Oaken rates down....advised July 26 2017 as of August 3 | Oaken Financial | Discussion forum

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Oaken rates down....advised July 26 2017 as of August 3
July 26, 2017
1:12 pm
Cranston
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As part of our commitment to making customers the first to know about our rate changes, please note that effective Thursday, August 3, 2017, we'll be decreasing our interest rates for the following terms:

1 Year GIC - 2.50% (currently 2.75%)
18 Month GIC - 2.60% (currently 2.85%)
2 Year GIC - 2.70% (currently 2.95%)
3 Year GIC - 2.80% (currently 3.05%)
4 Year GIC - 2.90% (currently 3.15%)
5 Year GIC - 3.00% (currently 3.25%)
All other Oaken rates will remain unchanged.

July 26, 2017
4:03 pm
Nehpets
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Pretty decent of them to give existing clients a heads up, wouldn't you say?.

July 26, 2017
9:00 pm
Loonie
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It's part of Oaken's great customer service. They always give us notice.sf-smile

July 30, 2017
6:32 pm
Miron
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Hello, I am trying to perform a last minute investment before August 3... I am trying an INTERAC e-Transfer from another bank but Oaken is not on the list of institutions 🙁 any ideas? An electronic transfer might not arrive until Wednesday, the last day of the present rate.

July 30, 2017
7:58 pm
Norman1
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Not sure if Oaken can receive an Interac e-Transfer.

Can one contact Oaken, ask them to open the GIC, and pull the money to fund it from a previously-linked external account?

July 30, 2017
8:24 pm
Cranston
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I don't think they have interac.

I usually order GICs online right after I pull funds in. Only once did I have to wait for the next day.

And yes they will pull funds in for you if you order on the phone

ps. That is only if you have previously set up push/pull with them.

July 30, 2017
9:18 pm
Slybanking
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Cranston is exactly right. Last GIC I took at Oaken, I called them, booked the GIC and ask them to pull the money from a previous linked account. There was no problem, It took a day or 2 max. Of course they froze the money for a week but they started the GIC on the date they got the money.

August 2, 2017
9:25 pm
Brimleychen
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From Home Trust financial report:

“While deposit funding has grown in recent weeks, the Company has been paying a premium rate of interest on new deposits. These rates will reduce the interest spread earned on new business and the Company will look to reduce deposit interest rates to more sustainable levels in the coming months. This may have a dampening effect on deposit growth and consequently constrain growth of mortgage originations,” it said.
http://business.financialpost......5d11a0285e

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