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Still no savings accouts for RRSP & TFSA?
January 1, 2023
2:29 am
davidgeorge
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There are still RRSP and TFSA GIC accounts only at Oaken, right?

January 1, 2023
3:57 am
cgouimet
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I asked again a few days ago about TFSA HISA's ...

"Unfortunately at this time we do not offer a TFSA HISA. However with client feedback received, we are in the process of introducing it. Once the product is ready, we will advertise it accordingly.We apologize we cannot assist you at this time but we will be able to in the very near future."

"Unfortunately we cannot commit to a time as of now but it is in the works."

CGO
January 1, 2023
5:18 am
davidgeorge
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cgouimet said
I asked again a few days ago about TFSA HISA's ...

"Unfortunately at this time we do not offer a TFSA HISA. However with client feedback received, we are in the process of introducing it. Once the product is ready, we will advertise it accordingly.We apologize we cannot assist you at this time but we will be able to in the very near future."

"Unfortunately we cannot commit to a time as of now but it is in the works."  

Thanks for the information. 1 and 2 year GIC rate @5.25% is very attractive, but I am reluctant to open a TFSA GIC accout without a TFSA HISA.

January 1, 2023
1:59 pm
Dean
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cgouimet said

I asked again a few days ago about TFSA HISA's ...

"Unfortunately at this time we do not offer a TFSA HISA. However with client feedback received, we are in the process of introducing it. Once the product is ready, we will advertise it accordingly.We apologize we cannot assist you at this time but we will be able to in the very near future."

"Unfortunately we cannot commit to a time as of now but it is in the works." 

Problem is ... they've been saying that Exact same thing, for 'Years' now ❗

It's just more Oaken BS ... don't believe a word of it.

    Dean

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

January 1, 2023
6:05 pm
Loonie
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I think we all got the message a few years ago.
With the exception of one very small TFSA GIC that matures in early 2024, all our registered funds are long gone from Oaken. At one time it was the primary place for our TFSAs and also some RSPs. If they ever get their act together I may reconsider.

AND no chocolates! sf-surprised

January 2, 2023
11:04 am
Dean
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.
I'm with Loonie on this one (chocolates excluded sf-wink).

I know some folks here aren't bothered by the lack of registered SAs at
Oaken. But for me as well, it's a Deal-Breaker. Consequently, I keep all my registered $$$ elsewhere.

'To Each Their Own', eh.

    Dean

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

January 2, 2023
11:54 am
cgouimet
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Dean said
.
I'm with Loonie on this one (chocolates excluded sf-wink).

I know some folks here aren't bothered by the lack of registered SAs at
Oaken. But for me as well, it's a Deal-Breaker. Consequently, I keep all my registered $$$ elsewhere.

'To Each Their Own', eh.

    Dean

  

That's what I told them my plan is until they fix this ...

CGO
January 2, 2023
12:29 pm
Dean
Valhalla Mountains, British Columbia
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cgouimet said

That's what I told them my plan is until they fix this ...  

By their inaction on this (and for so long), it's Abundantly clear that they're Not going address/fix this issue ... regardless of the little 'stories' they tell us over the phone.

And it's now even More clear ... They Just Don't Care❗

    Dean

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

January 2, 2023
1:24 pm
AltaRed
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It is hard to speculate what Smith Financial may want to do with the Oaken Financial (direct to client) retail business vs the Home Trust/Home Capital business. I would be surprised if any new product offerings would come to pass pending Stephen Smith expressly signalling accordingly, even if it will take until Q3 or Q4 to complete the acquisition, and only if allowed of course.

January 4, 2023
6:40 am
Kirk
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cgouimet said
I asked again a few days ago about TFSA HISA's ...

"Unfortunately at this time we do not offer a TFSA HISA. However with client feedback received, we are in the process of introducing it. Once the product is ready, we will advertise it accordingly.We apologize we cannot assist you at this time but we will be able to in the very near future."

"Unfortunately we cannot commit to a time as of now but it is in the works."  

This makes things interesting for me. I have about $25000 ready to be invested in a TFSA. I was debating a 1 yr TFSA GIC at Oaken (5.25%) but was hesitant due to the lack of a TFSA savings account to redeem to at maturity. After reading the above from Oaken I think I can assume that in a years time I will be able to transfer into a TFSA Savings Account there. The question is at what rate? Decisions, decisions. If anyone has a better option please feel free to express it.

January 4, 2023
8:52 am
cgouimet
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Kirk said

This makes things interesting for me. I have about $25000 ready to be invested in a TFSA. I was debating a 1 yr TFSA GIC at Oaken (5.25%) but was hesitant due to the lack of a TFSA savings account to redeem to at maturity. After reading the above from Oaken I think I can assume that in a years time I will be able to transfer into a TFSA Savings Account there. The question is at what rate? Decisions, decisions. If anyone has a better option please feel free to express it.  

There are posts here from customers who say that's been Oaken have been promising this for a loooong time, So, perhaps best not to hold your breath ...

CGO
January 4, 2023
9:23 am
Kirk
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cgouimet said

There are posts here from customers who say that's been Oaken have been promising this for a loooong time, So, perhaps best not to hold your breath ...  

Yeah, I was afraid of that. I guess the good news is Oaken does not charge to transfer a TFSA out. Losing the interest for a month or so waiting for the transfer is annoying but perhaps worth it for the 5.25 % rate offered.

January 4, 2023
11:47 am
Dean
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cgouimet said

There are posts here from customers who say that's been Oaken have been promising this for a loooong time, So, perhaps best not to hold your breath ...  

I can attest that Oaken has been "promising" registered SAs, for at Least 5 years now. So Yes, don't hold your breath ... cuz it may actually Never happen.

No registered SAs are part of Oaken's 'Modus Operandi' ... for what ever reason(s), it's part of their overall plan & approach.

We are left to; 'Govern Ourselves Accordingly'.

    Dean

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

April 16, 2023
7:56 pm
Rail Baron
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I'm considering placing my RRSP contribution in an Oaken GIC later this year, but without a registered HISA available, I wonder what happens when the registered GIC matures?

If you don't roll it over, do they just hold the funds without paying you interest until they get a transfer request from another FI? It would seem difficult to time the transfer to fit with the exact maturity date of the registered GIC.

April 17, 2023
6:58 am
AlainJF
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Rail Baron said
I'm considering placing my RRSP contribution in an Oaken GIC later this year, but without a registered HISA available, I wonder what happens when the registered GIC matures?

If you don't roll it over, do they just hold the funds without paying you interest until they get a transfer request from another FI? It would seem difficult to time the transfer to fit with the exact maturity date of the registered GIC.  

I do not know if this document in available somewhere on-line, but during the "registered GIC" on-line process, you get access to a document called "TERMS AND CONDITIONS FOR TFSA RSP RIF". This is where you might find more details about your end-of-term registered CIG options.

Personally, I decide to cancel the registered investment process after reading it, for the same reasons mentioned by many others on this forum: No RSP, nor TFSA HISA available to easily manage the registered CIG end-of-term.

April 17, 2023
7:18 am
cgouimet
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It would be nice to hear from those that have Oaken Registered GIC's (TFSA or RRSP) regarding their experience (good or bad) at GIC term end.

CGO
April 17, 2023
8:13 am
mustang
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We have always specified to have the matured GIC go straight into savings account
The usually transfer out from there to greener pastures

April 17, 2023
8:24 am
Rail Baron
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mustang said
We have always specified to have the matured GIC go straight into savings account
The usually transfer out from there to greener pastures  

But were these GICs purchased with registered funds? If so, how could you send the matured proceeds into a non-registered savings account without paying considerable taxes on them?

April 17, 2023
8:29 am
cgouimet
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mustang said
We have always specified to have the matured GIC go straight into savings account
The usually transfer out from there to greener pastures  

Registered GIC's?

CGO
April 17, 2023
8:56 am
mustang
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Sorry-- no, not registered funds
Apologies if I misled you

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