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June 26, 2017
1:00 pm
toto
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Yes, thank you Atlas for finding the promo code!

June 26, 2017
3:10 pm
Cranston
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JenE said
I wasn't, Cranston. It would appear Oaken has moved in a different direction. Too bad, I liked them until now.  

Definitely a bit of tarnish for sure. 🙂

June 26, 2017
3:27 pm
Slybanking
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I got 3% for 1 year today thanks to the promo. Was told by the rep that its good till June 30th.

June 26, 2017
3:31 pm
Nehpets
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Got the extra 0.25% as well today.

Tried to probe to find out about the promo...the word "targeted promotion" was used, specifying brokers as opposed to retail customers.

It seems this may be a marketing strategy they plan to adopt going forward.

Keep eyes and ears open!!

June 26, 2017
4:01 pm
Dougal
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Long time lurker. Just a thankyou to Atlas for this GIC bonus news. Bought 5yr GIC last Monday. Already received the 3.25% certificate, but I called today and got no resistance on applying the code and getting a 3.5% rate. Said they will send new certificate.

June 26, 2017
6:34 pm
Jon
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Thanks Atlas, also get 3.5 percent for 5 years. Which is even better than the 2.95 percent I get from Hubert, hence I redeem that GIC early for that.sf-cool

June 27, 2017
8:29 am
Cranston
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Oooops my posting was erroneous.

June 27, 2017
9:45 am
Brimleychen
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I still get the bonus. But you need to call. They also said they don't send out the email after that, and just update the application reference, and provide me with his name.

I put promo code in comment, but still didn't get the bonus rate in the acknowledge email. That's the reason I called.

June 28, 2017
12:27 pm
Winnie
Ontario
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A few people purchased 3.5% GIC for 5 years.
Yes, it is a very good annual compound rate at this time, I agree.

But, financial markets are now pricing in better than two-thirds odds that the central bank will raise its overnight lending rate by a quarter percentage-point at its next rate-setting meeting July 12.

June 28, 2017
12:57 pm
NorthernRaven
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Winnie said
A few people purchased 3.5% GIC for 5 years.
Yes, it is a very good annual compound rate at this time, I agree.

But, financial markets are now pricing in better than two-thirds odds that the central bank will raise its overnight lending rate by a quarter percentage-point at its next rate-setting meeting July 12.  

Even if the BoC bumps up by 25 basis points in July, and does it again sometime later this year, the non-Home 5 year GICs are topping out at 2.5% right now. Even if all of two BoC increases are passed along by the GIC providers, the Home rate is still 50+ basis points ahead of where others would be after two rate bumps.  

June 28, 2017
4:34 pm
Dennis
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NorthernRaven said
Even if the BoC bumps up by 25 basis points in July, and does it again sometime later this year, the non-Home 5 year GICs are topping out at 2.5% right now. Even if all of two BoC increases are passed along by the GIC providers, the Home rate is still 50+ basis points ahead of where others would be after two rate bumps.    

I agree. I don't think we can see higher than 3.5% at least year or even two. It is too good to pass.
I got one. The email confirmation shows only 3.25% but as I called they explain that it's only in auto-email. It is confirmed 3.5%. Thanks OP.

June 28, 2017
8:42 pm
Cranston
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Thanks Atlas.

I bought some TFSA GICs online and used the code. Will let all know of it worked out ok once I receive the certificates.

They don't have a beneficiary form to set up for a TFSA account. Also they only accept a successor only and that very minimal info is entered on each or each group of GICs you buy. I assume that successor info shows on the certicate.

June 29, 2017
12:04 pm
AlainJF
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Does anybody know (for sure) if their RSP are in fact RRSP ?

Retirement Savings Plans (RSPs) vs Registered Retirement Saving Plan (RRSPs)

Ref: https://www.oaken.com/registered-gics/

Ref: http://www.differencebetween.n.....-and-rrsp/

June 29, 2017
12:54 pm
Winnie
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https://www.oaken.com/registered-gics/

Reach your savings goals with registered GICs

At Oaken Financial, our GICs are eligible to be held inside a registered account, allowing you to build your savings while reducing the amount of tax you pay on your hard-earned money. Learn about:

Retirement Savings Plan (RSP)
Tax-Free Savings Account (TFSA)
Retirement Income Fund (RIF)

June 29, 2017
2:22 pm
frizun
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Can the promo code used for more than one GIC?

June 29, 2017
2:54 pm
JenE
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Yes. Also TFSA Gic (and any transferred-in TFSA GICs if you can get the transfer done within 30 days). Hurry, the promo is fast running out!

June 29, 2017
5:20 pm
Cranston
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AlainJF said
Does anybody know (for sure) if their RSP are in fact RRSP ?

Retirement Savings Plans (RSPs) vs Registered Retirement Saving Plan (RRSPs)

Ref: https://www.oaken.com/registered-gics/

Ref: http://www.differencebetween.n.....-rrsp/  

How astute you are!!!! I always thought they are the same. I did move my RRSP from Manulife to Oaken with no tax implications. On my Oaken online account the GIC says it is an RSP under the Registered tab. So am I looking at complications?

June 29, 2017
5:31 pm
Cranston
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frizun said
Can the promo code used for more than one GIC?  

frizun said
Can the promo code used for more than one GIC?  

I ordered 2 TFSAs each for my wife and I. Did it online and can enter more than one GIC without doing a new request for each (hope that makes sense) and entered the code once as there was only one comment field for that entry. The email confirmation summarized the 2 GICs and only mentioned the code once. But I expect the bonus for all 4 I ordered.

I did my RRSP all on paper along with the transfer forms. And I don't remember being allowed to do multiple GICs for non registered but for sure worked for TFSA.

Just be careful and retain copies of what ever you do on paper or online to copy or screen print everything you do and to show proof of who you set up for successor or beneficiary.

I keep an envelope for each FI in my safe with application and beneficiary information.

June 29, 2017
6:20 pm
Bill
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Cranston, if under your Registered tab it says RSP then you have a Registered RSP, i.e. a RRSP.

With the mainstream or online banks I've never noticed an RSP account that is indicated as not being a registered one, has anyone else?

June 29, 2017
6:26 pm
Cranston
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Bill said
Cranston, if under your Registered tab it says RSP then you have a Registered RSP, i.e. a RRSP.

With the mainstream or online banks I've never noticed an RSP account that is indicated as not being a registered one, has anyone else?  

Yes I thought so. Thanks. Just looked at the Oaken site and RSP is under the registered products tab too. I never took heed of the difference. Applies to RRIF vs RIF.

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