Oaken Savings 2.25% effective July 19th 2022 | Oaken Financial | Discussion forum

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Oaken Savings 2.25% effective July 19th 2022
July 19, 2022
6:20 am
hwyc
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Just got emailed ... was 1.65%

( also see chart for GIC rates change
... I think leading edge GIC rates are reaching stagnant, it's time for me to make another baby step )

July 19, 2022
6:24 am
savemoresaveoften
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hwyc said
Just got emailed ... was 1.65%

( also see chart for GIC rates change )  

even at 2.25%, whos going to put money there ? Makes me wonder why they even bother changing it...

July 19, 2022
6:45 am
hwyc
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Supply & demand ... we are on the supply side, we don't know what it's like on the other side of the equation.

July 19, 2022
7:53 am
cgouimet
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hwyc said
Supply & demand ... we are on the supply side, we don't know what it's like on the other side of the equation.  

Indeed ... Banks and Credit Unions are experiencing supply chain issues like everyone else ... $ not showing up in the buckets they need to manage their businesses ...

CGO
July 19, 2022
8:46 am
Norman1
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They also don't want more money in the buckets they don't need.

If applicants are all asking for one-year and five-year mortgages, then the lender is going to want more one-year and five-year GIC funds to match, not more HISA funds.

July 19, 2022
8:50 am
AltaRed
BC Interior
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hwyc said
Supply & demand ... we are on the supply side, we don't know what it's like on the other side of the equation.  

Plus HCG's near death experience in 2017 has caused them to NOT have industry leading HISA rates since that debacle. They are generally competitive but obviously their new risk management model places more emphasis on matching assets and liabilities....than they did before their 2017 crisis. I wouldn't denigrate them for exercising, for them, prudent decision making.

July 19, 2022
9:19 am
Greedy Guy
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Oaken 2.25% is second only to Motive for institutions with cdic coverage. Credit unions with higher than 2.25% rate are probably not guaranteed by government

July 19, 2022
9:25 am
rebel88
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Too little too late. Oaken is simply not competitive anymore with their HISA. 3% is the minimum rate to offer today; not 2.25%.

July 19, 2022
10:28 am
RetirEd
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3% is the minimum? On our chart, only Motive is offering even 3%.
RetirEd

EDIT: DUCA seems to now be offering more - 3.1% or 3.25% - in their special EMPA or PARK accounts. I can't say if that's a special promotion.

July 19, 2022
10:30 am
cgouimet
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RetirEd said
3% is the minimum? On our chart, only Motive is offering even 3%.
RetirEd  

Rebel88 likes short charts ... Easier to choose ... 🙂

CGO
July 20, 2022
7:56 am
savenfinancial
Ontario, Canada
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Greedy Guy said
Oaken 2.25% is second only to Motive for institutions with cdic coverage. Credit unions with higher than 2.25% rate are probably not guaranteed by government  

Not guaranteed by the federal government but guaranteed provincially.

July 20, 2022
8:43 am
Greedy Guy
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savenfinancial said

Not guaranteed by the federal government but guaranteed provincially.  

Manitoba credit unions are covered by DGCM. DGCM.ca FAQ on deposit guarantee:

"Does the Government of Manitoba also cover deposits?
No. There is no legislated requirement for the Manitoba government to guarantee deposits"

July 20, 2022
8:46 am
blake
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Keep on thing in mind about Oaken.
They have Home Trust and Home Bank.
The Oaken savings account is part of one of them, I believe Home Trust.
Your Home Trust non registered GICS and savings account are part of your $100,000 CDIC coverage.

Personally, I use Oaken and am phasing out all RRIF and TFSA and keep a close watch on matured values to not exceed $100,000 by Trust or Bank.

July 20, 2022
9:44 am
Alexandra
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Both Home Trust and Home Bank have a HISA. I have both. So of course the CDIC of $100K includes the HISA individually.

July 20, 2022
10:03 am
rodeworthy
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savemoresaveoften said

even at 2.25%, whos going to put money there ? Makes me wonder why they even bother changing it...  

I think it may be an attempt to entice people to leave it there. Too late for me, I moved most out on Tuesday. I don't know if I would have moved it if it had been 2.25%. Anyway, the extracted money will soon earn 3% so that is good.

EQ Bank is the next one I have my sights on. They got me there - TFSA money is stuck @ 1.65%. GIC rates are pretty good but I am waiting a bit before getting back into those. Already cleaned out the HISA account and looking for new home for that.

July 20, 2022
11:09 am
blake
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Alexandra said
Both Home Trust and Home Bank have a HISA. I have both. So of course the CDIC of $100K includes the HISA individually.  

Really??

I just logged in.
Home Trust has savings and Home Bank does NOT
So if you have both savings accounts, how did you get them?

CDIC, I would think covers:
Non Registered savings account and GIC's collectively to $100,000 in Home Trust
And Non Registered GIC's only in Home Bank to $100,000
And in Registered another $100,000 each for RRSP/RRIF and TFSA x 2 of course.

I see totals of, for CDIC:
Non Registered -- Savings plus GIC's -- $200,000
Registered TFSA -- $200,000
Registered RRSP/RRIF -- $200,000

July 20, 2022
11:31 am
cgouimet
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blake said

Really??

I just logged in.
Home Trust has savings and Home Bank does NOT
So if you have both savings accounts, how did you get them?

CDIC, I would think covers:
Non Registered savings account and GIC's collectively to $100,000 in Home Trust
And Non Registered GIC's only in Home Bank to $100,000
And in Registered another $100,000 each for RRSP/RRIF and TFSA x 2 of course.

I see totals of, for CDIC:
Non Registered -- Savings plus GIC's -- $200,000
Registered TFSA -- $200,000
Registered RRSP/RRIF -- $200,000  

My spouse and I each have Home Trust and Home Bank HISA's & GIC's via Oaken; joint HISA's & GIC's too. So technically, CDIC coverage x 6 ...

CGO
July 20, 2022
11:34 am
RAV4guy
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Blake, I also can confirm that I have the hisa with both Home Trust and Home Bank. Ask Oaken to set it up for you, if you want it.

July 20, 2022
11:44 am
blake
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Thanks. I joined Oaken when they had only one bank and therefore I only have the one HISA. When the second bank was added I believe it was an automatic addition to my “Oaken” and no mention of an additional HISA that I recall. But maybe there was.....I only use the one HISA to flush in/out non registered GICs and RRIFs. I don’t leave money in the HISA, so no need for 2.

But I can’t get my head around a non registered HISA and non registered GIC each having there own CDIC coverage. I thought that all non registered funds were only covered up to $100,000.

July 20, 2022
12:00 pm
cgouimet
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blake said
Thanks. I joined Oaken when they had only one bank and therefore I only have the one HISA. When the second bank was added I believe it was an automatic addition to my “Oaken” and no mention of an additional HISA that I recall. But maybe there was.....I only use the one HISA to flush in/out non registered GICs and RRIFs. I don’t leave money in the HISA, so no need for 2.

But I can’t get my head around a non registered HISA and non registered GIC each having there own CDIC coverage. I thought that all non registered funds were only covered up to $100,000.  

Yes, CDIC covers non-Reg HISA and non-Reg GIC as a unit. So $100k for all non-Reg. Then, another $100k for a spouse and another $100k for Joint non-Reg. So that's $300k for non-Reg for each Home Bank and Home Trust.

Also, from the CDIC website ...

Scn-Cap-2022-07-20-@-14.58.36.JPG

CGO
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