Oaken Financial is a well-known digital bank that offers high interest rates on its savings accounts and guaranteed investment certificates (GICs). It’s easy to sign up for an account or GIC and you won’t have to worry about monthly fees. Learn more about Oaken Financial‘s products and rates, and find out what you need to get started.
What is Oaken Financial?
Oaken Financial is a digital bank that was launched in 2013 as the direct “deposits” arm of Home Bank. This means that Oaken Financial isn’t its own company, but represents Home Bank on the deposits front.
When you make a deposit with Oaken Financial, your money is held with either Home Bank or Home Trust (which is its parent company). Both of these companies are separate members of the Canada Deposit Insurance Corporation (CDIC) and have a long history of operation in Canada.
How does Oaken Financial work?
Oaken Financial operates like a regular savings account except its services are managed exclusively online. For the most part, this means you can’t go into a brick and mortar branch to get help with your account. It also means that Oaken Financial doesn’t have to pay overhead costs and can pass the money it saves directly on to its customers.
The downside is that it’s only designed for building up your savings. This means that you won’t be able to spend money out of any of your accounts using a debit card. Instead, you’ll have to transfer money from Oaken Financial back into your bank account if you want to use it (which can take a few days).
What financial products does Oaken Financial offer?
Oaken Financial offers two main financial products: the Oaken Savings Account and a comprehensive suite of GICs.
- Oaken Savings Account. Oaken offers a 3.4% return on its savings account, which is one of the highest daily interest rates in Canada. This account also comes with no monthly fees and no minimum balances.
- Guaranteed Investment Certificates. GICs come with interest rates as high as 5.05% and require a minimum deposit of $1,000. You can take them out over terms that range from 30 days to 5 years. You can also choose if you want them to be held in registered (e.g. RRSP, TFSA and RRIF) or non-registered accounts.
→ Get more detailed information about Oaken Financial GICs here.
Is Oaken Financial safe?
Oaken Financial is safe because any money you deposit will be held with Home Bank or Home Trust. These are two very well-established financial institutions in Canada that boast a solid track record for safety.
Both companies are well-versed in ensuring that rigorous bank-specific standards and regulations for protecting your money are followed. Your deposits will also be insured by the Canada Deposit Insurance Corporation (CDIC) for up to $100,000 per account category.
Pros and cons
- Easy application. Open an account in a matter of minutes using Oaken Financial‘s online application.
- No monthly fees. Pay less out-of-pocket on monthly account fees with a fee-free savings account.
- Competitive interest rates. Get some of the highest interest rates in Canada with Oaken Financial‘s savings account and GICs.
- No minimum balances. You won’t have to keep a minimum balance in your account to keep it active.
- CDIC insurance. Any deposit you make will be protected for up to $100,000 with both GICs and savings accounts.
- Easy account management. You can check and manage your accounts and GICs with just a click of a mouse.
- No debit card. There’s no instant way to access the money you put into your Oaken Savings Account if you need it in an emergency.
- No mobile app. There’s no mobile app to help you manage your accounts on the go.
- Slow withdrawals. You’ll have to wait several business days for your money to transfer from your Oaken Financial account back into your regular bank account.
- Fees for dormant accounts. It will cost you $0 per year to maintain your account if it remains inactive for more than two years.
- Minimum deposit requirement for GICs. You’ll have to make a minimum deposit of $0 if you want to put money into a GIC.
- Few physical locations. You’ll only be able to get in-person service if you live near an office in Vancouver, Calgary, Toronto or Halifax.
How can I open an account?
You can apply for a savings account with Oaken Financial using its easy online application. You can follow these steps to get started:
- Navigate to the Oaken Financial website to start your application.
- Complete the application, which includes providing your name, email address, social insurance number and birth date.
- Verify your ID by sending a cheque for $1 to Oaken Financial through the mail.
How can I get in touch with customer service?
Oaken Financial‘s customer service team is readily available throughout the day to help you with your account. You can get in touch with them at 1-855-625-3622 between the hours of 8am and 8pm EST (Monday to Friday). You can also email them at email@example.com.
You might also want to consider visiting one of Oaken Financial‘s physical locations to speak directly to an agent if you’re based in Vancouver, Calgary, Toronto or Halifax.
Oaken Financial is a reputable digital bank that offers a couple of financial products worth exploring. These include a high-interest savings account as well as a full suite of GICs. Find out more about how you can benefit from becoming a member with Oaken Financial, and learn what you need to sign up for an account today.
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