Recently, I wrote an article comparing the top high-interest savings accounts in Canada. It perhaps should come as no surprise that the vast majority of the accounts that made the cut were online bank offerings, from the likes of Tangerine, EQ, and Simplii. Free from the high overhead of traditional brick and mortar financial institutions, online banks are able to entice Canadians with lower fees and higher savings interest.
Oaken Financial was not included in my review, but they are a worthy competitor in the online banking space, specifically for their high-interest savings and GIC account offering. In the near future, I will make a point to update the other article to include Oaken, but for the time being, I've put together this full review. Enjoy!
Apr 22, 2021 Wow ascii art email protected email protected 13. Wow, good job, thats Amazing -favs-Reply. OK here is some of my collection of ASCII macros for wow. By phone: 1-855-OAKEN-22 (625-3622) Toll-free anywhere in Canada. Oaken representatives are available Monday to Friday, 8:00am to 10:00pm and Saturday 9:00am – 5:00pm ET. If you call outside our regular office hours, leave a message and we'll call you back on the next business day. By email: service@oaken.com Our service promise. Operating System: Mac OS X 10.6.3 MP3 player of choice: iPod Personal Quote: 'To see love is enough to keep alive those in love.' Favourite Visual Artist. Queen Anna of Arendelle (pronounced Ah-na) is the protagonist of Disney's 2013 animated feature film Frozen and the deuteragonist of its 2019 sequel. She is the second-born daughter of King Agnarr and Queen Iduna, the younger sister of Elsa the Snow Queen, and the contemporary ruler of Arendelle. During their childhood, an accident involving Elsa's magic created a rift between the two sisters. Worked around an issue where you would lose your Expose/Dashboard preferences if you crashed or asserted while in fullscreen mode on Mac OS X 10.4. Fixed the 'blockWidth', 'srec', and 'bitnum.
Introducing Oaken Financial
Oaken Financial is a fully digital bank. While they do have a handful of offices in major cities, their services are designed to be delivered online. Oaken was founded in 2013 and is backed by Home Bank, which is a subsidiary of Home Trust Company. Home Trust is Canada's largest independent trust company and has been serving Canadians since 1987.
Unlike other online banks, Oaken currently has just 2 products in their line up: a high-interest savings account, and a family of GIC products, both registered and non-registered. Let's take a closer look at what's available, starting with their high-interest savings account.
Oaken Financial Savings Account
Wildlife park - wild creatures mac os. Looking for a way to earn more interest on your rainy-day fund? The Oaken Financial Savings Account offers an interest rate the banks can't match, with unlimited transactions and no monthly fee. There is also no account minimum. At the time of this writing, the interest rate is a very competitive 2.3%, the same rate being offered by EQ bank.
With Oaken, you can open your account four ways. Online (the most convenient option), over the telephone, in-person at one of their stores, and by mail.
Account Features
- No monthly fee
- Competitive interest rate (currently 2.3%)
- Unlimited transactions
- No minimum balance requirement
- CDIC insured
Opening Your Oaken Savings Account
When you open your Oaken Savings account, you will be required to provide your SIN number along with a couple pieces of ID, and a void cheque. The latter is required to set up the funds transfer process. One drawback with Oaken is that they don't yet have a mobile app, so you will need to use their website to access your account from your device, or a desktop computer.
Oaken Financial GICs
In addition to high-interest savings, Oaken has a series of GIC products available for customers. You can choose from both personal and commercial non-registered, and RRSP, TFSA, and RRIF options are available as well. Terms are available from 30 days to 5 years, with cashable, and non-cashable options.
You can choose to have your GIC interest paid in various frequencies, including monthly, semi-annually, annually, or upon maturity. The minimum deposit amount is $1000. Below is a sampling of current registered GIC rates (RRSP, TFSA, RRIF). Visit Oaken Financial's website for a full listing.
Term Rate
1 Year 2.55%
18 months 2.60 (not available in an RRIF)
2 Years 2.65
3 Years 2.70
4 Years 2.80
Loss of fluid mac os. 5 Years 2.90
Is Oaken Financial Safe?
You can be assured that your money is safe with Oaken. https://usbonusslotsdepositnonieqjlvreports-slots.peatix.com. As I mentioned earlier, they are a subsidiary of Home Trust Company, which has been doing business in Canada for over 30 years. Oaken Financial is also a member of the Canada Deposit Insurance Corporation (CDIC). This means that your savings and/or GIC deposits are protected up to $100,000 per registration, as they are with any major Canadian bank. Their online banking is fully encrypted, offering customers the same level of security you would expect with any other institution.
CDIC Coverage with Oaken Financial
As mentioned, your deposits with Oaken Financial are covered by CDIC. This applies to both GIC and savings accounts. Oaken has two separate CDIC registrations, under Home Bank and Home Trust Company. Being able to choose from more than one registration category means that more of your hard-earned dollars can be CDIC insured.
Oaken Blog
Scrolling through the Oaken website, I stumbled on their blog and was impressed by the content that I found there. Included are a number of helpful articles on various financial topics written by personal finance experts. They cover everything from TFSAs to emergency funds, as well as advice on retirement, paying bills and money tips for snowbirds headed south.
Also included is a series of YouTube videos, called ‘Saversodes'. These are short clips, each one a few minutes in length, featuring regular Canadians discussing topics like budgeting, and retirement while drawing on their own life experience. It's very entertaining and definitely worth checking out.
How Does Oaken Financial Compare?
If you're looking for a competitive interest rate from an online savings account or GIC, Oaken Financial is a solid choice. Their interest rates are similar to other online banks, and their account opening process appears to be clean and straightforward. They come up a bit short by not having a dedicated mobile app, limiting customers to using a more traditional desktop website. That said, you may not need the functionality of a mobile app for your savings account or GIC.
Which brings me to the one other drawback with Oaken. With only two products in their lineup (savings & GICs), competitors like Tangerine and Simplii have more to offer. For example, with Tangerine, not only can you open a high-interest savings account, you take out a mortgage or home equity line of credit, apply for a rewards credit card, an RRSP loan, or invest with Tangerine Investment Funds. In other words, if you're looking for a one-stop shop, you may be better off looking elsewhere. However, if all you need is a place to store your money while earning an attractive return, then Oaken Financial is a worthy choice.
Discussion forum
Income tax filing
StudioTax 2018
All alone (bitsbybrad) mac os. I note that StudioTax for 2018 is now available for download.
That said, I did download the Mac version, but it will not verify and unpack. Anyone else tried this yet? I am running Mac OS 10.11.
December 2, 2018
rhvic said
I note that StudioTax for 2018 is now available for download.
That said, I did download the Mac version, but it will not verify and unpack. Anyone else tried this yet? I am running Mac OS 10.11.
Just down loaded. I am on 10.13.6 and all is well.
It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.
OK, I downloaded it again and got the software to load properly now, looks great.
All ready to pay more taxes to the government!
January 18, 2013
Has anyone found a way of attaching a note to CRA? I need to explain a few things. With a paper return its so easy. Can't find any place in this program to attach a note!
'>
traveling_ING said
Has anyone found a way of attaching a note to CRA? I need to explain a few things. With a paper return its so easy. Can't find any place in this program to attach a note!
Mail it in or use the descriptor fields so you can keep track (not sure CRA sees those) so just make sure you understand whats going on incase you ever do get audited right.
I've always used Studio Tax. Works great and even got me Justins' carbon credit thing. Can't leave him any $$$ to play with. Whatever people don't claim he will use for his own carbon shenanigans right. Enaturox mac os. Or is it impossible to not get the carbon credit thing? Thats my question 😉
'>
Mac Os Download
Most of the descriptions, I believe, I don't think they see. Some income tax filing software provide you a copy of the NETFILE/EFILE record that gets sent to CRA, but since I've been using SimpleTax for inclusive of the past four (4) years, I haven't had that. I think Ufile and GenuTax gave you access to that, but not 100% sure.
I believe CRA My Account gives you the ability to attach correspondence, in PDF format, so you could try submitting some correspondence that way after you file and state that it's related to your tax year income tax return?
Worse case, if they question it, they'll do a pre-assessment review, which is not a formal audit, I believe. My sister had one of those one time when she, unknowingly, claimed interest on a 'student line of credit' that she shared with my parents not realizing she could only claim her federal and provincial student loan interest. (In my personal view, banks and credit unions should not be allowed to market these products with the words 'student line of credit' or 'student loan' in them as it's misleading and a lot of people make this mistake.) CRA was very nice about it and even found her some past textbook credits or something that my dad and I had apparently missed.
Mac Os Versions
Cheers,
Doug
April 26, 2019
I believe CRA My Account gives you the ability to attach correspondence, in PDF format, so you could try submitting some correspondence that way after you file and state that it's related to your tax year income tax return?
Yes, correct. I had to provide extra information a couple of years ago and I created PDF copies and uploaded through 'My Account'. Don't remember if the request had a case number to tie it all together though.
traveling_ING, did you try to Google the process?
Mac Os Mojave
April 26, 2019
'>
GICinvestor said
Would this help?
Yeah, that's what I was referring to. I didn't link to it specifically as it was fairly accessible on the CRA's website and didn't think the poster would have problems finding it. 🙂
Cheers,
Doug
18 months 2.60 (not available in an RRIF)
2 Years 2.65
3 Years 2.70
4 Years 2.80
Loss of fluid mac os. 5 Years 2.90
Is Oaken Financial Safe?
You can be assured that your money is safe with Oaken. https://usbonusslotsdepositnonieqjlvreports-slots.peatix.com. As I mentioned earlier, they are a subsidiary of Home Trust Company, which has been doing business in Canada for over 30 years. Oaken Financial is also a member of the Canada Deposit Insurance Corporation (CDIC). This means that your savings and/or GIC deposits are protected up to $100,000 per registration, as they are with any major Canadian bank. Their online banking is fully encrypted, offering customers the same level of security you would expect with any other institution.
CDIC Coverage with Oaken Financial
As mentioned, your deposits with Oaken Financial are covered by CDIC. This applies to both GIC and savings accounts. Oaken has two separate CDIC registrations, under Home Bank and Home Trust Company. Being able to choose from more than one registration category means that more of your hard-earned dollars can be CDIC insured.
Oaken Blog
Scrolling through the Oaken website, I stumbled on their blog and was impressed by the content that I found there. Included are a number of helpful articles on various financial topics written by personal finance experts. They cover everything from TFSAs to emergency funds, as well as advice on retirement, paying bills and money tips for snowbirds headed south.
Also included is a series of YouTube videos, called ‘Saversodes'. These are short clips, each one a few minutes in length, featuring regular Canadians discussing topics like budgeting, and retirement while drawing on their own life experience. It's very entertaining and definitely worth checking out.
How Does Oaken Financial Compare?
If you're looking for a competitive interest rate from an online savings account or GIC, Oaken Financial is a solid choice. Their interest rates are similar to other online banks, and their account opening process appears to be clean and straightforward. They come up a bit short by not having a dedicated mobile app, limiting customers to using a more traditional desktop website. That said, you may not need the functionality of a mobile app for your savings account or GIC.
Which brings me to the one other drawback with Oaken. With only two products in their lineup (savings & GICs), competitors like Tangerine and Simplii have more to offer. For example, with Tangerine, not only can you open a high-interest savings account, you take out a mortgage or home equity line of credit, apply for a rewards credit card, an RRSP loan, or invest with Tangerine Investment Funds. In other words, if you're looking for a one-stop shop, you may be better off looking elsewhere. However, if all you need is a place to store your money while earning an attractive return, then Oaken Financial is a worthy choice.
Discussion forum
Income tax filing
StudioTax 2018
All alone (bitsbybrad) mac os. I note that StudioTax for 2018 is now available for download.
That said, I did download the Mac version, but it will not verify and unpack. Anyone else tried this yet? I am running Mac OS 10.11.
December 2, 2018
rhvic said
I note that StudioTax for 2018 is now available for download.
That said, I did download the Mac version, but it will not verify and unpack. Anyone else tried this yet? I am running Mac OS 10.11.
Just down loaded. I am on 10.13.6 and all is well.
It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.
OK, I downloaded it again and got the software to load properly now, looks great.
All ready to pay more taxes to the government!
January 18, 2013
Has anyone found a way of attaching a note to CRA? I need to explain a few things. With a paper return its so easy. Can't find any place in this program to attach a note!
'>
traveling_ING said
Has anyone found a way of attaching a note to CRA? I need to explain a few things. With a paper return its so easy. Can't find any place in this program to attach a note!
Mail it in or use the descriptor fields so you can keep track (not sure CRA sees those) so just make sure you understand whats going on incase you ever do get audited right.
I've always used Studio Tax. Works great and even got me Justins' carbon credit thing. Can't leave him any $$$ to play with. Whatever people don't claim he will use for his own carbon shenanigans right. Enaturox mac os. Or is it impossible to not get the carbon credit thing? Thats my question 😉
'>
Mac Os Download
Most of the descriptions, I believe, I don't think they see. Some income tax filing software provide you a copy of the NETFILE/EFILE record that gets sent to CRA, but since I've been using SimpleTax for inclusive of the past four (4) years, I haven't had that. I think Ufile and GenuTax gave you access to that, but not 100% sure.
I believe CRA My Account gives you the ability to attach correspondence, in PDF format, so you could try submitting some correspondence that way after you file and state that it's related to your tax year income tax return?
Worse case, if they question it, they'll do a pre-assessment review, which is not a formal audit, I believe. My sister had one of those one time when she, unknowingly, claimed interest on a 'student line of credit' that she shared with my parents not realizing she could only claim her federal and provincial student loan interest. (In my personal view, banks and credit unions should not be allowed to market these products with the words 'student line of credit' or 'student loan' in them as it's misleading and a lot of people make this mistake.) CRA was very nice about it and even found her some past textbook credits or something that my dad and I had apparently missed.
Mac Os Versions
Cheers,
Doug
April 26, 2019
I believe CRA My Account gives you the ability to attach correspondence, in PDF format, so you could try submitting some correspondence that way after you file and state that it's related to your tax year income tax return?
Yes, correct. I had to provide extra information a couple of years ago and I created PDF copies and uploaded through 'My Account'. Don't remember if the request had a case number to tie it all together though.
traveling_ING, did you try to Google the process?
Mac Os Mojave
April 26, 2019
'>
GICinvestor said
Would this help?
Yeah, that's what I was referring to. I didn't link to it specifically as it was fairly accessible on the CRA's website and didn't think the poster would have problems finding it. 🙂
Cheers,
Doug