Newsletter: GCash advances a culture of saving among Filipinos

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GCash user utilizing the app for their everyday transactions

GCash marks Savings Consciousness Week by promoting a culture of saving among unbanked and under-banked Filipinos, giving them access to easy, convenient, safe, and high-earning savings.

Today, 1 out of 4 bank account holders in the Philippines have an account under GSave, the innovative, in-app savings marketplace feature of GCash powered by Bank of the Philippine Islands and Maybank, and popular digital banks UNO Bank and CIMB Bank.

GSave offers higher interest of up to 4%-6% per annum, helping users earn up to 10 times more than a traditional savings account. Through this feature, GCash ensures users get the most out of those deposits with higher returns and can help them save up for an emergency fund, education fund, health and medical expenses, retirement fund, business capital, and more.

“With GSave, no maintaining balance is needed and anyone can open a GSave savings account via the GCash app. Transfer of money from GCash to GSave is free of charge also, allowing one to deposit or withdraw anytime and anywhere. Using only their mobile phones, Filipinos have the power to achieve their financial goals and dreams and provide better financial security for themselves and their loved ones,” said GCash market education head Mark Ilao.

As 7 out of 10 Filipino households still do not have a savings account according to the Bangko Sentral ng Pilipinas’ (BSP) Consumer Expectation Survey 2023, making sure all Filipinos have access to financial services remains an important goal for GCash and its partners.

On top of providing access to essential financial services, GCash is also helping improve financial literacy among Filipinos through its Learning Hub which gives users learning materials on how they can better manage their finances.

To start saving via GSave, users simply need to tap its icon on the GCash dashboard and tap their preferred bank. Then, click "Open a Savings Account." On the Save Money Registration page, tick the box under Bank Policies to agree to the Terms and Conditions and tap Open a Savings Account. Lastly, tap "OK" after the confirmation message has been displayed.

In 1994, the BSP declared June 30 to July 6 as Savings Consciousness Week in the Philippines. This year’s initiative, with the theme “A Saving Culture Leads to a Successful Future” has grown into a symbolic national event that will once again call on banks and financial institutions to come together and raise awareness of the importance of saving and the role it plays in shaping the country’s economy.

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