To help Filipinos grow their finances and achieve their #IponGoals, GCash and CIMB Bank are offering as much as 7% per annum on GSave.
Currently the highest interest rate available in the market, the offer is available to GCash users who will sign up for their first GSave account from April 1 to June 30, 2022.
The GSave feature has been live in the GCash app since December 2018 in partnership with CIMB Bank. It has been providing unbanked Filipinos with the opportunity to open a savings account that requires no initial deposit, maintaining balance, or lock-in period.
A study conducted by GCash revealed that one out of every five banked adults has a GSave account, while a total of 5.3 million users have registered to GSave by the end of the first quarter of 2022.
The partnership with CIMB Bank has been helping GCash support the Bangko Sentral ng Pilipinas’ thrust to grow the number of Filipinos with a formal bank account by up to 70% in 2023. Based on estimates from monetary authorities, the number of banked Filipinos adults has already increased to 41 million as of the third quarter of 2021 or around 53% of total adult Filipinos.
Here’s how to start saving via GSave:
- Click the GSave icon on the GCash dashboard and tap GSave by CIMB Bank.
- Click “Open a Savings Account.”
- On the Save Money Registration page, tick the box under CIMB Bank Policies to agree to the Terms and Conditions.
- Tap Open a Savings Account.
- Tap “OK” after the confirmation message has been displayed.
The 7% p.a. interest rate will be effective for new users and will be applied to the first P100,000 average daily balance in the account for the first three months after successful account opening. A 4% p.a. promo interest rate will apply to balances from P100,000 to P200,000, which is still higher than what traditional banks offer.