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June 24, 2015
9:48 am
mikeymikey
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Not sure if already posted, but I think Zag Bank 2.5% promotional rate extended to December 31st

June 24, 2015
12:58 pm
Yatti420
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Rates extended til end of year.. I would expect it to change again probably..

Sign up bonus 25$ now with 100$ min..

New "jingle creator" contest..

June 24, 2015
2:13 pm
semi-retired
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Reading the fine print,to be eligible for the promotional rate of 2.5% till Dec 31/15 you must deposit minimum of 1000.00 before Aug 14th.

June 24, 2015
7:46 pm
Yatti420
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semi-retired said

Reading the fine print,to be eligible for the promotional rate of 2.5% till Dec 31/15 you must deposit minimum of 1000.00 before Aug 14th.

Good catch missed that..

To be eligible for the promotional rate, you must be a new client and successfully open your first Zag Savings account, Zag RRSP Savings account or Zag TFSA Savings account with a minimum deposit of $1,000 by August 14, 2015.

June 25, 2015
1:32 pm
Yatti420
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I used founder promo and just got an email indicating the 2.5% has been applied to my account.. I don't have 1000$ just the founder (I put $200 instead of $100..)..

Confirmed in chat: Founders will get 2.5% til end of year (or further notice) and new customers will get the 25$ and 2.5% with $1000 min..

Can we add Zag to the comparison chart and add in a forum subsection? Thanks,

June 25, 2015
4:04 pm
Jon
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I like the fact that they email us rate change. They still need to improve the EFT system through.

June 25, 2015
5:20 pm
Yatti420
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Yes don't think they are ready for External to Zag only Zag > external at the moment.

June 30, 2015
8:23 am
Yatti420
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Zag Bank has begun to pay out the 1000 client founder promo.. Another 50$ with the final 50$ June next year..

June 30, 2015
1:07 pm
2of3aintbad
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Thanks, Yatti420. I just checked and deposit was dated June 26. No deposit yet for Mrs 2of3 whose account was set up later

July 14, 2015
2:03 pm
semi-retired
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Just checked my account summary.The 1000 customer bonus of 50$ was deposited today July/14.With their 2.5% bonus interest till the end of the year I think this company should be added to the comparison chart on this website.

July 15, 2015
10:31 am
Yatti420
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Good to hear everyone is getting the second deposit.. Now to wait for my third one.. I'm hoping the Zag experience gets better over the next year.. Certainly a rocky start by my standards. We will all see.. Hoping Zag will atleast compete with Tang/PC (going forward) on rates and promos etc..

July 22, 2015
6:57 pm
Loonie
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I am considering opening Zag account, and just re-read all the posts here.

The part that confuses me is how you get your money in and out of the savings account.

Someone said the deposit cheque had to be made out to Zag. Not keen on this idea, especially if it is a large amount. Why can't I make it out to myself?, as I would with other banks.

I am confused about the EFT provisions. It sounds like you can put the money into the account by smartphone or email cheque only, but that you can get it out by EFT. Is that correct?

(updated after re-reads)

July 22, 2015
7:35 pm
Jon
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1. yes, cheque written out in Zag bank.
2. You can also mail them a cheque using snail mail in addition to smartphone apps, but you can only get it out by EFT, as you suggest.

July 23, 2015
8:13 am
Loonie
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Thanks, Jon.

July 27, 2015
5:33 pm
james1900
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So far I received $100 bonus and a few cents of interest. I will report the interest to CRA next year. Do I have to report that $100 bonus as income? Or, I just treat it as a gift? Thanks. (If someone asked this question before, it is no harm to answer it again.)

July 27, 2015
5:45 pm
2of3aintbad
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james1900, I asked before but no reply. since the amount is $100, I think it is safe to assume that they would issue a tax slip if it should be treated as interest. I will report only what is on the tax slip, if any.

July 27, 2015
5:52 pm
AltaRed
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2of3aintbad said

since the amount is $100, I think it is safe to assume that they would issue a tax slip if it should be treated as interest. I will report only what is on the tax slip, if any.

I agree that whatever the tax slip says, go with it. Sometimes bonuses are noted on monthly statements as a fee (as in a negative fee) or an administrative adjustment or similar.... in which case, not taxable.

July 27, 2015
8:05 pm
Loonie
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Even gifts can be taxable, but I am not familiar with the details on that.

I don't see how anyone could legitimately call it interest, as it simply is not. However, it IS income.

July 27, 2015
10:18 pm
kanaka
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Or is it like a discount or sale price....all non taxable. I guess some one could ask ar we wait till February.

July 28, 2015
10:37 am
james1900
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kanaka said

Or is it like a discount or sale price....all non taxable. I guess some one could ask ar we wait till February.

I suddenly realized that I received $50 cash back from MBNA last year. The cashback is a discount to what I have paid with the credit card, so it is not taxable, right?

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