Oaken Financial Review: 4.50% GICs and a 3.00% Savings Account
Oaken Financial pays up to 4.50% on a 5-year GIC and 3.00% on savings, rates read November 9, 2026. What you get, what you give up, and who Oaken suits.
Oaken Financial pays 4.50% on a 5-year GIC and 3.00% on its savings account, based on the rates we read on Oaken's rate page on November 9, 2026. Those rates have been in effect since November 6, 2026. Oaken is the direct-to-consumer brand of Home Bank and Home Trust Company, and it does one thing: deposits. There is no chequing account, no debit card and no credit card. This Oaken Financial review covers its rates, its limits and who it suits. To compare it with every other issuer, see our best GIC rates in Canada and our banking section.
Oaken Financial at a glance
Oaken sells two products: a high-interest savings account and GICs. You open both online through Oaken Digital, or by phone, and you move money in and out through a bank account you link at another institution.
- Savings account rate: 3.00%, calculated daily and paid monthly
- Best GIC rate: 4.50% on a 5-year term, annual interest
- GIC minimum: $100 online, $1,000 through the Contact Centre or an Oaken store
- Monthly fees: none on the savings account
- Registered plans: TFSA, RRSP and spousal RRSP savings; TFSA, RRSP and RRIF GICs
- Deposit insurance: CDIC, through Home Bank and Home Trust Company
Oaken GIC rates today
Oaken posts the same long-term rates for non-registered, TFSA, RRSP and RRIF GICs. With annual interest, on November 9, 2026:
- 1 year: 3.90%
- 18 months: 3.95% (not offered in a RRIF)
- 2 years: 4.30%
- 3 years: 4.35%
- 4 years: 4.40%
- 5 years: 4.50%
Choose semi-annual or monthly interest on a non-registered GIC and the rate drops by 0.05 or 0.10 points: for example, 4.45% or 4.40% on 5 years. Long-term GICs are non-redeemable, so the money stays locked until maturity. A RRIF GIC requires $10,000.
Oaken also sells short-term GICs from 30 to 364 days, and a cashable GIC you can cash after 30 days:
- 30 to 179 days: 1.00%
- 180 to 269 days: 2.25%
- 270 to 364 days: 2.70%
- 1-year cashable GIC: 2.25%
How Oaken compares with EQ Bank and Tangerine
On the same day, Oaken led EQ Bank and Tangerine on every term we compared. The gap is widest on 2 and 3 years. On $10,000 over 5 years with annual compounding, Oaken's 4.50% grows to $12,461.82, against $12,343.02 at EQ Bank's 4.30%.
| Institution | 1 year | 2 years | 3 years | 5 years | Minimum |
|---|---|---|---|---|---|
| Oaken Financial | 3.90% | 4.30% | 4.35% | 4.50% | $100 online |
| EQ Bank | 3.70% | 4.15% | 4.15% | 4.30% | $100 |
| Tangerine | 3.70% | 4.05% | 4.10% | 4.20% | Not stated on rate page |
EQ Bank still has two edges: it sells 6-, 7- and 10-year GICs at 4.35%, and it offers FHSA GICs outside Quebec. Run your own amount and term through our GIC returns calculator.
Oaken savings account: 3.00% with no minimum
The Oaken Savings Account pays 3.00% on the whole balance, with no monthly fee and no minimum balance. The TFSA, RRSP and spousal RRSP savings accounts pay the same 3.00%. Oaken calculates interest daily and pays it monthly. Unlike a GIC, the rate can change at any time.
There is no tier and no promotional period to track. That matters, because many high savings rates in Canada are temporary bonuses for new clients that drop back after a few months. For a wider comparison, see the best savings accounts in Canada and our guide to TFSA savings accounts.
What Oaken does well
- Top GIC rates across terms: Oaken posted the highest 1- to 5-year rates we found on November 9, 2026.
- Same rate in a TFSA, RRSP or RRIF: registered GICs do not pay less than non-registered ones.
- A permanent 3.00% savings rate: no teaser rate that expires after a few months.
- A $100 GIC minimum online: low enough to build a ladder with small amounts.
Where Oaken falls short
- No everyday banking: no chequing account, no debit card and no Interac e-Transfer listed among its features. Money moves through a linked external account.
- No FHSA: Oaken does not list a First Home Savings Account, so first-time buyers need another institution for that plan.
- Locked GICs: long-term GICs are non-redeemable, and the cashable GIC pays 2.25% only.
- Higher minimums offline: $1,000 per GIC through the Contact Centre or a store, and $10,000 for a RRIF GIC.
Is Oaken Financial safe?
Yes, within CDIC limits. Each Oaken deposit is held at Home Bank or Home Trust Company, two separate CDIC members. CDIC covers eligible deposits up to $100,000 per insured category at each member institution, and a TFSA, an RRSP, a RRIF and a non-registered account are separate categories. Check the details on the CDIC website before you place more than $100,000 in one category.
How to open an Oaken account
You need an email address, government ID and your SIN when the product requires it. The online process takes five steps: choose a product, prepare your information, enrol in Oaken Digital, link an external bank account to fund it, then manage the account in the app. You can also call 1-855-625-3622 or book an appointment at an Oaken location.
Who should choose Oaken
Oaken suits savers who already have a chequing account elsewhere and want the highest posted GIC rates, especially inside a TFSA or RRSP. It also suits anyone who wants a steady 3.00% savings rate without chasing promotions. However, if you want everything at one institution, or you need an FHSA, look at the EQ Bank GIC or a big bank. Before you lock money in, read what a GIC is and how it works and our guide to TFSA GICs.
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