Personal Finance

Oaken & Achieva etc are these financial institute safe for RRSP holding?

  • Last Updated:
  • Jan 14th, 2019 2:02 am
[OP]
Newbie
Nov 2, 2006
26 posts
4 upvotes
Vancouver

Oaken & Achieva etc are these financial institute safe for RRSP holding?

I only dealt with major banks like TD, Coast Capital and RBC.

Are these other financial institutes with higher interest are safe and is it worth to go with them for GIC etc?
6 replies
Deal Addict
User avatar
May 11, 2014
3233 posts
2771 upvotes
Iqaluit, NU
Why would you think they aren't?

Oaken is a subsidiary of Home Capital Group and is insured by CDIC under Home Trust Company and Home Bank. Deposits are insured up to $100000, per depositor and type. With the two (Home Trust and Home Bank), you have double the coverage.
Home Capital Group was founded in 1977.

Achieva is a subsidiary of Cambrian Credit Union who is insured under the Deposit Insurance Guarantee Corporation of Manitoba(DIGCM). Credit Union insurance in Manitoba provides unlimited insurance on your deposits.
Cambrian Credit Union has been established since 1959.

If you are unsure of the safety of your deposits, always look for CDIC or other provincial credit union insurance on the company's webpage. Then verify the coverage through the CDIC or corresponding provincial credit union deposit insurance website.
Read what you are covered for and always stay within the limits.

www.cdic.ca (Coverage over Canadian banks and federal credit unions: TD, Coast Capital (federal credit union), RBC, Oaken, etc.)
www.depositguarantee.mb.ca/ (Covers your online Credit Union accounts: Achieva, Implicity, Ideal etc.)
https://www.cudicbc.ca/ (Is the BC credit union deposit insurance- since you said you dealt with Coast Capital, I included this. Coast Capital until last year was covered with them. All BC credit unions other than Coast Capital are covered by them).
Support your local Credit Union!

Sask Pension Plan Upto $6200/yr in Credit Card spending on RRSP contributions
http://forums.redflagdeals.com/sask-pen ... ns-2167222
Deal Addict
User avatar
May 11, 2014
3233 posts
2771 upvotes
Iqaluit, NU
UrbanPoet wrote:
Jan 13th, 2019 1:17 pm
How old is your kid?
I’m sure she/he has a loooong way until he starts post secondary @ age 18.
Its worth it to explore a more aggressive investment strategy. And then rebalance 5 years before age 18.
RRSP,not RESP ;)
Support your local Credit Union!

Sask Pension Plan Upto $6200/yr in Credit Card spending on RRSP contributions
http://forums.redflagdeals.com/sask-pen ... ns-2167222
[OP]
Newbie
Nov 2, 2006
26 posts
4 upvotes
Vancouver
UrbanPoet wrote:
Jan 13th, 2019 1:17 pm
How old is your kid?
I’m sure she/he has a loooong way until he starts post secondary @ age 18.
Its worth it to explore a more aggressive investment strategy. And then rebalance 5 years before age 18.
I think I will skip the kids part. lol..
Deal Fanatic
User avatar
May 7, 2007
7382 posts
2410 upvotes
Of course they are safe ....

My mother had / has her RRSP with Achieva for years ... and now for several years already they are gradually being converted to RIF (or whatever those called) ... and they are paying monthly out to her High Interest Savings there ... as she is is 78 now and has to take that money (she chose frequency "monthly") ... She's probably taking those payments from there since age 71 or 72 ... or whatever the required maximum age is (or was back then) for the person to start taking money from their RRSP.

Top