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Email this4:31 pm
December 20, 2016
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AltaRed said
Home Trust GIC rates really can't be the same as Oaken GIC rates due to the commission/trailer paid to the brokers.
However, as an Oaken retail customer, if you are maxed out for CDIC coverage with Oaken GIC's, Oaken will place any additional GIC deposits with with Home Bank, at Oaken rates, as an Oaken customer, as an accommodation.
This according to a call I made to Oaken a few days ago for my own information, and benefit.
9:00 pm
April 7, 2017
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They really are not Oaken GIC's. Yes you will receive an Oaken certificate and it will show who the GIC was purchased from. Either Home Trust or Home Bank. And when you buy a GIC it is your option to select either Home Trust or Home Bank. And as a rule of thumb it would not be a good idea to max out at $100,000 and to be on the safe side $85,000 should be your max and a 5 yr GIC @ 3.25% would be approx. $99,740 at maturity.
Look at Oaken as being a front end order entry allowing you to buy a Home Trust or Home Bank GIC product.
ps. Compounding method may make this amount vary.
9:06 pm
October 21, 2013
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Cranston is correct in the understanding of the GICs that Oaken sells.
Their nomenclature is very confusing.
4:36 pm
September 11, 2013
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When I sign in to my Oaken account it shows "Home Trust" on my Home page. There is no Oaken, it's just another name for Home Trust or Home Bank.
5:48 pm
April 6, 2013
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Oaken Financial is one of the names that Home Trust Company does business as.
The GIC's and savings account through Oaken Financial have the Oaken brand name. But, they are issued either by Home Trust itself or the bank Home Trust owns, Home Bank.
9:44 pm
April 7, 2017
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Bill said
When I sign in to my Oaken account it shows "Home Trust" on my Home page. There is no Oaken, it's just another name for Home Trust or Home Bank.
Once you sign on look at the tabs. For GICs .. all accounts ... Home Trust account etc.
7:41 am
September 5, 2013
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Just visit Oaken Financial Branch at King St, Toronto. See a flow of GIC depositors, and I guess the high rate may not last.
12:21 pm
October 21, 2013
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They have a ways to go before they get back to previous levels of deposits, so I'm thinking it will last a while yet, although housing market has cooled in TO. Way cheaper for them than borrowing from BH at about 10%.
Oaken always gives us a few days notice of impending rate change, up or down. I hope such good practices continue.
1:14 pm
April 22, 2017
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Loonie said
They have a ways to go before they get back to previous levels of deposits, so I'm thinking it will last a while yet, although housing market has cooled in TO. Way cheaper for them than borrowing from BH at about 10%.
Oaken always gives us a few days notice of impending rate change, up or down. I hope such good practices continue.
They likely won't be borrowing from Berkshire. The LOC is a backstop. With the proceeds from their recent commercial mortgage sale, they'll be able to repay the outstanding balance on their existing LOC.
Pretty sure that their GIC rates aren't going UP anymore.
2:03 pm
May 28, 2013
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Received email from Oaken - below is first paragraph ...
*****************************************************
Thursday, June 22, 2017
You’ve likely already heard this morning’s announcement that Berkshire Hathaway Inc. has agreed to acquire C$400 million of Home Capital’s common shares as part of a private placement arrangement. In addition, Berkshire will also provide an additional C$2 billion line of credit facility to Home Trust.
*****************************************************
On another issue with Oaken. I have waited over 30 days for Oaken to re-assign $100K of GICs to joint from personal. To say I am not impressed with this delay is an understatement.
3:11 pm
September 11, 2013
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ValueTime, when you originally said they would change your GICs to joint from personal I was surprised because the contract was entered into between you (just you) and Oaken and to change the contract after-the-fact to be between different parties didn't sound right to me, unless the original contract allowed for that (which it likely didn't). So I figured they were finagling the legal aspects here, though I suppose if all parties, including the new joint holder, agree to what is essentially a new contract then I guess there's no-one to object.
5:27 pm
May 28, 2013
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Yes I agree but then again if I died tomorrow the estate/GICs would need to be probated and transferred to my wife. I have $300K laddered in GICs with Oaken. $200K under Home Bank and I just want to put $100K worth of these GICs under joint ownership so they qualify under CDIC. Perhaps CDIC has some kind of oversight when someone wants to change ownerships. Who knows?
Hubert on the other hand was able to reset ownership of all my GICs to joint within 48 hours. I did this to avoid issues with probate. My understanding is Manitoba covers 100% of GICs.
Anyway as to my issue with Oaken $40K is maturing this fall.
7:28 pm
September 5, 2013
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Bill said
ValueTime, when you originally said they would change your GICs to joint from personal I was surprised because the contract was entered into between you (just you) and Oaken and to change the contract after-the-fact to be between different parties didn't sound right to me, unless the original contract allowed for that (which it likely didn't). So I figured they were finagling the legal aspects here, though I suppose if all parties, including the new joint holder, agree to what is essentially a new contract then I guess there's no-one to object.
To change the GIC from individual to joint has never been an issue, and I did it a few times with different banks, mainly for CDIC and tax purposes. If the new joint owner is already a customer, then adding the name is very simple. If new customer, it is like a new account applicant with all the information and questionaire. Of course, both existing owner and new joint owner need to agree.
For Oaken case, you will receive a new certificate to replace the old one. Both owners will be able to see it on their individual online banking web page.
I don't see any legal issue at all. I don't think CDIC care much as long as the new certificate is issued meeting CDIC requirements.
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