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Zag’s new standard rate (1.65%)
May 27, 2016
7:05 am
iangrey
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January 12, 2016
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Hi everyone, just received this email from Zag.

Hello XXX,

We wanted to let you know about an upcoming change to your Zag Savings account(s).

Effective June 2, 2016, we will be introducing our new standard rate of 1.65%* on all Zag Savings accounts (our GIC rates will continue to vary based on term). This new rate replaces the introductory rate on our Savings accounts that was set to expire on June 1, 2016.

At Zag, we are committed to providing you value through competitive rates and a simple and easy banking experience. Our new standard rate makes it easy for you to save, with no conditional terms:

• A competitive rate with no conditions attached, unlike some promotional rates that are offered for a limited time and with limited eligibility.
• The new rate applies to your existing Zag Savings account balance(s) and any new deposits or accounts you open.
• There are no fees on your Savings account.
• You can continue to expect the same quality service and easy access to your Zag accounts. Our Client Services team is happy to answer any questions you may have.
We are available 24/7 by email at ClientServices@ZagBank.ca, online chat at ZagBank.ca or by phone 1-844-ZAG-BANK (1-844-924-2265).

Sincerely,

The Zag Team

May 27, 2016
7:42 am
AltaRed
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October 27, 2013
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Should be no surprise that they would drop to the 'top' of most of its competitors. I actually thought Zag may have gone only as low as 2% though given EQ is 2.25%. Howver, I expect EQ Bank will be next to fall into the 1.7% line once it has reached more stability.

May 27, 2016
9:00 am
rhvic
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May 28, 2013
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I had hoped Zag would stay above the rest, but with this change in rate I'll simply move the money I have there to accounts with better rates (EQ, Hubert).

May 27, 2016
9:33 am
MarkFog
Toronto
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April 1, 2016
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Yep, I've received the e-mail this morning. Even before it was sent I have been making plans to move my money out knowing the introductory rate will be lowered. Although, I was hopeful it would have better that 1.65%. It seems a bit of a dare to set it below 1.70% (the majority of banks on chart) thinking most clients won't move for 0.05%. But, when you have $100K parked there, 0.8% it a lot to me. There is no way I can lock in my money in their GIC for 2 years, so that is not an alternative.

I have been considering doubling up my funds to Tangerine since my rate is 2.4% until September.

May 30, 2016
8:14 am
dentgal
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October 11, 2015
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Today is the last day to set up a GIC with Zag to get the 2.5 rate and lock in for 2 years. If you haven't started the process, then good luck. It is really slow getting the wheels in motion. But apparently if you "open" the account by May 30th--which you can do online--then you have up to 10 days to "fund" the account and they will honour the rate. I've spent the better part of May trying to set up GICs for myself and 2 of my kids (don't want to go over $100K max in any account for CDIC protection) and it looks like i'll just get in under the wire!
It's definitely getting harder to find good rates.

May 30, 2016
9:09 am
fabafter50
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October 22, 2015
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Better to get a GIC at Oaken for 2.75%. Lock in from 18 months to 5 years for the same great rate. Easy to deal with as well. I live in Toronto so I just went in personally. Had a lovely cappuccino, got my account and GIC set up, and was out of there in 20 minutes. In two days I received by mail my online set up code. Easy peasy.

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