Rates Not Changing | Oaken Financial | Discussion forum

cgouimet said
This is being written as quietly as possible in case Oaken folks are listening or sleeping ...

They haven't changed their rates yet in 2025 ...  

Do they usually give you a heads up before rate change? I just applied.. so idk.

NorthernRaven said
Oaken seems to give at least a couple of days notice when they send out rate descreases, so people would be able to lock into current rates when a decrease is announced. I wouldn't be surprised if they do some decreases in response to the latest BoC cut - Oaken rates are already pretty high.

Hubert sent out a decrease notice today, but it takes effect immediately.  

Oaken in the past has given 5 business days in their e-mail notice of coming change. I retained one of them. They will also hold a rate for the same number of business days if a cheque is being mailed in. However, they will not guarantee a future rate within those same 5 days when the rate hasn't changed yet! I've been trying and getting "no".

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Tis True ⬆

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As of last Friday, I've now used both of those methods.

Dean

I just spoke to an Oaken phone rep. She says that the rate holds are only for TFSAs in transit from another institution, and there will be no rate holds other than the TWO-day (not five!) E-mail or web site banner warning clients when dealing with non-registered products.

I was very careful in my questioning, as I have a maxed-out non-registered GIC coming due soon. I guess I'll have to keep checking daily, as I have no digital banking. She says that they have in the past sent those notices on a weekend, but they do have limited hours on Saturdays.

But phone reps have been known to be wrong. I'll be watching here to see if anyone gets contradicting information.

hwyc said
Oaken, you held the Savings rate long enough. … It is Ok to drop. Take a break. Let the other take lead for a little.

Do regain the lead in the GIC rates though!  

I don't understand why anyone would encourage a financial institution to LOWER deposit rates!

Just in case Oaken keeps their eyes on this site, I'll add that I have two Oaken GICs maturing next week. They're paying out to my Oaken Savings account, and if they keep their rate at 2.8% that's where the funds will stay until I need them sometime within the next couple of months for a home reno project.

If Oaken cuts those rates, the funds will flow to my PC Savings account, or Tangerine, if they come up with a good promo after this month.

So if Oaken wants to keep GIC payouts for the short term, they should stay at the top of the HISA chart, please!

BlueSky said

I've read many comments throughout life, but some could really make it to comment hall of fame. That one is pretty bizarre.  

Saw your reply just before posting that it's "abnormal". I suppose that has a similar meaning.

AltaRed said
I think the original comment was a bit 'tongue in cheek' but one has to wonder why a 'typical' FI would have HISA rates greater than the BoC overnight rate. I use the word 'typical' because it is apparent why a few FIs like CTire can pay more since it is likely primarily float for their credit card business.

Why Oaken (in the Fairstone Bank family) would pay such high HISA rates defies logic in my opinion since credit card float cannot be that big of a percentage of their business. Demand loan business perhaps, but even that cannot rely primarily on highly liquid deposits without risking another run on the bank, HCG style in 2017.

In any event, I remain generally highly suspicious/skeptical of the viability of HISA rates above BoC overnight rates.  

I take your point of being cautious, as I'm sure many will agree with you. However, overanalyzing could potentially cause missed opportunities, especially in tough economic conditions. Suffice to say, people could invest according to their comfort level, risk tolerance, and still enjoy a higher rate than most other FIs offer. Personally, I believe Oaken Financial is amassing business in order to expand in Canada. The TFSA offering last year is an indication, following the acquisition by Smith Financial Corp.

I want to move some cash in but:

1. It's difficult to keep track of accounts there with no printed records. So far I've only used Oaken for terms.

2. I'm still getting temporary promos better than that.