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Oaken GIC rates increase May 2019
May 10, 2019
8:20 am
Saver-Mom
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December 12, 2015
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Please note that effective today (Friday, May 10, 2019), we are increasing the interest rates for some of our long-term GICs (registered and non-registered) as follows:

• 18 Month GIC – 3.05% (previously 2.85%)
• 2 Year GIC – 3.05% (previously 2.85%)
• 3 Year GIC – 3.05% (previously 2.85%)
• 4 Year GIC – 3.10% (previously 2.95%)
• 5 Year GIC – 3.15% (previously 3.00%)

These new rates will be applied automatically for all corresponding GICs booked on May 3, 2019 or later.

I guess too many people are looking to move those five year GICs now coming due! I would prefer they match People’s five year rate of 3.25%

May 10, 2019
8:25 am
Doug
West Kelowna
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Saver-Mom said
Please note that effective today (Friday, May 10, 2019), we are increasing the interest rates for some of our long-term GICs (registered and non-registered) as follows:

• 18 Month GIC – 3.05% (previously 2.85%)
• 2 Year GIC – 3.05% (previously 2.85%)
• 3 Year GIC – 3.05% (previously 2.85%)
• 4 Year GIC – 3.10% (previously 2.95%)
• 5 Year GIC – 3.15% (previously 3.00%)

These new rates will be applied automatically for all corresponding GICs booked on May 3, 2019
or later.

I guess too many people are looking to move those five year GICs now coming due! I would prefer they match People’s five year rate of 3.25%  

I wonder if Peoples' 15-month 3.10% was drawing in more deposits. Also, Motus' elevated registered plan rates could likely be contributing to this.

I think this is a market share play (in essence, a "GIC rate war") because, as far as I know, the bond markets don't bear this out (i.e., rising rates).

Cheers,
Doug

May 10, 2019
8:28 am
Saver-Mom
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Yes well in this case I like wars!

May 10, 2019
2:10 pm
Loonie
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It's the first positive news in a while.
In the end, it's all about supply and demand. If they want our money badly enough, they will pay to get it. Spring house sales will be closing soon.sf-smile

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