Enoch Omololu is a personal finance expert and a veterinarian. With interest rates taking another step down, if you do not qualify for a promotional offer you may want to check out EQ Bank’s 3 month GIC, which we mention below. New customers will need their Social Insurance Number, two pieces of ID, and one void cheque to set up funds transfer. As of today, the interest rates they offer on savings are: EQ Bank: 2.00%; Tangerine: 2.80% (6 months promo rate and 0.25% after) Wealthsimple Cash: 0.90% plus other perks; Oaken Financial: 2.00%; The savings account at EQ Bank is a hybrid account that functions like a … Oaken Financial is part of the Home Bank which is a subsidiary of the Home Trust Company which was founded in 1987. One downside with Oaken is that they only offer a savings account and their investment offering is limited to GICs. Oaken Financial does not have a mobile app, but you can login to Oaken Financial using the link below. With Oaken, you can open your account four ways. Note that for 2009-2012 the contribution limit was $5,000 per year, for 2013-2014 it was $5,500, and for 2015 it was $10,000. You can double your coverage when you open two separate accounts with Oaken. Guaranteed Investment Certificates. There is no limit. While they do not charge monthly fees on your GIC or savings account, there are a few fees that may become applicable. Based on research conducted by Equitable Bank comparing HISA interest rates of Canada’s ‘Big 5’ banks over a 12-month span on an investment of $100. As an account holder, the funds in your Oaken savings account are eligible for CDIC protection. Tangerine, EQ Bank, Motive Financial, and Alterna Bank) on the digital-only banking front, Oaken has very limited physical locations where you can conduct face-to-face transactions. Fresh High Interest Savings. How to Move Money Into an Oaken Financial Savings Account Online. At the time of this writing, the interest rate is a very competitive 2.3%, the same rate being offered by EQ bank. Before we get to Oaken Financial Reviews, we have also written detailed posts about easy ways to make money online in Canada and a step by step guide on how to write a cheque in Canada. We offer one of the best daily interest rates available. Registered and Non Registered GICs and minimum investment amount is $1000. Also, all Oaken Savings Accounts are eligible for CDIC coverage, up to all applicable limits, so you know your money is always safe. †CDIC coverage up to applicable limits. With an Oaken Savings Account, you’ll also enjoy no fees and no minimum balance requirements. Related: EQ Bank: Best Savings Account in Canada? An online-only bank, Oaken offers high-interest rates on GICs in RRSP, RRIF, and TFSA as well as letting you open a no-frills savings account. Implicity reduced its rates. All GICs are non-redeemable except for the Cashable GIC, which is based on a 1 year term and redeemable after 90 days, and not available for registered plans. As Oaken Financial is an online bank, they have a very limited number of physical offices mainly in cities of Vancouver, Calgary, Toronto, Halifax. If you didn’t contribute in previous years, you can carry that amount forward. High Interest Savings Accounts – Everyday Savings. This review of Oaken Financial covers their product offerings and what you can expect when you bank with them. Your email address will not be published. All deposits at Oaken Financial are insured by Canada Deposit Insurance Corporation for up to $100,000 per category. I'm Anoob, an Aircraft Maintenance Engineer by qualification, digital marketer by profession. https://online.oaken.com/cb/pages/jsp-ns/login-cons.jsp, For any questions or concerns, you can reach Oaken Financial Customer Support lines at 1-855-OAKEN-22 (625-3622), 8:00am to 8:00pm ET, Monday to Friday, or email service@oaken.com. Oaken Financial Savings Account . I’m creating an awesome guide on how to start your own online business without investment and make money online. Oaken Financial Savings Account is a high interest savings account that have the following features: GICS are savings vehicles that guarantee your principal and interest during the time of investment. Online banking services will also be made available in Spring 2014. You can download the full Oaken Financials Fees chart by visiting the link below. As of today, the interest rates they offer on savings are: The savings account at EQ Bank is a hybrid account that functions like a combination of chequing and savings. Oaken offers a 1.5% return on its savings account, which is one of the highest daily interest rates in Canada. Unsurprisingly, the Oaken Savings Account has no monthly fees, no minimum balance requirement, and offers unlimited transactions. Consumers can also benefit from the high interest Oaken Savings Account, which offers 1.65%, with no monthly fees, transactional limits or required minimum balance. Oaken Financial Oaken Savings Account: 1.25 % $ 62: Get this rate Compare all accounts: Steinbach Credit Union Regular Savings Account: 1.25 % Interest rate tiers . In addition, Oaken Financial doesn’t charge monthly fees, nor does it require a minimum balance. Features Of The Oaken Savings Account. High Interest Savings Accounts – Promotional Offers Their high-interest savings account is eligible for CDIC coverage and offers a 1.25% interest rate. From the From Account: drop-down list, click on the “big bank” from which you wish to … Customers of Oaken’s Savings Account enjoy zero monthly fees, unlimited transactions, and a zero balance feature. Log in to your Oaken Financial online banking account. Aside from savings accounts, you can also get the Oaken Financial GIC, and earn one of the highest interest rates in the country. Address: 200 Granville St #1288, Vancouver, BC V6C 1S4, Canada, Address: 517 10 Ave SW, Calgary, AB T2R 0A8, Canada, Address: Concourse Level, 145 King St W, Toronto, ON M5H 1J8, Canada, Address: 1949 Upper Water Street, Suite 101, Halifax, NS B3J 3N3. If you are interested, I’ll send it to you as soon as it is ready! As we mentioned before Oaken Financial is a subsidiary of Home Bank and Home Trust Company, which are members of Canada Deposit Insurance Corporation. This category only includes cookies that ensures basic functionalities and security features of the website. I mentioned Motusbank in my post about the top 5 no-fee banks in Canada, and fortunately, they also offer some of the highest interest in their savings accounts!. Zero monthly fees; High-interest rates (currently 2.30%) Free unlimited transactions On account opening, you are given an option to have your funds deposited with either Home Bank or Home Trust Company. You will also receive our FREE e-Book! One of the highest savings account rates in Canada. Oaken Financial. There is also no account minimum. Required fields are marked *. The Oaken Savings account is ideal as an emergency fund since it allows you to have access to your money easily any time you have an emergency. Your email address will not be published. If you need more flexible investment options, you can check out other banks such as Tangerine. Motusbank is CIDC insured and offers 1.00% interest on their high-interest savings accounts. He has a master's degree in Finance and Investment Management from the University of Aberdeen Business School and has a passion for helping others win with their finances. Digital or Online banks have the advantage that they do not need to have physical addresses which reduces the cost and they are able to pass on some of this benefit back to the customer. This is what we ended up doing with our joint savings account, transferring our money from TD back into Scotiabank so we got 1.55% interest at the time of writing. When looking for the best savings accounts that offer you all the facilities you need along with attractive interest rates and the minimum of fees and charges, you will want to compare the offerings of the best banks and financial institutions in Canada. If you rarely need to enter a branch for your day-to-day banking transactions, an online bank like Oaken Financial may suit your needs. You can withdraw your funds without any prior notice at any time you need them. If you are looking for an online bank, then Oaken Financial can be a good choice because they offer high interest rates. These cookies do not store any personal information. In the Add a Transfer Section. Oaken Financial like other digital only banks offers high-interest savings accounts and GICs or Guaranteed Investment Certificates. Oaken Financial Savings Account. As a digital bank, Oaken Financial is modelled to provide all its services principally online. You also have the option to opt-out of these cookies. Of course, there’s no monthly fees and no minimum balance – you’ll even get free unlimited transactions (though they don’t specify if this includes Interac e-Transfers ® or not). Last on our list is Oaken Savings Account, which will also get you a 1.25% interest rate on your savings. Interest is calculated daily and paid monthly. Filed Under: Reviews Tagged With: Oaken Financial Reviews. Oaken Financial Savings Account is a high interest savings account that have the following features: No fees; No minimum balance requirements. https://oaken.com/wp-content/themes/oaken/assets/pdf/OAK_Fee+Schedule+Chart.pdf. They also offer easy transfers from your savings account to an Oaken GIC, making it a convenient option if you already have an account with them. Finally, the Tangerine Savings Account also offers joint accounts. Designed by Elegant Themes | Powered by WordPress. Oaken Financial is a subsidiary of Home Trust. †CDIC coverage up to applicable limits. Understanding Guaranteed Investment Certificates, The Many Faces of Investment Fees in Canada, A Complete Home Purchase Guide For Homebuyers in Canada, Alterna Bank Review: Online Banks in Canada, FOOi: How Peer To Peer Payment Apps Make Life Easier, Best Scotiabank Savings Accounts Reviewed, 5 Best Student Credit Cards in Canada for 2021, Compare the Best Life Insurance Quotes in Canada, Non-registered GICs – personal and commercial. If balance is ... Transaction fees. Oaken Financial offers two types of accounts, the savings account and GICs. Yes, its a good bank for all types of financial services. Yuo can also check our post on Instant Approval Credit Cards for Bad Credit in Canada if you are looking to get a credit card and your credit history is bad. It is easy to open a new savings or GIC account at the bank. This account also comes with no monthly fees and no minimum balances. All Oaken Savings Accounts are eligible for CDIC coverage, up to all applicable limits, so you know your money is always safe. It is mandatory to procure user consent prior to running these cookies on your website. GIC options available at Oaken Financial include: If you are interested in purchasing a GIC, compare GIC rates across multiple online banks to find the best rates currently available in Canada. Click on the Transfer tab. For full GIC rates, please visit the link below. Related: The Best Children’s Savings Accounts in Canada. All of your funds up to $100,000 will also be insured by the Canadian Deposit Insurance Corporation (CDIC) through its parent companies Home Bank or Home Trust Company, so you know your money will be in good hands. The account comes with unlimited free transactions and no monthly fees. Oaken Financial’s Oaken Savings Account also offers an interest rate of 1.65% which, while not the highest rate available to Canadians, is still quite reasonable. This website uses cookies to improve your experience while you navigate through the website. Click on the New Transfer button. Similar to its competitors (i.e. Oaken Financial was launched in 2013 and is the direct banking arm of Home Bank which is a subsidiary of Home Trust Company. Oaken Savings Account rate change to 1.25% from 1.40% on Oct 9, 2020: October 8, 2020 8:47 am by ... IJUST STARTED A HIGH INTEREST SAVINGS ACCOUNT TO DEPOSIT MONEY FOR A TFSA AND TO BUY GIC'S. In this post we are going to look at different types of accounts offered by Oaken Financial, fees, how to open an account with Oaken Financial and whether Oaken Financial is safe or not. After logging in you can close it and return to this page. Since this product is widely available on the market, many brick and mortar banking locations offer HISAs, although the best value on your deposit will likely be offered by online-only banks. The Oaken savings account offers one of the highest daily interest rates at 1.25% with zero minimum balance and no monthly fees. A personal cheque for $1 is required to confirm your identity when your application is completed online. We also use third-party cookies that help us analyze and understand how you use this website. With an Oaken Savings Account, you’ll enjoy no fees and no minimum balance requirements. This is because your money is deposited with either Home Bank or Home Trust Company, both of which are members of CDIC. I believe such fees, if any, should be embedded in the original ocntract, not subject to change. The only other fee charges is a $20 charge for accounts that have been dormant for 2 or more years. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. The Oaken Financial Savings Account offers an interest rate the banks can’t match, with unlimited transactions and no monthly fee. Oaken Financial, EQ Bank, and Tangerine are all considered as online-only banks in Canada. Instant Approval Credit Cards for Bad Credit in Canada, 6 Free & Best Chequing Account Canada Banks Can Offer You in 2020, 10 Easy Ways to Make Money Online in Canada, How to Write a Cheque in Canada: A Step-by-Step Guide, Lending Loop Review: Pros, Cons & Fees of Peer-to-Peer Lending in Canada in 2020, 6 Best & Free Computer Repair Classes & Courses: Pricing, USPs, Review [2021], Rick Ross Net Worth, Salary, Career & How He Made Money [2021], MusicXray Review: Pros, Cons, How to Make Money & Alternatives [2021], Oaken Savings Accounts are eligible for CDIC coverage, up to all applicable limits, Fill the form and attach the supporting documents, Send the form and documents to the address below. Institutions with competitive HISA interest rates will look to provide the account holder with an interest rate greater than 1%, while regular savings accounts offer significantly lower rates. Interest rates depend on the term length you choose. The Oaken Cashable GIC is based on a 1 year term and redeemable after 90 days, interest is paid at maturity, minimum deposit $1,000, not available for registered plans. This high-interest savings account comes with the following features: GICs are a savings vehicle that guarantees your principal and the interest rate you earn during a specific period of time. In addition to savings and GICs, Tangerine also offers a credit card, investment funds, chequing account, and mortgages. As of publishing this post, this is the GIC Rates of Oaken Financial. Like other savings-focused institutions, Oaken Financial offers both a high-interest savings account and an extensive portfolio of Guaranteed Investment Certificates. The Best Children’s Savings Accounts in Canada. Do note Oaken Financial only offers a savings account and only investment options are GICs. The Oaken Savings Account rate is annualized, interest is calculated daily an dpaid monthly. To open an Oaken Finiancial account by mail, you need to do the following steps: If you are a new customer, you will need to provide your SIN (Social Insurance Number), two Identifications, a cancelled cheque & a personal cheque for $1 to verify your identity. Oaken Financial is an online bank in Canada offering a high-interest savings account and Guaranteed Investment Certificates (GICs). Motusbank – 1.00%. except when there is an exceptional deal elsewhere that overrides the likely exit fee. COVID-19 has shown the importance of digitization across different aspects of life and the only businesses that are thriving right now are the ones that have some digital presence. Other competing banks that are either online-only or are credit unions include Simplii Financial, Motive Financial, People’s Trust, Implicitly Financial, WealthOne Bank of Canada, AcceleRate Financial, and Outlook Financial. Posted by Enoch Omololu | Updated May 20, 2020. But opting out of some of these cookies may have an effect on your browsing experience. By clicking “Accept”, you consent to the use of ALL the cookies. Home Trust is Canada’s largest independent trust company and was founded in 1987. His writing has been featured or quoted in The Globe and Mail, Toronto Star, MSN Money, Financial Post, Winnipeg Free Press, Wealthsimple and many other personal finance publications. Assumes no additional deposits or withdrawals made. Learn how your comment data is processed. There are many digital only banks such as Tangerine, Motive Financial, EQ Bank that also offer similar products and services such as Oaken Financial, you can check them out too. And there are no limitations on the number of transactions you can make using your savings account. Oaken Financial offers two main products – a savings account and GICs. Online banks are flourishing in Canada because they offer a better savings rate than the big banks, and their chequing accounts (when applicable) do not have a monthly fee. This post may contain affiliate links. Are you looking for Oaken Financial reviews? And you’ll never have to worry about teaser rates, hidden fees or confusing fine print. You can open Oaken Financial account my mail or by visiting one of their physical stores. This is why banks such as Oaken Financials and Tangerine are able to provide their customers with better savings rates and provide chequing account services without any monthly or quarterly fees. Your deposits at Oaken Financial are insured by Canada Deposit Insurance Corporation (CDIC) up to $100,000 per account category. Necessary cookies are absolutely essential for the website to function properly. Tangerine Savings Account. Oaken Financial offers two types of accounts, the savings account and GICs. Accordingly, our registered funds tend to be at Oaken and Hubert. Do check these posts if it interests you. At Oaken, we offer one of the most bountiful savings accounts in the country. Oaken Bank’s Savings Account comes with a 1.25% interest rate and no monthly fees or minimums. The company, Oaken Financial was was launched in 2013 by Home Trust as has since gained high credibility as one of the best TFSA rates savings accounts in Canada. These cookies will be stored in your browser only with your consent. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Please read our, VIPKID Review: Teach English Online and Make Money Working From Home, Tangerine Orange Key and Promotions: Get Up To $200 Bonus Offer. Oaken offers one of Canada’s highest daily interest savings rates. EQ Bank vs. Tangerine: Which One To Choose? Please log in again. Digital banks can offer a higher interest rate on savings and a free chequing account because they have a lower running cost. You can reach their customer representatives by phone Monday – Friday between 8 am and 8 pm ET at 1-855-625-3622. The higher interest savings rate and lower bank fees are possible because digital banks save on overhead costs that come with maintaining physical branches. Like EQ Bank, their HISA option is currently available to both existing and new customers at an attractive interest rate of 2.30%. The Oaken Savings Account can be used for both personal and commercial needs. Oaken Financial does not have a dedicated mobile app, however, you can conduct your online banking through their website using your smartphone, tablet, or computer. With a very competitive daily savings rate, the Oaken Savings Account makes transferring and withdrawing easy without charging any transaction fees. This site uses Akismet to reduce spam. In the past few years, there have been a lot of “digital only” banks that have been established and doing well and Oaken Financial is one such online bank in Canada. It’s just a great place to save your hard-earned money, safely and securely. Oaken Financial Savings Account . Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. All three offer a high-interest savings account and GICs. This account comes with a $0 monthly account fee and unlimited transactions, including Interac e-Transfers. Their mailing address is Oaken Financial, 145 King Street West, Suite 2500, Toronto ON M5H 1J8. As of publishing this post, these are the fees for Oaken Financials accounts. If you want to do all your banking in one place, Tangerine Bank and Wealthsimple may be more convenient. Oaken Savings Account. You can simply apply through their website, call them on phone, drop by one of their few offices, or complete the application form and mail it in. Research considered comparable high-interest savings account interest rates based on data taken from public websites as at June 19, 2020. You can contribute up to $6,000 per year. Sign up now to join thousands of other visitors who receive our latest personal finance tips once a week. As a reminder, Motusbank is a subsidiary of Meridian Credit Union, and launched in April 2019. © 2020 Enoch Media Inc. All Rights Reserved. Oaken charges no fees to open or use its accounts, giving customers the freedom and flexibility to use their accounts as they need. The Oaken Savings Account rate is annualized, interest is calculated daily and paid monthly. GICs come with interest rates as high as 2.30% and require a … Oaken Savings Accounts are eligible for CDIC coverage, up to all applicable limits; Oaken Financial Guaranteed Investment Certificates However, they also operate a few offices in Vancouver, Calgary, Toronto, and Halifax. The login page will open in a new tab. I agree that Oaken should offer registered savings accounts. Like other online banking outlets, Oaken Financial is able to offer good interest rates on savings accounts because it doesn’t have to deal with the mounting overheads that the traditional banking system has to put up with. On how to Move money Into an Oaken savings account that have the option to opt-out of these will. Enjoy zero monthly fees, nor does it require a minimum balance requirements it to you soon... Oaken and Hubert also offers joint accounts which is a subsidiary of the highest account... Other visitors who receive our latest personal finance tips once a week has no fees... 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