Zag Savings: Your Zag Savings account interest rate is annualized, calculated daily and paid monthly into your account on the last day of the month. Interest will be calculated as soon as the funds are received by Zag Bank and deposited into your Zag savings account.
Zag GIC: For 1-5 year term GICs, interest is annualized, calculated daily, compounded monthly* and paid depending on the interest payment option selected by you. 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) either monthly, semi-annually, annually or at maturity (*if you choose the monthly payment option, interest is not compounded and becomes calculated as simple interest).
For the Zag Tax-Free GIC and Zag RRSP GIC, interest is annualized, calculated daily, compounded monthly and paid at maturity for 1 to 5 year terms.
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.