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Zag Bank
May 19, 2015
5:41 am
xxxx
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A friend sent me the attached - yet another bank!!!
The Desjardins Group is launching a new virtual bank, called Zag Bank Canada and they want to attract new customers with a great offer! Simply sign up for a Zag Bank high interest savings account and you could get up to $150 in bonus cash! Simply start by signing up for a high interest account to get $50. You then get an additional $50 once Zag Bank reaches 1000 customers, followed by another $50 once you reach your 1 year anniversary with Zag Bank! When you sign up with Zag Bank, they’ll give you 2% interest on your investment until June 12, 2015 – that’s an opportunity to earn even more bonus cash for your pocket! The benefits and interest rates are competitive with other banks like Tangerine, so it’s worth taking a look at if you’re thinking about switching your banking! This offer is valid until June 12, 2015. This offer is not valid for residents of Quebec.

May 19, 2015
7:02 am
Peter
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Thanks for sharing! Note that their standard savings account and TFSA interest rate is 1.05%.

May 19, 2015
7:29 am
2of3aintbad
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anyone know how the bonuses should be considered - taxable interest?

May 19, 2015
9:33 am
AltaRed
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Zag Bank has been around for months as part of a transformation of a previous offering within Desjardins Group. Scotia iTrade has even been offering Zag GICs in their suite of GIC listings for some time.

May 19, 2015
11:33 am
Loonie
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Weird that it's not available in QC. Isn't Desjardins based in QC?

May 19, 2015
11:55 am
xxxx
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Loonie said
Weird that it's not available in QC. Isn't Desjardins based in QC?

Yes - Desjardins is well established in Quebec - this would be a strategy which shows they are looking to expand their client base outside of Quebec to the rest of Canada - attract funds and then invest it/loan it out to make more M-O-N-E-Y (as Kevin O'Leary would say). Increase profits is the name of the game!

May 20, 2015
1:46 pm
james1900
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I opened that Zag savings account online (desktop PC), then used a phone to open the email from Zag. I Clicked the link from the email and successfully deposited the first cheque through phone. The mobile APP kept saying error. It is because my account is not activated yet.

May 20, 2015
7:51 pm
Loonie
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Brian said

Loonie said
Weird that it's not available in QC. Isn't Desjardins based in QC?

Yes - Desjardins is well established in Quebec - this would be a strategy which shows they are looking to expand their client base outside of Quebec to the rest of Canada - attract funds and then invest it/loan it out to make more M-O-N-E-Y (as Kevin O'Leary would say). Increase profits is the name of the game!

Desjardins seems to have a much broader and more sensible vision than the narrow self-interested view touted by the likes of O'L.

From the 2014 Annual Report:
"DESJARDINS GROUP’S MISSION
To contribute to improving the economic and social well-being of people and communities within the compatible limits of our field of activity:
• By continually developing an integrated cooperative network of secure and profitable financial services, owned and administered by our members, as well as a network of complementary financial organizations with competitive returns, controlled by our members;
• By educating people, starting with our members, officers and employees, about democracy, economics, solidarity, and individual and collective responsibility."

It seems to work very well for them. They say they have recently been rated by Bloomberg as the second strongest financial institution in the world.

The Annual Report also states that Zag was formerly Bank West.

http://www.desjardins.com/ress.....c&

http://www.desjardins.com/ca/a.....nstitution

May 21, 2015
6:11 am
xxxx
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Loonie
I have to be honest and admit that I purchased a significant amount of various Cdn Bank shares over the last 20 years because of their profitability, regular increasing dividends, and significant capital gains, so it does make me feel really good to know that they also have, as you say, "broader and more sensible visions" than just the profit aspect.

May 21, 2015
9:02 am
Loonie
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Well, you do give me a laugh, Brian.
As if dividends and capital gains were not profits for you!

I won't repeat the details again, but I think it's very clear that Desjardins' vision both depends on profitability and is much larger than that.

May 27, 2015
9:54 am
james1900
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james1900 said

I opened that Zag savings account online (desktop PC), then used a phone to open the email from Zag. I Clicked the link from the email and successfully deposited the first cheque through phone. The mobile APP kept saying error. It is because my account is not activated yet.

I received the first $50 bonus today, 5 days after they processed my photo-cheque. ( Opened account on May 20. They activated my account on May 22.)

May 28, 2015
9:21 am
James
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For anyone interested in the offer, have a look at the conditions here to make sure you don't miss out on the bonus. Pay particular attention to the minimum balance rules:

https://www.zagbank.ca/Security/founding_client_promotion

May 28, 2015
10:30 am
Jon
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James said

For anyone interested in the offer, have a look at the conditions here to make sure you don't miss out on the bonus. Pay particular attention to the minimum balance rules:

https://www.zagbank.ca/Security/founding_client_promotion

It pretty much means you cannot withdraw the bonus until June 2016 if you want to get the whole $150

May 28, 2015
11:20 am
James
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Again, I would suggest reading the conditions. Minimum deposit is $100 but $200 minimum balance is required throughout the year for the last bonus.

May 28, 2015
2:44 pm
ertyu
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To me the conditions read that you must leave the $100 initial deposit plus the two $50 bonuses in the account for the first year to claim the 3rd $50 bonus.

May 28, 2015
3:40 pm
ertyu
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ertyu said

To me the conditions read that you must leave the $100 initial deposit plus the two $50 bonuses in the account for the first year to claim the 3rd $50 bonus.

Had a chat with the bank, that is indeed what they mean, even though there is some room for ambiguity.

May 31, 2015
10:55 am
Rick
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Enticing promo, but their rates on everything else don't make them worth considering as an option for the bulk of my disposable assets.

May 31, 2015
5:32 pm
Beetlejuice
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When I think of Zag Bank,
I think of Zag Nut
from the movie Beetlejuice.

Its where Beetlejuice holds up a Zagnut candy bar to entice a fly to come closer ... and then gobbles it up.

http://bp1.blogger.com/_izBp4J.....zagnut.jpg

May 31, 2015
6:24 pm
Brimleychen
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Zagbank.ca is currently down. The website exposed the error (It doesn't look good. In fact as error msg suggests, they should replace it with a website under maintenance page):

Server Error in '/' Application.

Runtime Error

Description: An application error occurred on the server. The current custom error settings for this application prevent the details of the application error from being viewed remotely (for security reasons). It could, however, be viewed by browsers running on the local server machine.

Details: To enable the details of this specific error message to be viewable on remote machines, please create a tag within a "web.config" configuration file located in the root directory of the current web application. This tag should then have its "mode" attribute set to "Off".

Notes: The current error page you are seeing can be replaced by a custom error page by modifying the "defaultRedirect" attribute of the application's configuration tag to point to a custom error page URL.

sf-frown

May 31, 2015
9:04 pm
james1900
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Brimleychen said

Zagbank.ca is currently down. The website exposed the error (It doesn't look good. In fact as error msg suggests, they should replace it with a website under maintenance page):

Server Error in '/' Application.

Runtime Error

Description: An application error occurred on the server. The current custom error settings for this application prevent the details of the application error from being viewed remotely (for security reasons). It could, however, be viewed by browsers running on the local server machine.

Details: To enable the details of this specific error message to be viewable on remote machines, please create a tag within a "web.config" configuration file located in the root directory of the current web application. This tag should then have its "mode" attribute set to "Off".

Notes: The current error page you are seeing can be replaced by a custom error page by modifying the "defaultRedirect" attribute of the application's configuration tag to point to a custom error page URL.

sf-frown

The program went down. Luckily it did not reveal any security loophole. Program bug exists. They should invest more on software applications.

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