Cultivating a habit of savings for Filipinos: GCash launches new ‘savings’ tab to guide users to open bank account with one tap

With more than 44% of the country remaining unbanked, GCash, the leading finance app in the country, aims to instill a culture of becoming more financially responsible among Filipinos with the introduction of its newest dashboard feature, the ‘Savings Tab’ that allow users to navigate to their savings in a single tap easily.

“By putting a savings tab, we can encourage our users to make savings a habit. Much more than us being an e-wallet, we are also a finance app that can help them grow their wealth, and this can be achieved with the proper mindset of making saving up a part of their daily routine. Our partner banks’ rates are also incredibly competitive – we’re talking about 6% to 8%, sometimes even 15% per annum. That’s not something normal banks would offer, so instead of letting their money sleep, they are better off parking it in GSave and earning interest,” said GCash Commercial Head of Wealth Management Darvin Sy Su.

Currently, GSave, the innovative in-app savings marketplace of GCash, has four (4) partner banks users can choose from, namely UNO Bank, CIMB, Maybank, and BPI, offering up to 6% p.a in terms of interest rate, which is higher than most traditional savings accounts. Through its competitive interest earning rates, GSave users can get the most out of their savings with higher overall returns, all without requiring maintaining balance and minimal forms for fully verified GCash users, making it easier for millions of Filipinos to create their own savings account using only their mobile phone and the GCash app.

To give users a more convenient experience, GSave also offers free withdrawals and deposits between the users’ GCash wallet and GSave account.

On top of providing access to essential financial services, the new feature also aggregates the balances between all bank accounts of users within the platform, making it easy to monitor the users’ savings.

To start saving for a better financial future with GSave via GCash, users simply need to open their GCash app and tap on the Savings Tab which they can easily spot on the app’s dashboard upon logging in to the platform. Users will be able to view the sum of all their GSave accounts from here as well as quickly deposit to their GSave accounts.

With “Finance for All” at the core of its innovation, GCash remains the pioneer of game-changing digital financial services and solutions that truly transform and brings positive impact to the lives of millions of Filipinos, especially the unbanked sector.