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Some Oaken Rates Going ^Up^ Again !
May 20, 2021
2:41 pm
Dean
Valhalla Mountains, British Columbia
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.
Today's email from Oaken ...

      Please note that effective Friday, May 21 2021, we will be increasing the interest rates for some of our long-term GICs (registered and non-registered) as noted below:
      .
      Long-term GICs
      .
      3 Years GIC – 1.70% (currently 1.60%)
      4 Years GIC – 2.00% (currently 1.90%)
      5 Years GIC – 2.20% (currently 2.10%)
      .
      These new rates will be applied automatically for all corresponding GICs booked on May 14, 2021 or later.
      .
      All other Oaken rates will remain unchanged.

Good News, eh ❗ sf-smile

    Dean

sf-cool " Live Long And Prosper " sf-cool

May 20, 2021
3:11 pm
cristunity
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So it begins...

May 21, 2021
7:22 am
TommyT
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It sure would be nice if the Canadian deposit insurance was raised to a quarter million like in America so I could put another 300,000 into Home bank and Home Trust for a total of 500,000 or around 480,000 or what ever principle and interest combined equates to half a million. I'm lock limit up and have another 100 grand in the daily interest account.

May 21, 2021
7:54 am
Dean
Valhalla Mountains, British Columbia
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cristunity said

So it begins...  

Actually, with Oaken it started a couple o' months ago

.

      Dean

sf-cool " Live Long And Prosper " sf-cool

May 21, 2021
1:35 pm
COIN
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How safe is Oaken/Home? There was a situation 2-3 years ago when the OSC unwisely spooked the depositors they rushed to withdraw their money. Is Oaken/Home now owned by Warren Buffet?

May 22, 2021
8:29 am
Dean
Valhalla Mountains, British Columbia
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COIN said

How safe is Oaken/Home? There was a situation 2-3 years ago when the OSC unwisely spooked the depositors they rushed to withdraw their money. Is Oaken/Home now owned by Warren Buffet?  

Oaken/Home is quite Safe, and in spite of a couple of 'hiccups' along the way (over hyped by the media), they have always been Safe. And yes, Oaken's Double CDIC Insurance ($100K + $100K) is still in place.

And No, Warren Buffett doesn't 'own' Home Capital, but he's had some skin in the game, from time to time https://financialpost.com/news/fp-street/berkshire-hathaway-reducing-home-capital-stake-to-less-than-10-per-cent

    Dean

sf-cool " Live Long And Prosper " sf-cool

May 22, 2021
10:48 am
Alexandra
British Columbia
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TommyT said
It sure would be nice if the Canadian deposit insurance was raised to a quarter million like in America so I could put another 300,000 into Home bank and Home Trust for a total of 500,000 or around 480,000 or what ever principle and interest combined equates to half a million. I'm lock limit up and have another 100 grand in the daily interest account.  

People that are single get shafted. Couples can have $100K each plus joint account for a total of $150K each. Singles can only get the $100K. Least they could do is let a single person have $125K CDIC insured. But then, what do you do if the "single" person gets married or starts living common law. Oh, all these problems!!sf-embarassed

May 22, 2021
12:45 pm
Dean
Valhalla Mountains, British Columbia
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Alexandra said

People that are single get shafted. Couples can have $100K each plus joint account for a total of $150K each. Singles can only get the $100K. Least they could do is let a single person have $125K CDIC insured. But then, what do you do if the "single" person gets married or starts living common law. Oh, all these problems!!sf-embarassed  

Yes ... to many (including myself) $100K is a fairly large sum, but in the 'Big Picture' it's a rather Paltry Sum, when it comes to investing these days.

At least there are Seven (7) different categories that are Each covered for $100K with CDIC Insurance

Dean

sf-cool " Live Long And Prosper " sf-cool

May 22, 2021
8:31 pm
Norman1
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COIN said
How safe is Oaken/Home? There was a situation 2-3 years ago when the OSC unwisely spooked the depositors they rushed to withdraw their money. Is Oaken/Home now owned by Warren Buffet?

Home Trust debt was junk until March 2020.

Since March 2020, their DBRS bond rating is BBB(low) which is barely investment grade being just one notch above junk bond grade.

Home Trust and its parent Home Capital Group were the target of a malicious campaign by short sellers. One of the short sellers actually showed up on this site and started posting half truths about the two companies.

Apparently, many of the Home Trust HISA holders exceeded CDIC limits because of the excellent rate. Such holders and their advisors got spooked by the rumours and half truths. The resulting run on the HISA deposits put Home Trust in a liquidity crunch.

May 22, 2021
8:54 pm
HermanH
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Norman1 said
Home Trust and its parent Home Capital Group were the target of a malicious campaign by short sellers. One of the short sellers actually showed up on this site and started posting half truths about the two companies.

Is there a link to these messages/discussion?

May 22, 2021
9:35 pm
Norman1
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A post that supposedly shows Oaken had been delisted from RateHub.ca.

My analysis that the screenshot is fake.

June 16, 2021
1:06 pm
Hmm
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These GIC rates are hard to accept when recently my 90 day EQ TFSA GIC matured at 2.3%. I guess in typical Canadian fashion, we like to convince ourselves we're getting value when we're not.

June 16, 2021
5:09 pm
Rick
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HermanH said

Norman1 said
Home Trust and its parent Home Capital Group were the target of a malicious campaign by short sellers. One of the short sellers actually showed up on this site and started posting half truths about the two companies.

Is there a link to these messages/discussion?  

This it?
https://www.highinterestsavings.ca/forum/oaken-financial/is-oaken-vulnerable-home-capital-group/

June 16, 2021
8:15 pm
HermanH
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Yes, that's the discussion. Thanks to everyone who kindly presented the links. 🙂

Please write your comments in the forum.