Home Trust enters direct-to-consumer space

Home Trust enters direct-to-consumer space

Home Trust enters direct-to-consumer space

A major broker channel player announced Thursday that it is entering the direct-to-consumer space – under a new brand, Oaken Financial -- with consumer deposit products, including savings accounts and GICs.

"The introduction of Oaken is part of Home Trust's efforts to provide customers with a secure alternative to managing their savings independently," said Martin Reid, president of Home Trust. "We want to offer our customers choice, respect and simplicity. Consumers today are also looking for better value and Oaken Financial offers some of the best rates in Canada."

Last year Home Trust made it possible for brokers to offer GICs to clients.

However, this new move widens another channel between it and Canadian consumers and may set the stage for more broker lenders to follow suit.

“The Oaken Savings Account offers a competitive daily interest rate (currently 1.65 per cent), no monthly fees, no transaction limits and requires no minimum balance,” an official statement from Home Capital Group said. “In addition, customers can easily transfer money to and from accounts at other Canadian financial institutions.”

Oaken Financial is set to add online banking for customers in early 2014.

18 Comments
  • Jeff 2013-12-12 3:58:36 PM
    Oaken?

    I love HT, but with all due respect, that has to be one of the most comical company names I have heard of in awhile.
    Post a reply
  • Ron Butler 2013-12-12 4:41:18 PM
    That's a very interesting point. When you open and name a fresh company today it's all about Google and Bing and how they react to the name. That's why household name companies rename as something goofy like Diageo, the most famous booze brands in the world end up as this crazy name: because there is zero confusion.

    Google Oaken Financial and the whole page is just "Oaken" no similar companies, no paid ads, no confusion.

    Today the web dictates a new name.
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  • John 2013-12-12 10:36:47 PM
    Ron this is the stupidest comment I have ever heard! Home Trust is great in many things but branding is not one of them! Their aren't company is called Home Capital Group, Broker lender called Home Trust and new B2C arm is called OAKEN Financial? and you call this smart? don't think so!
    Post a reply