Mobile wallet GCash and CIMB Bank partnered to offer up to 7% per annum interest to users in an effort to help Filipinos with their savings goals.
First-time GSave users can avail of the highest interest rate in the market via the GCash app if they open an account from April 1 to June 30, 2022.
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The GSave feature, which can be found within the GCash app, has been live since December 2018 in partnership with CIMB Bank. Starting an account for unbanked Filipinos is relatively easier compared to a traditional bank, as it requires no initial deposit, maintaining balance, or lock-in period.
"At GCash, we continuously strive to realize our vision of financial inclusion for
all which is why we try to address the barrier between unbanked Filipinos and having a savings account. With GSave, we are enabling more Filipinos to grow their finances and build a better future for themselves and their loved ones," said Martha Sazon, president
and CEO of GCash.
How to open a GSave account:
Log into the GCash app and click on the GSave icon.
Tap "Open a Savings Account."
On the Save Money Registration page, tick the box under CIMB Bank Policies to agree to the Terms and Conditions and tap Open a Savings Account.
Tap "OK" after the confirmation message has been displayed.
According to GCash, the 7% per annum 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.
For balances from P100,000 to P200,000, a 4% per annum promo interest rate will apply, which is still higher than what traditional banks offer, GCash said.
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