Oaken Rate Change....downwards.....advance notice | Oaken Financial | Discussion forum

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Oaken Rate Change....downwards.....advance notice
July 2, 2014
2:42 pm
kanaka
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Email....Today July 2

As part of our commitment to making customers the first to know about any rate changes, please note that we'll be reducing our 5 Year GIC rate from 3.00% to 2.90%, effective Monday, July 14, 2014.
Any applications received by Friday, July 11 will receive the current posted rate of 3.00%.
All other Oaken rates remain unchanged.

Would this be artificial to pad the expected interest rate increases of the first quarter of 2015?

July 2, 2014
4:48 pm
JustMe
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At least they are fair and advice in advance. Will other follow the suite and start lowering their interest rates? I hope note or at least I get 1 year at Peoples. But have to use RBC as middle man to transfer from one to another and RBC has a hold of 4-5 business days...

July 2, 2014
7:27 pm
kanaka
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Yes, is a good deal to for warn. Allows time to move funds there and invest.

Anyone can sign up for their emails.
https://www.oaken.com/wps/portal/oaken/rates/email/stay+connected+by+email

If you have an account with them, you can pull funds into their account....as similar to Hubert. And I know Hubert will allow you to transfer funds from your other bank right into a GIC....leaving the GIC on hold. And if you pull funds into your Hubert account in error they will lift the hold to allow,you to buy GIC's. Hope this may be of some help. I find Oaken very good to deal with in phone or email.

July 3, 2014
11:05 am
james1900
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kanaka said

Email....Today July 2

As part of our commitment to making customers the first to know about any rate changes, please note that we'll be reducing our 5 Year GIC rate from 3.00% to 2.90%, effective Monday, July 14, 2014.
Any applications received by Friday, July 11 will receive the current posted rate of 3.00%.
All other Oaken rates remain unchanged.

Would this be artificial to pad the expected interest rate increases of the first quarter of 2015?

Their 3% or 2.9% GIC 5-year rates are kind of "promotion" rates, and not really rated to "expected interest rate increases in 2015". You probably know that banks are pushing 5-year mortgage at 2.99% some time ago. And they can sell 5-year bond at much low rates. In one word, Oaken likes you to be one of their customers, but NOT your money.

August 11, 2014
9:40 pm
Jack Manning
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I have not received an email from Oaken Financial lately. However, the way interest rates more specifically 5 year Canada bond rates are today at 1.51% but were as low as 1.43% just last week, I would not be surprised if another GIC rate drop is coming soon.

I remember last year when Oaken Financial did not still exist but Home Trust did, 5 year rates were as high as 3.20%.

August 11, 2014
11:13 pm
Loonie
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... and we thought those rates were low!sf-frown

August 20, 2014
5:40 pm
Jack Manning
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Loonie, German 10 year bond rates are below 1% now. Yes, below 1%, at 0.994%. They were already low at 1.08% a week or two ago. Look at these dismal interest rates for fixed rate investors and savers.

Austria 10 year rates are 1.262%, Belgium 10 year rates are 1.358%, Czech Republic 10 year rates are 1.359%, Denmark 10 year rates are 1.36%, Finland 10 year rates are 1.164%, France 10 year rates are 1.397%, Netherlands 10 year rates are 1.187%, Sweden 10 year rates 1.552%, Taiwan 10 year rates 1.595%.

The only worse places are Japan 10 year rates at 0.52% and Switzerland 10 year rates at 0.46%. What is going on? This is terrible.

August 21, 2014
6:20 pm
Loonie
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OMG, sounds dreadful. Coming soon to a corner near you.

I wish I understood these things better, but on a "macro" level, it seems to me that with globalization we're all in the swamp together, sooner or later. We've been insulated by the fact that our banking legislation has been stronger.

However, I thought Swiss banking was supposed to be the epitome of security and good sense, so I really don't know.

Do you know if all these rates are falling, or just the German one?

3% is looking really good right now...

August 21, 2014
9:26 pm
Jack Manning
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Loonie, Switzerland always had low interest rates paid on their T-Bills, bonds so I am not surprised about that. It is always flushed with cash from many foreigners.

Yes, Loonie, all these interest rates on bonds are falling. Falling interest rates, bond rates is a global trend and we are mostly impacted to what happens to the U.S more than any other place.

We used to have historically higher savings account, GIC, bond, mortgage rates etc. than the U.S. but in the last 15 years or so that I noticed, Canada's rates are lower than U.S rates.

Europe is in real trouble. If you really want to know more about this, look at today's Financial Post about this.

April 8, 2019
9:05 am
dommm
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Another drop.

• 1 Year GIC – 2.65% (currently 2.75%)
• 18 Month GIC – 2.70% (currently 2.80%)
• 2 Year GIC – 2.75% (currently 2.85%)
• 3 Year GIC – 2.85% (currently 2.95%)
• 4 Year GIC – 2.95% (currently 3.05%)
• 5 Year GIC – 3.00% (currently 3.20%)

April 9, 2019
6:05 am
Loonie
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The new rates are effective Friday April 12.
They usually give us a full week, which would have been Monday to Monday, but have sliced off a day from the notice.

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