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Email this7:33 am
February 7, 2019
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We have 2 ladders of GIC's with Oaken, 1 each Home Bank and Home Trust. Adds up to 18 GIC's.
All these GIC's were opened with funds from Oaken HISA's either during hold or past hold. All these GIC openings resulted in confirmation emails re a "Pending Investment" and all resulted in these new GIC's being in Pending Investments at Oaken for 1-2 days before showing up in the Accounts Summary.
I opened a new one yesterday but with source funds from a Tangerine HISA. Everything went smoothly with the final "Success" screen but no email confirmation and nothing in Pending Investments.
Thinking that "Success" was not, I repeated the process today. Same result.
Then as I was skimming thru our Accounts Summary I noticed that both of these were indeed created instantly contrary to all previous GIC's.
Oaken CSR claims this is standard practice and has been for as long as he's worked there, a few years. But absolutely definitely not my experience. It seems I'm a liar!
Anybody else notice a change in new "Pending Investments" policy or is this because the once difference for these two GIC's is external funding?
| CGO |
2:22 pm
September 11, 2013
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I don't know but I was just going to do that for the first time, draw from external account. So instead I just did the usual, set up transfer into Oaken HISA from external and then immediately buy a GIC from the HISA, new GIC showed up immediately in account summary listing as usual, dated today.
When I created GIC at end a message came up: "You can now view your new investment(s) or account(s) under your account summary. A digital copy of your confirmations will be available in Digital documents within the next two business days."
3:31 pm
January 9, 2011
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cgouimet, it might have been a routine change in processing.
I also bought a GIC with the source of funds being my external linked account, and also got the success screen but nothing else. Now I think it will just show up in your account list after the funds are confirmed to exist, as mine did a couple of days later. And the start date for the GIC is indeed the day I created it, not the clearing day for the withdrawal from my external account which was a day later.
In your case, as you did it twice, caution about two GICs being created with only one funded and the other NSF!
I was going to transfer into my Oaken HISA as Bill did, but I had lots of problems taking weeks to resolve via multiple phone calls doing it that way last year (hold funds I believe not showing the money available to buy a GIC? - don't recall now). Maybe that system, ignoring hold funds, is also changed?
My memory's not as sharp as it used to be. Also, my memory's not as
sharp as it used to be.
5:04 pm
September 11, 2013
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I've only been buying their GICs for the last little while and it's always the same - sign in, pull funds in to HISA from external, shows up immediately, buy GIC immediately using those new funds in HISA, GIC shows up listed in my accounts immediately and new funds gone from HISA, sign out, whole thing takes a few minutes.
Guess they figure they can just reverse everything if the funds end up not being available from external account.
5:49 pm
April 15, 2015
Online
Was going to open a non-registered GIC.Do they have joint GIC's?I started to fill out the forms but *joint* does not show up anywhere.My wife has an account with Oaken as well.
6:54 pm
December 18, 2024
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semi-retired said
Was going to open a non-registered GIC.Do they have joint GIC's?I started to fill out the forms but *joint* does not show up anywhere.My wife has an account with Oaken as well.
Yes. Eventually the form will ask if is joint. Upon a yes my wife’s name shows up immediately (might be more time than usual for first time set up). Similar as successor for registered products. If you screw up,,,,,just cancel it by calling them or ask them to update it.
Your email confirmation will summarize your input showing joint and joint with etc.
4:52 am
February 6, 2019
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Does anyone have experience with transferring RSP funds from another institution and use those funds to buy an RSP GIC? Can I request this online, or do I have to call? Reading these posts, I believe that it is better to open an RSP savings account with Oaken first, then request the registered transfer into it. And then fund the GIC, from the RSP Oaken account.
6:22 am
February 7, 2019
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rk said
Does anyone have experience with transferring RSP funds from another institution and use those funds to buy an RSP GIC? Can I request this online, or do I have to call? Reading these posts, I believe that it is better to open an RSP savings account with Oaken first, then request the registered transfer into it. And then fund the GIC, from the RSP Oaken account.
I would suggest opening an Oaken RSP HISA. Then ...
Home Bank
RSP/RIF: https://www.oaken.com/media/af.....122025.pdf
TFSA: https://www.oaken.com/media/rf.....n-fill.pdf
Home Trust
RSP/RIF: https://www.oaken.com/media/m1.....122025.pdf
TFSA: https://www.oaken.com/media/in.....n-fill.pdf
| CGO |
6:59 am
December 18, 2024
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rk said
Does anyone have experience with transferring RSP funds from another institution and use those funds to buy an RSP GIC? Can I request this online, or do I have to call? Reading these posts, I believe that it is better to open an RSP savings account with Oaken first, then request the registered transfer into it. And then fund the GIC, from the RSP Oaken account.
Yes! Going way back, I believe there is a form to fill out for a RRIF or RRSP to open an account at Oaken. Your transfer "from" FI may charge you for transferring out and since Oaken has no fees to transfer in or out they will not offer to compensate you for the fee you have to pay your current FI. Open the account first then open an RRSP GIC and then the process will ask where you are funding from.....you enter the FI etc and and the end you will have also created a transfer form...from your current FI to Oaken. Print it off,,,sign it.....PDF it and email it back to Oaken. They will confirm receipt of it and pass to the back office to process...wait time can be a couple of weeks. I would assume the funds you transfer in are sitting in a RRSP savings account?
TIPS:
If you and spouse want RRSP at Oaken then do yours at HT and spouse at HB.
If you plan to keep them there until 71 and move to RRIF then do quite few $4000 GICs so you can do withdrawals "if" you want to.
Oaken RIFF/RRSP accounts do NOT have an associated savings account, thus flexibility to withdraw is cumbersome.
Check out their rules of paying out the Mandatory RRIF payments as well.
8:40 am
February 7, 2019
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GIC-Fanatic said
If you and spouse want RRSP at Oaken then do yours at HT and spouse at HB.Oaken RIFF/RRSP accounts do NOT have an associated savings account, thus flexibility to withdraw is cumbersome.
CDIC coverage is for each individual's RSP. So yes, one each HB and HT is fine and up to you but there is no CDIC advantage in doing so.
I don't have RSP's at Oaken but their Open Accounts process does offer RSP HISA but not RIF HISA for some reason.
| CGO |
9:13 am
February 6, 2019
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Thank you all. I have started the process by opening an RSP savings account. It is pending now. Since snail mail is involved, at a later step, this will take a while...
Yes, I am aware of the fee charged by Tangerine to move registered funds out. But that alone is not enough of a deterrent for me to keep funds with Tangerine, which has significantly lower rates than Oaken.
9:39 am
December 18, 2024
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Oaken RRIF accounts do NOT have an associated savings account, thus flexibility to withdraw is cumbersome.
Sorry about that....I'm focused more on RRIF. Is the HISA for RRSP recent?
9:50 am
February 7, 2019
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GIC-Fanatic said
Oaken RRIF accounts do NOT have an associated savings account, thus flexibility to withdraw is cumbersome.
Sorry about that....I'm focused more on RRIF. Is the HISA for RRSP recent?
I have no idea as I was never looking for that at Oaken.
I wonder what happens to that RSP HISA when the time comes to flip RSP's to RIF's. Immediate cash-out? Does it qualify as part of the first year RIF redemption?
| CGO |
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