Great GIC Rates at Oaken and Achieva Financial - Best RESP GIC Rates

Great rates on GICs can now be found at Oaken Financial for those interested in earning a little more with online banking.  Terms range from 1 to 5 years.  Minimum deposits are $1000 except for RIFs which have a $10,000 minimum. All the details from their website are provided below.  These are about the best rates you can get for a 5 year term, matching Achieva Financial's 5 year rate.

Earn a $50 Bonus on New Tangerine Accounts

GUARANTEED INVESTMENT CERTIFICATES (GIC)

Term1 year18 mths2 year3 year4 year5 yearMin. Dep.
Annual Compound or Annual Pay2.052.252.352.402.602.80$1,000
Semi-Annual2.002.202.302.352.552.75$1,000
Monthly1.952.152.252.302.502.70$1,000

1 YEAR CASHABLE

TermRateMin. Dep.
After 30 Days1.75$1,000
After 90 Days2.00$1,000

SHORT-TERM DEPOSIT(RSP from 90 days minimum $2,500)

Term30-59 days60-89 days90-119 days120-179 days180-269 days270-364 daysMin. Dep.
Paid at Maturity1.751.751.751.751.851.90$1,000

RETIREMENT SAVINGS PLANS (RSP)

Term1 year18 mths2 year3 year4 year5 yearMin. Dep.
Annual Compound2.052.252.352.402.602.80$1,000

TAX FREE SAVINGS ACCOUNT (TFSA)

Term1 year18 mths2 year3 year4 year5 yearMin. Dep.
Annual Compound or Annual Pay2.052.252.352.402.602.80$1,000

RETIREMENT INCOME FUNDS (RIF)

Income Options: Annual, Semi-Annual, Quarterly and Monthly
Term1 year2 year3 year4 year5 yearMin. Dep.
Annual Compound or Annual Pay2.052.352.402.602.80$10,000

OAKEN SAVINGS ACCOUNT

Oaken Savings Account1.75




Achieva Financial has a better 1, 2, and 4 year rates and a higher daily interest savings rate. These are their current rates:



ProductRate

Daily Interest Savings2.00%
1 Year Term2.25%
2 Year Term2.40%
3 Year Term2.50%
4 Year Term2.65%
5 Year Term2.80%


Achieva Financial offers these rates on RRSP GIC, TFSA GIC and RRIF GIC products. There is a $1000 minimum purchase, even for RRIF accounts.  Achieva Financial customers can earn bonuses by referring friends who open new accounts.  The Customer Referral Program gives a $25 bonus to you and your friend if they open a new account an deposit $250 or more.  It's like the ING Direct orange key bonus program.  To redeem the Achieva bonus, customers must give a coupon to their friend, enter their name and have then send it with the deposit.

Neither Oaken Financial, Achieva Financial nor many other 'great GIC rate' institutions offer RESP accounts.  If you want to earn a great GIC rate in an RESP then try one of the many institutions that sell GIC term deposits as 'bonds' at Questrade (see new post for details).