Career & Money

The Ultimate Guide to GSave

Boost your savings!

Throughout the years, the financial landscape of the Philippines has steadily evolved. Thanks to platforms like GCash, more Filipinos are gaining access to financial services. At the same time, online shopping and mobile transactions are becoming more popular, making cashless payments the new norm.

These developments have helped people from all walks of life transact conveniently and eliminate risks such as theft. As digital banks and other financial apps continue to thrive, it’s only natural that their services evolve, too. Nowadays, you can pay bills, send money and settle other financial obligations with just a few clicks.

With that said, you’ll be happy to know that you can now open a bank account directly from the GCash app. To help you better understand the ins and outs of a GCash Savings Account, this guide will teach you everything you need to know.

What is a GSave account?

A GSave account is an established bank account built and developed by CIMB Bank and GCash. By signing up, you can eliminate the hassles of lining up in the bank and get some of the best interest rates in the market.

Apart from that, there is no lock-in period or an initial deposit with maintaining balance. Using your GCash savings account lets you make transfers to and from your GCash wallet any time hassle-free with no extra cost.

How do I apply for GSave?

Signing up for GSave is a fast and easy process, given that you meet all of the requirements, which includes being a fully-verified GCash user. Below is a step-by-step guide on how you can get started!

    1. Log into your fully verified GCash account.

Open your GCash and look for the GSave icon on the dashboard. Once you click this icon, you will be redirected to another page, where you can create a new savings account.

    2. Click the “Open a new savings account” button.

After being redirected, click the “Create a savings account” button and read through the terms and conditions. If you understand the details, agree to the terms and wait for a verification text from CIMB Bank on your verified GCash phone number. Once you’re done, you can get started immediately!

    3. Upgrade your account.

Now that your account has been approved, you can upgrade it at any time for free to unlock more benefits, as there are a few limitations that come with GSave. Apart from a ₱50,000 cumulative deposit limit, your account may only be valid for 12 months from the date of registry. So, make the most out of the app by upgrading your savings account!

If you do decide to upgrade, you will be redirected to another page where you will fill out your personal information.

GSave FAQs

    1. What is the interest rate of a GSave account?

A GSave account comes with a base interest rate of 2.6%. With no service fees, maintaining balance, minimum deposit required, saving up is made a whole lot easier.

    2. Does GSave have an expiry date?

Following the previous points, basic GSave accounts are faced with notable restrictions. Since face-to-face verification isn’t required to open one, the Bangko Sentral ng Pilipinas has imposed the following mandates:

  • Accounts will be only valid for 12 months from the date of registration.
  • An account will only have a cumulative deposit limit of ₱50,000
  • In the event that you reach these limits, you will be notified to upgrade to a GSave Plus account. At the same time, if you do not deposit money into your GSave account within 12 months or if you do not upgrade within 12 months, your account will also expire.

    3. How do I deposit and withdraw from GSave?

To deposit money to your GSave account, follow these two simple steps: 

  • Step 1: Open your GCash app and select Save Money on your dashboard. Click the deposit option afterwards.
  • Step 2: Enter the amount you wish to deposit based on your available balance. Confirm your transaction

To withdraw money from your GSave account, follow these two simple steps:

  • Step 1: Open your GCash app and select Save Money on your dashboard. Click the withdraw option afterwards.
  • Step 2: Enter the amount that you wish to withdraw and press confirm to finalize your transaction. 

    4. How much can I deposit and withdraw?

There’s no minimum deposit required for GSave. You can deposit as low as P0.1 and use the service immediately. On another note, GSave account holders have an annual deposit limit of ₱50,000 and a daily withdrawal threshold of ₱100,000. However, those with upgraded GSave accounts have no deposit limits.

    5. How do I link my GSave account to CIMB Bank PH App?

  • Step 1: Download the CIMB Bank app on Google Play or Apple Store. Open the application and click “Link my GSave account” on the login page. 
  • Step 2: Enter your temporary login credentials that will be sent via SMS. These credentials will be automatically sent to your phone once you open your GSave account. The username is your registered phone number starting with 9 while the password given will be system generated.
  • Step 3: Create your desired username and password then fill up the necessary fields. Wait for the verification link that will be sent to you via email. 

Still have any looming concerns about GSave? No worries! You can find all the answers you need at GCash’s Help Center.

Save smart through GCash

Banking apps and online wallets enable millions to engage in safe and convenient transactions. With reliable service providers like GCash, paying your bills and sending money has never been this easy.

Download the GCash app today and sign up for a GCash Savings Account for the best online banking experience! It will only take seconds of your time!

Art Matthew Fetalver

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