Expired Hot Deals

[Oaken Financial] 5 year GIC - 2.00% guaranteed interest

  • Last Updated:
  • Oct 24th, 2020 11:35 am
[OP]
Jr. Member
User avatar
Aug 13, 2020
198 posts
547 upvotes

5 year GIC - 2.00% guaranteed interest

Deal Link:
Price:
2.0 %
Retailer:
Oaken Financial
This may not seem like a lot but Oaken Financial ( https://oaken.com/gic-rates/)
Is one of the few banks that have a "comparatively high" interest rate GIC (Guaranteed investment certificate).

2.0% - 5 Year - Guaranteed GIC is a Deal right now.

I've been following the rates very closely and everyone is rushing down to Zero interest. Oaken reduced most of their other rates yesterday but kept the 5Y GIC rate (For now) at 2.0%.

Something interesting about Oaken is that they have 2 entities that are part of CDIC insurance ( https://www.cdic.ca/ ) so you can get double the insurance coverage for your savings.

Again, 2.0% doesn't seem like much but it's guaranteed.

OAKEN.jpg
Last edited by MrDisco on Oct 24th, 2020 9:43 am, edited 1 time in total.
Reason: Unnecessary title
22 replies
Newbie
Nov 26, 2018
84 posts
52 upvotes
remember when a basic savings accounts had 2%? those were the days.
Member
May 17, 2017
353 posts
705 upvotes
konig1 wrote: remember when a basic savings accounts had 2%? those were the days.
Image
Deal Fanatic
User avatar
Sep 7, 2004
5529 posts
1922 upvotes
GTEH!
5 Year GIC? That's a long time to lock up your money.

I'll take my chances that Savings Account Interest rates will go back up within the next 5 years.

CTFS Bank is still offering 1.80% on their High Interest Savings Account. Nobody knows when this rate will drop.
Last edited by Webhead on Oct 16th, 2020 11:53 am, edited 1 time in total.
😎
Sr. Member
Mar 15, 2010
945 posts
1362 upvotes
Toronto
I saw the rates and at first thought was 180 day GIC. But 5 years is WAY too long to lock your money. You can get 1.7% at Equitable bank for 90 days, was 1.8% two weeks ago when i locked in. I would bet by 2 years GIC will be well above 2%, and for now you can keep doing 90 or 180 day GIC from various smaller banks for not much less than 2%.
Newbie
May 15, 2020
6 posts
4 upvotes
we may hit 0 by march but we will bounce back.. 5 years is very long time to lock in.
Newbie
Oct 9, 2019
85 posts
36 upvotes
aZian_ wrote: what is an Oaken
It maintained by descendants of Thorin Oakenshield, son of Thrain who reclaimed the Lonely mountain after killing Smaug. He use an Oak branch as a shield hence the name Oaken
Deal Fanatic
Dec 16, 2005
5335 posts
3352 upvotes
konig1 wrote: remember when a basic savings accounts had 2%? those were the days.
Back in the day savings interest rates were 4+% and they weren't promo rates that you had to move money in and out to get.

Those were the good old days...
Deal Addict
User avatar
Feb 17, 2005
4774 posts
2011 upvotes
Markham
IslandDeal wrote: I think we are going to hit ZERO interest rates.

For fun, look at HSBC japan rates. (They started printing yens like it was monopoly money before Canada did.)

https://www.hsbc.co.jp/en-gb/product-services


https://www.hsbc.co.jp/-/media/cl-japan ... e-2020.pdf


Zero Rates.jpg
I think I should put all my faith in your prognostication with that relevant reference to japan because of the very similar economies and outlook.

For a sunnier outlook, let's look at HSBC Turkey. Woah it is 10.75% oh my.

https://www.hsbc.com.tr/en/daily-bankin ... rest-rates
Member
May 27, 2008
383 posts
211 upvotes
evoviii wrote: I think I should put all my faith in your prognostication with that relevant reference to japan because of the very similar economies and outlook.

For a sunnier outlook, let's look at HSBC Turkey. Woah it is 10.75% oh my.

https://www.hsbc.com.tr/en/daily-bankin ... rest-rates
Just for last month the Turkish lira lost 6% against the CDN... Turkey maintain high interest rates high to prevent devaluation of their currency but with a little to none positive effect...
Deal Addict
User avatar
Feb 17, 2005
4774 posts
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Markham
martlgore wrote: Just for last month the Turkish lira lost 6% against the CDN... Turkey maintain high interest rates high to prevent devaluation of their currency but with a little to none positive effect...
I was just being facetious about using foreign interest rates as a reference.

I chose Turkey because of the inflationary pressures versus Japanese deflationary pressures

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