Sign up now to join thousands of other visitors who receive our latest personal finance tips once a week. 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. Motusbank is CIDC insured and offers 1.00% interest on their high-interest savings accounts. Aside from savings accounts, you can also get the Oaken Financial GIC, and earn one of the highest interest rates in the country. In addition, Oaken Financial doesn’t charge monthly fees, nor does it require a minimum balance. High Interest Savings Accounts – Promotional Offers This site uses Akismet to reduce spam. Oaken Financial. On account opening, you are given an option to have your funds deposited with either Home Bank or Home Trust Company. Their high-interest savings account is eligible for CDIC coverage and offers a 1.25% interest rate. 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. The only other fee charges is a $20 charge for accounts that have been dormant for 2 or more years. Oaken offers a 1.5% return on its savings account, which is one of the highest daily interest rates in Canada. Your email address will not be published. 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 Financial does not have a mobile app, but you can login to Oaken Financial using the link below. One downside with Oaken is that they only offer a savings account and their investment offering is limited to GICs. The Oaken Financial Savings Account offers an interest rate the banks can’t match, with unlimited transactions and no monthly fee. Similar to its competitors (i.e. Unsurprisingly, the Oaken Savings Account has no monthly fees, no minimum balance requirement, and offers unlimited transactions. 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. I’m creating an awesome guide on how to start your own online business without investment and make money online. Oaken Financial offers two types of accounts, the savings account and GICs. 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. Your email address will not be published. If balance is ... Transaction fees. 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. Oaken offers one of Canada’s highest daily interest savings rates. 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. You can download the full Oaken Financials Fees chart by visiting the link below. In the Add a Transfer Section. You can withdraw your funds without any prior notice at any time you need them. 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. You can double your coverage when you open two separate accounts with Oaken. As an account holder, the funds in your Oaken savings account are eligible for CDIC protection. 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. This website uses cookies to improve your experience while you navigate through the website. Learn how your comment data is processed. From the From Account: drop-down list, click on the “big bank” from which you wish to … I'm Anoob, an Aircraft Maintenance Engineer by qualification, digital marketer by profession. Required fields are marked *. 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. Oaken Financial is a subsidiary of Home Trust. For full GIC rates, please visit the link below. The Best Children’s Savings Accounts in Canada. 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. 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. Your deposits at Oaken Financial are insured by Canada Deposit Insurance Corporation (CDIC) up to $100,000 per account category. 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. 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. 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. Enoch Omololu is a personal finance expert and a veterinarian. †CDIC coverage up to applicable limits. Also, all Oaken Savings Accounts are eligible for CDIC coverage, up to all applicable limits, so you know your money is always safe. As a reminder, Motusbank is a subsidiary of Meridian Credit Union, and launched in April 2019. 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. We offer one of the best daily interest rates available. There is also no account minimum. Motusbank – 1.00%. Finally, the Tangerine Savings Account also offers joint accounts. 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 … As of publishing this post, this is the GIC Rates of Oaken Financial. 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. With an Oaken Savings Account, you’ll also enjoy no fees and no minimum balance requirements. Please log in again. With Oaken, you can open your account four ways. 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. The Oaken Savings Account rate is annualized, interest is calculated daily an dpaid monthly. It is easy to open a new savings or GIC account at the bank. 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. This account also comes with no monthly fees and no minimum balances. You can contribute up to $6,000 per year. except when there is an exceptional deal elsewhere that overrides the likely exit fee. 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. High Interest Savings Accounts – Everyday Savings. If you are looking for an online bank, then Oaken Financial can be a good choice because they offer high interest rates. If you are interested, I’ll send it to you as soon as it is ready! 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. The Oaken savings account offers one of the highest daily interest rates at 1.25% with zero minimum balance and no monthly fees. Research considered comparable high-interest savings account interest rates based on data taken from public websites as at June 19, 2020. 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. All Oaken Savings Accounts are eligible for CDIC coverage, up to all applicable limits, so you know your money is always safe. At Oaken, we offer one of the most bountiful savings accounts in the country. Oaken Savings Account. How to Move Money Into an Oaken Financial Savings Account Online. Posted by Enoch Omololu | Updated May 20, 2020. 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 . © 2020 Enoch Media Inc. All Rights Reserved. Digital banks can offer a higher interest rate on savings and a free chequing account because they have a lower running cost. With a very competitive daily savings rate, the Oaken Savings Account makes transferring and withdrawing easy without charging any transaction fees. 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. Like EQ Bank, their HISA option is currently available to both existing and new customers at an attractive interest rate of 2.30%. 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. Are you looking for Oaken Financial reviews? https://oaken.com/wp-content/themes/oaken/assets/pdf/OAK_Fee+Schedule+Chart.pdf. The account comes with unlimited free transactions and no monthly fees. Oaken Financial is an online bank in Canada offering a high-interest savings account and Guaranteed Investment Certificates (GICs). Related: The Best Children’s Savings Accounts in Canada. However, they also operate a few offices in Vancouver, Calgary, Toronto, and Halifax. Guaranteed Investment Certificates. You also have the option to opt-out of these cookies. Yes, its a good bank for all types of financial services. These cookies will be stored in your browser only with your consent. Do note Oaken Financial only offers a savings account and only investment options are GICs. This is because your money is deposited with either Home Bank or Home Trust Company, both of which are members of CDIC. All three offer a high-interest savings account and GICs. Like other savings-focused institutions, Oaken Financial offers both a high-interest savings account and an extensive portfolio of Guaranteed Investment Certificates. 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. 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