Oaken Raises GIC Rates by Up to 35 Basis Points
Oaken Financial raised its 1- to 5-year GIC rates on October 2, 2026. Its 5-year GIC now pays 4.50% and its 2-year 4.25%, and Oaken now has the highest standard GIC rate at every term from one to five years among the more than 20 Canadian banks and credit unions we check each week.
- Every Oaken long-term GIC rose by 20 to 35 basis points compared with the rates we recorded on September 8, 2026.
- The biggest rise is on the 2-year GIC: 3.90% to 4.25% (+35 bp). The 5-year rose from 4.25% to 4.50% (+25 bp).
- Short-term GICs, the cashable GIC and the $1,000 minimum deposit did not change.
Oaken GIC rates: before and after
The table shows Oaken’s non-registered, non-redeemable long-term GICs with interest paid annually, the column that pays the most. Oaken’s registered GICs for an RSP, TFSA or RIF carry the same rates.
| Term | Sept 8 | Oct 3 | Change |
|---|---|---|---|
| 1 year | 3.55% | 3.80% | +25 bp |
| 18 months | 3.65% | 3.85% | +20 bp |
| 2 years | 3.90% | 4.25% | +35 bp |
| 3 years | 4.00% | 4.30% | +30 bp |
| 4 years | 4.05% | 4.35% | +30 bp |
| 5 years | 4.25% | 4.50% | +25 bp |
One basis point (bp) is 0.01 percentage points. Semi-annual and monthly interest pay 5 and 10 basis points less than annual at every term; the 5-year, for example, is 4.50% annual, 4.45% semi-annual and 4.40% monthly. Source: Oaken Financial GIC rates.
How Oaken now compares with EQ Bank
EQ Bank also raised its GIC rates after our September 8 check, so the gap between the two online banks did not simply widen. On October 3, Oaken led EQ Bank by 10 basis points on the 1-year GIC (3.80% against 3.70%), 25 on the 2-year (4.25% against 4.00%), 15 on the 3-year and 4-year, and 20 on the 5-year (4.50% against 4.30%). The closest challenger on the 5-year was Saven Financial at 4.35%.
In dollar terms the October increase is modest but real. A $10,000 Oaken 5-year GIC with interest compounded annually now grows to about $12,461.82 at maturity, against about $12,313.47 at the September rate of 4.25%: roughly $148 more over five years.
What did not change
- Short-term GICs under one year still pay 1.00% for 30 to 179 days, 2.25% from 180 days and 2.70% from 270 days.
- The 1-year cashable GIC still pays 2.25% and can be cashed after 30 days, so locking in for a year now earns 155 basis points more than keeping the option to cash out.
- The minimum deposit is still $1,000. A RIF GIC needs $10,000, and the 18-month term is not available in a RIF.
Should you act on it?
If you already hold an Oaken GIC, nothing changes: a GIC keeps the rate it was bought at until it matures. The new rates matter for money you are about to place, and for GICs maturing soon. As always, compare the term you actually need rather than chasing the top rate; our best GIC rates in Canada leaderboard is updated every week from the same check, and the Oaken GIC rates page has Oaken’s full table, payout options and deposit insurance details. If the money is going into a TFSA, see our guide to TFSA GICs.
Checked every week on each bank’s own website. Nobody pays to be listed.
See the leaderboard →This update reports rates shown on Oaken Financial’s website on October 3, 2026 and compares them with the rates we recorded on September 8, 2026. Rates can change at any time; confirm the current rate with the institution before investing. General information only, not financial advice. BankrateToday does not receive payment from any institution mentioned.
