GCash and CIMB Bank, the country’s leading digital banking services provider, are offering users up to 8 percent interest rate per annum on GSave until Jan. 31, 2023.
The offer, the highest interest rate available in the market, will be available for existing customers of the bank who opened their accounts for more than 60 calendar days at the start of the qualifying month. It will be applicable to the difference in total average daily balance from the previous month.
GCash said the promo is also inclusive of other promo and base rates for ADB growth including the 2.6 percent p.a. for GSave accounts. This is also inclusive of the 4 percent p.a. promo rate applicable to the first P200,000 ADB. Any incremental ADB growth will receive 8 percent per annum.
It said to calculate the average daily balance, customers need to get the total of their daily balance at the end of each day for the qualifying month and divide them by the total number of days in the qualifying month.
For customers who have multiple deposit accounts with CIMB Bank, the interest rate reward will be computed based on the qualifying month’s yotal ADB for GSave accounts.