Are you tired of the low-interest payouts of traditional banks on savings accounts? I’m in the same boat.
Our traditional banking system has been dominated by the Big Five Banks of Canada, such as RBC and TD, who offer very low-interest rates in their savings accounts.
Oaken Financial is usually one of my top picks for the best high-interest savings accounts in Canada.
But the company also offers more than just savings accounts, which I’ll go over below.
Online Bank
Various safe investment options: High-interest savings account, registered and non-registered Guaranteed Investment Certificates.
Deep-rooted financial history: From the years of the good reputation of Home Bank and Home Trust Company.
Two deposit issuers: Both Home Trust Company and Home Bank issues deposits on Oaken’s behalf that are protected with CDIC’s coverage.
Easy to approach: Online, phone, in person, mail, you can do business with Oaken the way you want.
Pros
- Higher upfront interest rates with no strings attached
- No recurrent charges whether you open a savings account or get a GIC plan
- Flexible maturity terms— from 30 days to 5 years
- No minimum balance requirements for a savings account
Cons
- Online-only operations— not for those who are accustomed to traditional banking setup
- Doesn’t have a dedicated mobile app like other online-only financial services
- Investment options are limited to GICs
Oaken Financial Review: What is Oaken Financial?
If you’re looking for a reliable financial services provider, Oaken Financial is a great choice. This Canadian company has been in business since 2013 and is a subsidiary of Home Trust Company, a federally regulated trust company.
One of the things that sets Oaken Financial apart is its commitment to transparency. They provide clear and easy-to-understand information about their products and services, and their website is user-friendly and informative.
Product Portfolio
Oaken Financial offers a range of financial products to its customers, including high-interest savings accounts and GICs. Here’s a breakdown of the products you can expect to find with Oaken Financial:
Savings Accounts (Top feature)
Oaken Financial’s high-interest savings accounts offer competitive interest rates to help you maximize your savings. They offer both personal and commercial savings accounts, so you can choose the one that best fits your needs. Here are some of the features of their savings accounts:
- No monthly fees
- No minimum balance requirements
- Competitive interest rates
- Online banking and mobile app access
- CDIC insurance protection
GICs
Oaken Financial’s GICs offer a safe and secure way to invest your money. They offer a range of terms and interest rates, so you can choose the one that best fits your investment goals. Here are some of the features of their GICs:
- Guaranteed interest rates
- Terms ranging from 30 days to 5 years
- No fees or commissions
- CDIC insurance protection
- Automatic renewal options
Registered Retirement Savings Plan (RRSP) GICs
Oaken Financial also offers GICs specifically for RRSPs. These GICs have the same terms and interest rates as regular GICs, but the interest earned is tax-sheltered until withdrawal. This can be a good option for those who want to save for retirement while minimizing their tax liability.
Tax-Free Savings Account (TFSA) GICs
For those who want to save tax-free, Oaken Financial offers GICs specifically for TFSAs. These GICs have the same terms and interest rates as regular GICs, but the interest earned is not subject to tax.
Investment Accounts
Oaken Financial also offers investment accounts for those looking to invest in stocks, bonds, and other securities. They offer both self-directed and managed investment accounts, so you can choose the one that best fits your investment style. Here are some of the features of their investment accounts:
- Access to a wide range of investment options
- Professional portfolio management available
- No minimum investment requirements
- Competitive fees and commissions
Customer Service
When it comes to banking, customer service is an important factor to consider. Oaken Financial has received mixed reviews when it comes to its customer service.
One issue that has been raised by some customers is the long wait times when trying to reach customer service. This can be frustrating, especially when you have urgent questions or concerns. However, Oaken Financial does offer a callback service, which allows you to leave your number and receive a call back from a representative when it’s your turn in the queue.
Another common issue that has been reported is difficulty in getting issues resolved. Some customers have reported that they had to follow up multiple times to get a resolution to their issue.
On the positive side, some customers have reported excellent customer service experiences with Oaken Financial. Representatives were described as professional, knowledgeable, and helpful. Customers also noted that they received prompt responses to their inquiries.
Online and Mobile Banking Experience
The online banking platform provides access to your account information, including balances, transaction history, and statements. You can also transfer funds between accounts, pay bills, and set up automatic payments. The platform is secure and uses encryption to protect your personal and financial information.
The mobile app is available for both iOS and Android devices and provides a convenient way to manage your accounts on the go. The reviews are not overwhelmingly positive though, so be weary when using the mobile app.
You can view account balances, transfer funds, pay bills, and deposit cheques using your smartphone or tablet. The app also provides access to Oaken Financial’s customer service team, allowing you to get help with any questions or issues you may have.
One of the standout features of Oaken Financial’s online and mobile banking experience is the ability to open and manage GICs online. You can choose from a range of terms and rates and open a GIC in just a few clicks. The platform also provides tools to help you manage your GICs, including a GIC calculator to help you determine your potential earnings.
In addition to the online and mobile banking platform, Oaken Financial also provides access to a network of ATMs across Canada. You can use your Oaken Financial debit card to withdraw cash and check your account balances at thousands of ATMs nationwide.
Security Measures
When it comes to banking, security is a top priority for both the bank and the customer. Oaken Financial takes security seriously and has implemented various measures to ensure the safety of your funds and personal information.
Here are some of the security measures that Oaken Financial has in place:
- CDIC Insurance: All eligible deposits with Oaken Financial are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per depositor. This means that in the unlikely event that Oaken Financial is unable to repay your deposits, you will be reimbursed up to $100,000.
- Two-Factor Authentication: Oaken Financial uses two-factor authentication to protect your account. This means that in addition to your username and password, you will need to enter a unique code that is sent to your registered mobile phone number or email address.
- Encryption: Oaken Financial uses industry-standard encryption to protect your personal and financial information. This means that any information you provide to Oaken Financial is transmitted securely and cannot be intercepted by third parties.
- Fraud Monitoring: Oaken Financial monitors your account for any suspicious activity and will alert you if there are any unauthorized transactions.
Oaken Login and Opening an Account
Signing up with Oaken Financial and opening accounts is easy. Go to this link and sign up.
You can see that Oaken offers different modes of opening accounts, with your convenience in mind. You can go digital and open the account without going anywhere by clicking on the button.
You can also start the process via email or phone.
How do Oaken Financial Interest Rates Compare to Competitors?
Oaken Financial is offering one of the highest interest rates among online-only Canadian banks. Here is a list of other excellent high-interest savings accounts in Canada.
Oaken Financial and EQ Bank
EQ Bank has a slight edge over Oaken Financial because it offers an excellent interest rate with all the perks (no transaction fees, no minimum balance requirement, etc), but also offers things like the EQ Bank Card, and high GIC rates as well. See this full EQ Bank review for more details.
Oaken Financial and Motusbank
Oaken Financial usually fares better than Motusbank with its interest rates. Motusbank is currently offering a high-interest rate with its savings accounts compared to Oaken Financial.
Oaken Financial Fees
Oaken Financial charges nominal fees for hardcopy statements. Moreover, you have to pay a deposit fee for any dishonoured check. Also, if an account has been dormant for 2 years or more, you need to pay an annual fee to keep it active. The overview of chargeable and no-fee items is given below. (See this link for a PDF of Oaken’s fees)
Oaken hasn’t revised these charges since May 2018.
Is Oaken Financial Safe and Legit?
Oaken Financial has standardized 128-bit encryption for the exchange of all confidential financial information. It is the most secure encryption module and is available on most browsers. Oaken Financial only allows non-financial information transactions on browsers featuring 40-bit encryption.
How to Close Oaken Financial Account
There is no automatic online way to close your Oaken Financial Account. You must contact its customer support and ask them to initiate the process.
Oaken Financial Contact and Customer Service
You can reach out to Oaken Financial customer service through phone and email.
Phone: 1-855-OAKEN-22 (625-3622)
Email: [email protected]
You can also set in-person appointments with customer representatives in their offices at the following four locations.
Vancouver
200 Granville St.
Suite 1288
Vancouver, BC V6C 1S4
Calgary
517 – 10th Avenue SW,
Calgary, AB T2R 0A8
Toronto
145 King Street West
Concourse Level
Toronto, ON M5H 1J8
Halifax
1949 Upper Water Street
Suite 101
Halifax, NS B3J 3N3
Hours: Monday to Friday, 9:00 am to 5:00 pm
Is Oaken Financial Right For You?
Get Oaken Financial if:
- You want a high-interest savings account that will pay you more than the big banks
- You don’t need to go into a branch to talk to an advisor for your banking needs
Oaken Financial – Who This App is NOT for
Don’t get Oaken Financial if:
- It’s very important for you to have a financial advisor to talk about your account
- You’re looking for a comprehensive online bank that will handle things like investments and mortgages.
Conclusion
If you’re looking for somewhere to park cash that will earn you enough interest to keep pace or beat inflation, Oaken Financial is a great option.
If you aren’t sure if it’s the right fit for you, check out our full list of the best no-fee banks in Canada!
5 members of my family tried to purchase TFSA GIC’s. Here’s some of the useless delays that were introduced by Oaken:
1. After PAD form provided (in lieu of a void cheque), several days later asked for a void cheque from an applicant who they already knew had no cheques.
2. Days after PAD form submitted AGAIN, asked for a copy of bank e-statement to confirm account number on PAD form already signed and confirmed by applicant.
3. Days after bank e-statement submitted, was asked for confirmation of birth date submitted with application … weeks earlier.
4. After submitting all requested information in responses to multiple e-mails was asked for a signed letter of direction for the bank account withdrawal (even though signed Pre-Authorized Debit form is all that is needed and was the first document provided).
5. After 4 applicants had already submitted ALL of their account specific personal information via e-mail as instructed by Oaken, the 5th applicant was told “WE CANNOT ASSIST WITH ACCOUNT SPECIFIC INQUIRIES VIA EMAIL”. Seriously, W T F?
6. Two applicants had to call customer service to find out the status of their applications 2 weeks after applying. Only then were they told Oaken was awaiting additional information. Total of 3 weeks between TFSA application and funds withdrawn from bank account.
7. The 5th applicant waited 8 days for a reply on application status and heard nothing back. They cancelled their full application and requested all application and banking information to be deleted from Oaken’s systems.
Unfortunately, we now have money locked up with them for a year in GICs, but will never deal with Oaken again. Their delays in setting up a GIC more than offset the slightly higher interest rate they’re offering.
5 members of my family tried to purchase TFSA GIC’s. Here’s some of the useless delays that were introduced by Oaken:
1. After PAD form provided (in lieu of a void cheque), several days later asked for a void cheque from an applicant who they already knew had no cheques.
2. Days after PAD form submitted AGAIN, asked for a copy of bank e-statement to confirm account number on PAD form already signed and confirmed by applicant.
3. Days after bank e-statement submitted, was asked for confirmation of birth date submitted with application … weeks earlier.
4. After submitting all requested information in responses to multiple e-mails was asked for a signed letter of direction for the bank account withdrawal (even though signed Pre-Authorized Debit form is all that is needed and was the first document provided).
5. After 4 applicants had already submitted ALL of their account specific personal information via e-mail as instructed by Oaken, the 5th applicant was told “WE CANNOT ASSIST WITH ACCOUNT SPECIFIC INQUIRIES VIA EMAIL”. Seriously, W T F?
6. Two applicants had to call customer service to find out the status of their applications 2 weeks after applying. Only then were they told Oaken was awaiting additional information. Total of 3 weeks between TFSA application and funds withdrawn from bank account.
7. The 5th applicant waited 8 days for a reply on application status and heard nothing back. They cancelled their full application and requested all application and banking information to be deleted from Oaken’s systems.
Unfortunately, we now have money locked up with them for a year in GICs, but will never deal with Oaken again once these mature. Their delays in setting up a GIC more than offset the slightly higher interest rate they’re offering.
Have been a customer for years, but I get annoyed with the financial institutions lack of co-ordination. Frequenty get emails regarding GIC renewal instructions…which are already there = on their files. They can’t help themselves, and email same message twice. Message “provide us with your instructions or contact us” which is just stupid since the instructions are on their file!!!!
Drives me nuts. All the need to do is check prior to mass email x 2
Wish I could send this to the president of Oaken, or the VP!
I’ve had a very positive experience with Oaken. Their GIC rates are great right now (I recently opened two) and their HISA currently offers 1.6% interest. EQ also offers 1.6% on their HISA but they just limited the amount of money (per transaction) that I can E-transfer INTO my HISA with them, so I am closing my account with EQ and moving my money back to Oaken, where my deposits are not restricted.
It is my big mistake to buy GIC from Oaken. Its interest rate is extremely low, it is not enough to cover today inflation. There is no way you can cash your money out until the maturity date. I have a similar GIC account in Royal Bank. At least they allow me to withdraw my GIC without the earned interest.
Don’t buy GIC from Oaken.
worse experience
I think i have done a biggest mistake to transfer all my funds from different institute to oaken. Now what is happening is I had my investments with 13 different institute, I transfer all my money from different institutes to oaken but these people they did not put in my account. so whenever I call oaken customer service they said that they can see all the transfer forms but they don’t know where the money is.
If you ask to speak to a supervisor they will say supervisor is not here but supervisor will call you
never heard back from supervisor
I transfer all my money in Feb 2021 and today is June 22 2021
still looking for my funds
So guys be careful and never ever go to oaken financial
worse worse experience
Oaken also charges a $20 Canadian fee for a dishonoured transfer of funds from an external bank. This is not listed in their fee schedule. Beware TD bank and available funds at TD bank while or whilst transferring money to Oaken. Sometimes what you see is not what you get at TD bank.
Thanks for the tip John