As the latest partner of GCash, UNO Digital Bank will be able to offer at higher than industry interest rates for certain products through GSave, a digital savings account within the e-wallet app.
GCash customers can open an account with UNO Digital Bank directly from the app and gain access to the digital bank’s products.
“Through this partnership with GCash, we will open the door for more people to experience fast, seamless, and well-protected digital transactions so they can avail of high-rate savings products to get started on their financial growth journey,” said Lester Cruz, Head of Liabilities and Payments -Products and Partnerships at UNO Digital Bank. “We hope more Filipinos will be able to achieve their financial goals through GSave & UNO Digital Bank.”
Through the GSave Marketplace, customers can manage their UNO savings accounts in one app. Filipino citizens who are at least 18 years old, and who are fully verified GCash App users with active mobile numbers and mailing addresses registered in the Philippines, are eligible to open savings or time deposit account. Customers also get to enjoy seamless and free cash in and cash out from their GCash wallet to their UNO accounts.
“Our partnership with UNO Digital Bank is in line with GCash’s goal of giving Filipinos a secure and convenient banking experience by being an all-in-one app for all their financial needs, from banking to lifestyle essentials,” said Martha Sazon, GCash’s president and CEO. “Thanks to like-minded partners like UNO, we can make sure that more Filipinos can have access to essential banking services and help them gain financial freedom.”
Savings, TD accounts
The #UNOReady@GCash is a high-rate savings account that offers up to 4.25% interest p.a., higher than what is currently offered by traditional banks. Interest is credited daily, and it has no requirements for either a minimum or maintaining balance and has no service fees. Customers can get free life insurance coverage worth Php50,000 for a minimum monthly Average Daily Balance (ADB) of Php10,000.
In addition to the #UNOready@GCash services provided, UNO Digital Bank is the first to offer time deposit products in GSave through its #UNOboost@GCash and #UNOearn@GCash accounts. #UNOboost@GCash provides up to 6.50% interest p.a. time deposits. Customers have the flexibility to choose their desired term ranging from 3-12 months, while #UNOearn@GCash is also a high-yield time deposit with a guaranteed interest rate of 6.50% p.a. that can be locked-in for 12 or 24 months. It also provides monthly interest payout. Customers can open up to five tranches each for #UNOboost and #UNOearn and can deposit up to Php100,000 per tranche.
“We are initially offering our savings products that will help them grow their money by offering better than standard industry interest rates backed by superior digital experience,” said Amit Malhotra, chief business officer of UNO Digital Bank. “Other products and services like loans, insurance, and investment products will soon follow. Our goal is to provide the platform that can help them meet their financial goals in a convenient, simple, and safe manner.”
“Discussions around present and potential opportunities have been very progressive with like-minded approach, and with GCash as our partner, we are well-positioned to create meaningful impact by providing financial inclusion and innovative products to majority of Filipinos,” said Manish Bhai, founder & CEO of UNO Digital Bank.
Since beginning operations in 2022, UNO Digital Bank has made its mission to provide services for the unbanked population and help create a better financial system with online banking solutions hinged on the latest technology. The company was one of the first Fintech companies to receive a Digital Banking License from the Banko Sentral ng Pilipinas. UNO Digital Bank continues to partner with trusted and effective members of the banking and financial services industry to help elevate the banking experience to one that is more accessible, reliable, and secure.