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Email this10:07 pm
October 21, 2013
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Rail Baron said
RRIFs were not mentioned in the announcement. This would seem like an important place to add a HISA to their accounts.
I imagine RIFs were omitted on purpose.
I would definitely return to Oaken if RIF savings accounts were included. Our last TFSA GIC comes due shortly and that will be the last. Considering how long it took them to get around to TFSA and RSP savings accounts,, which I think EVERY other FI offers if they offer corresponding GICs, I may not be alive when they get around to RIFs!
Pathetic.
3:55 pm
January 9, 2011
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dougjp said
Its TFSA promo Day 1 of 2024, and the last thing I expected from Oaken with its previously announced TFSA savings account preview launch fanfare, was "crickets".Come to think of it, none of the banks are doing anything much. I guess they aren't interested.
Still nothing I know of. Very disappointing. All the people with "the money" are placing their TFSA funds elsewhere, and Oaken isn't competitive with short term GICs either. Opportunity lost, perhaps.
Do they even have TFSA savings accounts yet?
The main accomplishment of almost all organized protests is to
annoy people who are not in them.
6:07 pm
September 7, 2018
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dougjp said
Still nothing I know of. Very disappointing. All the people with "the money" are placing their TFSA funds elsewhere, and Oaken isn't competitive with short term GICs either. Opportunity lost, perhaps.
Do they even have TFSA savings accounts yet?
I contacted Oaken earlier this week to ask about the TFSA HISA Savings which had been announced early December "coming in January". The agent said they have no information when this account might be available and perhaps not in January.
So you are correct, we went elsewhere! (as probably many others did also.)
6:46 pm
January 9, 2011
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canadian.100 said
I contacted Oaken earlier this week to ask about the TFSA HISA Savings which had been announced early December "coming in January". The agent said they have no information when this account might be available and perhaps not in January.
So you are correct, we went elsewhere! (as probably many others did also.)
I already did as well, couldn't wait only to have rates drop. Although with today's US inflation numbers, maybe we will all look like fools as rates rise? 
The main accomplishment of almost all organized protests is to
annoy people who are not in them.
8:31 am
March 12, 2016
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dougjp said
I already did as well, couldn't wait only to have rates drop. Although with today's US inflation numbers, maybe we will all look like fools as rates rise?
Rise? Not likely, but stay put for a while, definitely. They need to ease eventually, probably in the second half of this year.
8:57 am
February 7, 2019
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4n2t0 said
Rise? Not likely, but stay put for a while, definitely. They need to ease eventually, probably in the second half of this year.
I tend to look at the CPI itself and for Canada and the US, it's been quite stable since Aug
Canada: 
USA: 
| CGO |
1:46 pm
December 26, 2020
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January 5, as part of a discussion about the reinvestment of a GIC inside my Oaken TFSA, the CSR I was speaking with told me the TFSA savings account introduction was being started on January 8. As stated above that did not come to pass and I wonder why the CSR told me that it would.
In my TFSA, I had a 5 year GIC maturing on January 8. The morning of January 5, I looked at the options available and decided I wanted to reinvest the GIC principal in a new 2 year term GIC. I looked and that was not an option that I could chose to do online, I could only reinvest for the same term as the maturing GIC. I called midday and after only a 15 minute hold I was able to speak with a CSR. I quickly found out that Oaken had already processed my GIC for payment to my Oaken hisa outside of my TFSA. I asked for that to be changed but that was not possible.
I guess I should not be surprised, but I was not aware that Oaken had a final date by which they were compelled to act and after which there was no possibility of any reversal. The CSR did not offer to give me the rules by which Oaken operates.
On January 8 the money appeared in my hisa and I moved it elsewhere. I had to show Oaken I was not satisfied.
However, if Oaken ever does introduce the TFSA hisa I will try to open one. I will continue to place investments with Oaken when it makes sense for me to do so. I like dealing with Oaken as much as I like dealing with any of the financial institutions that I use. I realised from when I opened my Oaken TFSA in 2018 that the lack of a TFSA hisa was an issue that would make it more difficult to reinvest. I have been an Oaken customer since 2014.
2:03 pm
April 14, 2021
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I also had an odd situation with my TFSA GIC purchase, but it was with WealthOne.
I tried to buy a TFSA GIC online, Jan 1, but there was no option available. So, I transferred money to my TFSA Savings acct and bought what I thought was a TFSA GIC. However, I was later informed on Jan 3 that I had only purchased a non-registered GIC with my TFSA funds. I immediately asked the CSR to cancel the non-registered GIC transaction and make it a TFSA GIC, instead. He was able to complete the transaction on Jan 4.
I was worried that this would create a problem for CRA; they might see a deposit to TFSA savings, an immediate removal to purchase the non-registerered GIC, and then a re-deposit to purchase the TFSA GIC. I was extremely concerned that this would make it appear that I had over-contributed, but the CSR said that the transaction was corrected and that CRA would have no problems.
I mention this transaction because it seems that there appears to be a small window of opportunity to correct such errors.
11:38 pm
November 18, 2017
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Crystal Balls notwithstanding, GIC rates just about everywhere just took a drop.
RetirEd
10:39 am
September 11, 2013
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Despite the CSR's assurance you might want to closely check your monthly statements to see if the correction dates indicate there was a withdrawal and then a (re)contribution on a different date (not good for CRA purposes) vs a correction where the documentation indicates the original non-registered GIC transaction never really happened (good for CRA purposes).
12:00 pm
April 14, 2021
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Yes, I have checked the transactions on my TFSA savings account and only the single deposit on Jan 1 and single withdrawal on Jan 1 are shown.
1:48 pm
September 11, 2013
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I'm not understanding, you DO have a withdrawal from your TFSA on Jan 1?
10:04 pm
April 14, 2021
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My TFSA saving acct shows a transfer from my non-registered savings account on Jan 1 and another transfer out to Sheltered Registered Plan 18-mo GIC for the same amount on that day. They are the only two transactions for my TFSA savings account.
6:20 am
September 30, 2017
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Do you see what I see … TFSA savings 3.4%
7:50 am
January 3, 2009
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I see this splash on login.
7:59 am
January 3, 2009
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FYI - I was able to create a TFSA SA and then choose to have my current TFSA GIC redeem to the TFSA SA.
It's a little weird to me because you have to choose to redeem to savings account from the first drop down box and then it lets you select which savings account after that.
It worked with no need to call anyone and it shows as done under account details.
Hopefully an RRSP SA isn't far behind as they say.
8:06 am
September 11, 2013
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Oh ok, HermanH, I understand now, that's no problem for CRA.
8:09 am
February 7, 2019
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phrank said
It's a little weird to me because you have to choose to redeem to savings account from the first drop down box and then it lets you select which savings account after that.
That's the way their Non Registered GIC maturity setup works too.
However, selecting a Non Registered HISA for a maturing TFSA GIC could have some undesirable consequences. I hope this is flagged up when triggering this option ...
| CGO |
6:04 pm
October 30, 2023
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phrank said
FYI - I was able to create a TFSA SA and then choose to have my current TFSA GIC redeem to the TFSA SA.It's a little weird to me because you have to choose to redeem to savings account from the first drop down box and then it lets you select which savings account after that.
It worked with no need to call anyone and it shows as done under account details.
Hopefully an RRSP SA isn't far behind as they say.
Thanks.
When you set up the TFSA savings did you do a deposit as it asked?
1 cent, $1 or zero?
I assume the successor option had a drop down option to pick from?
This is great. More money to Oaken for me.
Looking forward to the mid year* RRIF savings account as well.
*Confirmed from a call at Oaken.
12:55 am
February 7, 2019
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serendipity said
Thanks.
When you set up the TFSA savings did you do a deposit as it asked?
1 cent, $1 or zero?
I assume the successor option had a drop down option to pick from?This is great. More money to Oaken for me.
Looking forward to the mid year* RRIF savings account as well.
*Confirmed from a call at Oaken.
We opened our Oaken TFSA HISA's up with $0.00.
Successor Holder was not a drop-down but rather a text filled to be manually filled. (Unlike a Joint Account Holder, a Successor Holder does not need to be an Oaken client.)
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