GCash Champions Savings Culture among Filipinos, Offers High-Earning Savings Options
In honor of Savings Awareness Week, GCash is working to get Filipinos who don't have bank accounts or don't have enough money in their accounts to start saving. For these people, the goal is to provide a safe, easy, and high-return way to save money.
 |
| GCash Champions Savings Culture among Filipinos, Offers High-Earning Savings Options |
At the moment, 25% of bank account users in the Philippines are using GSave, an innovative way to save money that is built into the GCash app. Bank of the Philippine Islands, Maybank, UNO Bank, and CIMB Bank are just a few of the big banks that support this purpose.
GSave offers a high yearly interest rate of 4% to 6%, which lets users earn a lot more than with regular savings accounts. This feature raises the value of deposits, which lets users save money for things like accidents, college, medical bills, retirement, starting a business, and more.
"GSave doesn't need a maintaining balance and can be easily set up through the GCash app," says Mark Ilao, Head of Market Education at GCash. Moving money from GCash to GSave is easy and doesn't cost anything. With this, Filipinos can take charge of their financial futures right from their cell phones.
Borrowing with GCash; A Step-by-Step Guide and Responsible Borrowing Practices
According to the Bangko Sentral ng Pilipinas' Consumer Expectation Survey 2023, 70% of Filipino households do not have a savings account. However, GCash and its partners are still committed to making sure that all Filipinos can receive financial services.
The Learning Hub is another project by GCash that aims to help Filipinos learn more about money. This platform has all the tools you need to handle your money well.
It's easy to set up a GSave account. To use GSave, users only need to click on it on the GCash screen, pick the bank they want to use, and agree to the Terms and Conditions. Once they get the confirmation letter, they can start saving right away.
From June 30 to July 6, Savings Consciousness Week is held. It was created by the Bangko Sentral ng Pilipinas in 1994. "A Saving Culture Leads to a Successful Future" is this year's theme, and it encourages banks and other financial institutions across the country to spread the word about how important funds are for the economy.
