To help Filipinos grow their finances, GCash has partnered with CIMB Bank to introduce GSave. GSave is seamlessly integrated through the GCash app and is offering as much as 7% per annum for those who will sign up for the service until June 30, 2022.
GSave has already rolled out to GCash since Decemeber 2018 in partnership with CIMB Bank. It offers Filipinos the opportunity to open a savings account without an initial deposit, maintaining balance, or lock-in period.
Here’s how to save money through GCash GSave:
- Click on the “GSave” icon on the Gcash dashboard.
- Tap GSave by CIMB Bank.
- Open a Savings Account.
- On the registration page, agree to the Terms and Conditions to continue.
The 7% per annum interest rate will be effective for new users until June 30, 2022 and will be applied to the first PhP 100,000 average daily balance in the account for the first three months after a successful application. A 4% per annum promo interest rate will apply to balances from PhP 100,000 to PhP 200,000.
A study conducted by GCash reveals that 1 out of every 5 banked adults has a GSave account, while a total of 5.3 million users have registered to GSave by the end of the 1st quarter of 2022.
Their partnership with CIMB Bank has been helping GCash support Bank Sentral ng Pilipinas’ mission to grow the number of Filipinos with a formal bank account by up to 70% in 2023. Based on estimates, the number of banked Filipinos has already increased to 41 million as of the 3rd quarter of 2021.
