GCash and CIMB offer up to 7 percent per annum interest via GSave

GCash and CIMB Bank announced that it is offering up to 7 percent per annum interest via GSave. This is currently the highest interest rate available!

Gcash GSave now has 7 percent per annum interest rate due to promo!

GSave to offer up to 7 percent per annum interest rate

In collaboration with CIMB Bank, the GSave function has been available in the GCash app since December 2018. It has been offering unbanked Filipinos the chance to create a savings account with no minimum deposit, no minimum balance, and no lock-in period. According to research done by GCash, one in every five banked persons has a GSave account, with 5.3 million customers enrolled at the end of the first quarter of 2022.

The cooperation with CIMB Bank has aided GCash in supporting the Bangko Sentral ng Pilipinas' goal of increasing the number of Filipinos with a formal bank account by 70 percent by 2023. According to monetary authorities' estimations, the number of banked Filipino adults has already risen to 41 million in the third quarter of 2021, accounting for roughly 53 percent of all adult Filipinos.

Users may start saving using GSave by clicking its icon on the GCash dashboard and selecting GSave by CIMB Bank. Then, on the Save Money Registration screen, check the box next to CIMB Bank Policies to agree to the Terms and Conditions, and then select Open a Savings Account. 

After the confirmation message has been shown, tap "OK." The annual rate of 7 percent per annum interest rate will apply to the initial PHP 100,000 average daily amount in the account for the first three months after successful account opening for new customers. 

A 4 percent annual increase per annum promo rate would apply to accounts between PHP 100,000 and PHP 200,000, which is still more than what traditional banks provide.

What do you guys think?