Welcome to digital banking! Do you know that you can save money thru your GCash app on your smartphone? Banking thru GCash Save Money or GSave is very much different from the way we do it traditionally with typical banks.
The process from registration to depositing money can be completed in just a few minutes!
You can do it anytime and anywhere- in the comfort of your home, in the office, or even while shopping in malls as long as you are online.
Saving thru GCash is very convenient than opening an account in typical banks where you have to be physically there and the process takes around one to two hours.
In addition, you will also be required to have an initial deposit which is not the case with GCash Save Money.
If you don’t have a GCash account yet, you can register thru this link: Create an account with GCash.
In this post, I will share the essential details on how you can use GCash Save Money to start your saving habit for this year.
You may also check this post on how to register a GCash account: Tutorial: How to Install and Register an Account in GCash.
What is GCash Save Money Feature?
Save Money is a fully digital feature of GCash which is available for Semi and Fully Verified GCash users. It is a savings program in partnership with CIMB Bank which is one of ASEAN’s largest banks.
CIMB is also a member of PDIC which means that all deposits are insured up to Php 500,000.00. Also, GCash and CIMB are both regulated by the Bangko Sentral ng Pilipinas.
Below are the awesome things that you should know about Save Money :
- Interest Rate is 2.60% p.a. (Note: When this post was published, the base interest is 3.10%. There are promos that currently provide 4.00% interest rate to GSave users. You may check the official social media accounts of GCash for updates.)
- No initial deposit to open an account
- No minimum deposit required
- No maintaining balance required
- No service fees to open the account
- No service fee to maintain the account
- Maximum daily withdrawal: Php 50,000.00
- Maximum deposit limit: Php 100,000.00 over 12 months
How to register to GCash Save Money
It is very easy to register to GCash Save Money. However, please note that to avail of this feature, you should be a semi or fully verified GCash user. Please follow the steps below:
- Log in to your GCash account.
- In the GCash Dashboard, select Save Money (Please see the screenshot below). If Save Money is not displayed, select Show More. If your email address is not confirmed yet, a message box will display asking you to update your email address. To confirm, you have to select UPDATE NOW. GCash will send a verification code to your registered email address.
- Selecting Save Money will display the My Savings Account screen.
- In My Savings Account screen (See screenshot below), a welcome message will be displayed: “Welcome to the Savings feature in GCash! Allow us to introduce what you can do with Save Money. Are you ready?”
- Select LET’S GO. This will display an informational message: “Here’s what you can do with Save Money. Enjoy the highest interest rates in the country at 3.0% annually (over 10x higher than regular banks!). Deposit and withdraw anytime!”
- Select Tap to continueto move to the next message until the button OPEN A SAVINGS ACCOUNT is displayed.
- Select OPEN A SAVINGS ACCOUNT. This will open the Confirmation screen (Please see the screenshot below). At the bottom of the screen it displays: “By proceeding, you agree to open a Save Money account, subject to its Terms and Conditions.” You may click Terms and Conditions to check the terms of this GCash feature.
- Select OPEN A SAVINGS ACCOUNT. This will display a screen confirming that your savings account is now opened.
- Select OK to finish the registration. A confirmation message will be sent to your registered mobile number and email account.
- From the GCash Dashboard, open again the My Savings Account screen. You will see the following fields:
- Total Savings Balance: Php 0.00
- Account No:
- Annual Interest Rate: 3.1% p.a. (Update: Base interest is now 2.60%)
Congrats! You have a GCash Save Money account now! Awesome!
How to deposit an amount to GCash Save Money
- Select Save Money from the GCash Dashboard. This will open the My Savings Account screen. (Note: If Save Money is not displayed, select Show More to display its icon).
- Select DEPOSIT.
- Type your desired amount. Your GSave Account total balance is displayed for your reference.
- Select NEXT. This will display the Confirmation page. Check if the amount displayed is correct.
- Select CONFIRM.
- A confirmation message will display: “GSave Deposit Success! You will receive an SMS to confirm your transaction.”
- Select OK. GCash will send an SMS confirming the transaction.
How to withdraw an amount from GCash Save Money
- From the GCash Dashboard, select Save Money. This will display My Savings Account screen.
- Select WITHDRAW.
- Enter your desired amount.
- Select NEXT. This will display the Confirmation page. Check if the amount is correct.
- Select CONFIRM. GCash will send an SMS notification of your OTP (one-time-password) to your registered phone number.
- In the Authentication screen, select Submit Code.
- GCash will send an SMS confirming the transaction. The amount that was withdrawn will be transferred to your GCash wallet.
How to monitor your account
You can keep track of your savings by selecting Transaction History in My Savings Account screen. It will display a real-time list of your latest GSave transactions.
You can also request a record of your transaction history sent thru email. Here’s how to do it:
- In My Savings Account screen, select Transaction History.
- In Transaction History screen, select the Mail icon located at the right side of the heading ‘Transactions as of MM-DD-YYYY.’ This will display the Request Transactions screen. Email To field is already auto-populated with your registered email address.
- In the No of Days field, tap on Select No. of Days button.
- Select your desired date range. The options are a) Last 7 days, b) Last 30 days, c) Last 60 days, d) Custom. Select Custom if you wish to enter the specific From and To dates.
- Select CONFIRM. A confirmation page will display: “GSave Transaction History Request Success! The file will be sent to your email.”
- Select OK to return to My Savings Account screen.
GCash will send a PDF file to your registered email address. For security reasons, the file requires a password to open it and this will be explained in the body of the email.
Final Thoughts
UsingGCash Save MoneyorGSaveis my very first ‘fully’ digital banking experience. It is just amazing! It’s a far cry from the usual transactions that we normally do with physical banks. In addition, opening an account requires no initial or minimum deposit.
Below is a comparison between saving with a typical bank and GSave:
What’s the best reason to put your money in GCash Save Money? The answer is its interest rate. At the time when I opened the account, it’s at 3.1% p.a which is way better than most savings programs I know. (Note: Base interest rate is now 2.60%). Below is the sample computation of interest rate from GCash GSave:
Based on the above, we have more reasons to start now our saving journey in order to attain our financial goals in life.
To know more, you may check the GCash website: GCash.
What’s the next step after opening a GCash Save Money account?
GCash Save Money or GSave has two types – the GSave Lite Account and the GSave Full Account. A GSave depositor cannot open both the GSave Lite Account and the GSave Full Account at the same time.
The above registration process which is opened thru the GCash app is for the GSave Lite Account. It has an aggregate limit of Php100,000.00 and a validity of 12 months. On the other hand, upgrade done thru CIMB from GCash converts it to GCash Full Account. Depositors will undergo the full Know Your Customer (KYC) process of CIMB thru the CIMB OCTO Mobile Application.
After upgrading your GSave Lite Account to GSave Full Account, the Php100,000 aggregate deposit limit and the 12-month validity period for the GSave Lite Account will be removed and will not anymore be applicable.
I have already upgraded my account to GCash Full Account. I am very excited to share it with you in the next post. Stay tuned and have a nice day!
