Oaken Savings Account rate change to 1.25% from 1.40% on Oct 9, 2020 | Oaken Financial | Discussion forum

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Oaken Savings Account rate change to 1.25% from 1.40% on Oct 9, 2020
October 8, 2020
8:47 am
hwyc
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Effective Friday, October 9, 2020, the Oaken Savings Account rate will be decreasing to 1.25% (currently 1.40%).

We will also be decreasing the interest rates for all of our short-term GICs and some of our long-term GICs (registered and non-registered) effective Thursday, October 15, 2020 as noted below:

Short-Term GICs
• 30 Days – 1.25% (currently 1.40%)
• 60 Days – 1.25% (currently 1.40%)
• 90 Days – 1.30% (currently 1.45%)
• 120 Days – 1.30% (currently 1.45%)
• 180 Days – 1.30% (currently 1.45%)
• 270 Days – 1.35% (currently 1.45%)

Long-term GICs
• 1 Year GIC – 1.40% (currently 1.50%)
• 18 Months GIC – 1.60% (currently 1.75%)
• 2 Years GIC – 1.50% (currently 1.65%)
• 3 Years GIC – 1.60% (currently 1.75%)
• 4 Years GIC – 1.75% (currently 1.85%)

All other Oaken rates will remain unchanged.

October 15, 2020
1:12 pm
heinzheinz57
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I need to take $1000 out of Oaken TFSA GIC when it comes due. The forms only allow direct transfer to GIC's. How can I put this into an existing Oaken HISA.

October 15, 2020
1:38 pm
Dean
Valhalla Mountains, British Columbia
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heinzheinz57 said
I need to take $1000 out of Oaken TFSA GIC when it comes due. The forms only allow direct transfer to GIC's. How can I put this into an existing Oaken HISA.  

Unfortunately, Oaken doesn't have TFSA Savings Accounts ... one of my Pet-Peeves, about them. sf-confused

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

October 15, 2020
2:15 pm
hwyc
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heinzheinz57 said
I need to take $1000 out of Oaken TFSA GIC when it comes due. The forms only allow direct transfer to GIC's. How can I put this into an existing Oaken HISA.  

Just did quick live chat at Oaken for you - looks like it can be arranged.

You can call the call centre at 1-855-625-3622 to give instruction.

...Hope this helps

October 15, 2020
3:05 pm
topgun
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hwyc said

Just did quick live chat at Oaken for you - looks like it can be arranged.

You can call the call centre at 1-855-625-3622 to give instruction.

...Hope this helps  

Some FI's allow the GIC (i.e. RRSP, RRIF, TFSA, NON REGISTERED, etc) on maturity to be redeemed into HISA automatically including interest. Handy.

Have a Great Day

October 17, 2020
1:09 pm
heinzheinz57
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Thanks. Oaken does allow transfers to their Non-TFSA HISA from GIC's just not within the TFSA Framework; really would be nice

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