GSave: A Comprehensive Guide to High-Interest Savings Account
As time goes on, the financial landscape of the Philippines has steadily evolved. The use of platforms such as GCash has made financial services more accessible to Filipinos. Cashless payments are becoming more common as online shopping and mobile transactions become more popular.
Transacting conveniently and eliminating risks such as theft have been facilitated by these developments. As digital banks and other financial apps continue to flourish, it’s only natural that their services will also evolve.
Bills can be paid online, money can be sent, and other financial obligations can be settled with just a few clicks.
GSave is an innovative high-interest savings account that offers its users an opportunity to grow their money without any hassle. It is a partnership between GCash and CIMB Bank, two of the most reputable financial institutions in the Philippines. In this guide, we’ll go over the key features of GSave, how it works, and why you should consider opening an account.
What is a GSave Account?
GSave is a digital savings account that can be accessed through the GCash app. It allows users to earn a high interest rate of 4% per annum, which is much higher compared to the average interest rate offered by traditional banks.
Additionally, there is no minimum deposit required to open a GSave account and users can deposit as much money as they want.
In addition, no lock-in period is required nor is there an initial deposit with a balance requirement. By using your GCash savings account, you can transfer funds hassle-free to and from your GCash wallet at any time.
GSave: How Do I Start It?
Getting started with GSave is easy. Simply download the GCash app, register for an account, and activate your GSave account through the app. You can then deposit money into your GSave account using your GCash wallet or a linked bank account.
How Do I Apply For GSave?
If you meet all the requirements, including being a verified GCash user, signing up for GSave is quick and easy. Here are the steps you need to follow to get started!
1. Log Into Your Fully Verified Gcash Account.
Go to the dashboard of GCash and find the GSave icon. If you click on this icon, you will be taken to another page where you can create a new savings account.
2. Click on “Open A New Savings Account”.
You will be redirected to a web page where you can create a savings account by clicking the “Create a savings account” button. Read the terms and conditions.
Once you understand the details, agree to the terms and wait for a verification text from CIMB Bank on your verified GCash phone number. After you complete the form, you can get started right away!
3. Sign up for an upgrade.
GSave comes with a few limitations, so if you want to unlock more benefits, you can upgrade your account anytime for free. There is a maximum deposit limit of $50,000, but your account can only be open for 12 months after registering. Take advantage of the app by upgrading your savings account!
Upon upgrading, you will be directed to a page where you will fill out your personal information
Does Gsave Have An Expiry Date?
A number of restrictions apply to basic GSave accounts, in addition to those mentioned previously. The Bangko Sentral ng Pilipinas has imposed the following mandates since face-to-face verification is not required:
- You will only be able to use your account for 12 months from the date of registration.
- The cumulative deposit limit for an account will only be $50,000
- Your GSave Plus account will be notified when you reach these limits.
If you don’t deposit money into your GSave account within 12 months or don’t upgrade within 12 months, your account will expire.
How Do I Deposit And Withdraw From GSave?
These two steps will guide you through the process of depositing money into your GSave account:
Step 1: Go to the dashboard of your GCash app and select Save Money. Once the deposit option has been selected, click it.
Step 2: Select the amount you wish to deposit from your available balance. Make sure the transaction is confirmed
Here are two easy steps for withdrawing money from your GSave account:
Step 1: Open your GCash app and click Save Money. Once the withdrawal option has been selected, click it.
Step 2: Enter your withdrawal amount and press confirm to complete the process.
Gsave Deposit Maximum – What Is It?
There is no maximum deposit limit for GSave. You can deposit as much money as you want into your account and still earn 4% interest.
What Is The Withdrawal Policy For Gsave?
Yes, you can withdraw all your money from GSave at any time. Simply transfer the funds back to your GCash wallet or to a linked bank account. However, it’s important to note that withdrawing your money may result in losing some of the interest earned.
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.
FAQs
How To Earn 4% Interest On Gsave?
To earn 4% interest on GSave, simply deposit any amount of money into your GSave account. The interest is calculated on a daily basis and credited to your account monthly. The interest rate is fixed at 4% per annum, so you can be sure that you’re getting the best return on your money.
What Happens After 12 Months In Gsave?
After 12 months, your GSave account will continue to earn 4% interest on the balance in your account. There is no penalty for not withdrawing your money, and you can continue to keep your savings in GSave to earn the high interest rate.
Is Gsave Free?
Yes, opening and maintaining a GSave account is completely free. There are no hidden fees or charges, so you can keep your savings in GSave without having to worry about any additional costs.
Is Gsave A Bank Account?
GSave is not a traditional bank account, but it is a partnership between GCash and CIMB Bank. The funds in your GSave account are held with CIMB Bank and are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to PHP 500,000. This means that your savings are safe and secure.
How Much Can I Withdraw From Gsave?
There is no limit on the amount that you can withdraw from GSave. You can withdraw all or a portion of your savings at any time.
Why Can’t I Withdraw From Gsave?
If you are unable to withdraw from your GSave account, it may be due to an issue with your GCash account or a linked bank account. Contact GCash customer support for assistance.
What happens if my GSave account expires?
Your GSave account will not expire. However, if there is no activity in your account for 12 months, it will be considered inactive. To reactivate your account, simply make a deposit or withdrawal.
Where did my GSave money go?
If You cannot see your GSave funds in your GCash app, it may be due to a technical issue. Contact GCash customer support for assistance in resolving the issue. They will be able to provide you with more information and help you get your funds back if necessary.
GCash: Smart Savings
Millions of people can conduct safe and convenient transactions using banking apps and online wallets. Paying your bills and sending money has never been easier with reliable service providers like GCash.
Download the GCash app and create a GCash Savings Account today to enjoy all the benefits of online banking! Your time will be saved in seconds!
