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Savings Account

The Zag Savings account is designed to make it easy for you to save. You receive a great rate and there are no fees. You can access your money at any time and eligible deposits are insured by the Canada Deposit Insurance Corporation (CDIC). Visit CDIC.ca for more details.

That makes it a great place to save for things such as renovations, vacations, education or even for a rainy day.

  • Set and Save’ with our recurring transfer option to automatically move funds into your savings account
  • Deposit cheques from your phone or tablet using our ‘SnapCheque’ feature
  • Earn interest on your account - calculated daily and paid monthly

Manage your account anywhere using Zag Mobile or Zag Online.

The total daily maximum you can transfer to your Zag accounts from a linked account at another financial institution is $100,000. For amounts exceeding $100,000 please contact Client Services at 1-844-Zag-Bank (1-844-924-2265) for help.

You can also deposit cheques using our SnapCheque feature up to a limit of $5,000 a day per cheque to a total daily maximum of $10,000.

Please note that Zag Bank can limit the total amount a client has on deposit with Zag Bank to a maximum of $5,000,000. If you would like to deposit more, give us a call at 1-844-Zag-Bank (1-844-924-2265).

Yes. Zag Bank is a member of the Canada Deposit Insurance Corporation (CDIC). So your deposit with Zag Bank is eligible for CDIC coverage, subject to CDIC rules and regulations. Visit CDIC.ca for more details.

You can withdraw cash by transferring the funds to any of the external bank accounts that you linked to your Zag account.

‘Set and Save’ is simply the ability to set up transfers from your external bank account that is linked to your Zag account(s). You can set up a recurring transfer through Zag Online, to your Zag Savings account, Zag RRSP Savings account or Zag Tax-Free Savings account.  You can decide how much, how often and when you want to start.

To set up and manage your recurring transfers, simply log in to Zag Online and click on ‘Transfer’ then ‘Pending Transfers’. 

To make a change to a recurring transfer, select the pending transfer you want to modify and edit the changes. However, you will not be able to cancel a pre-authorized transaction on the day that it is scheduled.
 

Through recurring transfers, ‘Set and Save’ allows you to automatically move funds to one of your savings accounts according to a set schedule. You won’t have to worry about transferring the funds every month. This option makes it easier to stick to a personal budget and regularly contribute savings to your portfolio over a long period of time.

You will be promped with the ‘Set and Save’ option when you sign up for a Zag Savings account or a Zag Tax-Free Savings account.  For Zag RRSP Savings accounts, you can set up recurring transfers once your account is activated.
 

To make a first deposit into your Zag Savings account, there are 2 options:

  1. With the Zag Mobile app, you can use SnapCheque to deposit a cheque. Simply take a picture of the cheque and follow the on-screen instructions.
  2. You can send us a cheque by mail to the appropriate address below based on the province you live in. This helps to reduce the processing time of your cheque.

For residents of British Columbia, Alberta, Saskatchewan and Manitoba:

Zag Bank
c/o C96910C
P.O. Box 9691, Stn. M
Calgary AB  T2P 0E9

For residents of Ontario, Newfoundland and Labrador, New Brunswick, Nova Scotia and Prince Edward Island:

Zag Bank
P.O. Box 56261, Stn. A
Toronto ON  M5W 4L1

 

Please ensure that the cheque is:

  • a personalized cheque in Canadian funds
  • pre-printed with your name (if it is a joint account, the cheque must have both names pre-printed).
  • issued by a Canadian financial institution 
  • payable to Zag Bank 
  • signed by you (if it is a joint account, it must be signed by both applicants)
  • dated with today’s date 


Please also include the reference number from the email you receive from Zag on the memo line of your cheque.
 

Transferring funds between your Zag account and an account at another financial institution takes up to 5 business days to complete using Electronic Funds Transfers (EFT).

If you make a cheque deposit into your Zag savings account, it may take up to 5 business days to be processed.

If you’re new to Zag, opening an account with Zag is easy - it’s 100% self-serve through our website. Go to zagbank.ca and click on ‘Open an Account.’ Our secure application process takes about ten minutes using your desktop, laptop, tablet or mobile device. We just need a few things from you:

  • Your name, address and Social Insurance Number (SIN)
  • A valid email address
  • A cheque from a Canadian financial institution with your name on it. Or both names, if you want to open a joint account

Once you become a Zag customer, it’s easy to add new accounts through online banking. Simply log in to Zag Online and select the new account you would like to open.

Note that we do not offer products and services to residents of Québec at this time.

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