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Oaken Continues To Slowly Raise Its Rates
April 11, 2022
12:30 pm
toto
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i called to ask if they could switch the 3.4 percent , 3 year i bought at end of march to the 3.7 but no can do unless it was bought after april 4th

April 14, 2022
5:58 am
JenE
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As of today:

4% 5 yr.
3.85% 4 yr.
3.8% 3 yr.
3.45% 2 yr.
3.1% 18 mos
2.8% 1 yr.

April 14, 2022
8:50 am
Dean
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Dean said
.
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

  

Well as of today, Oaken's 5yr GIC has already made to the 4% mark.

Any guesses on when it will make it to 5% ❓

I'm guessing by late this summer.

    Dean

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

April 22, 2022
6:15 am
cgouimet
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Please note that effective Friday, April 22, 2022, we will be increasing the interest rate for the Oaken short-term, long-term and Cashable GICs as noted below:

Cashable GICs:
30 days - 1.70% (currently 1.60%)
90 days - 2.00% (currently 1.70%)
Short-Term GICs:
30 days - 1.70% (currently 1.60%)
60 days - 1.75% (currently 1.65%)
90 days – 2.00% (currently 1.70%)
120 days – 2.10% (currently 1.75%)
180 days – 2.20% (currently 1.80%)
270 days – 2.30% (currently 1.85%)

Long-term GICs:
1 Year GIC – 3.10% (currently 2.80%)
18 Months GIC – 3.30% (currently 3.10%)
2 Years GIC – 3.70% (currently 3.45%)
3 Years GIC – 4.05% (currently 3.80%)
4 Years GIC – 4.05% (currently 3.85%)
5 Years GIC – 4.10% (currently 4.00%)

CGO
April 22, 2022
7:56 am
savemoresaveoften
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Looks like a lot of the FIs are trying to get people to lock in to the 2-3 yr term, offering outside rate for those 2 specific terms.

April 22, 2022
7:58 am
BlueSky
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Seems like Oaken is taking a bold, lead role in rates. So far, in general, they're ahead of the pack.

April 22, 2022
8:03 am
Loonie
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savemoresaveoften said
Looks like a lot of the FIs are trying to get people to lock in to the 2-3 yr term, offering outside rate for those 2 specific terms.  

Maybe, but if I were looking for a loan (which I'm not), I'd be wanting the five year term unless I could pay it off sooner. Perhaps most people see the current situation as a blip.

April 22, 2022
9:54 am
Dean
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BlueSky said

Seems like Oaken is taking a bold, lead role in rates. So far, in general, they're ahead of the pack.  

Historically, Oaken has almost always been in the top 25% of the GIC Chart here on this website. And they are very often in one of the top three spots. After the GIC Chart is updated, they will be #1 again

Of course, another longtime top GIC contender is EQ Bank. I have accounts with them as well. But I still refuse to have any Registered $$$ with Oaken, for reasons that have already been beat to death many times before, in these forums.

    Dean

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

April 24, 2022
11:23 am
AltaRed
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Oaken (Home Capital Group) probably has to keep trying harder given their 2017 near death experience. They have ground to make back up and are likely sacrificing some net interest margin in this re-building effort. It could be paying off given the March 2022 boost in credit ratings (Home Trust to BBB from BBB-) and HCG overall to BBB- from BB+. They are back to investment grade.

April 24, 2022
1:46 pm
Dean
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.
I hear ya, AltaRed

But if Oaken is so desperate to make up for the Scape they got in (back in '17) why haven't they got rid of some of their 'Warts' people complain about?

      Eg.
      No registered savings accounts, a small/limited number of FI's in their External Accounts listing, etc. ...

High rates or not, for some of us here, they still have a lot of work to do ❗

    Dean

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

April 24, 2022
2:12 pm
Loonie
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the premium five year rates (3.5%) they had to offer in 2017 are soon coming due, so that is one less burden for them.

May 11, 2022
5:06 am
cgouimet
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Effective May 11, 2022, we will be increasing the interest rate for the Oaken short-term and long-term GICs as noted below:

Short-Term GICs:

270 days – 2.70% (currently 2.30%)

Long-term GICs:

1 Year GIC – 3.25% (currently 3.10%)
18 Months GIC – 3.50% (currently 3.30%)
2 Years GIC – 3.90% (currently 3.70%)
3 Years GIC – 4.10% (currently 4.05%)
4 Years GIC – 4.15% (currently 4.05%)
5 Years GIC – 4.15% (currently 4.10%)

These new rates will be applied automatically for all corresponding GICs booked on Wednesday, May 4th, 2022 or later. All other Oaken rates will remain unchanged.

I booked some on May 2!

CGO
May 11, 2022
8:52 am
Dean
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.
That'll put Oaken back at the top (https://www.highinterestsavings.ca/gic-rates/) later today. And EQ Bank will soon be sure to follow !

The Down Side, is the dirty word ... 'Inflation' sf-confused

    Dean

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

May 11, 2022
9:33 am
Alexandra
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In order to even things out a bit, I purchased a 3yr GIC @4.05% with Oaken two days ago. Today the 3yr term went up to 4.10%. So I called to request they up my new GIC to the 4.10%. She said they would automatically put it up to that rate as long as I purchased the GIC on the 4th of May or later. So that is nice to know.

Also, it took about 15 seconds after pressing a few buttons to talk with a rep rather than a 45 minute or more wait with Tangerine.

May 11, 2022
10:13 am
turquoise
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Alexandra said
In order to even things out a bit, I purchased a 3yr GIC @4.05% with Oaken two days ago. Today the 3yr term went up to 4.10%. So I called to request they up my new GIC to the 4.10%. She said they would automatically put it up to that rate as long as I purchased the GIC on the 4th of May or later. So that is nice to know.
 

I love this about Oaken. They even give a warning when rates are falling. Honestly, the only thing about Oaken that is a bit frustrating is they don't have registered savings account. I understand why they don't, but hopefully (at least for me) this will change.

May 11, 2022
10:30 am
Dean
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turquoise said

I love this about Oaken. They even give a warning when rates are falling. Honestly, the only thing about Oaken that is a bit frustrating is they don't have registered savings account. I understand why they don't, but hopefully (at least for me) this will change.  

I've been asking Oaken for over three (3) years now, why they don't have registered SA's, but they Never answer the question. All they always say in reply is; "We're working on it".

So Turquoise ... please tell us what you know about why they don't have registered SA's. Please fill us in on what you know, that Oaken won't disclose.

    Dean

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

May 11, 2022
10:43 am
turquoise
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Dean said
So Turquoise ... please tell us what you know about why they don't have registered SA's. Please fill us in on what you know, that Oaken won't disclose.

    Dean

  

I know nothing! I should have said "I believe that I understand."

And this belief is that Oaken has decided that, for now, it doesn't need to offer registered savings accounts to attract the deposits it wants or requires. There are apparently enough people who are willing to lock in their money for 1-5 years. Oaken is usually around or near the top.

Not very profound, I know. But I honestly don't think there's more to it.

But if you do manage to convince them to add these accounts, I'll send you a lovely gift in the mail sf-laugh

May 11, 2022
10:53 am
Dean
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turquoise said

I know nothing! . . .
 

As I thought ... LOL sf-wink

    Dean

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

May 11, 2022
11:45 am
turquoise
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Dean said

turquoise said

I know nothing! . . .
 

As I thought ... LOL sf-wink

    Dean

  

...and if I did, I wouldn't be able to tell you because thugs from Oaken wearing tracksuits would "pay me a visit" sf-surprised

May 11, 2022
12:53 pm
cgouimet
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turquoise said

...and if I did, I wouldn't be able to tell you because thugs from Oaken wearing tracksuits would "pay me a visit" sf-surprised  

Pink track suits and purple shoes ...

That would go well with my first car ... A used black Packard hearse with a purple interior and a straight eight ... "Fill the oil, check the gas" at every service station ...

CGO
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