Personal Finance

Official RFD thread for Tax Free Savings Accounts (See Thread Summary)

Deal Addict
May 15, 2013
2048 posts
636 upvotes
Alberta
unclefester wrote:
Lord knows they aren't perfect as I've had genuine issues with them in the past and currently. Sheesh! BUT if you can resolve these minor irritants satisfactorily then it can truly pay to deal with them!

What kind of genuine issues?
Deal Addict
User avatar
Dec 4, 2007
4869 posts
2743 upvotes
Quebec
Tijuana wrote: If I'm just starting to put money into a TFSA for a rainy day, would this be my best option (Oaken)?
Hard to say if this is your best option
Member
May 8, 2015
460 posts
259 upvotes
East York, ON
profile wrote: Oaken Financial TFSA
I do not know if this has been discussed in this thread but it is worth repeating.

I just got a TFSA at Oaken for 18 months at 5.35%.
The CS told me that I would be getting the best rate for the last 30 days which is 5.65% as I had the money in my Oaken savings account.
If you have to transfer the money in then you get a 15 day guarantee for the best rate.
This benefit is ONLY for registered accounts.
Nice surprise.
I wonder, how did you get a 5.35% TFSA? they offer 3.5% now?
Does one need to meet a CS for a better rate?
Thanks
Sr. Member
Oct 7, 2013
738 posts
532 upvotes
profile wrote: Oaken Financial TFSA
I do not know if this has been discussed in this thread but it is worth repeating.

I just got a TFSA at Oaken for 18 months at 5.35%.
The CS told me that I would be getting the best rate for the last 30 days which is 5.65% as I had the money in my Oaken savings account.
If you have to transfer the money in then you get a 15 day guarantee for the best rate.
This benefit is ONLY for registered accounts.
Nice surprise.

So my wife and I opened two new TFSA's with Oaken on January 12th. And of course just a day-and-a-half before they had lowed their rates.

So I phoned in and talked with their CSR about getting the "old" higher rate.

The nice lady told me no that wasn't possible. What can you do? So we settled for 4 years at 4.9% and 2 years at 5.2% OK but could have been better.

Lo and behold when I check my Oaken account summary & double check our new Oaken TFSA GIC's my 4.9% is in fact 5.15% & our 5.2 reads 5.6% !

Talk about doing a double take!

And all this after being told no to any sort of the older - higher rate.

Thanks Oaken!
Last edited by unclefester on Jan 18th, 2024 7:59 pm, edited 1 time in total.
Deal Addict
User avatar
Jul 29, 2013
2115 posts
1929 upvotes
Ontario
Leasiderin wrote: I wonder, how did you get a 5.35% TFSA? they offer 3.5% now?
Does one need to meet a CS for a better rate?
Thanks
The rate quoted was for a TFSA GIC for 18 months. I was given 5.65% as stated above.
You are quoting the rate of 3.40% for a TFSA in a HISA.
Different investment vehicles.
Member
Feb 7, 2019
337 posts
248 upvotes
unclefester wrote: So my wife and I opened two new TFSA's with Oaken on January 12th. And of course just a day-and-a-half before they had lowed their rates.

So I phoned in and talked with their CSR about getting the "old" higher rate.

The nice lady told me no that wasn't possible. What can you do? So we settled for 4 years at 4.9% and 2 years at 5.2% OK but could have been better.

Lo and behold when I check my Oaken account summary & double check our new Oaken TFSA GIC's my 4.9% is in fact 5.15% & our 5.2 reads 5.6% !

Talk about doing a double take!

And all this after being told no to any sort of the older - higher rate.

Thanks Oaken!
I had a similar experience like you except the lady that I spoke to me was rude. When I asked her to escalate this to management she told me they won't change the rate in a very condescending tone. Luckily I got the higher rate in the end.


Lesson is don't rely on what the CSW tell you. Chances are they don't know anything and will just bs.
Sr. Member
Oct 7, 2013
738 posts
532 upvotes
sushi604 wrote: I had a similar experience like you except the lady that I spoke to me was rude. When I asked her to escalate this to management she told me they won't change the rate in a very condescending tone. Luckily I got the higher rate in the end.


Lesson is don't rely on what the CSW tell you. Chances are they don't know anything and will just bs.

Not to belabour this but I too asked my CSR if I should speak to a manager-type.

She wasn't rude but said it wouldn't do me any good at all.

And here we are...
Newbie
User avatar
Apr 20, 2019
96 posts
59 upvotes
Toronto
Any feedback on Rosenort Credit Union - Tax Free Savings Account? how easy is to setup and withdraw or any other concern?

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