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Check Your Zag Interest Rate Today To Confirm 2.5%
November 30, 2015
6:22 am
James
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Hello Zag Bank users,

I would suggest logging in and checking your Zag account to see what interest rate is posted. I qualified for the 2.5% offer (and had been receiving this) but logged in this morning and found 0.8% as the posted rate. I don't know when the change occurred. I called them and they said this is an error. It has happened a few times and they need to correct it. I just thought I'd let all of my friends here know about it so you can check your accounts and get the rate corrected if necessary. They will apply the 2.5% promo rate retroactively as long as you let them know.

November 30, 2015
7:57 am
Norman1
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I checked my Zag savings account. Same issue: Now 0.8%. It was 2½% earlier from reaching the $1,000 qualifying balance of their fall promotion.

I sent them a message through their online banking. Found a quirk in their online banking messaging system: Percentage signs (%) not allowed in the text of the message!

semi-retired reported the same issue with his/her account last night.

November 30, 2015
8:53 am
ertyu
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Same issue here. Support claims it's another of their known issues they are working on. They have yet to fix the other one I've encountered and it's been a few months.

November 30, 2015
10:06 am
2of3aintbad
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James, thanks for pointing this out. since I will be checking the amount of interest paid later today in any case, I will wait to see what the interest is based on, 0.8 or 2.5%. doesn't really matter what they show on their website.

November 30, 2015
2:05 pm
Jon
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Technical difficulty, that is what they say when I call, so just wait a couple days I suppose?

November 30, 2015
2:18 pm
fabafter50
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Just checked, looks like they fixed it. It shows interest rate on my savings as 2.5%.sf-kiss

November 30, 2015
4:55 pm
james1900
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fabafter50 said

Just checked, looks like they fixed it. It shows interest rate on my savings as 2.5%.sf-kiss

+1

December 1, 2015
6:31 pm
2of3aintbad
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although website shows 2.5% for the accounts, the interest credited for November is incorrect (too low) and shows as 'Credit' rather than 'dividend' as in previous months. Anybody else checked? As if they used 0.8% for a few days.

December 1, 2015
7:48 pm
Norman1
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2of3aintbad said

although website shows 2.5% for the accounts, the interest credited for November is incorrect (too low) and shows as 'Credit' rather than 'dividend' as in previous months. Anybody else checked? As if they used 0.8% for a few days.

My interest for November is a bit low too.

Based on the posting dates shown on their site, I get a rate of about 2.331% per annum for the interest paid on November 30. For accurate calculation, I need to wait for the monthly statement to get the effective dates of the transactions.

The preliminary 2.331% rate suggests about 27 days at 2½% and three days at 0.8%.

December 1, 2015
10:53 pm
Yatti420
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Will have to take a look tomorrow..

December 2, 2015
7:51 am
ertyu
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The glitches continue.

As I currently understand, the interest credited Nov 30 was for 2.5% for part of the month, then 0.8% for a few days, based on the previous flip flopping.

Now they've gone and fixed that and made an additional interest credit on Dec 1 to make it whole. However while doing so the Nov 30 transaction no longer appears. It is still present however and affects the balance.

December 2, 2015
11:10 am
Yatti420
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Weird.. +1 for incorrect interest this month.. Going from dollars to pennies.. Something is wrong.. I sent a secured message.. Will await a fix..

December 2, 2015
11:33 am
2of3aintbad
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ertyu said

The glitches continue.

As I currently understand, the interest credited Nov 30 was for 2.5% for part of the month, then 0.8% for a few days, based on the previous flip flopping.

Now they've gone and fixed that and made an additional interest credit on Dec 1 to make it whole. However while doing so the Nov 30 transaction no longer appears. It is still present however and affects the balance.

yes, I see the same thing. In my case, the flip flopping shouldn't matter, as we had $1000 in some accounts before the end of October.

December 2, 2015
12:49 pm
Brimleychen
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I just checked my account. The interest (dividend they called) are completely wrong!!! Will have to call them.

Please make sure check yours.sf-yell

December 2, 2015
2:31 pm
james1900
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I guess zag online banking shows the adjustment, which is pennies. Yesterday it was showing dollars. Anyway, their computer system is young. They will make it right.

December 2, 2015
6:10 pm
Norman1
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I'd give them a few days to sort everything out.

Like ertyu, I see, in Zag Online Banking, a December 1 interest adjustment credit. The regular interest payment on November 30 is no longer visible.

Looks like the November 30 interest payment is behind and hidden by the December 1 adjustment! The account balance does go up by both the invisible November 30 and the visible December 1 credits.

Combined, the preliminary calculated rate for November is around 2.51% per annum.sf-smile

December 2, 2015
7:26 pm
james1900
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Norman1 said

I'd give them a few days to sort everything out.

Like ertyu, I see, in Zag Online Banking, a December 1 interest adjustment credit. The regular interest payment on November 30 is no longer visible.

Looks like the November 30 interest payment is behind and hidden by the December 1 adjustment! The account balance does go up by both the invisible November 30 and the visible December 1 credits.

Combined, the preliminary calculated rate for November is around 2.51% per annum.sf-smile

Interestingly, I can view the "invisible" Nov 30 interest on mobile APP. I have "Nov 30" interest and "Dec 1" adjustment for Savings account. But my TFSA savings account only has "Nov 30" item.

December 3, 2015
8:33 am
ertyu
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Both interest transactions are showing in my online banking now.

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