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You need to have a Zag Bank account before you can download the Zag mobile app. To open an account, click here.

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Zag Tax-Free GIC

Whether you’re saving for a down payment on a house, a major purchase like a car, or just for a rainy day, a Zag Tax-Free GIC is great for both short and long-term goals. Your principal is guaranteed and you can invest up to $5,500 every calendar year without paying taxes on the interest you earn.

It’s also good to know you can:

  • start with as little as $250
  • choose terms from 6 months to 5 years
  • automatically renew your Zag Tax Free GIC 
  • open your new Zag Tax-Free GIC online within minutes

The maximum amount that you can contribute to your TFSA is limited by your TFSA contribution room. You can learn more on the Canada Revenue Agency website.

’No fees’ means you save your money— all of it.

What you get Fee
Account opening Free
Account maintenance and online statements Free
Account management with Mobile and Online Banking Free
Retrieval of past statements through Zag Bank Online Banking Free
Customized, automatic alerts and notifications Free

For the Zag Tax-Free GIC, interest is annualized, calculated daily, compounded monthly and paid at maturity for 1 to 5 year terms. You have the option to have interest paid out to your Zag Savings Account (or to the External Account from which the funds originated if you don’t have a Zag Savings Account).

For 6 and 9 month term GICs, interest is calculated daily and paid at maturity to your Zag Savings Account (or the External Account from which the funds originated if you don’t have a Zag Savings Account). Interest is calculated as simple interest on 6 and 9 month GICs and therefore is not compounded.

The applicable interest rate is determined on the date on which Zag Bank receives your funds.