Save Money (GSave): A Step by Step Guide

What is Save Money (GSave)?

Save Money or GSave is a feature in the GCash app that allows you to create and access a savings account within the GCash app itself.

The updated GSave main page

Personal Finance in GCash

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 of the 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 recognized this opportunity for our fellow Filipinos, and hence they have provided options for creating a savings as well as an investment account in the app itself – in the form of Save Money (GSave) and Invest Money (GInvest).

Is GSave free? What requirements do I need to avail of it?

GSave is free. And more importantly, you do not need to submit any ID create one. You also do not need to maintain a balance.

GSave is powered by CIMB, a universal bank operating in ASEAN and originating in Malaysia. Last August it reached 500,000 users 6 months after launch. This is mainly through the GCash app.

And because it is part of the GCash ecosystem, you can initiate a withdrawal anytime and the money goes to your GCash wallet. You can also convert it to real cash via atm if you have a GCash Mastercard, or transfer the funds to another bank using the Bank Transfer feature.

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 GSave has usually a fixed amount of interest, while GInvest earnings can fluctuate depending on the mutual fund you invested in.

What are the interest rates for GSave in comparison with other banks?

GSave currently provides an annual interest rate of 3%, the highest of digital banks (and even surpasses ING’s 2.5%). Sometimes for certain months of the year, GSave provides 4% or more.

What does this mean? It just means that in a year, a Php 10000 investment will have a Php 300 interest (with taxes). This is better than most bank’s time deposit rates and even some mutual funds.

Also another key difference from an ING savings account – you can only transfer the money to another bank account because you cannot withdraw funds via an ATM.

How safe is GSave?

GSave is safe because it is a savings account, not an investment. Since GSave is also a type of savings account in the Philippines, deposits are also insured by PDIC by default.

Also, before you can withdraw any money from your account, you need to go through an OTP challenge.

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 is 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).

Does GSave affect GScore? How about GCash Forest?

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.

GCash financial services like GCash and GInvest are some of the sure ways you can get a higher GScore.

As of a recent update, GSave can now earn GCash Forest energy points (EPs) for depositing/withdrawing funds. You can earn up to 131g EP per transaction.

Can you 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 the email address is the same as in your GCash account, it will notify you that you cannot use the Save Money feature. The workaround for this is to use a different email address to be a 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.

Is this different from the CIMB GSave Plus account?

Yes, because once you reach the 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 Account?

You need to first be a fully verified user. Also, some conditions also apply like you should be a non US Filipino citizen, and should be more than 18 years old.

The first step is to verify your email.

Next, you can click on “Save money” from the main page and you will see the GSave page. 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?

Click on the “Make a Deposit” button and you will go to a deposit screen like below:

Choose any amount (minimum of Php 0.01), 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?

Click on the “Withdraw Funds” button and you will go to a similar screen with Deposit. You can choose any amount to withdraw and you will need to confirm the withdrawal amount. The difference with deposit is when withdrawing, there is always an OTP confirmation included.

Similarly, you will receive an SMS for a successful withdrawal.

How do I set an auto-debit schedule?

Click on the “Schedule Auto-Deposit” button from the GSave menu page.

Choose an amount to be debited and the duration it will happen. Afterwards you will also receive an SMS with your selected preferences.

How can I check my Transaction History?

Click on the “Transaction History” button and it will go this page.

The transaction history page

You can see your recent transactions, even the interest incurred as well as the taxes in here. You can also download the transaction report, if you need to. Here is a sample:

Transaction history download sample

Summary

First, we talked about Save Money (GSave) and how it fits into the GCash ecosystem. GSave makes creating a savings account easily, 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 the creating a GSave account, and also how to deposit, withdraw, set up a scheduled deposit, and look through the transaction history.

Hopefully this tutorial would encourage you to try it.

If you’d like to learn more about GCash, I created a how-to on the basics of GCash.

Here is a list of links if you’re interested in the main GCash functions:

If you are also interested in knowing what resources I used to make this blog happen, please look at my resources page.

How do you like the tutorial? Did I miss anything? Please add your comments and suggestions below!

12 thoughts on “Save Money (GSave): A Step by Step Guide”

  1. This is very informative! Thank you very much. I do have a question. I know that there is a withdrawal charge for gcash using the gcash mastercard to withdraw in atms. I am trying to bypass that. Is it possible that I deposit money into the Gsave (cimb) and make atm withdrawal from there, so I could avoid the 20php withdrawal charge?

    Reply
    • Yeah, you can do that. Actually that is similar to Bank Transfer. You can bypass the fee by transferring to any bank account and withdrawing from your specific bank ATM.

      Reply
  2. I already changed my email address but it’s still not letting me use gsave. Still getting the message “sorry, you are unable to deposit as of the moment”

    I also contacted gcash support and was told “please be informed that users in GSave will have their accounts expired unless they link their account to the CIMB App. Account expiry disables a user’s capability to deposit on Save Money but allows to do Withdrawal transaction. You may reach out to CIMB Bank Philippines for all concerns regarding account linking and upgrade via the CIMB App. CIMB Bank is our partner for Save Money and will help you resolve your concern about being able to use the CIMB App. If you already link this with the CIMB app and still unable to do deposit transactions, please reply on this email so we can do further checking”

    Lastly i downloaded the CIMB app but when signing up i get a message that says my mobile number is already registered. I tried to log on using my gcash log in info but also unable to.

    Thanks gor the help

    Reply
    • What I know about this is once you created a GSave account, you will also be receiving an SMS from CIMB with your credentials. I think the sender is “CIMB” and username and password in the message.

      You can look for it. If you can’t find it, then the next step should be to contact CIMB support.

      Reply
  3. Good Atfer im jayson i using Gcash, i want to use the Save Money but there is something wrong pop up the words Oops! Your account details is already being used for another CIMB savings account. i use this CIMB before but my phone is lost and i cant open my gcash app because the number i used is lost also. can you help me how can i use the save money at Gcas. i already retrive my CIMB Bank apps and i change my new number also.

    Reply
  4. Good day im mark jun abon i using gcash and i try to use the save money i try to deposit 2,000 but there is something wrong pop up the words oops! please try again later if the error persist, contact us as help.gcash.com and and thats why my balance in gcash is deducted but i dont receive balance in save money i have still zero balance

    Reply
  5. Hi thank you for ths informative post uve got. I have a concern. When depositing in gcash, not in gsave, there is a limit of 8k and when it exceeds, there will be a 2% interest. Now, if I withdraw from gsave with the amount of 8k, thus it will be deposited in gcash wallet. Will there be an interest regarding that Id be exceeding the limit?

    ex.
    Cebuana cash in 8k – Gcash Wallet = 2% deduction of the total amount = assumed i receive 7900 due to 2%

    Gsave withdraw 8k – Gcash Wallet – as I exceed, will there be a charge?

    Thanks hehe i dont know if ths s clear to you. But i really hope it is. Thankssss

    Reply
    • Regarding the 8k+2%, the 2% is not actually an interest, but a fee. And that only happens for over-the-counter cash ins (like 7-11, palawan, puregold, etc). GSave is not included in this because this is considered as a deposit/withdrawal. So any operation in gsave is free.

      Reply

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