Oaken Financial is a well-known digital bank that offers high interest rates on its savings accounts and guaranteed investment certificates (GICs). It\u2019s easy to sign up for an account or GIC and you won\u2019t have to worry about monthly fees. Learn more about Oaken Financial\u2018s products and rates, and find out what you need to get started.<\/p>
Oaken Financial is a digital bank that was launched in 2013 as the direct \u201cdeposits\u201d arm of Home Bank. This means that Oaken Financial isn\u2019t its own company, but represents Home Bank on the deposits front.<\/p>
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.<\/p>
Oaken Financial operates like a regular savings account except its services are managed exclusively online. For the most part, this means you can\u2019t go into a brick and mortar branch to get help with your account. It also means that Oaken Financial doesn\u2019t have to pay overhead costs and can pass the money it saves directly on to its customers.<\/p>
The downside is that it\u2019s only designed for building up your savings. This means that you won\u2019t be able to spend money out of any of your accounts using a debit card. Instead, you\u2019ll have to transfer money from Oaken Financial back into your bank account if you want to use it (which can take a few days).<\/p>
Oaken Financial offers two main financial products: the Oaken Financial Savings Account and a comprehensive suite of GICs.<\/p>
\u2192 Get more detailed information about Oaken Financial GICs here<\/a>.<\/p> 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.<\/p>Is Oaken Financial safe?<\/h3>