Traditional banking has been here for a very long time. And now, as we go through the digital age, banking has transformed because of the speed at which information can be transferred.
However, this speed has never translated easily with our fellow Filipinos. Many of our countrymen are not Internet savvy and don’t even have a credit card or a savings account to start with.
GCash has now offered financial services to the unbanked masses through multiple trailblazing products, from GSave to GInvest, to GCredit. One of the most known ones is GSave.
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What is GSave?
GSave is a feature in the GCash app that allows you to create and access savings accounts within the GCash app itself.
Previously, it only offered a single savings account from CIMB, but now it has upgraded to a GSave Marketplace. This marketplace aims to offer different savings products from different banks.
Having a savings account integrated into GCash enables you to deposit and withdraw your funds at any time.
What requirements do I need to avail of an account?
GSave accounts need you to be Fully Verified. You will be able to open accounts without the need to submit documents or IDs as they leverage the Know-Your-Customer (KYC) information you shared when you verified your account.
How safe are the savings accounts in GSave?
GSave Marketplace is safe because these are savings accounts, as such, deposits are also insured by PDIC by default.
Also, before you can withdraw any money from your account, you will need to go through an OTP challenge.
The only problem you may encounter is if the service itself goes into maintenance — this would effectively freeze your funds until the maintenance is over.
Is there a service charge? How about maintaining balance and min-max deposit amounts?
- There is no service charge.
- There is also no maintaining balance, and no required balance to start earning interest.
- The minimum deposit and withdrawal amount are Php 0.01.
- The maximum withdrawal amount per day is Php 50,000.
- The maximum deposit amount in total is Php 100,000.
- Take note that GCash also has cash-in and cash-out limits for Fully Verified users (100k for both per month).
What are the banks currently in GSave Marketplace?
Since GSave is now a marketplace, we can expect that as time passes there would be more and more choices available. Currently, there are these offerings:
What is GSave by CIMB?
GSave by CIMB is the original GSave product. It is powered by CIMB, one of the few digital-only banks in the Philippines.
What are the interest rates for GSave by CIMB in comparison with other banks?
GSave currently provides an annual interest rate of around 2%, which is on par with some other digital banks. Previously CIMB offered higher interest to the tune of 4% per annum but has since tempered down their rates.
Is GSave by CIMB different from the CIMB GSave Plus account?
Yes, because once you reach Php 100,000, you cannot deposit into the GSave account anymore in the app. If you need to deposit more than the limit, you need to have the account converted to a “GSave Plus” account.
This will allow you to deposit more, and as a result, you can use the high-interest rate better as the amount grows even bigger.
How do I create a GSave by CIMB account?
You need to be a Fully Verified user, you should be a non-US Filipino citizen, and should be more than 18 years old.
Creating a GSave by CIMB Account
- Go into GSave Marketplace by clicking on GSave.
- The first step is to verify your email by clicking on GSave by CIMB and opening a savings account.
- This will prompt you to have your email verified first to proceed.
- Click on GSave by CIMB, you can now deposit any amount from your wallet to your GSave account.
- From the main GSave page, you can make a deposit, make a withdrawal, schedule an auto-deposit, and see your transaction history.
How do I make a deposit in GSave by CIMB?
Making a deposit in GSave by CIMB
- Click on the “Make a Deposit” button to go to a deposit screen.
- Choose any amount, then you need to confirm the amount to be deposited. You will receive an SMS for a successful deposit.
How do I withdraw my funds in GSave by CIMB?
Withdrawing funds in GSave by CIMB
- Click on the “Withdraw Funds” button and you will go to a similar screen with Deposit.
- Input the amount to withdraw and confirm the withdrawal amount.
- With withdrawals, there is always an OTP confirmation included.
- Similarly, you will receive an SMS for a successful withdrawal.
How do I set an auto-deposit schedule in GSave by CIMB?
Auto-deposit allows you to make deposits on a set schedule. You can set it daily, weekly, or monthly. This is useful for paydays when you need to set aside an amount.
Setting up an auto-deposit schedule in GSave by CIMB
- Click on the “Schedule Auto-Deposit” button from the GSave by CIMB main menu page.
- Choose an amount to be debited and the duration it will take.
- Afterward, you will also receive an SMS with your selected preferences.
How can I check my Transaction History in GSave by CIMB?
You can also check the transaction history to get real-time historical data. You can also download it for your records.
Click on the “Transaction History” button and it will go to the history page.
You can see your recent transactions, even the interest incurred as well as the taxes here. You can also download the transaction report if you need to. Here is a sample:
How is GSave different from GInvest?
GSave is a savings account, while GInvest is an investment vehicle. Savings accounts are managed by banks (CIMB) while GInvest is managed by a mutual funds company (ATRAM) currently.
When you deposit or withdraw in GSave, you should get your money immediately. When you invest or redeem in GInvest, it usually takes a while because there is a need to buy or sell shares in the market.
Another difference is that GSave has usually a fixed amount of interest, while GInvest earnings can fluctuate depending on the mutual fund you invested in.
Does GSave affect GScore?
GSave does affect GScore positively. As you deposit more and withdraw less, GCash will see that you can be entitled to more credit. As a result, it will be a positive influence on GScore — even better if you also use the auto-debit feature.
Can you generate EPs for GForest using GSave?
GSave can now earn GCash Forest energy points (EPs) for depositing/withdrawing funds. You can earn up to 131g EP per transaction.
Can I have multiple GSave accounts?
Yes. With multiple GCash accounts, you can also have different GSave accounts for each GCash one by using a different email address for each GCash account.
However, if you have an existing CIMB account and the mobile number and email address are the same as in your GCash account, it will notify you that you cannot use GSave. The workaround for this is to use a different email address to be able to create a new GSave account.
You can change your email address in the GCash app via the sidebar, by clicking your Personal Profile and changing your email address under your profile.
First, we talked about GSave and how it fits into the GCash ecosystem. GSave makes creating savings account easy because you do not need to sign forms or provide IDs. It also provides the highest interest rate for savings currently in the country.
We also walked through creating a GSave account, and also how to deposit, withdraw, set up a scheduled deposit, and look through the transaction history.
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After reading about what GCash is, here are the main GCash features: