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The eC-Savings
on GSave allows users to save directly from their GCash wallet
Only
1 out of 3 Filipinos can save, with half of them opting to save their money at
home, according to the Bangko Sentral ng Pilipinas. However, this traditional
way of saving exposes their hard-earned money to risks of fire and theft, with
BSP even noting its potential impact on currency circulation.
“Trusted
financial institutions provide fundamental security for funds. On top of this,
they also offer an opportunity for Filipinos to get the most out of their hard
work: the availability of high-yield savings accounts that offer competitive
interest rates,” said Winsley Royce Bangit, Group Head of New Businesses,
GCash.
In a
move to democratize access to high-yield savings accounts among Filipinos,
GCash, through GSave, has partnered with microfinancial services provider
Cebuana Lhuillier Bank to offer a savings account designed to provide higher
interest rates, accessible through an e-wallet they already trust for everyday
transactions.
“GCash
and Cebuana are driven by the same mission of making financial services
accessible to Filipinos nationwide, especially the underserved communities,”
said Bangit. “Through this collaboration, we hope to empower Filipinos to
cultivate their financial well-being by transforming saving from being a burden
to being an actionable step.”
With
over 3,500 branches nationwide, Cebuana is bringing its expertise in financial
inclusion to the cashless ecosystem, enabled by finance super app GCash, with
millions registered users in the country. Under the partnership, GCash users
can now open an eC-Savings by Cebuana Lhuillier Bank account through GSave, a
savings marketplace where users can grow and secure their funds within the
GCash app. Account holders of eC-Savings by Cebuana Lhuillier Bank on GSave
will get 3.5% p.a. interest, regardless of their deposit amount, enabling them
to earn higher interest income compared with traditional savings accounts.
To
help jumpstart their savings journey, users who open eC-Savings by Cebuana on
GCash will get PHP 100 cashback on their initial deposit. Moreover, eC-Savings
account holders will get up to PHP 33,000 in free accident coverage.
“While
most hardworking Filipinos understand the value of having insurance, cost still
prevents them from prioritizing it,” noted Bangit. “We introduced this benefit
so they no longer have to face a trade-off between building their savings and
having peace of mind during their daily hustle.”
Savings Made More Accessible
A
key deterrent for Filipinos to save money in traditional banks is the perceived
complexity of opening a bank account, typically requiring in-person visits and
submission of supporting documents. The availability of Cebuana Lhuillier Bank
on GSave eliminates this hurdle, as GCash users can open an account on GSave on
the app, without having to submit additional IDs.
The
BSP study also noted that among the mass market, the amount of savings they
have tends to be small and often earmarked for immediate expenses, with most
preferring to keep funds readily accessible at home. Given this need for
accessible savings, GSave enables users to deposit as low as PHP 1 directly
from their GCash wallet. Users no longer have to worry about their accounts
being closed, as the eC-Savings account does not have a minimum maintaining
balance.
“Filipinos’
hardworking spirit deserves to be matched by financial services that work just
as hard as they do, actively supporting their financial goals. By building upon
the trust of millions of Filipinos in GCash and Cebuana, we hope to empower
their aspirations for a secure future by making saving truly accessible and
rewarding for all,” concluded Bangit.
To open an eC-Savings by Cebuana
account on GSave, you must be a Filipino Citizen, at least 18 years old, and a
fully verified GCash user. Ready to grow your money? You may access GSave through the GCash dashboard or find it
under “Grow.” No GCash yet? Download the GCash App on the Apple App Store,
Google Play Store, or Huawei App Gallery. Kaya mo, i-GCash mo!
About GCash
GCash is the Philippines’ #1 Finance App and Largest
Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid
airtime; pay bills via partner billers nationwide; send and receive money
anywhere in the Philippines, even to other bank accounts; purchase from over 6
million partner merchants and social sellers; and get access to savings,
credit, loans, insurance and invest money, and so much more, all at the
convenience of their smartphones. GCash’s mobile wallet operations are handled
by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only
duacorn in the Philippines.
GCash is a staunch supporter of the United Nations
Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13,
which focus on safety & security, financial inclusion, diversity, equity,
and inclusion as well as taking urgent action to combat climate change and its
impacts, respectively.
G-Xchange Inc. (GCash) is regulated by the BSP
(www.bsp.gov.ph). Visit the GCash Help Center or call 2882 (Globe/TM) / (02)
7213-9999 (other networks; fees may apply) to know more.
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