Please call 1-855-OAKEN-22 (625-3622) between 8:00 a.m. and 8:00 p.m. ET, Monday through Friday. We are always happy to hear from you. You can also send them an email at [email protected].
The simple answer is yes! Each deposit is available from Home Bank or Home Trust Company, both of which are separate members of CDIC. Therefore, all your Oaken deposits are eligible for CDIC coverage, up to applicable limits.
Please visit the SADC website for more information.
Why should you invest in Oaken CPG?
Guaranteed investment certificates (GICs) offer a secure way to invest your money since your principal and your interest rate are both guaranteed.
This makes GICs a great choice if you’re looking for a safe place to keep your savings.
Plus, Oaken GICs give you the flexibility to build your savings on your terms, with flexible options that put you in control of your money. With Oaken GICs, you’re in control:
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Oaken offers a variety of terms ranging from 30 days to 5 years, so it’s easy to find one that fits your timeline.
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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).
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You can choose from two issuers for each deposit – Home Bank and Home Trust Company – both of which are separate CDIC members.
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Choose between having flexible access to your money or locking it for a set period of time
Oaken GIC Rates
| Term | Annual | Semi-annual | Monthly |
|---|---|---|---|
| 1 year | 2.50 | 2.45 | 2h40 |
| 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 and Accounts
All Oaken GICs can be included in government-registered accounts, including Registered Savings Plans (RSPs), Tax-Free Savings Accounts (TFSAs) and Retirement Income Funds (RRIFs).
Not only can these accounts help you grow your savings, but they can also reduce the total amount of tax you have to pay on your savings. Non-registered GICs are simply GICs held outside of a registered plan or account.
For investors who have maxed out their eligible TFSA or RSP contribution limits, holding non-registered GICs allows you to take advantage of a higher interest rate on GICs, as well as 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 designed to help you save for your retirement. The main advantage of an RER is that you benefit from a tax deduction based on your annual RER contribution. This effectively reduces the amount you may owe when you file your income taxes for the year.
However, it is important to consider your future tax obligations as part of your overall retirement strategy planning.
Additionally, the good thing is that as long as you keep your savings in your RSP, they remain tax-sheltered.
But once you withdraw funds, they must be reported as part of your income for the year.
Oaken Savings Account Rates
Oaken offers one of the highest daily savings rates in Canada. With an Oaken Savings Account, you’ll also have no fees or minimum balance requirements. And there’s no limit to the number of transactions you can make with your savings account.
Plus, all Oaken savings accounts are eligible for CDIC coverage, up to all applicable limits, so you know your money is always safe.
FRR Oaken Financial
With an Oaken RIF, the funds you transfer from your RSP can remain tax-sheltered while you continue to earn tax-sheltered income, giving your savings the opportunity to continue to grow.
In addition, you benefit from the security offered by the guaranteed principal and interest features of our GICs eligible for coverage by the Canada Deposit Insurance Corporation (CDIC), up to applicable limits.
Creating a continued income stream in retirement is a task that many Canadians find difficult. One strategy to consider is opening multiple GICs over multiple terms – this way your investments mature at different times, giving you access to funds over time rather than all at once.
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