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Oaken Savings Account

As of October 22, 2026, the Oaken Savings Account pays 2.80% interest on savings.

CDIC insuredRates verified October 22, 2026

Calculate your Oaken interest

$
Time horizon

Conditions: None; no minimum balance, no monthly fees

Interest rate
2.80%
Interest earned
+$283.62
Balance $10,283.62
vs. big-bank average (0.33%):+$251.12
Compounding schedule:Calculated daily, paid monthly
Get this rate at Oaken

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Key account terms

Oaken Financial is the direct banking arm of Home Bank and Home Trust.

Monthly fee
$0
Minimum deposit
$0
Transactions
Unlimited
Transfer speed
1-3 Days

Pros and considerations

What we like

  • Great rates usually
  • Simple product
  • Strong GIC options too

Watch out for

  • No mobile app (web only)
  • Slower transfers
  • No debit card

Frequently Asked Questions

Everything you need to know about Oaken's savings rates, terms, and account features.

Does Oaken have an app?

Oaken Financial currently focuses on a robust web banking experience.

Is Oaken deposit-insured and safe?

Yes. With Oaken, eligible deposits are insured up to $100,000 per category by the Canada Deposit Insurance Corporation (CDIC). This protection guarantees that your principal deposit and accumulated interest remain safe against institutional failure.

How is interest calculated and paid on the Oaken Savings Account?

Interest is calculated daily based on your account's closing balance and deposited directly into your balance on the final business day of each month, compounding your yield monthly.

Can I withdraw my money from Oaken at any time?

Yes. Unlike a GIC (Guaranteed Investment Certificate) which locks in funds for a predetermined duration, this high-interest savings account offers complete liquidity. You can transfer money out at any time without penalty or loss of earned base interest.

How is interest earned at Oaken taxed in Canada?

In non-registered accounts, interest earned is treated as regular taxable income by the Canada Revenue Agency (CRA). Oaken will issue a T5 tax slip if your annual interest exceeds $50 (or upon request for lower amounts). If held inside a TFSA, interest is 100% tax-free.

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