How to Open Your Very Own GSave Savings Account in the GCash App
GCash is one of the biggest online finance apps in the Philippines, where you can pay bills and so much more. Just recently, they have launched GSave, another new feature that should help make our banking online a lot easier. GCash is now partnered with CIMB Bank, one of the leading banks in the ASEAN region that focuses on online banking, to provide this in-app savings account for Gcash users.
In this article, you will learn more about GSave, how to have your very own savings account, and how you can deposit using your GCash app.
GCash App's GSave (Savings) Account
GSave is an in-app savings account by GCash, powered by CIMB Bank Philippines. It provides fully verified (KYCed) GCash users a chance to open a savings account with no minimum initial deposit required, no service charge, no maintaining balance, and no required balance to start earning interest. Their interest rate is 2.3% (introductory interest rate of 3% until December 31, 2019) which they claim to be 10% higher than most banks in the Philippines.
With this savings account, you can only deposit using your GCash balance and your withdrawals will also return back to your GCash balance. The maximum GSave account balance is PHP 100,000 over 12 months. GSave deposits are also insured by the Philippine Deposit Insurance Corporation (PDIC).
This new feature allows a very convenient way of online banking for GCash users and is definitely one of the best there is in Philippine's online banking scene. It is a really great choice for students and people who are only starting the habit of saving money.
GSave account applications review is usually completed by CIMB on the same day. In my case, it only took a few minutes for my application to be approved.
Requirements for GSave Account Application
If you want to apply for a GSave account, there are only three requirements:
- KYCed (fully verified) GCash Account
- Filipino, non-U.S. Person
- 18 years old and above
Notes: Currently, you can not register to GSave if you already have an existing savings account with CIMB. Likewise, existing GSave account holders can not register to other CIMB products. As it is currently in beta mode, GCash Save Money is available to selected users.
If you're ready to open your own GSave account, follow these few easy steps below:
Apply for GSave: Step 1
Open your GCash App.
Only fully verified accounts are allowed to apply for a GSave account. So make sure your account is KYCed or have undergone the verification process. You can check your verification status on the upper left side of your app.
Once you have checked your verification status, tap the three dots that says "Show More" from the list of services.
Look for "Save Money" under Financial Services.
It will lead you to the first page of the GSave Registration. You will be asked to check your email address where you want to receive all your notifications and online receipts. If you see that the information is correct, just tap "Proceed."
GCash will then continue to let you check more of your personal information such as your name, mobile number, email address and nationality.
After making sure that everything is correct and after reading the terms and conditions, you can now tick the tiny box and proceed to tap "Next".
For the last step of your GSave Registration, you need to certify that you have understood and accepted the terms and conditions under the CIMB Bank Philippines.
Once you have ticked the tiny box, you can finally tap "Confirm."
The registration review usually takes a day, but in some cases it will only take a few minutes before you receive a text message from CMIB Bank stating that your account has now been opened.
How to Deposit to Your GSave Savings Account
After you've finally opened your very own GSave account, you are now free to deposit any amount using your GCash balance.
Follow the first three steps of the application process. Once you have reached "Save Money" it will open your GSave balance. Tap the "Make a Deposit" button right below your GSave Account Details.
Enter the amount you would like to transfer from your GCash balance to your GSave account. Then tap "Next."
After you've finished the deposit, you will automatically receive SMS notifications that also serve as transaction receipts from CIMB Bank and GCash.
Congratulations! You've successfully opened and deposited to your very own GSave account.
I hope this article has helped you learn more about GSave. If you still have questions about their services, you can contact GCash Care on Messenger, email email@example.com or CIMB Bank Philippines at #CIMB (#2462) or firstname.lastname@example.org.
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This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
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