Oaken Financial Review 2023

Oaken Financial is a financial institution that prioritizes compassion, security, usefulness, and customer service. Its mission statement is that its customers always come first.

Oaken Financial currently offers two financial products: a High-Interest Savings Account and Guaranteed Investment Certificates (GICs).

In this WealthRocket review, we’ll dive into the independent financial institution known as Oaken Financial by exploring its saving and investing products while looking at why this particular Canadian bank might offer the best bang on your buck.

Oaken Financial is an independent financial institution based in Toronto, Ontario. It operates entirely online. It is a Schedule 1 Bank and a member of the Canada Deposit Insurance Corporation (CDIC).

Since opening its doors in 2013, Oaken Financial has worked under the umbrella of Home Trust, Canada’s largest independent trust, with three decades of banking experience.

Oaken Financial online banking services are ideal for the new generations of savers and investors who prefer to do their banking through their phones or computers.

However, their traditional financial products are suitable for anyone who wants to get a higher return of interest on their savings and investments.

Each account and all features can be accessed from any device anywhere with an internet connection. They offer a handful of branches, four, between the two Canadian coasts in Vancouver, Calgary, Toronto, and Halifax.

It also offers customer services options over the phone, online, or even snail mail.

The Oaken savings account is Oaken Financial’s high-interest savings account. It offers one of Canada’s best daily interest rates, which currently sits at 3.40%*.

There are no monthly fees to use this account. It allows unlimited transactions with no minimum balance requirements or minimum deposits.

Interest is calculated daily and paid out monthly, meaning you can withdraw your money at any time and still receive the interest earned.

Since Oaken Financial does not offer a chequing account or direct deposit, customers will need to have a bank account with another bank to utilize the Oaken Savings Account.

*Rates current as of April 2023

Another option for reaching your financial goals with Oaken Financial is through their Guaranteed Investment Certificates (GICs).

Oaken Financial offers both registered and non-registered GIC, including Tax-Free Savings Account (TFSA) GICs, or Registered Retirement Savings Plan (RRSP) GICs.

Non-registered GICs with Oaken Financial are also available. These types of investments are ideal for clients who have maxed out their TFSA or RRSP contributions.

Terms on Oaken Financial GICs range from 30 days to as long as five years.

There is a minimum investment of $1,000 to purchase Oaken Financial GICs.

Oaken Financial promises some of the highest GIC rates available in the country and comes with CDIC insurance.

*Long-term deposits require a minimum of $1000 and are also available at a semi-annual and monthly rate. Rates current as of April 2023. 

*RIF is not available for 18-month GIC. All deposits require a minimum of $1000. Rates current as of April 2023. 

If you are interested in opening a high-interest savings account or GIC account up with Oaken Financial, you can fill out the application online, mail a printed copy by post, use specialist assistance over the phone, or possibly step into a branch if you live by one of their four locations.

New customers will be required to provide two pieces of ID, their Social Insurance Number, and a void cheque.

Oaken Financial products come with competitive rates for savers and low-risk investors.

The no monthly fees associated with either type of investment, with no minimum balance requirements.

However, a mobile app would be an ideal feature for many.

If you’re looking for a financial institution that promises to help your deposits grow more than Canada’s Big Five banks, and don’t mind speaking to a representative once in a while, Oaken Financial may be for you!