FAQs

You have questions? We have answers! Take a look through our FAQs below. If you don’t find what you’re looking for, you can always get in touch by calling 1-855-OAKEN-22 (625-3622) or sending an email to service@oaken.com, and we’ll get you the answer you need.

About Oaken Financial

What is Oaken Financial?

Oaken Financial is the name for Home Trust’s direct to consumer deposit business. Oaken is an inspiring alternative to other financial institutions that combines a long-established tradition of service and value with a fresh perspective on what customers really need to make the most of their money.

Who is Home Trust?

Home Trust is Canada’s largest independent trust company that has been proudly serving Canadians since 1987. Learn more here.

What is the relationship between Oaken Financial, Home Trust and Home Bank?

Home Trust is the parent company of Oaken Financial. Home Bank is a wholly owned subsidiary of Home Trust. It was formerly known as CFF Bank, welcomed into the Home Trust family in October 2015, and renamed as Home Bank in August 2016. Oaken Financial is not a separate company, but a trademark of Home Bank. All Oaken deposits are held with either Home Bank or Home Trust Company, both of which are separate members of Canada Deposit Insurance Corporation (CDIC).

Why did Home Trust launch Oaken Financial?

Oaken Financial was launched in 2013 to provide Canadians a competitive alternative to manage their savings independently.

Previously Oaken Financial was a trademark of Home Trust, but now it is trademark of Home Bank. What impact will this have on my existing accounts?

There will be no impact at all on your accounts.

Now that Oaken is aligned with a Bank, will you be offering more products and services?

Oaken is always looking to enhance its customers’ experience. Adding Home Bank allows us to better meet the needs of our deposit customers due to having multiple issuers, however adding the bank has no bearing on Oaken’s desire or ability to offer more products or services.

Does Home Bank mean you are going to start charging fees?

This change has no bearing on what fees we charge. We’ve always maintained that at some point in the future, once our online statement functionality has improved, we will begin to charge $2 per month for savings account statements. However we will provide customers with lots of notice before this happens, and will make it easy for customers to avoid this charge by opting for online statements only.

I am a previous Home Trust customer. What happened to my existing accounts?

All GICs that were opened directly with Home Trust before Oaken was launched, and not through a deposit broker, have been moved to the Oaken brand. All deposits remain with Home Trust, however communication will be under the Oaken name.

Deposit insurance

Are Oaken GICs and Oaken Savings Accounts eligible for protection under the Canada Deposit Insurance Corporation (CDIC)?

Yes! Each deposit is available through either Home Bank or Home Trust Company, both of which are separate members of CDIC. So all of your Oaken deposits are eligible for CDIC coverage, up to applicable limits. Please visit the CDIC website for more information.

With the new addition of Home Bank, does this mean that I now have access to additional CDIC coverage?

Yes, Home Bank is also a member institution of CDIC.

If I have Home Trust GICs and additional deposits with Oaken, does this increase my eligible deposit insurance coverage?

No, all deposits across both brands are held with either Home Trust Company or Home Bank as our two CDIC member institutions. The Oaken brand itself does not count as additional coverage. Learn more here.

What is the maximum amount of deposit insurance at Oaken?

The maximum protection for eligible deposits at Oaken is $100,000 per name registration (principal and interest combined), for each issuer. In addition, CDIC provides separate insurance protection for joint deposits ($100,000 collectively, not per individual), as well as deposits held in RSPs, TFSAs, and RIFs ($100,000, principal and interest combined per registration type). Please visit the CDIC website for complete details on what is covered through CDIC.

Products, plans and rates

What products does Oaken offer?

Oaken offers a comprehensive suite of GICs and the Oaken Savings Account. GIC terms range from 30 days to 5 years, and are available in the form of a Retirement Savings Plan (RSP), Tax-Free Savings Account (TFSA) and Retirement Income Fund (RIF), as well as Non-registered GICs.

Are interest rates the same under both Home Bank and Home Trust Company?

Yes, there will continue to be one set of Oaken rates only for the foreseeable future.

I would like to transfer my registered products over to Home Bank, how do I do this?

Simply complete an Oaken Registered Application and a T2033 for RSP and RIF, or a direct transfer form for TFSA.  These forms are required because Home Bank and Home Trust Company are separate legal entities, and the Canada Revenue Agency requires these forms to be filled out whenever registered money flows between two legal entities. Oaken offers GICs inside RSPs for both Home Bank and Home Trust.

What will happen to my investment when my GIC matures?

If you choose for your investment to be auto-renewed, or if your investment is held in a Registered product (RSP, RIF or TFSA), they will be renewed with the same entity. However, if you would like to change the current instructions, you can set this up in Online Banking, or get in touch and we’ll be happy to arrange that for you.

Does Oaken offer commercial accounts?

Yes. We offer Commercial GICs and the Oaken Savings Account to corporations, trusts, non-profits, condominium boards and other commercial entities.

What are the benefits of the Oaken Savings Account?

The Oaken Savings Account offers one of the highest daily interest rates, no monthly fees, and no minimum balance. It also allows you to make electronic funds transfers to and from your accounts at other financial institutions.

How can I be informed of Oaken’s current interest rates?

We always keep our current rates up to date on our website. You can also subscribe to receive rate updates by email. Sign up now to start receiving these, as well as our regular e-newsletter.

Online account opening

What is the Oaken online application form?

Our online application form allows you to easily and seamlessly submit your personal information for the Oaken Savings Account and our GICs. This includes RSP, TFSA and RIF plans. This form is accessible 24 hours a day, 7 days a week.

Do I need to log in to use this application?

Currently, a log in is not required to access the online application form. Down the road, we plan to add this functionality to improve the customer experience.

Is the submission of my personal information over the internet secure?

Yes. Once you press the submit button, your information is submitted over a secure HTTPS connection.

I just opened an account. Where do I send my cheque or documentation?

Mail your cheque or documentation to:

Oaken Financial
145 King Street West, Suite 2500
Toronto, ON  M5H 1J8

Why do I need to send you a personal cheque for $1.00?

We ask for a personal cheque to ascertain your identity. Since we are not meeting you in person, depositing a cheque is another way for us to do this. All Canadian financial institutions are required to ascertain the identity of all new clients.

What will happen to my $1.00?

We will credit your Oaken Savings Account if you have one or are opening one, otherwise we’ll add the funds to your GIC.

Who should I make my cheque payable to?

Your personal cheque can be made payable to either Oaken Financial or to yourself.

When will I get my confirmation?

Upon receipt of your documentation and receipt of your funds, your confirmation will be mailed to your address on file within 5 business days. Please allow a few extra days for Canada Post.

I submitted my application but I did not receive my confirmation email. What should I do?

You can expect to receive your confirmation email shortly after submitting your application. If it does not appear in your regular inbox, be sure to check your junk inbox and other email tabs. If you have any questions, please have your reference number handy and call us at 1-855-625-3622.

What should I do with the reference number?

The reference number should be indicated on the paperwork you are submitting.

Who can I contact if I am experiencing difficulties with the online application form?

If you have any questions or difficulties with online application form, please contact us 1-855-OAKEN-22 (625-3622). The Oaken team is available from Monday to Friday, 8:00AM to 8:00PM ET.

I submitted my application but I need to make a correction. Who should I contact?

Please contact us at 1-855-625-3622 and have your reference number handy. The Oaken team is available from Monday to Friday, 8:00AM to 8:00PM ET. If you call outside our regular office hours, leave a message and we’ll call you back on the next business day.

Online Banking

What can I do with Oaken Online Banking?

Oaken Online Banking gives you the ability to:

    • View a summary of all your investments (personal and commercial)
    • View transactions and export transaction reports
    • View investment details for all your Oaken GICs, including those in RSP, TFSA and RIF plans
    • Manage electronic transfers
    • View and change what will happen when your GIC matures
    • Update account details, including your profile and password
    • Customize your preferences to receive statements and alerts for balances, maturities and other transactions
    • Transfer money now or later, on a one-time or a recurring basis
    • Send and receive secure email messages
    • Export account information to Quicken® and Microsoft® Money personal financial management software

What are the benefits of using Oaken Online Banking?

    • Access your Oaken accounts anytime, from any computer, tablet or smartphone with internet access
    • View statement(s) and investment details with the click of a button
    • Conveniently transfer money or redeem Cashable GICs

What are the costs of using Oaken Online Banking?

There are no fees to use Oaken Online Banking.

How do I access Oaken Online Banking for my trust, estate or commercial accounts/investments with Oaken?

Please contact us 1-855-OAKEN-22 (625-3622), so we can quickly and easily get you set up. The Oaken team is available from Monday to Friday, 8:00AM to 8:00PM ET.

Customer service

How can I get service with Oaken?

Please call 1-855-OAKEN-22 (625-3622) between 8:00AM and 8:00PM ET, Monday to Friday. We’re always happy to hear from you. You can also email us at service@oaken.com.

How long does it take once you receive my GIC or Oaken Savings Account application form?

All completed applications will be processed within 5 business days. Please allow sufficient time for mail to reach you after that.

Do you have locations that I can visit?

Yes, we have Oaken stores in Toronto and Calgary, as well as offices in Vancouver and Halifax. Please feel free to drop by our Toronto store between 8:30am and 5:00pm, Monday to Friday—you’ll find us in the PATH (Concourse Level) at 145 King Street West, close to St. Andrew subway station. Our store in Calgary is at 517–10th Avenue SW, and open from 10:00am to 5:00pm on Monday to Thursday, and until 4:00pm on Fridays. Both our stores are happy to offer you 1-hour free parking.

Can I make an appointment to visit Oaken?

While you can always pop by our locations at any time you like during business hours, you can also avoid the possibility of having to wait by making an appointment first. If you would like to make a Toronto store appointment or a Calgary store appointment, you can select your preferred day and time and then book this online. Or you can simply call us at 1-855-OAKEN-22 (625-3622) to set up an appointment at any of our locations.

What is the Oaken Financial service promise?

We take our promises very seriously, and when it comes to the service we provide to our customers, we promise to be helpful, supportive and kind. We’ll do whatever it takes to answer your question, right a wrong, or point you in the right direction. We’ll also take a few minutes to see how you’re doing, and try to add a smile to your day. So, feel free to contact us anytime.

How do I make a compliment or complaint?

We want to hear from you. Really, we do. We’re not just saying that. We are always aiming to please. We want to know if we’re doing things right, or if there are things we could be doing better to improve your experience with us. So please, let us know how we’re doing.