For Savings Consciousness Week, fintech app GCash offered unbanked and under-banked Filipinos access to convenient and safe high-earning savings accounts.
According to GCash, 1 in 4 bank account holders in the Philippines now hold an account through GSave, an in-app savings feature of GCash. Powered by the Bank of the Philippine Islands, Maybank, and digital banks UNO Bank and CIMB Bank, GSave aims to promote a culture of saving with competitive interest rates ranging from 4% to 6% per annum, significantly higher than traditional savings accounts.
GSave requires no maintaining balance, making it accessible to a broad audience. Users can easily transfer money between GCash and GSave free of charge, enabling them to manage their funds anytime, anywhere via their mobile phones. This feature helps users build emergency funds, education savings, medical expense reserves, retirement funds, and business capital.
“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,” said Mark Ilao, market education head at GCash.
Citing data from the Bangko Sentral ng Pilipinas’ (BSP) Consumer Expectation Survey 2023, GCash said 7 out of 10 Filipino households still do not have a savings account. GCash wants to bridge this gap by providing essential financial services and enhancing financial literacy through its Learning Hub, which offers users educational materials on better financial management.
To open a GSave account:
- Navigate to the GSave icon on the GCash dashboard
- Select their preferred bank
- Agree to the terms and conditions
- Confirm the account setup.
Declared by the BSP in 1994, Savings Consciousness Week, observed from June 30 to July 6, continues to be an important event promoting the significance of saving in shaping the nation’s economic future. This year’s theme, “A Saving Culture Leads to a Successful Future,” underscores the collaborative effort of banks and financial institutions in fostering financial awareness.