Oaken Update – July, 2014

Watch out for the catch...

You may have noticed that we’ve recently been running ads in local and national newspapers. We’re quite proud of them because they neatly sum up the way we do things at Oaken:

“No teaser rates or complicated promotions. Just great rates and
straightforward savings for all customers, not only if you’re new.”

That’s not the approach that others sometimes take, however. All too often you’ll find yourself enticed with special offers that really aren’t so special when you get to the fine print. And even worse, existing customers are often excluded, because the focus is only on acquiring new ones.

Here’s a roundup of some of the more typical promotions you can come across from time to time:

The tablet catch: This kind of promotion offers you a free tablet (or really could be any tangible good) when you open up a new deposit account. This is really a modern day version of the old free toaster promotion that banks used to use. Trouble is, the account could cost you $15 a month for up to six months in order to qualify—so your “free” tablet isn’t actually free. And is it really worth the hassle of switching to a different financial institution? You’d be paying almost $100 to get a $200 tablet—so make sure you read the fine print before you jump at an offer that isn’t as good as it first looks.

The great rate (limited time, new customers only) catch: This kind of offer hooks you with a great rate—and who doesn’t like that? But if the rate is only valid for three months (which it typically is), it doesn’t really amount to much. What’s worse is that it is only available to new customers. That means if you really want to get a low rate for an extended period, you’d have to hop around from bank to bank every three months—and you’ve probably got better things to do with your time.

Oaken makes it a lot simpler. We offer 1.75% on our Oaken Savings Account—and with that rate, you’re actually better off on an annual basis than you would be with two months at a typical promo rate followed by the rest of the year at a lower base rate.

The eSavings bonus rate catch: In real estate, it’s location, location, location. And in savings it’s rate, rate, rate. Except when it comes to bonus rates. That’s because bonus rates come with conditions that eat away at your bonus. For example, you might see a promotional rate of 2%—which we’ve got to admit is pretty juicy in today’s low-rate environment. But when you see that you need to maintain a minimum balance of $5,000—and that you’re charged $5 a transaction—that juicy rate starts tasting a bit dry and tough. Plus the bonus rate is often valid only for a limited time. So it’s back to bank-hopping once your three months have expired.

With Oaken it’s different. Our savings account has no minimum balance, no monthly fees and no expiration dates on what we offer. Just juicy rates, all year round. So there’s no need to hop when you’re with Oaken!

 


We’ve enjoyed running our #GrowWithOaken contest, and judging by the response so have you. We had submissions from enthusiastic gardeners and garden lovers across the country, and we’re delighted to announce that we have a winner! Congratulations go to Samantha, from Kincardine, Ontario whose name was drawn at random from all the submissions, and who has been awarded a $500 GIC.

We’d like to thank everyone who shared their beautiful photos—whether of single flowers or their whole gardens. We’ve put together a mini video of some of the submissions we’ve received, just to give you an idea of what a pleasure it was for us to run this contest.

 


 

 

Useful communication — not spam!

As you may know, on July 1, 2014 new legislation came into effect that is aimed at cutting down on the clutter in your inbox. Under the Canada Anti-Spam Law, businesses are now required to have your consent when sending you commercial email. You’ve received this newsletter because you either signed up to do so or are a customer—and we think it’s a great way for us to let you know all about saving with Oaken.

Of course, if at any time you’d like to not hear from us all you have to do click the ‘Unsubscribe’ button found at the bottom of each of Oaken Update. (We don’t want to see you go—but as we said above, we like to keep things simple!)

 


 

 

Summertime reading

July and August are the perfect months for reading gripping thrillers with suspenseful plots set in faraway places…so what better reading could you take to the beach than the Canadian Anti-Spam Law! OK, we’re joking. But if you do want to know more about the new rules surrounding commercial email, here’s a link to the government’s official site: http://www.crtc.gc.ca/eng/casl-lcap.htm.

Summertime is when life is meant to be easy. And so is retirement. One way that you can make your retirement easier is by taking advantage of these money-saving tips for seniors from the Toronto Star. This article is Toronto-focused, but you’ll find that a lot—if not all—of these kinds of discounts are available no matter where you live in Canada.

 

 

This post is intended for informational purposes only. It is not to be considered financial advice. Always do your research before making any investment decisions.

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