Having watched garden furniture fade in colour, last year I tried boiled Linseed oil, and despite the worst winter for some time the Linseed oil seems far superior to Danish oil or Teak oil.
My planes get a regular wipe over as well.
On the subject of rust, all my planes, metal or wood, have laminated irons from old woodies, despite the old 'uns being Beech there was far more rust on the bedded side than the front of the irons.
Roy.