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Oaken

Oaken 5.39% for the 18 month GIC

  • Last Updated:
  • Mar 17th, 2023 4:15 pm
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128 replies
Deal Addict
User avatar
Feb 26, 2006
4622 posts
3266 upvotes
Ottawa
Given bond yields seems like a good deal
Deal Addict
Oct 4, 2006
3618 posts
2964 upvotes
Toronto
Are there fees to move money out of Oaken at the end of a GIC term? I couldn't find any info.
Deal Addict
User avatar
May 2, 2017
1766 posts
3653 upvotes
blindemboss wrote: Are there fees to move money out of Oaken at the end of a GIC term? I couldn't find any info.
nope, just like ting.

i have them externally linked, just pulled from ting to oaken a few days ago, and transferred amounts earn interest the day of transfer.
Sr. Member
Mar 2, 2015
561 posts
1272 upvotes
Montreal, QC
Seanne wrote: nope, just like ting.

i have them externally linked, just pulled from ting to oaken a few days ago, and transferred amounts earn interest the day of transfer.
They make you fill in a paper form to transfer RRSPs between institutions?
Member
Nov 8, 2011
238 posts
205 upvotes
What type of account I should open so that easy to maintain to pull money IN and out from another institute?
Deal Addict
User avatar
May 2, 2017
1766 posts
3653 upvotes
janitej wrote: What type of account I should open so that easy to maintain to pull money IN and out from another institute?
it should be noted that they only have a non-registered savings account (not tfsa savings)
so that's the only one you can open for transfers.
they also have a chat option which i like.
Sr. Member
Mar 2, 2015
561 posts
1272 upvotes
Montreal, QC
Let's see what happens when (if) BOC raises rates again on Wednesday. Other institutions may follow suit, and this is valid for another few days anyway. Holding for now.
Member
Jan 21, 2011
255 posts
272 upvotes
Mississauga
is $100,000 the maximum that can be locked in for 18 months ?
Deal Fanatic
User avatar
Sep 7, 2004
9110 posts
6961 upvotes
West GTEH!
shawnie53 wrote: Let's see what happens when (if) BOC raises rates again on Wednesday. Other institutions may follow suit, and this is valid for another few days anyway. Holding for now.
Same here. Waiting for next week's BOC meeting to see what happens.
😎
Newbie
Aug 24, 2016
95 posts
160 upvotes
1year GICs didn't go up the last 3 times BoC raised rates. And >1year GICs went from 5.2% to under 4% since September.
Deal Guru
Dec 20, 2018
10051 posts
10129 upvotes
shawnie53 wrote: Let's see what happens when (if) BOC raises rates again on Wednesday. Other institutions may follow suit, and this is valid for another few days anyway. Holding for now.
Gic rates are more correlated to bond yields not BOC rates
Sr. Member
User avatar
Aug 8, 2013
687 posts
1085 upvotes
I was considering this but was too lazy to sign up for an account and wait.

I moved my money to my existing motusbank TFSA earlier this year - 5.3% for 18 months.

I had to call in to move more than $10k, but the agent was able to activate the GIC instantly so I didn't have to wait for funds to be released from hold, and started earning interest right away.
Deal Addict
Oct 4, 2009
3587 posts
2945 upvotes
Montreal
philips80 wrote: is $100,000 the maximum that can be locked in for 18 months ?
I wouldn’t recommend going over CDIC limit with a small subprime outfit like Home Trust. They got into serious trouble a few years back and had to go looking for backers.

That being said you can get separate 100k CDIC protection from both entities in their group; Home Trust and Home Bank. So that’s 200k insured but includes your interest if you want to be extra careful. 2 x 95k would keep all funds protected minus about $100 for a few days/weeks.
Wealthsimple Premium
Jr. Member
Aug 3, 2019
107 posts
193 upvotes
if you're looking for ways to park your cash for short term - look into high interest savings ETF
HSAV for CAD
HSUV for USD
(just samples, do your own research)
both yields around 4.75% now but of course if they cut interest rates (maybe end of year?) it will go lower.

advantages:
- can take out anytime
- tax advantages, if it's non registered account since the yield is reinvested, the gains are treated as capital gains instead of income like normal interest.
Deal Addict
May 28, 2007
1846 posts
1291 upvotes
And I just put some money in yesterday on a 2 year term for 5.25%. Wonder if it's worth the hassle to call in and ask them to readjust my term to 18 months at 5.39% since I see it hasn't finished processing yet because I still don't see it in my account yet.
Deal Addict
User avatar
May 2, 2017
1766 posts
3653 upvotes
RCML27 wrote: And I just put some money in yesterday on a 2 year term for 5.25%. Wonder if it's worth the hassle to call in and ask them to readjust my term to 18 months at 5.39% since I see it hasn't finished processing yet because I still don't see it in my account yet.
tried, doesnt work, they said once app is submitted, it is final.
Newbie
Jan 4, 2018
11 posts
7 upvotes
Saguenay
no there is no fee if it is not RRSP transfer but not registered GIC that you only withdraw

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