Oaken financial GIC 5yr 4.00% interest

Thanks OP! For a 3-year GIC, I haven't seen a better offer anywhere else!

Does anyone have experience with these guys?

SkiLLz wrote: ↑ Does anyone have experience with these guys?

yup, been with them for around 5 years, CDIC insured. Comparable to EQ.

edit:
https://www.cdic.ca/your-coverage/list- ... utions/#HH

might be also good to note that EQ is lagging behind, their savings rate hasnt increased since forever.

https://oaken.com/oaken-savings-account/ 1.32%
https://www.eqbank.ca/personal-banking/ ... us-account 1.25%

@OP : their website is no longer showing the increased GIC rates. I have a screenshot from 35 minutes ago showing the 3.4%, but now their website is only showing 2.9% (for 3-years). Am I going crazy? Is the offer already expired?!


Update from 2 minutes later: I refreshed the website a few times and now it is back to showing 3.4%. Very, very weird.

Seanne wrote: ↑ might be also good to note that EQ is lagging behind, their savings rate hasnt increased since forever.

https://oaken.com/oaken-savings-account/ 1.32%
https://www.eqbank.ca/personal-banking/ ... us-account 1.25%

Didn't EQ do short term GICs like this as well? I swear they even had a 3 and 6 month one for like 3%.

It's obvious inflation isn't "transitory" but, I'm thinking over three years, if the economy slows over the next year and rate hikes wind down after several rounds, 3.4% may be a good place to hedge for a recession and reversing the near term increases coming over the next few quarters. No idea if my logic makes any sense.

mathieurousseau wrote: ↑@OP : their website is no longer showing the increased GIC rates. I have a screenshot from 35 minutes ago showing the 3.4%, but now their website is only showing 2.9% (for 3-years). Am I going crazy? Is the offer already expired?!


Update from 2 minutes later: I refreshed the website a few times and now it is back to showing 3.4%. Very, very weird.

yup weird indeed, if you keep refreshing, it goes back up OR down lol.

Lemonylol wrote: ↑ Didn't EQ do short term GICs like this as well? I swear they even had a 3 and 6 month one for like 3%.

probably coming soon, AFAIK yes they usually ofered a short-term 3%

Why stucking with a 3 years GIC knowing that rates are going to increase in the upcoming months ?

Lemonylol wrote: ↑ Didn't EQ do short term GICs like this as well? I swear they even had a 3 and 6 month one for like 3%.

The best they had was 2.05% recently for either 3 or 6 months.

eq-bank-3-month-gic-2-05-6-month-also-2-05-2525346/

It would be great if oaken would match or better all those other financial institutions that have increased their savings rate well beyond what oaken offers. Oaken used to be a leader.

blackCold wrote: ↑ Why stucking with a 3 years GIC knowing that rates are going to increase in the upcoming months ?

this "upcoming months" has come.
what rate were you expecting to reach and able to say that it has peaked? im curious.

better than being -15% on the stock market...lol I would be richer if I buried my money in my backyard

Swansea wrote: ↑ It would be great if oaken would match or better all those other financial institutions that have increased their savings rate well beyond what oaken offers. Oaken used to be a leader.

They don't do bad according to RFD HISA thread
They are 5th in the list of 25 non-promotional HISA's. Only surpassed by :

Wyth Financial • Rate: 1.55%
• Not available to Quebec residents.

Saven Financial • Rate: 1.5%
• Only available to Ontario residents.

AcceleRate Financial • Rate: 1.4%

Hubert Financial • Rate: 1.4%
• Not available to Quebec residents.

Oaken Financial• Rate: 1.32%

I've been banking with them for a dozen years or more. Their savings rates have always been decent. GIC rates competitive. Never had a problem getting answers to my questions or requests. A good option for those who don't want to set up accounts with multiple financial institutions to chase an extra quarter %.

joedee wrote: ↑ better than being -15% on the stock market...lol I would be richer if I buried my money in my backyard

What are you doing, I'm like +15...

MattyMattMatt wrote: ↑ What are you doing, I'm like +15...

Shopify during the high point...

If bought at the low, you're up over 15%

MattyMattMatt wrote: ↑ What are you doing, I'm like +15...

Day trading. I wonder how much of an affect the whole WSB train will have on people who bought into it.

Seanne wrote: ↑ this "upcoming months" has come.
what rate were you expecting to reach and able to say that it has peaked? im curious.

Clearly BoC will increase again rates at least two times if not three (Except if we see again Covid or war going really bad)

If BoC will increase rates then I would expect GIC rates to follow

blackCold wrote: ↑ Clearly BoC will increase again rates at least two times if not three (Except if we see again Covid or war going really bad)

If BoC will increase rates then I would expect GIC rates to follow

Current market expectations are for 8 more hikes this year, problem is there are only 6 more meetings and they are loath to adjust rates between meetings. That is to say the market is expecting hikes at every meeting AND it is expecting 2 of those hikes to be 0.5%.
https://m-x.ca/en/trading/tools/canadia ... pectations

Meanwhile the GOC 5 year bond yield is up 1% in the last 3 weeks at 2.49%, highest in a decade.