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Guaranteed Investment Certificate (GIC)

A GIC is a secure investment product that locks in your savings for a set term. Zag offers terms from 6 months to 5 years.

With a GIC, both the principal and interest are guaranteed for the term of the investment, at a competitive rate of interest.

GIC amounts of up to $100,000 are protected by the Canada Deposit Insurance Corporation (CDIC). Visit CDIC for more details.

Quite simply: Safety and security.

At the end of your term, you get back your original investment – plus the interest you were promised. Guaranteed. With a Zag GIC, the interest rate you choose is the one you get, guaranteed for your entire term, no matter what happens to rates after you buy. Just choose the term (long or short) that will best help you achieve your savings goal. Then sit back and enjoy your earnings.

Zag Bank is a member of Canada Deposit Insurance (CDIC) which means that eligible GIC deposits are insured.

Learn more about CDIC deposit insurance.

You – as long as you’re a resident of Canada and the age of majority in the province or territory where you live. (Unless you live in Québec. Unfortunately, Zag GICs are not currently available there.)

If you already bank with Zag, you can open a Zag GIC account quickly and easily. Simply log in to Zag Online, choose ‘Accounts’ and select ‘Add an Account’.

If you are new to Zag, you’ll need a valid email address and a cheque from a Canadian financial institution. Go to, click on ‘Open an Account’ and then:

  • Choose the type of account you want (in this case, a GIC)
  • Enter your personal details, including your name, address and Social Insurance Number (SIN)
  • Activate the account by using our SnapCheque feature to deposit your cheque from your mobile device (you can also mail it in)

If you have any questions, we’re here to help. Call us at 1-844-Zag-Bank (1-844-924-2265).

Zag offers both registered and non-registered GICs. You can choose from the Zag GIC, Zag RRSP GIC, and Zag Tax-Free GIC. Different terms are available for short- or long-term savings goals.

It all depends on when you think you’ll need the money. With Zag GICs, you can choose a shorter term (6 or 9 months) or a longer term (1, 2, 3, 4, 5 years), based on your timeline and savings goal.

If you’re interested in the Zag Tax-Free GIC, shorter terms of 6 or 9 months, as well as longer terms of 1, 2, 3, 4, and 5 years are available.

For the Zag RRSP GIC, you can choose a term of 1, 2, 3, 4 or 5 years.

Keep in mind, however, for all of our GIC products, you can’t redeem the GIC before the date it matures.

You can open a Zag GIC account with as little as $250. Zag Bank may limit the total amount you have on deposit with us to a maximum of $5 million per client. If you have more than $5 million to invest, give us a call at 1-844-Zag-Bank (1-844-924-2265). For your TFSA GIC, it depends on how much contribution room you have available.

Zag Bank does not currently offer spousal RRSP GICs.

The interest on Zag GICs are calculated and paid out based on the type of GIC you chose.

For 1- to 5-year term Zag GICs:

  • Interest is annualized, compounded and calculated daily
  • Interest is paid out based on the option you selected - either monthly, semi-annually, annually or at maturity
  • The interest is paid out to your Zag savings account. Or, if you don’t have a Zag savings account, it will be paid out to the account, at another Canadian institution, that you used to originally fund your Zag GIC account

Please note, if you choose to have your interest paid out at maturity, interest earned will be credited to your GIC annually on the anniversary date of when your GIC term started.

For the Zag Tax-Free GIC and Zag RRSP GICs:

  • Interest is annualized, compounded and calculated daily
  • The interest is credited to your GIC annually
  • For GICs with 1- to 5-year terms, the interest is paid at maturity

For 6- and 9-month term GICs:

  • Interest is calculated daily and paid at maturity. Interest is calculated as simple interest and therefore is not compounded
  • Interest is paid at maturity, to your Zag savings account. Or, if you don’t have a Zag savings account, it will be paid out to the account, at another Canadian institution, that you used to originally fund your Zag GIC account

For all Zag GICs:

The applicable interest rate and start date of the term is determined by the date on which Zag Bank receives your funds.

Think of compound interest as ‘interest on interest’. That is, interest on the total of the principal PLUS the interest already earned. It makes your deposit or loan grow at a faster rate than simple interest, which is calculated only on the principal amount.

No fees. No service charges. That’s one of the reasons you bank with us.

Sorry, our GICs cannot be redeemed before maturity. But you can choose the GIC term that is right for you, based on how soon you think you’ll need the money. Check out the GIC terms that are available.

Quite simply, you can take your money out or re-invest it.

Thirty (30) days before your Zag GIC is set to mature, we’ll email to ask if you’d like to renew (with the same terms or a different GIC option), or simply have your GIC paid out. If we don’t hear from you, we will renew your GIC on its maturity date with the same term and that day’s current applicable interest rate (we combine the interest your Zag GIC has earned to date with your principal on each renewal).

There is space for only one SIN in the form that the Canada Revenue Agency (CRA) provides for T5 receipts.

However, Zag includes names of all joint-account holders on the T5 which allows you to report share of earnings by each of the account holders.

For more information, please check with Canada Revenue Agency (CRA) at

You’ll receive an annual statement for your registered Zag GIC. 

For non-registered GICs, you can check your account by logging into your Zag Online.

If you’re new to Zag, opening an account with Zag is easy - it’s 100% self-serve through our website. Go to 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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