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Email this4:58 pm
October 11, 2015
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Hello fellow savers:
My 2 yr GICs (2.5%) will be maturing in the next few months. Currently their posted rates are horrible.
Since I have GICs, I haven't gone onto ZAGs website in a long time.
Yup, the password is a nightmare.
But what is worst, is trying to follow your money.
They do not offer compounding of your GIC; the monthly interest is deposited into a savings account and receives about 1%!!
What a nightmare trying to navigate their website. You can only view an account for a maximum of 3 months at a time. And when you have to go back 2 years, there are a lot of clicks.
I called customer service to ask for a print out of my accounts. They refused. Stated that they are only an online bank.
Has anyone stayed with them?
I'm looking forward to leaving them.
5:42 pm
October 22, 2015
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Zag is no longer remotely competitive.
When my GIC matured I moved it to Oaken for 3.15%.
As far as the interest, you did have the option of compounding within the GIC or the monthly interest being deposited in your savings.
5:57 pm
November 21, 2015
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dentgal:
1) "do not offer compounding" = you choose not to compound.
2) "maturing in a few month" = that means, that you cannot do anything about it now, and in a few month, the rates and offers will reflect a then current landscape.
3) 3 month limit for printing statement is not pleasant, it needs 5 printouts.
4) OK to sleep well until one week before your GIC is maturing.
6:03 pm
October 27, 2013
Online
I continue to have an e-savings account with Zag. Am happy enough with them for that purpose even if their website is funky/weird. Push-pull transfers to my big 5 bank are fast enough as well. Monthly e-statements are timely and PDF T5 tax slip is prompt.
Not interested in any other products from online banks myself and Zag is the only online bank account I have left. I probably should consider moving to Alterna or EQ Bank for an interest boost, but does not seem to be worth it at 40% 'all in' MTR.
6:18 pm
April 6, 2013
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Zag does offer compounding on their GIC's. But, unfortunately, because of poor website design, many people ended up with monthly payout of the interest when they thought they were selecting monthly compounding! 
(Previous discussion)
As for two years of account history, try doing a download of the activity in CSV format and viewing the CSV with a spreadsheet. Download will allow more than 3 months at a time.
9:03 pm
January 3, 2013
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I have their 2 years for 2.5% and it will mature next month or March (Don't remember exactly now and too lazy to go find the password now).
To answer your question, mine is compounding. However, it is very annoying as they don't post the interest or how much money in total I have in the account. Anytime I want to know the exact $ or the compounded interest, I just contact them via the contact form after logging in my account. They usually reply quickly. One more problem is the notification. There doesn't seem to be any email push notification when they reply so you will either forget about your message or have to keep checking daily to see if they replied.
Simply, don't stress out. By the time yours is mature, the rates are up and down 10 times. See what happened today? Everything is up. Never know what happens by then and you will have time to decide.
For me, I probably just move it to Tangerine for 2.5% until end of May and see what happens next or if anything better appears.
Please write your comments in the forum.