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.
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.
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:
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:
- Cash in or Cash out
- GCash Scams
- Send Money
- Bank Transfer
- Payment via QR
- GCash Mastercard
- AMEX Virtual Pay
- Pay Bills
- Request Money
- Buy Load
- GCash Forest
- Book Movies
- GCash via USSD (*143#)
- Receiving Remittances
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!