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Email this12:10 am
October 29, 2017
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Zag was good at the start, but in the last year they have really gone downhill. Look at the GICs, the 1-4 years are all below the savings account rate and the 5 year is a pathetic 1.8%. I opened a 1 year GIC over at EQ for 2.76%. I'm done with Zag.
4:18 am
April 15, 2015
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Vatox said
Zag was good at the start, but in the last year they have really gone downhill. Look at the GICs, the 1-4 years are all below the savings account rate and the 5 year is a pathetic 1.8%. I opened a 1 year GIC over at EQ for 2.76%. I'm done with Zag.
I packed it in completely with Zag several months ago when my 2 GIC's came due.I explained to them that the reason was very poor interest rates on most of their products.Their service was top notch but rates stunk.The rep thanked me for my business & said she would pass my comments up the chain.
8:34 am
April 6, 2013
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Zag Bank's GIC rates match those of the online Term S@vings GIC's from its parent Desjardins.
I guess Zag is content to be with its parent in the middle of the pack, better than the big banks but not as high as the GIC market leaders:
| 1 year | 1½ years | 2 years | 3 years | 4 years | 5 years | |
| Oaken Financial | 2.80% | 3.00% | 3.10% | 3.25% | 3.30% | 3.50% |
| EQ Bank | 2.76 | 3.01 | 3.25 | 3.30 | 3.50 | |
| Hubert Financial | 2.55 | 2.65 | 2.75 | 3.25 | 3.15 | |
| Tangerine Bank | 2.50 | 2.55 | 2.60 | 2.70 | 2.75 | 3.00 |
| Zag Bank | 1.25 | 1.50 | 1.55 | 1.60 | 1.80 | |
| Desjardins Term S@vings GIC | 1.25 | 1.50 | 1.55 | 1.60 | 1.80 | |
| RBC Royal Bank | 1.20 | 1.05 | 1.25 | 1.60 | 1.50 | 1.60 |
| TD Canada Trust | 1.00 | 1.25 | 1.35 | 1.50 | 1.60 | |
| BMO Bank of Montreal | 0.85 | 0.95 | 1.05 | 1.15 | 1.25 | 1.50 |
| CIBC | 0.55 | 0.60 | 0.65 | 0.85 | 1.05 | 1.25 |
9:38 am
October 29, 2017
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Looks like Zag is the only FI updating on the GIC chart! Problem?
9:48 am
October 29, 2017
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Zag is an online bank with less overhead, it should be higher rates than its brick and mortar parent. It's not professional for them to label Zag as an online only bank with the chart numbers matching.
10:28 am
May 15, 2007
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Vatox said
Looks like Zag is the only FI updating on the GIC chart! Problem?
Fixed. Thanks!
11:47 am
April 6, 2013
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Vatox said
Zag is an online bank with less overhead, it should be higher rates than its brick and mortar parent. It's not professional for them to label Zag as an online only bank with the chart numbers matching.
The Desjardins Term S@vings GIC's are only available through their AccèsD Internet banking and mobile banking platforms.
Desjardins offers another line of GIC's, their Term Savings GIC's (no @ symbol), for in-branch purchase and have a lower payout:
| 1 year | 1½ years | 2 years | 3 years | 4 years | 5 years | |
| Zag Bank | 1.25 | 1.50 | 1.55 | 1.60 | 1.80 | |
| Desjardins Term S@vings GIC (online and mobile only) |
1.25 | 1.50 | 1.55 | 1.60 | 1.80 | |
| Desjardins Term Savings GIC (in-branch) |
0.90 | 1.15 | 1.25 | 1.40 | 1.55 |
3:01 pm
October 29, 2017
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Norman1 said
The Desjardins Term S@vings GIC's are only available through their AccèsD Internet banking and mobile banking platforms.
Desjardins offers another line of GIC's, their Term Savings GIC's (no @ symbol), for in-branch purchase and have a lower payout:
1 year 1½ years 2 years 3 years 4 years 5 years Zag Bank 1.25 1.50 1.55 1.60 1.80 Desjardins Term S@vings GIC
(online and mobile only)1.25 1.50 1.55 1.60 1.80 Desjardins Term Savings GIC
(in-branch)0.90 1.15 1.25 1.40 1.55
Then they just have rates that stink! Same outcome, my money is moved.
11:14 pm
October 29, 2017
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I'm going to go ahead and make a suggestion. Zag should be removed from the GIC chart. Just as Tang isn't on the savings account list but is on the GIC list. I say Zag is the exact opposite.
6:43 am
May 15, 2007
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Vatox said
I'm going to go ahead and make a suggestion. Zag should be removed from the GIC chart. Just as Tang isn't on the savings account list but is on the GIC list. I say Zag is the exact opposite.
Done -- Zag Bank has been removed from the GIC chart
10:58 pm
October 29, 2017
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Unbelievable, Zag 5 year GIC is still 1.8%. Even while other FIs are raising rates. I moved my money a while back anyways, so I don't really care, but this surely can't be a winning strategy for their business.
4:54 pm
January 3, 2013
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I had mine till March 2018. It was locked in a 2 years 2.5% GIC. I called them before maturity and asked for a higher rate to keep the money there. They declined. I moved it all to Oaken but left couple dollars to avoid closure of the account just in case they decided to increase their rates.
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