Oaken Financial knows how to prioritize the needs and interests of its clients. In comparison, this is evident in their values, but it’s most evident in their incredible interest rates.
Oaken Financial Review
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Oaken Financial is a financial institution that prioritizes compassion, security, usefulness, and customer service. Its mission statement is that its customers always come first.
Oaken Financial currently offers two financial products: a High-Interest Savings Account and Guaranteed Investment Certificates (GICs).
In this WealthRocket review, we’ll dive into the independent financial institution known as Oaken Financial by exploring its saving and investing products while looking at why this particular Canadian bank might offer the best bang on your buck.
What is Oaken Financial?
Oaken Financial
- Account Options Savings Account, Investment Account
- Countries Served Canada Only
- Branches in Canada 3
- Savings account available
- Non-registered and registered guaranteed investments certificates (GICs) available
- TFSA GICs available
- RRSP GICs available
- Commercial GICs available
- RIF GICs available
Oaken Financial is an independent financial institution based in Toronto, Ontario. It operates entirely online. It is a Schedule 1 Bank and a member of the Canada Deposit Insurance Corporation (CDIC).
Since opening its doors in 2013, Oaken Financial has worked under the umbrella of Home Trust, Canada’s largest independent trust, with three decades of banking experience.
Oaken Financial online banking services are ideal for the new generations of savers and investors who prefer to do their banking through their phones or computers.
However, their traditional financial products are suitable for anyone who wants to get a higher return of interest on their savings and investments.
Each account and all features can be accessed from any device anywhere with an internet connection. They offer a handful of branches, four, between the two Canadian coasts in Vancouver, Calgary, Toronto, and Halifax.
It also offers customer services options over the phone, online, or even snail mail.
Oaken Savings Accounts
The Oaken savings account is Oaken Financial’s high-interest savings account. It offers one of Canada’s best daily interest rates, which currently sits at 3.40%*.
There are no monthly fees to use this account. It allows unlimited transactions with no minimum balance requirements or minimum deposits.
Interest is calculated daily and paid out monthly, meaning you can withdraw your money at any time and still receive the interest earned.
Since Oaken Financial does not offer a chequing account or direct deposit, customers will need to have a bank account with another bank to utilize the Oaken Savings Account.
*Rates current as of April 2023
Oaken Financial GICs
Another option for reaching your financial goals with Oaken Financial is through their Guaranteed Investment Certificates (GICs).
Oaken Financial offers both registered and non-registered GIC, including Tax-Free Savings Account (TFSA) GICs, or Registered Retirement Savings Plan (RRSP) GICs.
Non-registered GICs with Oaken Financial are also available. These types of investments are ideal for clients who have maxed out their TFSA or RRSP contributions.
Terms on Oaken Financial GICs range from 30 days to as long as five years.
There is a minimum investment of $1,000 to purchase Oaken Financial GICs.
Oaken Financial promises some of the highest GIC rates available in the country and comes with CDIC insurance.
Non-Registered GICs
| Term | Annual Interest Rate |
|---|---|
| 1 year | 5.05% |
| 18 Months | 5.00% |
| 2 years | 4.70% |
| 3 years | 4.30% |
| 4 years | 4.25% |
| 5 years | 4.15% |
*Long-term deposits require a minimum of $1000 and are also available at a semi-annual and monthly rate. Rates current as of April 2023.
| Term | Rate |
|---|---|
| 1 year | 5.05% |
| 18 Months | 5.00% |
| 2 years | 4.70% |
| 3 years | 4.30% |
| 4 years | 4.25% |
| 5 years | 4.15% |
*RIF is not available for 18-month GIC. All deposits require a minimum of $1000. Rates current as of April 2023.
Oaken Financial: Sign-Up Process
If you are interested in opening a high-interest savings account or GIC account up with Oaken Financial, you can fill out the application online, mail a printed copy by post, use specialist assistance over the phone, or possibly step into a branch if you live by one of their four locations.
New customers will be required to provide two pieces of ID, their Social Insurance Number, and a void cheque.
Oaken Financial Pros & Cons
Pros
No monthly fees
Higher interest rates
Cons
No dedicated mobile app
Investment limited to GICs and a high-interest savings account
Our Final Thoughts
Oaken Financial products come with competitive rates for savers and low-risk investors.
The no monthly fees associated with either type of investment, with no minimum balance requirements.
However, a mobile app would be an ideal feature for many.
If you’re looking for a financial institution that promises to help your deposits grow more than Canada’s Big Five banks, and don’t mind speaking to a representative once in a while, Oaken Financial may be for you!
Frequently asked questions
Yes! Oaken Financial comes with insurance by the Canada Deposit Insurance Corporation (CDIC).
Each deposit is available through either Home Bank or Home Trust Company, both of which are separate members of the CDIC.
Each savings and investment account comes with $100,000 in included insurance.
Quebec residents can purchase investments with Oaken Financial. However, they have not translated any of their information (including their website) into French.
With no office in the province of Quebec, not all representatives are bilingual. However, one can request a bilingual agent by calling their support line.
If someone is not available at the time of your call, they promise to make an effort to call you back.
All deposits with Oaken Financial are held by Home Bank or Home Trust Company.
Home Bank is a division of Home Trust. It was previously called CFF Bank but joined the Home Trust family in October 2015, receiving its new name, Home Bank, in August 2016.
Oaken Financial is not a separate company but works under the umbrella of Home Bank.
