Is Oaken Financial Safe or CDIC Insured? Your deposits at Oaken Financial are insured by Canada Deposit Insurance Corporation (CDIC) up to $100,000 per account category. This is because your money is deposited with either Home Bank or Home Trust Company, both of which are members of CDIC.

Is Oaken financial Safe 2021?

Oaken Financial is a safe, secure, and CDIC-insured high-interest banking option for Canadians. While they do offer some of the best interest rates on the market, savings accounts and GICs are the only products Oaken offers.

Is my money safe in a GIC?

A GIC (guaranteed investment certificate) is a safe and secure investment with very little risk. You don't have to worry about losing your money because it is guaranteed. ... When you buy a GIC, you are agreeing to lend the bank or financial institution your money for a specified number of months or for up to 5 years.