Compare the best Oaken Financial GICs

The best overall GICs in Canada

Why choose Oaken Financial GICs?

Oaken Financial offers a variety of GIC options with different terms and features, allowing you to choose the best option for your financial goals.

Types of Oaken Financial GICs

Oaken Financial offers three main types of GICs: Cashable, long-term GICs (non-redeemable), and short-term GICs.

Oaken Financial Long-Term GICs

Oaken’s Long-Term GICs have a fixed term for 1, 2, 3, 4 or 5-year periods, and do not allow for early withdrawals. As an online bank, Oaken offers competitively-high interest rates on its GICs - higher than the majority of the rates big banks offer. Oaken Long-Term GICs might be ideal if you have a long-term savings goal in mind, like paying for a downpayment in five years, or if you want to hold your savings as an investment in a registered investment account for example.

Oaken Financial Cashable GICs

Cashable GICs allow you to access your money before the end of the term without penalty. In exchange for this convenience, you’ll often get lower interest rates. Oaken’s cashable GICs currently pay 2.25% for a 1-year period, which is a much lower rate than their long-term non-cashable GICs. You also can’t hold Oaken’s cashable GICs in registered accounts like TFSAs, RRSPs or FHSAs, for example.

Oaken Financial Short Term GICs

Oaken Financial’s Short Term GICs are available for the following term lengths:

• 30-59 Days
• 60-89 Days
• 90-119 Days
• 120-179 Days
• 180-269 Days
• 270-364 Days

Oaken Short-Term GICs pay 2.25-2.70%. They are not available for registered accounts, and would be ideal for short-term savings goals like paying for an upcoming vacation or large purchase. Keep in mind, though, with GICs in unregistered accounts, your interest earned is fully taxable unlike with registered GICs.

About Oaken Financial

Oaken Financial provides banking alternatives as a direct-to-consumer business. Its parent company, Home Trust, is Canada’s largest independent trust company. Oaken is a CDIC member, meaning its GIC investments are insured in the rare event the institution fails. Oaken’s GICs can be purchased online, over the phone, or at one of its branches. Currently, Oaken Oaken Financial has branches in Toronto, Vancouver, Calgary and Halifax.

In this article, we'll explore the best Oaken Financial GIC rates in Canada, the different types of Oaken GICs available, and why they are a smart investment option. (If you’re wondering how GICs work, read our guide: “What is a GIC?”)

Compare other Oaken Financial products

Not only does Oaken Financial offer the most competitive non-registered GIC rates, but it also provides premium savings account rates through the Oaken Savings Account. Compare all of the best savings account rates in Canada.

Alternatives to Oaken GICs

There are several alternatives to Oaken Financial GICs that you can consider when looking for investment options in Canada. Here are a few popular alternatives:

• TD GICs: TD GICs offer competitive interest rates, and their GICs are available for registered accounts.
• Scotiabank GICs: Scotiabank is another major Canadian bank that offers GICs with attractive interest rates.
• CIBC GICs: CIBC Bonus Rate GICs pay competitive rates, although their regular interest rates can be much lower than other banks.
• RBC GICs: Royal Bank of Canada (RBC) offers a wide range of GIC options with competitive interest rates.
• BMO GICs: BMO offers a variety of GICs across cashable, non-redeemable, US GICs and market linked GICs.
• Credit union GICs: Credit unions are member-owned financial institutions that often offer GICs with competitive rates. They are provincially-insured.
• Online banks: Online banks such as EQ Bank and Tangerine offer GICs with competitive rates and convenient online account management.
• Government bonds: Government bonds, such as Canada Savings Bonds and Provincial Savings Bonds, are considered low-risk investments. They offer fixed interest rates and are backed by the government. Read more about GIC alternatives.

When considering alternatives to Oaken Financial GICs, it's important to compare interest rates, terms, and features to find the best option for your financial goals. Additionally, consider factors such as customer service, convenience, and any additional fees or requirements associated with the investment.