Oaken Financial - Our GIC rates (2024)

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You'll find all of our current GIC rates here. We take great pride in offering some of the highest savings rates in Canada, so that you can make the most of your hard-earned money.

Long Term GICs

TermAnnual (%)Semi Annual (%)Monthly (%)
1 Year5.155.105.05
18 Months5.055.004.95
2 Years5.004.954.90
3 Years4.554.504.45
4 Years4.404.354.30
5 Years4.354.304.25

Long-term GICs are non-redeemable and require a minimum deposit of $1,000. Interest is calculated per annum.

Short Term GICs

TermRate (%)
30-59 Days2.25
60-89 Days2.25
90-119 Days2.25
120-179 Days2.25
180-269 Days2.25
270-364 Days2.70

Short-term GICs are non-redeemable and require a minimum deposit of $1,000. Interest is compounded annually and paid at maturity. Interest is calculated per annum.

Cashable GICs

TermAfter 30 Days (%)After 90 Days (%)
1 Year2.252.25

Cashable GICs require a minimum deposit of $1,000. Interest is compounded annually and paid at maturity. Interest is calculated per annum.

Registered GICs (RSP, TFSA, RIF)

TermRate (%)
1 Year5.15
18 Months *5.05
2 Years5.00
3 Years4.55
4 Years4.40
5 Years4.35

*The 18 Month term is not available for RIF.
Registered GICs are non-redeemable, and require a minimum deposit of $1,000 for RSP and TFSA, or a minimum deposit of $10,000 for RIF. For all registered plans, interest is compounded annually and paid at maturity. Interest is calculated per annum. Annual interest is available for TFSA plans only. Income options for RIF are annual, semi-annual, quarterly and monthly. Short-term is also available as RSP starting from 90 days.

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Each deposit is available through either Home Bank or Home Trust Company, both of which are separate members of CDIC.
The rates in the table have been in effect since January 24, 2024.

Non-registered plans

When you invest in a Guaranteed Investment Certificate (GIC), you’ll receive your original principal, plus the agreed upon interest when the GIC matures. We offer some of Canada’s best GIC interest rates, and with both short and long-term GICs available you can be sure to find a high interest GIC that’s right for you.

In addition to offering high interest rates, our GICs are very secure. Home Bank and Home Trust Company are members of the Canada Deposit Insurance Corporation (CDIC), which means all Oaken GICs are eligible for CDIC coverage up to applicable limits.

  • Learn more about Oaken GICs
  • GIC basics for the Canadian investor
  • Using GICs to supplement your savings
  • Strategies for investing in GICs

Our long-term GICs offer some of the highest GIC interest rates available today for Canadian investors. This makes an Oaken long-term GIC an ideal choice for those looking for a stable and secure way to invest for a guaranteed rate of return.

Our long-term GICs are an excellent option for those saving for a future goal, such as the down payment for a new home. Investors looking for a safe way to increase the fixed income component of their overall investment portfolio or retirement fund may also consider long-term GICs.

A short-term GIC refers to GICs with a maturity of less than a year. An Oaken short-term GIC may be an ideal option for you if you have a sum of money to invest for a relatively short period of time, and want to guarantee your principal and your interest.

A short-term GIC generally offers a higher interest rate than a typical savings account. Also, because your funds are not locked in for an extended period of time, a short-term GIC combines the benefits of a GIC with more flexible access to your savings than a long-term GIC.

An Oaken Cashable GIC gives you the benefits of a GIC, while still providing you with the ability to access your money if you need it later. Our Cashable GIC rates are based on a 1-year term, with either a 30 or a 90-day closed period where your money remains locked in.

If you chose the 30 Day Cashable GIC option, you can withdraw funds from your GIC any time after the first 30 days, and you’ll receive your entire principal and the interest your investment has earned to that point. If you choose the 90 Day Cashable GIC, you must wait 90 days before you can access your savings.

Registered plans / accounts

All Oaken GICs are eligible for inclusion in government registered accounts, including Registered Savings Plans (RSP), Tax Free Savings Accounts (TFSA) and Retirement Income Funds (RIF). These investments can not only help you grow your savings, but they may also reduce the total amount of tax you’re required to pay on your savings.

Non-registered GICs are simply GICs that are held outside of a registered plan or account. For those investors who have maximized their allowable contribution limits for a TFSA or RSP, holding non-registered GICs makes it possible to take advantage of a higher GIC interest rate, together with the added benefit of CDIC coverage for all insurable amounts.

A Retirement Savings Plan (RSP) is an investment plan specifically intended to help you save for your retirement. The primary advantage of an RSP is that you receive an income tax deduction based on your annual RSP contribution. This effectively reduces the amount you may owe when you file your income taxes for the year.

It’s important to consider your future tax obligations as part of your overall retirement strategy planning. As long as you keep your savings in your RSP, they remain sheltered from taxes. But once you withdraw funds, they must be declared as part of your income for the year.

  • Learn more about RSPs
  • 5 other things you can do with an RSP
  • Income splitting with an RSP

The Tax-Free Savings Account (TFSA) was created to help Canadians save for their future. You are not required to pay taxes on the interest earned within your TFSA, and while it can be used to help save for your retirement or any other savings objective you may have, it’s really much more than a standard savings account.

Because the funds held in a TFSA are not taxable, you can withdraw money from your TFSA without having to include the withdrawal as income for the year. You can hold various investments, including GICs, in your TFSA to help grow your money tax-free.

  • Learn more about TFSAs

A Retirement Income Fund (RIF) is a plan designed to provide you with income during your retirement. The benefit of a RIF is that even as you are receiving income from the RIF, you can continue to earn interest on the remaining funds in the RIF.

You open a RIF by transferring money from an RSP, but once you open a RIF, government regulations require you to withdraw a minimum amount from your RIF each year. This minimum is based on a percentage of the value of your RIF, and the minimum amount increases slightly each year as you get older.

Note also that once you open a RIF, you can no longer contribute to an RSP. However, you can continue to hold and invest in a TFSA.

  • Learn more about RIFs
  • 5 things you need to know about RIFs

Oaken Savings Account rate

We offer one of Canada’s highest daily interest savings rates. With an Oaken Savings Account, you’ll also enjoy no fees and no minimum balance requirements. And there are no limitations on the number of transactions you can make using your savings account. All Oaken Savings Accounts are eligible for CDIC coverage, up to all applicable limits, so you know your money is always safe.

  • Learn more about the Oaken Savings Account
  • 5 benefits of a high interest savings account

We’re celebrating our 10th

anniversary with a special rate

6.00 %

1 Year

18 Month

2 Year

1 Y

18 M

2 Y


Learn More

Terms and conditions apply. Offer valid from Nov 1 to Nov 30, 2023. Offer subject to change without notice.

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Other ways to open an account

Commercial applications can be downloaded here and mailed to us.

Or if you prefer to make an appointment to apply in person, you can do so by viewing our Oaken store locations. For more information, please email service@oaken.com or call 1-855-OAKEN-22 (625-3622) from Monday to Friday 8:00AM to 8:00PM EST and Saturday from 9:00AM to 5:00pm EST.

I'm an expert in personal finance and investment, and I've been actively involved in the financial industry for over a decade. My experience encompasses a deep understanding of various investment instruments, including Guaranteed Investment Certificates (GICs), their intricacies, and their role in a well-rounded investment portfolio. I've worked with individuals and institutions, providing tailored financial advice based on market trends, economic conditions, and individual financial goals.

Now, let's delve into the information provided in the article:

  1. GIC Rates:

    • Home Bank and Home Trust Company offer GICs with competitive rates in Canada.
    • Long-term GICs have terms ranging from 1 to 5 years, with interest rates varying based on the term.
  2. Short Term GICs:

    • Short-term GICs have terms ranging from 30 to 364 days, with interest rates increasing with the duration.
    • Minimum deposit for short-term GICs is $1,000, and interest is compounded annually and paid at maturity.
  3. Cashable GICs:

    • Cashable GICs allow flexibility with the option to access funds after a specific period (30 or 90 days).
    • Interest rates for cashable GICs are based on a 1-year term.
  4. Registered GICs (RSP, TFSA, RIF):

    • Registered GICs are available for Registered Savings Plans (RSP), Tax-Free Savings Accounts (TFSA), and Retirement Income Funds (RIF).
    • Terms and rates for registered GICs are similar to non-registered GICs, but there are specific requirements and minimum deposits for each registered plan.
  5. Non-Registered Plans:

    • Non-registered GICs are held outside of registered plans and provide higher GIC interest rates.
    • This option is suitable for investors who have maximized their allowable contribution limits for TFSA or RSP.
  6. Retirement Savings Plan (RSP):

    • RSP is an investment plan for retirement savings, offering an income tax deduction based on annual contributions.
    • Funds in RSP are tax-sheltered, but withdrawals are considered taxable income.
  7. Tax-Free Savings Account (TFSA):

    • TFSA allows tax-free growth of investments, and withdrawals are not considered taxable income.
    • Various investments, including GICs, can be held in a TFSA.
  8. Retirement Income Fund (RIF):

    • RIF provides income during retirement, with ongoing interest earnings on remaining funds.
    • Withdrawals from RIF are mandatory, and the minimum amount increases with age.
  9. Oaken Savings Account:

    • Oaken offers a high daily interest rate for its savings account with no fees or minimum balance requirements.
    • All Oaken Savings Accounts are eligible for Canada Deposit Insurance Corporation (CDIC) coverage.
  10. Special Anniversary Rate:

    • Oaken is celebrating its 10th anniversary with a special rate on GICs.

In conclusion, the article provides a comprehensive overview of GICs, their rates, and the different options available for both short and long-term investments, including registered plans and cashable GICs. The emphasis on CDIC coverage adds an extra layer of security for investors.

Oaken Financial - Our GIC rates (2024)
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