Banking · GIC review
Oaken Financial GIC review
Consistently one of the highest GIC rates in Canada, with a rare structural perk: deposits split across two CDIC members for up to $200,000 of coverage.
Best for: Rate-maximizers and larger balances that want more than $100,000 insured
Pros
- Routinely posts among the very highest GIC rates in the country
- Deposits spread across Home Bank and Home Trust — two CDIC memberships, up to $200,000 insured
- Registered and non-registered GICs available
- Backed by a long-standing Canadian deposit-taking group
Cons
- $1,000 minimum to open
- Service is online and phone — no branch network to speak of
- The two-issuer coverage trick only helps if you understand and use it
Who Oaken is
Oaken Financial is the deposit brand of Home Bank and Home Trust, both federally regulated members of the same group. Oaken has spent years near the top of the Canadian GIC rate tables, and it leans into that reputation — it competes on rate, full stop.
You deal with Oaken online or by phone. It is less of an everyday-banking experience than EQ Bank and more of a pure place to park money at a strong rate, which is exactly what a lot of GIC buyers want.
The rates — usually the table-topper
Oaken is frequently the highest posted non-redeemable rate in our table, especially on the 1-year term. It does not always win every term, but it is a permanent contender, and it almost never trails the pack.
If you are chasing the top rate for a lump sum you are confident you can lock away, Oaken belongs on your shortlist every single time. Check today's number against the field on our best GIC rates page.
The coverage trick worth understanding
Here is Oaken's genuinely useful structural perk. Because deposits are issued by two separate CDIC members — Home Bank and Home Trust — you can hold up to $100,000 at each and have $200,000 insured under one Oaken relationship. Most banks give you a single $100,000 ceiling.
That makes Oaken unusually attractive for a larger balance that would otherwise need to be split across two unrelated institutions. Make sure your deposits are actually issued across both entities to get the full coverage — and read our CDIC guide for the mechanics.
Frequently asked questions
What are Oaken Financial's GIC rates today?
As of June 13, 2026, Oaken Financial posts 3.50% on a 1-year term, 3.85% on a 2-year term, 3.85% on a 3-year term, 3.90% on a 4-year term, 4.05% on a 5-year term on non-redeemable GICs. Rates change without notice — see how they compare against every issuer on our best GIC rates table, refreshed daily.
What is the minimum to open a Oaken Financial GIC?
$1,000. Oaken Financial also offers registered versions, so you can hold these GICs inside a TFSA, RRSP or RRIF.
Are Oaken Financial GICs protected if the bank fails?
Deposits split across Home Bank and Home Trust — two separate CDIC memberships, so up to $200,000 can be insured. See our deposit-insurance guide for how to structure larger amounts.
The bottom line
Oaken is the rate-hunter's pick. If your priority is squeezing out the highest guaranteed return — and especially if you have more than $100,000 to insure — it is hard to beat. You trade away the slick app and the low minimum, but for a lump-sum GIC that is rarely what matters. See where its rate sits today on the comparison table.
Ready to compare Oaken Financial against the field?
See where its rate sits today across every issuer and term.
This review is for educational purposes only and is not financial advice. Rates shown are posted non-redeemable rates compiled by hand and last checked June 13, 2026; they change frequently. Our editorial rating reflects rate competitiveness, coverage, minimums, and account features — it is never paid for. Confirm current rates, terms, and CDIC or provincial deposit-insurance details on the issuer's website before investing. See our methodology for how we rate products and make money.