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 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.
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
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 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.
Top 10 Popular Posts Of All Time
- Top 30 Canadian Blue Chip Stocks You Should Own
- How To Use A My Service Canada Account
- How To Watch Free TV Shows In Canada – List of 10 Best Sites
- VGRO Review – Vanguard’s Best Growth ETF Portfolio
- Top 7 Canadian ETFs You Should Own
- Top 150+ Dividend Stocks In Canada – Complete List
- Credit Karma Canada Review – Free Credit Score And Report
- CPP Payment Dates – How Much CPP Will You Get?
- Top 5 High-Interest Savings Accounts In Canada
- How To Open A CRA My Account?
Sagar Sridhar is an accomplished personal finance blogger hailing from Canada. With a unique blend of quirkiness and enthusiasm, he has established himself as a prominent figure in the personal finance industry. Sagar’s passion for finance, coupled with his engaging writing style, sets him apart from his peers. While he has a background in computer engineering and a Master’s in Project Management, Sagar’s true passion lies in helping others manage their money. His writing has been featured in several top Canadian finance publications, solidifying his status as a sought-after voice in the field. Despite juggling his work and blogging schedule, Sagar remains resolute in his mission to make a lasting impact on the personal finance world.