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Review: Oaken Savings Account

If you want a high-interest savings account that actually pays a high interest rate, you’ll often need to turn to a smaller financial institution. One such example is Oaken Financial.

About Oaken Financial

Oaken Financial is owned by Home Trust Company, one of the largest trust companies in Canada. You can bank online or by visiting one of the company’s two stores in Toronto or Calgary.

Rates

The Oaken Savings Account has an interest rate of 1.75%, which is the same as what’s being offered by Luminus Financial. The account isn’t a tiered account so you’ll earn that rate on a balance of $10 or $10,000.

If you compare Oaken’s rate to its competitors, the rate is lower than what the EQ Bank Savings Plus Account and the Alterna Bank High Interest eSavings Account offer. However, the rate is better than what most financial institutions offer on a balance of $5,000 or more:

Financial institutionInterest rate
Tangerine2.40%/0.80%*
EQ Bank2.00%
Alterna Bank1.95%
Oaken Financial1.75%
Luminus Financial1.75%
Achieva Financial1.70%
Outlook Financial1.70%
Steinbach Credit Union1.60%
Meridian Credit Union1.50%
Scotiabank1.50%
BMO Bank of Montreal1.25%
Canadian Western Bank1.00%
PC Financial0.80%
ATB Financial0.70%
CIBC0.55%
RBC Royal Bank0.55%
TD Canada Trust0.55%

*currently 2.40% for new clients only for the first 182 days and 0.80% thereafter; rate for current clients is 0.80%

Fees

There’s no monthly fee on the Oaken Savings Account and it comes with both unlimited withdrawals and transfers.

Oaken Savings Account

Open an account
  • 1.50% interest rate
  • Unlimited withdrawals and transfers
  • No monthly fee
  • No minimum balance required

The bottom line

The Oaken Savings Account pays a fairly high interest rate of 1.75% and there’s no minimum balance required to get that rate. But some financial institutions offer better rates. You can see what they offer by checking out the best high-interest savings accounts.

Also read:

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