Personal Finance

Oaken Financial security

  • Last Updated:
  • Jun 6th, 2018 1:59 pm
[OP]
Deal Addict
Dec 25, 2013
1090 posts
660 upvotes
Toronto

Oaken Financial security

Hey RFD community

Before I go and lock up a bunch of money with Oaken Financial (seemingly best 1yr rate for TFSA GIC) was there some talk about their stability recently? They are CDIC but would rather avoid the hassle..
5 replies
Sr. Member
Jan 23, 2009
834 posts
1347 upvotes
Ontario
Ychanceit wrote: Hey RFD community

Before I go and lock up a bunch of money with Oaken Financial (seemingly best 1yr rate for TFSA GIC) was there some talk about their stability recently? They are CDIC but would rather avoid the hassle..

Noting to worry about if your $$ under 100K . They do have 2 cdic so basically 200K and you have the backing of Warren Buffet, CHMC and CDIC
[OP]
Deal Addict
Dec 25, 2013
1090 posts
660 upvotes
Toronto
agit wrote: Noting to worry about if your $$ under 100K . They do have 2 cdic so basically 200K and you have the backing of Warren Buffet, CHMC and CDIC
How fast does one get ones money if a bank does collapse and do you get the principal plus interest or just principal?
Deal Fanatic
User avatar
May 11, 2014
5774 posts
7795 upvotes
Rankin Inlet, NU
Ychanceit wrote:
How fast does one get ones money if a bank does collapse and do you get the principal plus interest or just principal?
At most within days and in most cases, they just takeover operations and there is no change in accessibility. The deposit and interest is both covered.
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[OP]
Deal Addict
Dec 25, 2013
1090 posts
660 upvotes
Toronto
xgbsSS wrote: At most within days and in most cases, they just takeover operations and there is no change in accessibility. The deposit and interest is both covered.

Thanks!

Also, I like your picture of Krieger, it's too bad that show is starting to run out of steam but I think this is the last season anyway.
Deal Fanatic
Aug 5, 2006
8856 posts
5847 upvotes
Global Village
The parent company of Oaken, Home Capital has been showing signs of improvement, they are slowly improving their financing terms. You'd have to wonder about them if Trump pulls the US out of NAFTA and that triggers a significant real estate market correction here.

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My Banks: Tangerine, Meridian, EQ Bank, Simplii

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