Oaken Financial Review – No Fee Online Canadian Bank

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Oaken Financial

Oaken Financial is backed by Home Bank, and powered by Home Trust Company, Canada’s largest independent trust company that’s been proudly serving Canadians since 1987.

Oaken offers a comprehensive suite of GICs and the Oaken Savings Account. In addition, Oaken’s GIC terms range from 30 days to 5 years and are available in the form of a Retirement Savings Plan (RSP), Tax-Free Savings Account (TFSA), and Retirement Income Fund (RIF), as well as Non-registered GICs.

Who Are Oaken Financial?

Oaken Financial was launched in 2013 to provide Canadians with a competitive alternative to manage their savings independently.

As you might know, Oaken Financial is the name for Home Trust’s direct-to-consumer deposit business. Also, Oaken is an inspiring alternative to other financial institutions that combines a long-established tradition of service and value with a fresh perspective on what customers really need to make the most of their money.

Who Are The Home Trust?

Home Trust is Canada’s largest independent trust company that has been proudly serving Canadians since 1987. Home Trust is a Canadian financial services company that provides a range of products and services, including mortgages, credit cards, and deposit accounts. The company is based in Toronto, Ontario, and is a federally regulated trust company. Home Trust is a subsidiary of Home Capital Group, which is a publicly-traded company on the Toronto Stock Exchange. The company focuses on providing lending solutions to individuals and families who may not qualify for traditional banking products.

Home Trust offers a variety of mortgage products, including fixed-rate and adjustable-rate mortgages, as well as purchase and refinance loans for homes, condos, and rental properties. The company also offers a line of credit and home equity loans, as well as a variety of deposit accounts, including savings and chequing accounts, and Guaranteed Investment Certificates (GICs).

Home Trust also offers credit cards through its Oaken Financial brand, which include a rewards program, cash back, and no annual fee.

In addition to its core lending and deposit products, the company also provides other services such as mortgage brokerage, insurance, and wealth management through its subsidiaries and partnerships.

Home Trust is known for providing alternative lending solutions to customers who may not qualify for traditional bank loans, such as self-employed individuals, new Canadians, and those with past credit issues. However, it’s important to note that the company’s interest rates may be higher than those offered by traditional banks.

What Is The Relationship Between Oaken Financial, Home Trust, and Home Bank?

It’s pretty simple actually, Oaken Financial’s parent company is Home Trust.

Home Bank is a wholly-owned subsidiary of Home Trust. It was formerly known as CFF Bank, welcomed into the Home Trust family in October 2015, and renamed as Home Bank in August 2016. Oaken Financial is not a separate company, but a trademark of Home Bank. Also, all Oaken deposits are held with either Home Bank or Home Trust Company, both of which are separate members of Canada Deposit Insurance Corporation (CDIC).

Oaken Financial

Oaken Online Banking

Oaken Online Banking gives you the ability to:

  • View a summary of all your investments (personal and commercial)

  • View and download a copy of your savings account statements or transactions, and export transaction reports

  • You’ll be able to download investment details for all your Oaken GICs, including those in RSP, TFSA, and RIF plans, as well as your annual portfolio statements and tax slips

  • Select which statements, GIC confirmations, and other documents you would like to receive by mail, or if you’d prefer not to receive any paper copies

  • Manage electronic transfers

  • View and change what will happen when your GIC matures

  • Update account details, including your profile and password

  • Customize your preferences to receive notifications and alerts for balances, maturities, statement availability, and other events

  • Transfer money now or later, on a one-time or a recurring basis

  • Send and receive secure email messages

  • Export account information to Quicken and Microsoft Money personal financial management software

What Are The Benefits Of Using Oaken Online Banking?

  • Access your Oaken accounts anytime, from any computer, tablet or smartphone with internet access

  • View and download savings account statements, GIC confirmations and other important documents with the click of a button

  • Also, Conveniently transfer money or redeem Cashable GICs

What Are The Costs Of Using Oaken Online Banking?

There are no fees to use Oaken Financials Online Banking.

How Can I Get Service With Oaken?

Please call 1-855-OAKEN-22 (625-3622) between 8:00 am and 8:00 pm ET, Monday to Friday. We’re always happy to hear from you. You can also email them at [email protected].

Are Oaken GICs and Oaken Savings Accounts eligible for protection under the Canada Deposit Insurance Corporation (CDIC)?

The simple answer is yes! Each deposit is available through either Home Bank or Home Trust Company, both of which are separate members of CDIC. So all of your Oaken deposits are eligible for CDIC coverage, up to applicable limits.

Please visit the CDIC website for more information.

Oaken Financial Why Should You Invest In Oaken GIC?

Guaranteed Investment Certificates (GIC) offer a safe way to invest your money because your principal and interest rate are both guaranteed.

This makes GICs a great choice if you’re looking for a secure place to keep your savings.

Also, Oaken GICs give you the opportunity to build your savings on your terms, with flexible options that put you in control of your money. With Oaken’s GICs, you’re in the driver’s seat:

  • Oaken offers a variety of terms ranging from 30 days to 5 years, so it’s easy to find one that matches your timeline

  • It’s up to you how often you want to receive interest payments – monthly, semi-annually, annually, or at maturity (for terms of one year or more)

  • You can select from two issuers for each deposit – Home Bank and Home Trust Company – both of which are separate members of CDIC

  • Choose between having flexible access to your money, or locking it for a set time period

Oaken GIC Rates

Term Annual Semi-annual Monthly
1 Year 2.50 2.45 2.40
18 Months 2.55 2.50 2.45
2 Years 2.60 2.55 2.50
3 Years 2.65 2.60 2.55
4 Years 2.75 2.70 2.65
5 Years 2.85 2.80 2.75

Oaken Financials Registered Plans & Accounts

All Oaken GICs are eligible for inclusion in government-registered accounts, including Registered Savings Plans (RSP), Tax-Free Savings Accounts (TFSA), and Retirement Income Funds (RIF).

These accounts can not only help you grow your savings, but they may also reduce the total amount of tax you’re required to pay on your savings. Non-registered GICs are simply GICs that are held outside of a registered plan or account.

For those investors who have maximized their allowable contribution limits for a TFSA or RSP, holding non-registered GICs makes it possible to take advantage of a higher GIC interest rate, together with the added benefit of CDIC coverage for all insurable amounts.

Oaken Financials Retirement Savings Plan (RSP)

A Retirement Savings Plan (RSP) is an investment plan specifically intended to help you save for your retirement. The primary advantage of an RSP is that you receive an income tax deduction based on your annual RSP contribution. This effectively reduces the amount you may owe when you file your income taxes for the year.

However, it’s important to consider your future tax obligations as part of your overall retirement strategy planning.

Also, the good part is, as long as you keep your savings in your RSP, they remain sheltered from taxes.

But once you withdraw funds, they must be declared as part of your income for the year.

Oaken Savings Account Rate

Oaken offers one of Canada’s highest daily interest savings rates. With an Oaken Savings Account, you’ll also enjoy no fees and no minimum balance requirements. And there are no limitations on the number of transactions you can make using your savings account.

Also, all Oaken Savings Accounts are eligible for CDIC coverage, up to all applicable limits, so you know your money is always safe.

Oaken

Oaken Financial RIF

With a RIF from Oaken, the funds you transfer from your RSP can remain tax-sheltered while you continue to earn tax-deferred income, giving your savings the opportunity to keep growing.

Plus, you benefit from the security provided by the guaranteed principal and interest features of our GICs that are eligible for Canada Deposit Insurance Corporation (CDIC) coverage, up to applicable limits.

Creating a seamless income stream in retirement is something that many Canadians find challenging. One strategy to consider is to open multiple GICs across several terms – this way, your investments mature at different times, giving you access to funds over time instead of all at once.

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4 thoughts on “Oaken Financial Review – No Fee Online Canadian Bank”

  1. Before banking with them or any online bank, ask how they will treat your beneficiaries when you die. My dad just passed away and with an online account, I have not statements to help with filing probate. They have not been helpful at all in trying to get this information. Also, the T5’s for taxes are online and I can’t access because my dad is gone. I need them to file 2020 taxes and they are being extremely difficult to deal with to get this information. It is a chicken and egg, they want the final estate settlement before I can get information but I need information to settle estate.

    Reply

  2. 5 members of my family tried to purchase TFSA GIC’s. Here’s some of the useless delays that were introduced by Oaken:
    1. After PAD form provided (in lieu of a void cheque), several days later asked for a void cheque from an applicant who they already knew had no cheques.
    2. Days after PAD form submitted AGAIN, asked for a copy of bank e-statement to confirm account number on PAD form already signed and confirmed by applicant.
    3. Days after bank e-statement submitted, was asked for confirmation of birth date submitted with application … weeks earlier.
    4. After submitting all requested information in responses to multiple e-mails was asked for a signed letter of direction for the bank account withdrawal (even though signed Pre-Authorized Debit form is all that is needed and was the first document provided).
    5. After 4 applicants had already submitted ALL of their account specific personal information via e-mail as instructed by Oaken, the 5th applicant was told “WE CANNOT ASSIST WITH ACCOUNT SPECIFIC INQUIRIES VIA EMAIL”. Seriously, W T F?
    6. Two applicants had to call customer service to find out the status of their applications 2 weeks after applying. Only then were they told Oaken was awaiting additional information. Total of 3 weeks between TFSA application and funds withdrawn from bank account.
    7. The 5th applicant waited 8 days for a reply on application status and heard nothing back. They cancelled their full application and requested all application and banking information to be deleted from Oaken’s systems.

    Unfortunately, we now have money locked up with them for a year in GICs, but will never deal with Oaken again. Their delays in setting up a GIC more than offset the slightly higher interest rate they’re offering.

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