Oaken Financial Review: No Fee Online Canadian Bank

Last updated on June 3rd, 2020 at 07:13 am

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.

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.

What Is 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 Home Trust?

Home Trust is Canada’s largest independent trust company that has been proudly serving Canadians since 1987

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

It’s pretty simple actually, Oaken Financials 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

TermAnnualSemi-annualMonthly
1 Year2.502.452.40
18 Months2.552.502.45
2 Years2.602.552.50
3 Years2.652.602.55
4 Years2.752.702.65
5 Years2.852.802.75

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.

Please share this article on social media and help spread the word. Let me know your thoughts and comments below. 

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Oaken Financial Review

4.75

Value For Money

4.5/5

Benefits

4.9/5

Rewards

4.9/5

Pros

  • Excellent GIC Rates
  • Trustworthy brand, safe and secure
  • Awesome Savings Account

Cons

  • Online Only Bank
  • Lacking presence across the country

Sagar Sridhar

Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master's degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.

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