Our competitors’ rates

We appreciate you have much better ways to spend your time than foraging around to compare our rates with everyone else’s. So we’ve done the hard work for you.

Take a look, and see for yourself

Lots of financial institutions say their savings rates are great, or competitive, or even among the best around. But at Oaken, when we say our rates are some of the highest available in Canada, we really do mean it. What’s more, we’re also happy to prove it.

The table below lists a sample of GIC and saving account rates for many of the other alternatives you have when it comes to saving your money. The rates shown are as posted on their respective websites on September 20, 2019, and are subject to change at any time. These are based on their standard non-registered and non-redeemable GIC with annual compound, and have been ranked by the current rate for a 1 Year GIC.

To view a full list of all our current rates, click here.



1 Year GIC

5 Year GIC


Oaken Financial




AcceleRate Financial 2.55% 2.75% 2.30%
Meridian Credit Union 2.50% 2.60% 1.30%
Implicity Financial 2.45% 2.75% 2.00%
People’s Trust 2.45% 2.80% 2.25%
Wealth One Bank of Canada 2.45% 2.65% 2.30%
EQ Bank 2.40% 2.55% 2.30%
Motive Financial 2.34% 2.51% 1.50%
Motus Bank 2.25% 2.60% 2.10%
Simplii Financial 2.15% 2.20% 1.10%
Tangerine 2.15% 2.20% 1.10%
Canadian Western Bank 2.14% 2.31% 1.25%
ICICI Bank Canada 2.05% 2.70% 1.60%
First Calgary Financial 2.00% 2.05% 1.15%
DUCA Credit Union 1.90% 2.60% 1.40%
Manulife Bank 1.90% 2.25% 1.20%
Vancity 1.65% 2.10% 0.75%
First Ontario Credit Union 1.60% 2.35% 1.50%
BMO Bank of Montreal 1.45% 2.00% 0.80%
HSBC Canada 1.45% 2.00% 1.10%
RBC Royal Bank 1.45% 2.00% 1.00%
TD Canada Trust 1.45% 2.00% 1.05%
Desjardins 1.40% 2.00% 1.00%
National Bank 1.40% 2.00% 1.00%
Zag Bank 1.25% 1.80% 1.65%
Scotiabank 1.20% 1.60% 1.00%
CIBC 0.55% 1.05% 1.00%

Role of the Canada Deposit Insurance Corporation (CDIC)

You deserve to know that the money you’ve entrusted to a financial institution is protected should that institution suddenly cease operations. That’s why you should always look for the Canada Deposit Insurance Corporation (CDIC) logo when opening an account with a federally regulated deposit issuer.

The CDIC is a Crown corporation that, with the authority of the Canadian government, is mandated to provide insurance for deposits held by CDIC member institutions. The funding to support the CDIC comes directly from all member institutions who are required to pay premiums into the CDIC program.

It’s extremely rare for a CDIC member firm to suffer a failure. In fact, the last time a Canadian institution required intervention from the CDIC was over twenty years ago in 1996. However, should a deposit issuer be forced to close its doors in the future, the CDIC will step in to protect deposit holders.


CDIC insurance coverage limits

The CDIC provides up to $100,000 in insurance coverage for each eligible deposit type, and for each individual depositor. Eligible deposit types include savings accounts, as well as registered plans and accounts such as Retirement Savings Plans (RSP), Retirement Income Funds (RIF) and Tax-Free Savings Accounts (TFSA). Oaken offers deposits through either Home Bank or Home Trust Company, and both issuers are registered as separate CDIC member institutions.


Provincial deposit insurers

In addition to the CDIC, provincial agencies provide similar coverage for financial institutions that fall solely under provincial jurisdiction. This includes:

It’s important to know that provincial deposit insurance coverage does vary by province. To learn more, visit the website of the financial authority for your province from the list below:


Bank of Canada and interest rates

The Bank of Canada is a Crown corporation and serves as Canada’s central bank. The Bank of Canada’s primary mandate is to manage the economy through the establishment of its monetary policy.

One of the economic controls the Bank of Canada has at its disposal is the ability to set the overnight lending rate. This is the rate at which Canadian financial institutions lend or borrow from the Bank of Canada’s overnight lending facility in order to access the short-term liquidity that the banking system requires to settle accounts at the end of each day. By changing this rate, the Bank of Canada can directly influence lending rates for the banking industry.

For instance, when the Bank of Canada wants to reduce the rate of inflation, it can increase the cost for retail banks by increasing the overnight rate. The banks may choose to pass this additional cost on to their customers in the form of higher lending rates. If this cost increase is significant enough, it could force consumers and business to reduce their borrowing and spending plans, bringing about an easing in the inflation rate. This is known as “tightening” the monetary policy.

On the other hand, if the Bank of Canada wants to boost spending in the economy, it can “loosen” monetary policy by lowering the overnight rate. This makes it less costly for financial institutions to access the funds they need to manage daily operations. If the banks pass the savings on to their customers by rolling back retail interest rates, it may result in an increase in consumer spending and provide a lift to the economy to help spur growth as desired by the Bank of Canada.


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