Oaken Financial profile, discussions, and reviews

Website: https://www.oaken.com
Headquarters: Toronto, Ontario
Parent company: Home Trust
Credit union? No
Available to Quebec residents? Yes
Founded in: 2013

Disclaimer: Although our best efforts are made, the information posted on this website is not guaranteed to be accurate. Please visit their website for authoritative information.

Latest discussions about Oaken Financial -- view all

Forum/Topic Started Last post Posts

Oaken Financial

Another Rate Hike?

September 24, 2018
6:06 am by
gicjunkie
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September 24, 2018
9:22 pm by
Vatox
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7

Oaken Financial

BNS 2.5 Redeemable GIC-MINI $100,000

June 14, 2018
5:09 am by
dentgal
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June 23, 2018
1:04 pm by
toto
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8

Oaken Financial

Are high rates temporary?

June 7, 2018
9:25 am by
christinad
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June 10, 2018
1:49 pm by
Dennis
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15

Oaken Financial

Looking for input

June 7, 2018
4:26 pm by
tcharger67
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June 7, 2018
7:07 pm by
Top It Up
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6

Oaken Financial

Rate Alert 2018 06 04

June 4, 2018
7:11 am by
Nehpets
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June 4, 2018
7:11 am by
Nehpets
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1

21 Reviews »

  1. Customer service: Rated 1 / 5 stars

    Account features: Rated 1 / 5 stars

    Interest rates (consistency and amount): Rated 1 / 5 stars

    Fees: Rated 1 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: 4 months

    Why do you bank with them?: It was a mistake

    What do you like about this bank / credit union?: nothing

    What could be improved about this bank / credit union?: nothing

    General comments: nothing

    Review by Dean Mason — March 22, 2014 @ 5:58 pm

  2. Customer service: Rated 5 / 5 stars

    Account features: Rated 5 / 5 stars

    Interest rates (consistency and amount): Rated 5 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars

    How long have you banked with them?: 2o years with them including under their previous name

    Why do you bank with them?: Always received a better rate and service.

    What do you like about this bank / credit union?: Personal Service plus above.

    What could be improved about this bank / credit union?: ?

    General comments: I have banked over many years with all the Major Banks and Credit Unions and never received such consistently high Interest Rates nor Personal Service.

    Review by Brian Norris — May 14, 2014 @ 3:31 pm

  3. Customer service: Rated 2 / 5 stars

    Account features: Rated 3 / 5 stars

    Interest rates (consistency and amount): Rated 4 / 5 stars

    Fees: Rated 4 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: I attempted to bank with them 6 weeks ago, but they don't have my money.

    Why do you bank with them?: I wanted to bank with them because their GIC interest rates were the highest, and their GIC's are insured up to $100,000 (total investment amount).

    What do you like about this bank / credit union?: Their interest rates are excellent with respect to what other banks pay.

    What could be improved about this bank / credit union?: They could make it easier to bank! I printed out the online form and filled it out, checking for mistakes, and mailed it along with three checks for $25,000 each. A week later, I got a phone call from Oaken. The guy said I wrote down the wrong interest rates for the three accounts I wanted. That struck me as odd, because I triple-checked my form and thought I'd put down the right amounts--the interest rates quoted plus the extra bonus they promised if I bank with them in the next couple weeks or whatever. A couple weeks later, I received three GIC certificates from Oaken. A couple more weeks later, I noticed that the three checks hadn't been cashed. I phoned Oaken again. The guy said there were two reasons I didn't have my GIC's. One, I'd "created" (his word) my own interest rates. Really? I said that I'd received a phone call about the "correct" rate and had okayed it. Second reason, the address on my check wasn't the same as the bank's record of my address. In fact, I'd crossed out my old address and written in my new one--a practice my bank was fine with until recently (and still allows my husband to do). The crossed-out address was the one my bank had as my former address; the hand-written address was the one my bank now has on file. So, I asked, was the problem that I'd hand-written my current address? Yes, the guy said, and lectured me that the form said it wouldn't accept a hand-written address. Funny, I read that form over carefully and understood it to mean that the address on my checks had to match the address the bank had--and I believe I met that standard. I thought the guy was arrogant and condescending, treating me as if I were stupid. I'm not stupid, in fact, nor am I arithmetic-challenged. But suppose I were? Don't people unnerved by math and banking and without advanced educations deserve respect too? Who the ***whatever does this guy think he is, talking to a potential customer like that? I can still buy my GIC's at the rate quoted on my certificates if I act in the next three weeks. I'm debating the wisdom of doing that.

    General comments: If I decide to proceed with investing with Oaken, I'll go in person to their downtown Vancouver office, which is over an hour away from where I live.

    Review by Carol Read — November 26, 2014 @ 12:02 pm

  4. Customer service: Rated 1 / 5 stars

    Account features: Rated 1 / 5 stars

    Interest rates (consistency and amount):

    Fees:

    Interface (online, telephone, in-person, etc.):

    How long have you banked with them?: I have phoned them twice in recent months to have a application mailed out.

    Why do you bank with them?: I have never received the application

    What do you like about this bank / credit union?: I guess they don't want my investment of +100k

    What could be improved about this bank / credit union?: Answer the phone, send out applications as they are needed to people that ask for them

    General comments: Nothing else to say

    Review by Mark Lawrence — January 18, 2015 @ 5:41 pm

  5. Customer service: Rated 2 / 5 stars

    Account features: Rated 4 / 5 stars

    Interest rates (consistency and amount): Rated 3 / 5 stars

    Fees: Rated 2 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 2 / 5 stars

    How long have you banked with them?: 2 years

    Why do you bank with them?: rates

    What do you like about this bank / credit union?: not much but rates

    What could be improved about this bank / credit union?: responsible executives to answer questions and quickly solve simple problems.

    General comments: keep rates up and quickly solve problems

    Review by Jim Williamson — February 28, 2015 @ 8:00 am

  6. Customer service: Rated 5 / 5 stars

    Account features: Rated 5 / 5 stars

    Interest rates (consistency and amount): Rated 5 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars

    How long have you banked with them?: IJUST STARTED A HIGH INTEREST SAVINGS ACCOUNT TO DEPOSIT MONEY FOR A TFSA AND TO BUY GIC'S

    Why do you bank with them?: THE INTEREST RATES, the efficiency of the person who took my information.

    What do you like about this bank / credit union?: THE WOMAN ON THE PHONE IS EFFICIENT, AN E-MAIL WITH THE DETAILS WAS SENT FORTHWITH WITH THE CORRECT info. SO FAR EVERYTHING IS SMOOTH AND SWIFT, WE'LL SEE ABOUT THE REST

    What could be improved about this bank / credit union?: I do not know yet.

    General comments: Hopefully the accounts will be set up efficiently without trouble. Any problems, I'll scrap the whole set up and find another venue or investment.If they can connect with my TD accounts and am able to easily transfer funds back and forth, WOW.If not, forget the whole idea

    Review by STANLEY COHEN — April 25, 2015 @ 5:27 am

  7. Customer service: Rated 5 / 5 stars

    Account features: Rated 5 / 5 stars

    Interest rates (consistency and amount): Rated 4 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars

    How long have you banked with them?: 1 month

    Why do you bank with them?: Interest rate was appealing. Enjoy transferring money within hours between my savings oaken and chequing credit union

    What do you like about this bank / credit union?: Great transfer speeds both ways, customer service was great, 0 fees

    What could be improved about this bank / credit union?: little higher savings rates

    General comments: none

    Review by ken — October 7, 2015 @ 5:34 pm

  8. Customer service: Rated 1 / 5 stars

    Account features: Rated 3 / 5 stars

    Interest rates (consistency and amount): Rated 5 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: 2 years

    Why do you bank with them?: higher interest rates

    What do you like about this bank / credit union?: not much

    What could be improved about this bank / credit union?: train their front line staff better

    General comments: They dont seem to care for a customer's needs

    Review by Yusuf — November 22, 2015 @ 4:25 pm

  9. Customer service:

    Account features:

    Interest rates (consistency and amount):

    Fees:

    Interface (online, telephone, in-person, etc.):

    How long have you banked with them?: several years now

    Why do you bank with them?: great rates and very easy to do online banking with

    What do you like about this bank / credit union?: great service,online phone help is great

    What could be improved about this bank / credit union?: maybe have a mortage and trust division

    General comments: excellent,there always trying to give you the best competitive rate

    Review by John — December 14, 2015 @ 11:50 am

  10. Customer service: Rated 4 / 5 stars

    Account features: Rated 3 / 5 stars

    Interest rates (consistency and amount): Rated 5 / 5 stars

    Fees:

    Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars

    How long have you banked with them?: couple of months

    Why do you bank with them?: interest rates, their HQ is in close proximity to where I live (Toronto)

    What do you like about this bank / credit union?: I really like it. I might have to switch banks because I need a TFSA savings account... only downside

    What could be improved about this bank / credit union?: TFSA savings account

    General comments: Really Like Oaken, I have nothing but positive things to say about my experience

    Review by Brandon — January 24, 2016 @ 6:31 pm

  11. Customer service: Rated 1 / 5 stars

    Account features: Rated 1 / 5 stars

    Interest rates (consistency and amount): Rated 4 / 5 stars

    Fees: Rated 4 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: More than 2 years

    Why do you bank with them?: It was a big mistake

    What do you like about this bank / credit union?: nothing. they are just a joke

    What could be improved about this bank / credit union?: Train their staff. make them more professional than being robots.

    General comments: If you want to bank with a totally unprofessional institution that doesnt care about its customers Oaken should be your choice. Or else please look elsewhere.

    Review by Anand — February 26, 2016 @ 7:59 am

  12. Customer service:

    Account features:

    Interest rates (consistency and amount):

    Fees:

    Interface (online, telephone, in-person, etc.):

    How long have you banked with them?: No experience to date

    Why do you bank with them?: n/a

    What do you like about this bank / credit union?: n/a

    What could be improved about this bank / credit union?: public posting of credit ratings assigned by the rating agencies

    General comments: I have a few million to invest - but not at the interest rates provided by Canada's chartered banks. Oaken's GIC rates are attractive, but higher risk typically comes with higher returns. I have requested info on credit ratings assigned to Oaken by the rating agencies such as Standard and Poor and Moody's -no response so far. Anyone know how to contact the rating agencies for the rating assigned to Oaken?

    Review by Richard Leigh — May 30, 2016 @ 9:30 am

  13. Customer service: Rated 1 / 5 stars

    Account features: Rated 4 / 5 stars

    Interest rates (consistency and amount): Rated 4 / 5 stars

    Fees: Rated 3 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: Wanted to peen account

    Why do you bank with them?: High interest rate

    What do you like about this bank / credit union?: I do not like them at all

    What could be improved about this bank / credit union?: this bank need to improve their knowledge staff not to treat client as criminal when they want to put money with them

    General comments: I open up account on line and it took the 2 weeks for them tocontact me. When they contacted me they told me I need to sent in my documents as driver licence and utilities bill which my name on it so I did. Then took them 3 days later and told me now that is not good enough. I need to go to lawyer or any profession who know me to verify who I am. They give such a hassle and headache. I am giving them my money why are they treated me as a criminal and hassle

    Review by Shawna — August 22, 2016 @ 7:06 am

  14. Customer service: Rated 5 / 5 stars

    Account features: Rated 4 / 5 stars

    Interest rates (consistency and amount): Rated 5 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars

    How long have you banked with them?: One month

    Why do you bank with them?: Excellent interest rates

    What do you like about this bank / credit union?: Easy to use, excellent interest rates. Deposits are CDIC insured.

    What could be improved about this bank / credit union?: The website is good, but does not have an intuitive flow. Account set-up is not the smoothest experience, but with all the federal money laundering and know-your-client regulations, it is to be expected with any institution.

    General comments: Overall, I'm very pleased so far. Customer service is a pleasure to deal with.

    Review by G — March 4, 2017 @ 4:08 pm

  15. Customer service:

    Account features:

    Interest rates (consistency and amount):

    Fees:

    Interface (online, telephone, in-person, etc.):

    How long have you banked with them?: ???

    Why do you bank with them?: ???

    What do you like about this bank / credit union?: I am retired and am looking for a safe investment with no market concern,however reading your clients reviews and with only approx. 50% comfortable, does not make me feel comfortable

    What could be improved about this bank / credit union?: Seems front

    General comments: A bit concerning, for a retired looking for safety

    Review by john yannetta — May 22, 2017 @ 9:23 am

  16. Customer service: Rated 1 / 5 stars

    Account features:

    Interest rates (consistency and amount): Rated 4 / 5 stars

    Fees:

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: Since 2014

    Why do you bank with them?: To get the highest RRSP, TFSA, and GIC rates.

    What do you like about this bank / credit union?: Very very little to like

    What could be improved about this bank / credit union?: Quality of service. I have had to follow 3 or 4 times for each new account opened. They are not completing the transactions in an accurate and timely fashion. I really have to nag them via secure e-mail to get things done.

    General comments: Poor implementation of registered and non-registered items sent via mail. Be prepared to hound them.

    Review by Bay Girl — September 15, 2017 @ 7:31 am

  17. Customer service:

    Account features:

    Interest rates (consistency and amount): Rated 5 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars

    How long have you banked with them?: I have not yet.

    Why do you bank with them?: n/a

    What do you like about this bank / credit union?: The highest GIC rates for Quebec residence.

    What could be improved about this bank / credit union?: Their reviews

    General comments: My wife and I have quite a bit of cash to purchase GIC's but I have to tell you we are nervous because of the reviews we see here. The only way we would even consider is if someone from Oaken get in touch with us to give us some reassurance. We'll see....

    Review by Rob from MTL — November 20, 2017 @ 3:35 pm

  18. Customer service: Rated 1 / 5 stars

    Account features: Rated 1 / 5 stars

    Interest rates (consistency and amount): Rated 1 / 5 stars

    Fees: Rated 1 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: My late father did.

    Why do you bank with them?: I have no idea why he did and wish he hadn't.

    What do you like about this bank / credit union?: Nothing.

    What could be improved about this bank / credit union?: They need to release funds from an estate in a timely manner. They should also give ALL the information about what needs to be done in order to release funds rather than coming up with another excuse for why they can't every time you meet the newest milestone.

    General comments: Better off with someone else.

    Review by Ray DuBois — December 18, 2017 @ 4:22 pm

  19. Customer service: Rated 1 / 5 stars

    Account features: Rated 1 / 5 stars

    Interest rates (consistency and amount):

    Fees:

    Interface (online, telephone, in-person, etc.):

    How long have you banked with them?: More than two years.

    Why do you bank with them?: I was attracted to the high interest rates and 'verbal assurance' of CDIC protection by their 'call' centre. However, I have recently been made aware CDIC protection may not be valid given the distinction of Oaken Financial from Home Trust in recent years.

    What do you like about this bank / credit union?: I have been dismissive of their repeated errors and extremely poor customer service for higher interest rates. I ought not to have been since their errors to my profile have caused me anxiety, time and sleepless nights.

    What could be improved about this bank / credit union?: Oaken Financial needs to listen to their clients concerns and be respectful. Unfortunately, this has not been my lived experience at all levels.

    General comments: If you enjoy being treated with large 'call' centre service for your financial needs with post call repetitive frustration and errors (despite escalation)--you will have made the right choice.

    Review by Over 55 — January 19, 2018 @ 6:28 am

  20. Customer service: Rated 1 / 5 stars

    Account features: Rated 4 / 5 stars

    Interest rates (consistency and amount): Rated 5 / 5 stars

    Fees:

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: One year

    Why do you bank with them?: Better rates than other institutions

    What do you like about this bank / credit union?: Their rates

    What could be improved about this bank / credit union?: Everything

    General comments: Having read the comments posted here, the general consensus seems to be that their support staff are rude and incompetent in general. I don't have the the time to provide the details, but from my experience I have to agree. Dealing with them is a frustrating and unpleasant experience. This is so unfortunate because they really have an opportunity to become a first rate financial institution and experience the obvious benefits that come with that. This kind of behavior comes from the top. It must be a very unpleasant place to work.

    Review by Current Customer — February 6, 2018 @ 6:15 am

  21. Customer service:

    Account features:

    Interest rates (consistency and amount):

    Fees:

    Interface (online, telephone, in-person, etc.):

    How long have you banked with them?: n/a

    Why do you bank with them?: n/a

    What do you like about this bank / credit union?: n/a

    What could be improved about this bank / credit union?: n/a

    General comments: the reviews are not very good to put ones money with them. I guess I will stick with the big 5 banks....just cause they have high interest rates which is great, it is not worth stress for more money, my opinion...and customer service that seems to be a big issue. thks. but no thanks....

    Review by sue — February 17, 2018 @ 10:49 am

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