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Email this2:04 pm
September 15, 2017
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Oaken will apply past registered GIC rates, if rates decrease as shown below.
For TFSA and RRSP GICs only, Oaken will look back and apply the highest rate in effect within the previous 30 calendar days for new money or within the previous 15 calendar days for renewals.
For example, a new TFSA contribution in a GIC commencing within 30 days after December 20, 2023 (date their rates dropped significantly) would earn 5.75% for 1 year, rather than 5.40%.
A renewed registered GIC within 15 calendar days of December 20, 2023 would earn the rate in effect before rates dropped.
Of course, in the unlikely event that registered GIC rates increase in January 2024 above the rates on December 20, 2023, those higher rates would apply within the specified time frame.
(source: 3 CSRs.)
2:43 pm
January 9, 2011
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An interesting competitive twist, given that TFSA's don't exist there yet.
TFSA's are said to start there the beginning of January, but I haven't seen a thing yet except the e-mail signup. I calculate the final day for a 5.75% TFSA GIC would be January 19. However that's calendar days, is it business days?
The main accomplishment of almost all organized protests is to
annoy people who are not in them.
3:33 pm
August 4, 2010
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Oaken already has both TFSA and RRSP GICs, it is the savings account versions that are coming in January. The 30 (calendar) day lookback currently is for the transfer-in of registered funds from other institutions, which requires documentation provision and back and forth with the relinquishing institution and can take awhile. It may not apply to funds that aren't being transferred from elsewhere, otherwise you could go in right now and fund a TFSA GIC from your nonregistered Oaken bank account and still get the 6% promo rate from the end of November (still within 30 days), and I'm pretty sure they wouldn't allow that. It will probably be the same once they have the TFSA/RRSP accounts - the 30 day lookback may apply to for transfers in, but if you already have the money there with them, the rate will lock with the application.
3:40 pm
March 12, 2016
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Very confusing 30 days, 90 days, transfers, new money?!. I hope it's not for TFSA transfers only, that process alone can take more than 6 weeks and you can kiss the 30 day lookback goodbye (unless it's retro from the day the request is made? More confusion, lol.). I'm still trying to figure out the 90 day remark by NothernRaven.
*Edit: It looks like it was just a typo by NorthernRaven since the post has been modified.
3:43 pm
January 9, 2011
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NorthernRaven said
Oaken already has both TFSA and RRSP GICs, it is the savings account versions that are coming in January. The 30 (calendar) day lookback currently is for the transfer-in of registered funds from other institutions, which requires documentation provision and back and forth with the relinquishing institution and can take awhile. It may not apply to funds that aren't being transferred from elsewhere, otherwise you could go in right now and fund a TFSA GIC from your nonregistered Oaken bank account and still get the 6% promo rate from the end of November (still within 90 days), and I'm pretty sure they wouldn't allow that. It will probably be the same once they have the TFSA/RRSP accounts - the 30 day lookback may apply to for transfers in, but if you already have the money there with them, the rate will lock with the application.
Thanks for that, although slightly complex/confusing. I didn't know they had TFSA GICs because for starters, I never saw a TFSA reference on their main web site, and so I didn't look further. The e-mail signup made it even more confusing if they already had a product at all !
The issue come January will be what rate will apply for GIC's funded by outside money into new TFSA accounts, or additions by customers to their TFSA GICs.
Not transfers from other banks.
Until we know they are willing to offer some "deal" to new TFSA customers in whatever form, and what that is, its all conjuncture (to be subsequently clarified for sure here or elsewhere, I hope!)
The main accomplishment of almost all organized protests is to
annoy people who are not in them.
3:46 pm
August 4, 2010
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4n2t0 said
Very confusing 30 days, 90 days, transfers, new money?!. I hope it's not for TFSA transfers only, that process alone can take more than 6 weeks and you can kiss the 30 day lookback goodbye (unless it's retro from the day the request is made? More confusion, lol.). I'm still trying to figure out the 90 day remark by NothernRaven.
Sorry, that was a typo, it was just a reference to the 30-day hold. I'm pretty sure there's no way to get the 6% Oaken rates that were current on Nov 30, except for applications that were made on or before Nov 30 and involve a registered transferr from elsewhere to Oaken.
The few TFSA transfers I've done haven't taken anywhere near 6 weeks? But it sounds like Oaken may be sticky if it does take more than that 30 days.
3:50 pm
March 12, 2016
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NorthernRaven said
Sorry, that was a typo, it was just a reference to the 30-day hold. I'm pretty sure there's no way to get the 6% Oaken rates that were current on Nov 30, except for applications that were made on or before Nov 30 and involve a registered transferr from elsewhere to Oaken.
The few TFSA transfers I've done haven't taken anywhere near 6 weeks? But it sounds like Oaken may be sticky if it does take more than that 30 days.
You're lucky, every TFSA transfer I've made (EQ Bank, Peoples Trust, Questrade, Tangerine) has taken 6+ weeks from the date of request to the funds showing up at the other institution. We do everything electronically but the banks still cut cheques for TFSA transfers, lol, how efficient. It's so bad that I just wait until December to pull and January 1st re-deposit. I'm currently sitting on a little pile that I want to re-deposit so the Oaken lookback is of some interest to me.
4:01 pm
January 9, 2011
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4n2t0 said
You're lucky, every TFSA transfer I've made (EQ Bank, Peoples Trust, Questrade, Tangerine) has taken 6+ weeks from the date of request to the funds showing up at the other institution. We do everything electronically but the banks still cut cheques for TFSA transfers, lol, how efficient. It's so bad that I just wait until December to pull and January 1st re-deposit. I'm currently sitting on a little pile that I want to re-deposit so the Oaken lookback is of some interest to me.
Ditto. I have always done the December-January and never a bank transfer because of the many such horror stories. However now I'm contemplating getting into that future 2025 same problem with my December "pile". Lets see who wants our money come January promos.
The main accomplishment of almost all organized protests is to
annoy people who are not in them.
4:01 pm
August 4, 2010
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dougjp said
Thanks for that, although slightly complex/confusing. I didn't know they had TFSA GICs because for starters, I never saw a TFSA reference on their main web site, and so I didn't look further. The e-mail signup made it even more confusing if they already had a product at all !The issue come January will be what rate will apply for GIC's funded by outside money into new TFSA accounts, or additions by customers to their TFSA GICs.
Not transfers from other banks.
Until we know they are willing to offer some "deal" to new TFSA customers in whatever form, and what that is, its all conjuncture (to be subsequently clarified for sure here or elsewhere, I hope!)
They've had the registered GICs for years. If you didn't want to renew on maturity with them it was something of a pain, since you'd have to start the transfer process at some other institution to get the transfer instructions over to Oaken for maturity, since they (unlike others) didn't have savings equivalents to mature into, and the other options would deregister the money as a withdrawal. It will be much better.
They may do some sort of registered GIC promo rates for the TFSA/RRSP new year season, or to celebrate the new accounts, but I'm pretty sure that in any case, that 30 day hold is only for external funding transfers associated with applications made while the rate is active, not for any sort of later "second bite at the cherry" loophole. It would be interesting if anyone has had any experience that would contradict that.
7:42 am
November 5, 2023
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YMMV. I opened a TFSA GIC at the end of November to take advantage of their 6% interest rate. The money being pulled from my Simplii account on the day of the transaction had other debit and credit transactions and the order they were processed caused the pull from Oaken to be NSF. I made a few calls to explain my situation and after 2 weeks they told me I had to open a new GIC and the rate will be 5.75% in mid-December. I was surprised to find in the confirmation mail that they gave me a pass to get 6%
4:02 pm
November 18, 2017
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A few years back, I transferred my TFSA from Tangerine to Peoples Trust in early December. It took four weeks, which put it into January, but PT kindly back-dated it to December. (I'd given them ample heads-up it was coming and checked on it.)
Can't hurt to ask if delays get excessive. And, yes, Tangerine ordered their head office in Toronto to snail-mail a cheque to TP in Vancouver.
RetirEd
6:51 am
December 27, 2020
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GR said
Oaken will apply past registered GIC rates, if rates decrease as shown below.For TFSA and RRSP GICs only, Oaken will look back and apply the highest rate in effect within the previous 30 calendar days for new money or within the previous 15 calendar days for renewals.
For example, a new TFSA contribution in a GIC commencing within 30 days after December 20, 2023 (date their rates dropped significantly) would earn 5.75% for 1 year, rather than 5.40%.
A renewed registered GIC within 15 calendar days of December 20, 2023 would earn the rate in effect before rates dropped.
Of course, in the unlikely event that registered GIC rates increase in January 2024 above the rates on December 20, 2023, those higher rates would apply within the specified time frame.
(source: 3 CSRs.)
Is this policy strictly word of mouth from a CSR or is it also spelled out on Oaken's website?
7:26 am
March 12, 2016
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I decided to grab Hubert's offering because I don't think rates are going up or staying even. Hubert was able to setup a 2 year TFSA GIC @ 5.75% starting January 1st, 2024. I have 2 other TFSA GIC's maturing in 2024 which I'll have to transfer (urgh) to my Questrade TFSA account so I can buy a bunch of XEQT ETF's.
1:45 am
November 18, 2017
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Even if that was Oaken's policy, I took the better rate at PT. 
RetirEd
2:47 pm
March 12, 2016
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RetirEd said
Even if that was Oaken's policy, I took the better rate at PT.
Really? Which rate from Peoples Trust would beat 5.75% or 6%?
9:25 pm
November 18, 2017
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4n2t0: PT's 1-year at 5.65% beats Oaken's 5.4%. I have to go to an RRIF in 2024, so the higher shorter term is appropriate. Hubert turned me away about five years ago and hasn't tried to lure me back.
RetirEd
4:48 pm
September 15, 2017
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You still have time if you hurry!
I can now confirm details in my posting #1 from my very recent experience.
For new money into a TFSA GIC or RRSP GIC, Oaken will look back 30 calendar days to apply the highest interest rate during that period. This does NOT only apply to new registered funds being transferred in from the registered plan of another financial institution. It does NOT only apply to applications completed before their rates dropped. If you complete the GIC application even now and fund it within 30 calendar days of December 20, 2023 (day before their rates dropped), you should earn the old rates - eg. 5.75% for 1 year (5.75%, 5.60%, 5.40%, 5.15%, 5.15% for 1, 2, 3, 4, 5 yrs., respectively). Registered funds only, no renewals.
I calculate the cut off date to be January 17 (or 18 or 19). You can contact Oaken to confirm.
3:27 pm
March 12, 2016
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I can confirm this, at least to some extent. I funded 4 x 3 year TFSA GIC's with Oaken for my parents and they automatically applied the old rate of 5.40% without any communication.
P.S. I know that's not the best rate but my parents wanted to keep it all in one place and with Oaken you can split between the bank/trust so that everything's covered by CDIC.
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