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Yet 'Another' Rate Reduction Notice
September 2, 2020
10:18 am
Dean
Slocan Valley, West Kootenays, BC.
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.
I just received this email from Oaken this morning . . .
.

    "Please note that effective Thursday, September 3, 2020, we will be decreasing the Oaken Savings Account rate to 1.40%.
    .
    We will also be decreasing the interest rates for our short-term, long-term and cashable GICs (registered and non-registered) effective Wednesday, September 9, 2020 as noted below:
    .
    One Year Cashable GICs:
    • 1 Year cashable after 30 days – 0.50% (currently 1.00%)
    • 1 Year cashable after 90 days – 0.50% (currently 1.00%)
    .
    Short-Term GICs:
    • 30 Days – 1.40% (currently 1.50%)
    • 60 Days – 1.40% (currently 1.60%)
    • 90 Days – 1.45% (currently 1.65%)
    • 120 Days – 1.45% (currently 1.65%)
    • 180 Days – 1.45% (currently 1.65%)
    • 270 Days – 1.45% (currently 1.65%)
    .
    Long-term GICs:
    • 1 Year GIC – 1.55% (currently 1.65%)
    • 18 Months GIC – 1.90% (currently 1.95%)
    • 2 Years GIC – 1.65% (currently 1.75%)
    • 3 Years GIC – 1.75% (currently 1.90%)
    • 4 Years GIC – 1.85% (currently 2.00%)
    • 5 Years GIC – 2.00% (currently 2.10%)
    .
    All other Oaken rates will remain unchanged."

.
At least with the GIC's, they gave us a one-week notice.

    Dean

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

September 2, 2020
3:14 pm
Rick
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They would have had my business years ago if they offered registered savings accounts instead of just terms. Too bad.

September 2, 2020
3:27 pm
2of3aintbad
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To each his own. To me, registered savings accounts are not as significant as good GIC rates and advance warnings of rate changes. FWIF, I have been adding to my holdings with Oaken.

September 3, 2020
8:36 am
Dean
Slocan Valley, West Kootenays, BC.
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Rick said

They would have had my business years ago if they offered registered savings accounts instead of just terms. Too bad.  

I hear ya, Rick ... "To Bad", is Right ❗

Why 'On Earth' doesn't Oaken have Registered SA's ... what's their reasoning ... does anyone know ❓

    Dean

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

September 3, 2020
11:54 pm
Loonie
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They don't wanna, and they don't hafta.
They've got enough business as it is.

They have been told that this is what we want but they are not responsive.

September 6, 2020
9:11 am
Dean
Slocan Valley, West Kootenays, BC.
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Rick said

They would have had my business years ago if they offered registered savings accounts instead of just terms. Too bad.  

Dean said

I hear ya, Rick ... "To Bad", is Right ❗

Why 'On Earth' doesn't Oaken have Registered SA's ... what's their reasoning ... does anyone know ❓

    Dean

  

Loonie said

They don't wanna, and they don't hafta.
They've got enough business as it is.

They have been told that this is what we want but they are not responsive.  

.

This lack of Registered SA's has been a common 'Irritant' with Oaken, since as long as I can remember. Because of this, I too only use Oaken for their non-registered SA's & GIC's ... all my registered accounts are elsewhere, with FI's that offer full-meal-deal Registered services.

Does anyone know what Oaken has against Registered SA's ❓

    Dean

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

September 6, 2020
9:45 am
AltaRed
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October 27, 2013
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There is no reason for alternative lenders like HCG and Equitable Group to jump through all the hoops to administer registered accounts.

They are doing just fine with their non-registered retail and broker channel offerings. Their broker channel offerings are the larger portions of their business.

Need to remember they do not really care about your retail business that much.

September 7, 2020
7:00 am
Loonie
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Oaken DOES offer registered accounts (RSP, RIF, TFSA), just not registered savings accounts.

DIY may not be the majority of their business but it is nonetheless important to them or else Oaken wouldn't exist.

I agree thought that, just like every other bank, they don't care about us. No bank cares unless it hits the news or becomes an issue with major stockholders.

September 28, 2020
2:18 pm
hwyc
GTA
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September 30, 2017
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Got an email today.

Please note that effective Monday, October 5, 2020, we will be decreasing the interest rates for some of our long-term GICs (registered and non-registered) as follows:

Long-term GICs
• 1 Year GIC – 1.50% (currently 1.55%)
• 18 Months GIC – 1.75% (currently 1.90%)

All other Oaken rates will remain unchanged.

Please write your comments in the forum.