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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances. You can read his full author bio.

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Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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8 thoughts on “Oaken Financial Review 2023: Read Before You Apply”

  1. Gravatar for isa

    do you know if it’s available for quebec residents? EQ, Saven, Alterna aren’t..and those have probably the best % of the country

    • Gravatar for Enoch Omololu

      @isa: I could not find this information on their website. You may have to contact their support to confirm.

  2. Gravatar for Ark

    Applied one month ago over the phone and provided all needed info and ID/void check. Never heard from them again. The account still nit opened. Called them several times. No one seems to understand the reason for this delay. Considering cancelling my application. If it takes me so long to invest with them how long will it take me to withdraw my money from them?

  3. Gravatar for Gord

    I have been with Oaken for about a year and I find them easy to deal with. Their online service is generally fast and efficient and the customer service is very good unlike EQ bank which can be a bit hit and miss in terms of product and procedure knowledge. Getting set up for transfers, especially TFSA’s etc can be lengthy and frustrating but once it’s done you are basically set.

    • Gravatar for Ron

      Strange, it was very easy for us to get/.open a GIC account.

  4. Gravatar for Manish

    Hi Enoch,
    We are shopping for a one year non redeemable GIC. Would you recommend Oaken Financial? How easy is open a GIC account (joint)?

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Manish: I don’t have an account with Oaken. From using similar online banks, you may have to send them some documents by mail (usually the completed application form and void cheque), and things should go smoothly from there. Overall, I think they usually offer one of the best GIC rates.

  5. Gravatar for Denise Milani

    WARNING. Any one with Oaken RRIFS.

    Oaken has changed their method of paying the mandatory amount.

    I have not had a payment on the new scheme.

    Once they start taking money from one or more GICs it is very difficult to to know from your own calculations what the matured value is. But I can come close to it but am not confident to use my calculations to discuss the differences. My last one shows a shortage of $1300. <= but is flaky.

    I would suggest that you keep records, say once a month of what the current value of your GIC is. Then track those figures and dates against the matured value on the letter that is mailed as what i found was there was growth every month but in the months before maturity minimal growth and negative growth and according to their numbers, I was absolutely shorted.

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