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Zag Bank 2.5% Promo + Contest
November 26, 2015
4:29 pm
Norman1
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Peter said
...
Their response:
"The 2.5% rate is available to everyone (new & current clients), no matter what their balance. Rates are always subject to change."

Perhaps they are eyeing the money at Tangerine that will be soon looking for a better rate.

In a few days, this Tangerine offer will be coming to an end: 3% until November 30 on new Tangerine Savings Account deposits made between July 2 and September 30.

In a few weeks, this Tangerine offer, from June, will be coming to an end: 3% at Tangerine for 180 days

November 28, 2015
12:17 pm
Norman1
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2½% for everyone is now over? sf-confused

Their savings account is back down to 0.8% on their rates page.

Also, end date in the fine print of fall 2015 promotion changed from December 31 to November 27:

We're firm believers that the money you earn should be earning you money. Which is why we're offering 2.5% interest on all Zag Savings accounts until March 20, 2016 if you reach a minimum balance of $1,000 into your Zag Savings account by November 27, 2015 (midnight EST).

November 28, 2015
1:01 pm
Peter
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That lasted all of 1 week. That was incredibly misleading.

November 28, 2015
3:39 pm
ertyu
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Confusing messaging indeed. As it stands now, they did extend their promo end date from Nov 15 to Nov 27 though.

November 28, 2015
10:04 pm
Loonie
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It sounds like they got more business than they'd bargained for and were overcommitted. Somebody yelled "oops" and they retracted.
Agree that they may have been spooked by growing wave of Tangerine refugees. (Let's hope Tang gets spooked too!)

Thanks for letting everyone know, Norman. That could easily have been missed.

Agree with Peter. At best, very bad planning on their part. Does not inspire trust, or confidence.

November 29, 2015
10:52 am
Bill
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Desjardins claims it's been ranked as the second strongest financial institution on the planet, so my conclusion is they know precisely what they're doing. Maybe Zag needed a cash infusion, offered a rate way higher than the going rate, got the target amount of deposits and thus closed it down, who knows? In a world where client loyalty is gone, folks can move their money with a tap on a screen to get a bit more interest, we ought not be surprised that the other side doesn't care about loyalty, goodwill, etc either. There are risks of course, for both sides, but seems like we're all playing the same game.

November 29, 2015
4:18 pm
semi-retired
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Hello all I called ZAG today and talked to SHARON.I asked about the posted .8% for the savings account.(What happened to the 2.5% we were to get till Mar.20/16 ? )She went off-line & came back several minutes later.She told me that there is a glitch in the system as of now & I will be getting 2.5% till Mar20/16.I had the minimum 1000.00$ balance in my account before the end of the promo.Any money added will get the 2.5% till Mar/20/16.I was told my account would indicate the 2.5% rate(instead of the .8%rate now showing) within 2 business days.A few of the regulars here should also call & confirm this.I will reply in this post on Wed. & let you all know if my savings account shows the 2.5% rate as was told.

November 29, 2015
5:56 pm
Loonie
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Glitches do happen, in any institution, but changing the end date of the offeer being open seems a bit much - assuming they still mean this.

Customer loyalty is certainly much harder to get than it used to be. It's kind of refreshing, to think that people are less likely to simply bank where grandma always banked and are willing and able to pursue what is in their best "interests". (pardon the pun!)

November 29, 2015
9:59 pm
Norman1
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Loonie said

Glitches do happen, in any institution, but changing the end date of the offeer being open seems a bit much - assuming they still mean this.
...

I think semi-retired is referring to a glitch where the personal interest rate shown by Zag's online banking for one's savings account is now 0.8%. It was showing as 2.5% as a result of having qualified earlier for the fall promotion.

I don't think that means Zag will restore the 2½% for everyone and restore the end date of the promotion back to December 31. It would be great if they did! sf-smile

November 29, 2015
10:12 pm
Norman1
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Loonie said
...
Customer loyalty is certainly much harder to get than it used to be. It's kind of refreshing, to think that people are less likely to simply bank where grandma always banked and are willing and able to pursue what is in their best "interests". (pardon the pun!)

I think customers are less loyalty because they are not as naïve now as to how poor the "deals" are they have been receiving. It doesn't help being glad handed and offered a "special" ¼% above posted rates for a GIC and then afterwards find that one could have had an extra 1% elsewhere.

November 30, 2015
1:02 pm
jgclghrn
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Norman1 said
I don't think that means Zag will restore the 2½% for everyone and restore the end date of the promotion back to December 31. It would be great if they did! sf-smile

I made the mistake of opening an account on Nov. 26 when I saw that our site and their web site quoted 2.5% as the base rate for everyone. I mailed in a cheque but not for the 1k$ based on their previous offer as I didn't think there was any need to. I called today and gave them feedback on what I thought of their manoeuver and cancelled my account. Unfortunately they said it would take 20 days for my cheque to clear and the funds to be transferred back. I don't think I will deal with these guys in the future.

November 30, 2015
2:46 pm
Loonie
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"20 days" !!!sf-surprisedsf-surprisedsf-surprised That's a month in bank-speak!

November 30, 2015
3:18 pm
semi-retired
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Hello again.Just checked my savings account & it has been switched back to the 2.5% rate from the .8% listed yesterday.It was done in less than 24 hrs.

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