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Oaken launching TFSA and RRSP savings in January 2024
January 16, 2024
9:40 am
lifeonanisland
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I asked a CSR this morning about RSP savings. His reply: "Currently, we anticipate releasing the RSP "savings" account around late January to early February."

January 16, 2024
9:46 am
phrank
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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.  

You're welcome.

I deposited nothing and it worked.

January 17, 2024
1:49 pm
DavidSan
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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.  

Hi, I just opened a TFSA savings account but when I went to change the maturity instructions for my TFSA GICs, I did not see an option of depositing to my TFSA savings account? I only saw savings account - non-registered, cheque or to an external financial institution

January 17, 2024
2:12 pm
NorthernRaven
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You have to choose the "Savings Account" option on the dropdown, which then gives you a choice of which savings account you want it to mature into. Since people are worried (or should be) about accidentally de-registering from a TFSA, this isn't the design I would have chosen, and hopefully there are "you are going to withdraw from your TFSA, are you sure" warnings if you choose an option that would deregister.

I've got a TFSA GIC maturing next week and have just gone through this exact setup, they launched the TFSA accounts just in time.

January 17, 2024
2:33 pm
DavidSan
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NorthernRaven said
You have to choose the "Savings Account" option on the dropdown, which then gives you a choice of which savings account you want it to mature into. Since people are worried (or should be) about accidentally de-registering from a TFSA, this isn't the design I would have chosen, and hopefully there are "you are going to withdraw from your TFSA, are you sure" warnings if you choose an option that would deregister.

I've got a TFSA GIC maturing next week and have just gone through this exact setup, they launched the TFSA accounts just in time.  

I chose the "Savings Account" option but did not see my TFSA savings account in the dropdown. Maybe it is just open today that I gotta wait a day or 2? I will check again tomorrow

January 17, 2024
4:03 pm
NorthernRaven
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If your new TFSA savings is showing up on your home page, it should be available as a maturity destination. But if you go to Accounts->View Pending Investments and it is still showing there, it isn't ready.

January 17, 2024
7:07 pm
serendipity
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Today I set up an HT and an HB TFSA savings account. The deposit amount was $0.00.

I took the option to open both at once. I got some screens more than once. I assume each set of screens was due to asking for 2 TFSA accounts at once. Lo and behold I wound up with 2 HT TFSA accounts and 2 HB TFSA accounts. 4 in total.

I called in to have 2 deleted. Was advised to do one at a time.

So I had 3 pending investments that were good for a month**. I deleted all of them. The TFSA savings accounts remained. No point to keep the pending investments as no money will be deposited right away.

** Does this mean you can hold a rate for 30 days? On any investment?

Also there “is” a choice for Successor….my spouses FN & LN or “other” was there. So as mentioned before if your spouses name is not there … looks like you have never mailed a successor form in??

So on my wife’s set up for an HT and an HB TFSA savings. Did one at a time. No problems and no pending transaction.

You can set up maturity instructions separately for principal and interest. The odd thing I found is that it appears you can select the interest and or principal to go in to a non registered savings account or your HT TFSA savings account or your HB TFSA savings account.

To your non registered is ok but I can see some errors here and one must remember that, that money cannot be reinvested till next year.
To your “other” TFSA account at Oaken shouldn’t happen as that needs to be done as a transfer as per CRA. But I admit … I did not hit the final update key to see what happens.

You CANNOT set up to have interest paid annually as there is no option. <= I would like to see that for GICs that have not hit the first interest payment anniversary. But there is under the renewal set up.

It would be nice to see HB or HT in part of the GIC name. I did change the name of the new TFSA savings accounts to start with HT or HB. Helps avoid making a mistake.

Since most GIC maturities are in the future, take time to recheck your updates and redo if needed.

There is a page to print for your successful update and an email confirmation.

Thanks Oaken. Looks like the new owner sees the need to fix.

January 17, 2024
7:33 pm
phrank
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DavidSan said

I chose the "Savings Account" option but did not see my TFSA savings account in the dropdown. Maybe it is just open today that I gotta wait a day or 2? I will check again tomorrow  

I was able to see my new TFSA and set renewal options immediately.

Maybe you set up the TFSA for the wrong one and not the same bank your GIC is with?

January 17, 2024
8:09 pm
DavidSan
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phrank said

I was able to see my new TFSA and set renewal options immediately.

Maybe you set up the TFSA for the wrong one and not the same bank your GIC is with?  

Thats a good point you made so I logged in to check. Turns out my setup is even more confusing. I have 1 TFSA GIC with HB and another with HT. Then the non-registered savings account is at HB and the newly opened TFSA savings is at HT.

When I tried to change the maturity instructions of my TFSA GIC with HT, only the HB savings account showed up under "Savings Account"

I will give them a call tmr

January 18, 2024
7:11 am
Bill
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By the way I got an email indicating Oaken GIC rates to drop next Wednesday.

January 19, 2024
10:26 am
DavidSan
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I called Oaken yesterday regarding the issue of being unable to update my TFSA GIC maturity instructions to my newly opened TFSA savings account. It was a mess on their backend and they ended up opening 2 new savings accounts (1 at HB and 1 at HT) to be the destination account when my TFSA GIC matures (1 at HB and 1 at HT). I also requested them to close my newly opened TFSA savings account

Hopefully when I check in a few days, things will be sorted out

January 26, 2024
2:55 pm
rk
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I have opened my RRSP savings account at Oaken. I was also able to change the maturity instructions for my existing GICs to redeem to the newly created savings account.

January 27, 2024
9:17 am
lifeonanisland
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rk said
I have opened my RRSP savings account at Oaken. I was also able to change the maturity instructions for my existing GICs to redeem to the newly created savings account.  

Thanks, RK. Just did the same.

January 27, 2024
10:01 am
Rail Baron
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Has anyone heard/seen news about whether Oaken will launch an RRIF Savings Account? It seems like a logical addition to complete their suite of financial services.

January 27, 2024
10:11 am
serendipity
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Rail Baron said
Has anyone heard/seen news about whether Oaken will launch an RRIF Savings Account? It seems like a logical addition to complete their suite of financial services.  

Yes, late spring. Was advised by an Oaken CSR.

February 8, 2024
6:58 am
DavidSan
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After almost 4 weeks, I called Oaken the last time yesterday and they confirmed that my maturity instructions have been sorted out. TFSA GIC at HB --> TFSA savings account at HB and TFSA GIC at HT --> TFSA savings account at HT

It seems that the first 2 calls the CSRs were not knowledgeable and only the 3rd call fixed the issue. Even then, my online banking still showed 1 of the GICs had my old maturity instructions and I still cannot change them myself. So it took 4 calls to confirm everything is set up correctly

February 8, 2024
8:31 am
phrank
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DavidSan said
After almost 4 weeks, I called Oaken the last time yesterday and they confirmed that my maturity instructions have been sorted out. TFSA GIC at HB --> TFSA savings account at HB and TFSA GIC at HT --> TFSA savings account at HT

It seems that the first 2 calls the CSRs were not knowledgeable and only the 3rd call fixed the issue. Even then, my online banking still showed 1 of the GICs had my old maturity instructions and I still cannot change them myself. So it took 4 calls to confirm everything is set up correctly  

That's crazy. You definitely should be able to do this yourself as apparently luckily for me I was able to do tis online for RRSPs and TFSAs. Don't be jealous, I have issues elsewhere of course! sf-laugh. The second you have to deal with another human you have to micromanage now no matter where, what or how it seems.

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