More and more Filipinos are opening savings accounts through GCash as they found it easier and more convenient than traditional savings products in the market.
GCash Save Money has breached over 2.5 million account holders since it was launched in the second quarter of 2019. This represents a 500-percent year-on-year growth from August last year, when it initially had 500,000 pioneering customers.
“With the pandemic coming into full play, we have seen more and more Filipinos becoming mindful of their personal finances. The national health situation made people realize the value of having an emergency fund during crises. As the leading financial technology (fintech) player in the Philippines, we at GCash are empowering Filipinos to tap into financial tools and services that help safeguard them from the effects of the situations like this,” GCash President Martha Sazon said.
GCash Save Money, a collaboration between GCash and CIMB Bank PH, has reinvented the way Filipinos save money. Traditional savings requires a lot of paperworks, physical presence, a minimum deposit, and maintaining balance, among others.
As a mobile-first savings product, GCash Save Money is the first ever bank account that can be opened and maintained straight from the GCash app.
GCash users are spared from the lengthy exercise of filling up multiple forms and lining up at the bank just to open up a bank account. Verified GCash users only need to follow two steps: Select the Save Money icon in the GCash Dashboard and fill in the necessary personal information in the registration form.
Any Filipino citizen above 18 years of age who owns a fully verified GCash account and a valid government ID can deposit under GCash Save Money.
GCash Save Money offers the highest interest rate per annum versus traditional banks. Users may earn 3.1 percent per annum on balances, paid out monthly. Traditional banks only offer up to 0.25 percent per year.
GCash Save Money users who have average daily balances of P100,000 and above in the month of August are entitled to a 4-percent interest rate per annum prorated for the month.
It also does not require users to have a minimum and maintaining balance or a lock-in period, offers guaranteed return, and is regulated by the Bangko Sentral ng Pilipinas. GCash Save Money accounts are also insured by the Philippine Deposit Insurance Corp. (PDIC) for up to P500,000.
GCash Save Money users can easily track their balance and transaction history through the “Save Money” button in the GCash app. They can also seamlessly move up money between their deposit account and the e-wallet.
“GCash Save Money has addressed the usual barriers that discourage individuals from opening a savings account. These include high maintaining balance and dormancy charges. We believe that through GCash Save Money, we are enabling more Filipinos to participate in the financial landscape, while helping them achieve financial goals or manage emergencies,” Sazon said.
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.
GCash is available for download on the App Store and Google Play.
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