GCash, CIMB Bank offer up to 7% p.a. interest via GSave

GCash, CIMB Bank offer up to 7% p.a. interest via GSave

GCash and CIMB Bank have announced that they are offering as much as 7% per annum on GSave, which is currently the highest interest rate available in the market. The limited-time offer is available to GCash users who will sign up for their first GSave account from April 1 to June 30, 2022.

How to start using GSave?

To begin saving with GSave, users need only tap its icon on the GCash dashboard and select GSave by CIMB Bank. Then, click "Open a Savings Account." Check the box next to CIMB Bank Policies on the Save Money Registration page to accept the Terms and Conditions, then tap Open a Savings Account. After the confirmation message has been displayed, tap "OK."

The 7 percent p.a. interest rate will apply to the first PHP 100,000 average daily balance in the account for the first three months following successful account opening for new customers. A promo interest rate of 4% p.a. will apply to balances between PHP 100,000 and PHP 200,000, which is higher than what traditional banks offer.

Also read:

GCash GSave

Since December 2018, the GSave feature has been available in the GCash app in partnership with CIMB Bank. It offers unbanked Filipinos the opportunity to open a savings account with no initial deposit, minimum balance, or minimum lock-in period.

According to a study conducted by GCash, one out of every five banked adults has a GSave account, and 5.3 million users have signed up for GSave by the end of the first quarter of 2022.

GCash president and CEO Martha Sazon said that they strive continually to realize their goal of "financial inclusion for all," which is why they attempt to remove the barrier preventing unbanked Filipinos from opening savings accounts. With GSave, they are "enabling more Filipinos to grow their finances and build a better future" for themselves and their families.

The partnership with CIMB Bank has enabled GCash to support the Bangko Sentral ng Pilipinas' initiative to increase the proportion of Filipinos with formal bank accounts by as much as 70 percent by 2023. According to estimates from monetary authorities, the number of banked adult Filipinos reached 41 million in the third quarter of 2021 or approximately 53 percent of the total adult Filipino population.

For more information, you can visit www.gcash.com.

Post a Comment

Previous Post Next Post