One of four bank account holders in the Philippines now has an account under GSave, the innovative, in-app savings marketplace feature of GCash.
GSave, powered by Bank of the Philippine Islands and Maybank, and popular digital banks UNO Bank and CIMB Bank, offer higher interest of up to 4 percent to 6 percent per annum, helping users earn up to 10 times more than a traditional savings account.
Through this feature, GCash ensures users get the most out of those deposits with higher returns and can help them save up for an emergency fund, education fund, health and medical expenses, retirement fund, business capital and more.
“With GSave, no maintaining balance is needed and anyone can open a GSave savings account via the GCash app. Transfer of money from GCash to GSave is free of charge also, allowing one to deposit or withdraw anytime and anywhere,” said Mark Ilao, head of GCash market education.
“Using only their mobile phones, Filipinos have the power to achieve their financial goals and dreams and provide better financial security for themselves and their loved ones,” he said.
As seven out of 10 Filipino households still do not have a savings account according to the Bangko Sentral ng Pilipinas’ (BSP) Consumer Expectation Survey 2023, making sure all Filipinos have access to financial services remains an important goal for GCash and its partners.
GCash said that on top of providing access to essential financial services, it is also helping improve financial literacy among Filipinos through its Learning Hub which gives users learning materials on how they can better manage their finances.
