Expired Hot Deals

Oaken Financial

5 year GIC - 2.00% guaranteed interest

  • Last Updated:
  • Oct 24th, 2020 11:35 am
[OP]
Sr. Member
User avatar
Aug 13, 2020
835 posts
3762 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
Member
Nov 26, 2018
277 posts
281 upvotes
remember when a basic savings accounts had 2%? those were the days.
Sr. Member
May 17, 2017
853 posts
1974 upvotes
konig1 wrote: remember when a basic savings accounts had 2%? those were the days.
Image
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Deal Fanatic
User avatar
Sep 7, 2004
6598 posts
2957 upvotes
West 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.
😎
Deal Addict
Mar 15, 2010
1082 posts
1570 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
7 posts
4 upvotes
we may hit 0 by march but we will bounce back.. 5 years is very long time to lock in.
Member
Oct 9, 2019
221 posts
113 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
5980 posts
4023 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
4937 posts
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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
494 posts
421 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
4937 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
Deal Fanatic
May 25, 2009
6590 posts
2764 upvotes
Toronto
DealOrNoDeal55 wrote: 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%.
90day term, but the 1.7% is per year, so you're getting 0.4%?
Deal Addict
Sep 8, 2006
1011 posts
626 upvotes
Edmonton
Webhead wrote: 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.
Is the process to move funds to and from the CTFS Bank account simple and no fees?
Newbie
Jul 5, 2017
91 posts
42 upvotes
5 year 2% is absolutely awful if it's nonredeemable and inflexible. For 5 years I'd rather play the odds on a conservative balanced couch potato portfolio and possibly annualize 5%, unless I absolutely, life and death, need that money exactly in 2025.
Deal Expert
User avatar
Dec 23, 2003
15685 posts
4070 upvotes
Toronto
Dealfiber wrote: 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
Posts like this provide no value to the thread.

A more meaningful answer would be posting this link: https://oaken.com/about-us/

Folks, this is a CDIC insured entity.
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[OP]
Sr. Member
User avatar
Aug 13, 2020
835 posts
3762 upvotes
hightech wrote: (...) Folks, this is a CDIC insured entity.
Thanks Hightech and everyone!

Oaken has 2 divisions, Home Bank and Home Trust Company. Each is a separate CDIC entity so you can "Double" you insurable amounts.
IE:
GIC 100K x 2
RRSP 100K x 2
TFSA 100K x 2
Joint account 100K x 2
Trust account (for someone else (IE: Kids) 100K x 2

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