dean
Valhalla Mountains, British Columbia
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.
The next time it's updated, those new long term rates should put Oaken at the top of the GIC Chart again: https://www.highinterestsavings.ca/gic-rates/

At this rate, it won't be long before the best 5yr GIC rates break past the 4% mark ❗

Patience Pays sf-smile

    Dean

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

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