Oaken HISA Up and GIC's Up & Dn | Oaken Financial | Discussion forum

Oaken is a rate leader. This could be a sign that rates on the upside have maxed out.

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That constitutes a 'Significant' drop in Oaken's long term rates ... especially in their 3/4/5Yr GICs.

More evidence that GIC rates (in general) have Peaked ❓
Time to lock in those 5Yr GICs that are still @ 5.0% ❓

I'm guessing 'Yes' X 2.

Dean

They'll be back over 5% by the end of the year. You're just falling for their move to concern people and get them to lock in.

I think a lot of people may be mistakenly imagining people in these banks deciding what the rates will be in a meeting or after crunching the data. What I was alluding to was that these sorts of decisions are governed by AI now and AI is only getting better at maximizing profit for their owners by creating volatility which it controls and thereby benefits from.

So I think you're wise Retired. Do what you want when you can, then you're less likely to regret it and more likely to be comfortable with the end result.

I admire their willingness to announce rates 7-days in advance.

Paraphrasing from Reuters article this morning "Morning Bid: Bond quake" use google to search for the article. "The bond yield surge globally and a potentially bruising further repricing of bonds"

remember BoC and Fed both stated that overnight rate will be 3.25% to 3.50% by year end that is about 30% to 40% higher.

Canuck said

Which other financial institutions are dropping rates?  

Recently (Aug) Motive, EQ, Oaken, Saven, Simplii, CIBC, Peoples Trust have dropped some GIC rates. These are the ones I noticed anyway...

agit said

you may enjoy this article
Canada’s big six banks accused of rate-rigging in U.S. lawsuit

https://globalnews.ca/news/3965936/cdor-rigging-canadian-banks-lawsuit/  

Thats totally different. CDOR rigging, LIBOR rigging during the 2008 era is nothing new. Thats done at corporate level on the trading floor.

Banks dont collude at retail level, and that is a fact. They just watch each other and then decide what to do. For example, if you watch carefully, you will know and notice that Royal Bank is always the first to come out with prime rate change post BoC announcement. And I wont tell you who is usually the last...

savemoresaveoften said

Govern by AI ?! No offence but you clearly dont know how a FI's treasury department works and how decisions are made.....

And No they dont collude or need to.  

Yes, I'm comfortable with my level of knowledge and will defer from insulting you or stepping on some high and mighty perch you so enjoy.

You do need to learn how to read better as I never said they were colluding or not.

Try to relax and accept that not everyone needs to align with your views or be treated like they're fools. Those are actions of a person I would never trust.