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December 7, 2016
11:53 am
Forum Posts: 416
Member Since:
May 24, 2016
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I received an email request to complete a questionnaire for Oaken. The first choice I was able to make was to indicate that the most important issue for me was to be able to open a TFSA savings account, which was almost the sole reason for completing the survey. I encourage others to request this service, if it's important to them.

Loonie, it would have been nice to receive chocolate too, but alas, none so far.

December 7, 2016
6:25 pm
Forum Posts: 9108
Member Since:
October 21, 2013
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Good idea.
It's even more important for RSP/RIFs. If you're trying to organize your funds so that you draw down just enough of your RSP/RIFs annually to top up a tax bracket, you may not know how much you will need until towards the end of the year, depending on other sources of income. But if your GIC comes due in, say, June, then you are stuck having to either take a guess as to how much you will need or else you have to transfer it to a savings account at another institution, likely incurring a transfer fee. This is a real discouragement to taking out the GIC with Oaken in the first place.

I didn't get the survey, but do like the chocolates!

December 13, 2016
1:52 pm
Forum Posts: 203
Member Since:
October 11, 2015
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I also got the survey.
They were asking quite a bit about my feelings about some of the big banks that I use, but not all of them. My sense is that perhaps one of the big banks wants to buy Oaken--kinda like Scotiabank with Tangerine, and PC with CIBC.
I hope that I win the contest:)

December 13, 2016
3:02 pm
Forum Posts: 573
Member Since:
August 4, 2010
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dentgal said .
My sense is that perhaps one of the big banks wants to buy Oaken--kinda like Scotiabank with Tangerine, and PC with CIBC.

I bought some GICs from Oaken, but received no chocolate. Boo!

I'd be surprised if a big bank was interested in Home Capital Group (the Oaken people). They are a publicly traded alt-mortgage provider, and I doubt a major bank would want that part of the mortgage book. Same with Equitable/EQ - the big banks wouldn't see them as the best way to acquire online retail capability. Tangerine was a much cleaner retail deposits/prime mortgage thing for Scotia. But when RBC bought Ally Canada, they actually shut down the retail banking - they just wanted the auto financing book.

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