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This Financial Institution is lost
July 19, 2018
12:10 am
Vatox
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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.

July 19, 2018
4:18 am
semi-retired
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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.

July 21, 2018
8:34 am
Norman1
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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
July 21, 2018
9:38 am
Vatox
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Looks like Zag is the only FI updating on the GIC chart! Problem?

July 21, 2018
9:48 am
Vatox
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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.

July 21, 2018
10:28 am
Peter
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Vatox said
Looks like Zag is the only FI updating on the GIC chart! Problem?  

Fixed. Thanks!

July 21, 2018
11:47 am
Norman1
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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

 

July 21, 2018
3:01 pm
Vatox
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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.

July 23, 2018
11:14 pm
Vatox
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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.

July 24, 2018
6:43 am
Peter
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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

September 27, 2018
10:58 pm
Vatox
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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.

September 29, 2018
4:54 pm
Save2Retire@55
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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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