Only 1 out of 3 Filipinos can save, with half of them opting to save their money at home, according to the Bangko Sentral ng Pilipinas. However, this traditional way of saving exposes their hard-earned money to risks of fire and theft, with BSP even noting its potential impact on currency circulation.
“Trusted financial institutions provide fundamental security for funds. On top of this, they also offer an opportunity for Filipinos to get the most out of their hard work: the availability of high-yield savings accounts that offer competitive interest rates,” said Winsley Royce Bangit, Group Head of New Businesses, GCash.
In a move to democratize access to high-yield savings accounts among Filipinos, GCash, through GSave, partnered with microfinancial services provider Cebuana Lhuillier Bank to offer a savings account designed to provide higher interest rates, accessible through an e-wallet they already trust for everyday transactions.
“GCash and Cebuana are driven by the same mission of making financial services accessible to Filipinos nationwide, especially the underserved communities,” said Bangit. “Through this collaboration, we hope to empower Filipinos to cultivate their financial well-being by transforming saving from being a burden to being an actionable step.”
With over 3,500 branches nationwide, Cebuana is bringing its expertise in financial inclusion to the cashless ecosystem, enabled by finance super app GCash, with millions registered users in the country. Under the partnership, GCash users can now open an eC-Savings by Cebuana Lhuillier Bank account through GSave, a savings marketplace where users can grow and secure their funds within the GCash app. Account holders of eC-Savings by Cebuana Lhuillier Bank on GSave will get 3.5% p.a. interest, regardless of their deposit amount, enabling them to earn higher interest income compared with traditional savings accounts.
Perks for Savvy Savers: Cashback and Insurance
To help jumpstart their savings journey, users who open eC-Savings by Cebuana on GCash will get PHP 100 cashback on their initial deposit. Moreover, eC-Savings account holders will get up to PHP 33,000 in free accident coverage.
“While most hardworking Filipinos understand the value of having insurance, cost still prevents them from prioritizing it,” noted Bangit. “We introduced this benefit so they no longer have to face a trade-off between building their savings and having peace of mind during their daily hustle.”
Savings Made More Accessible
A key deterrent for Filipinos to save money in traditional banks is the perceived complexity of opening a bank account, typically requiring in-person visits and submission of supporting documents. The availability of Cebuana Lhuillier Bank on GSave eliminates this hurdle, as GCash users can open an account on GSave on the app, without having to submit additional IDs.
The BSP study also noted that among the mass market, the amount of savings they have tends to be small and often earmarked for immediate expenses, with most preferring to keep funds readily accessible at home. Given this need for accessible savings, GSave enables users to deposit as low as PHP 1 directly from their GCash wallet. Users no longer have to worry about their accounts being closed, as the eC-Savings account does not have a minimum maintaining balance.
“Filipinos’ hardworking spirit deserves to be matched by financial services that work just as hard as they do, actively supporting their financial goals. By building upon the trust of millions of Filipinos in GCash and Cebuana, we hope to empower their aspirations for a secure future by making saving truly accessible and rewarding for all,” concluded Bangit.
To open an eC-Savings by Cebuana account on GSave, you must be a Filipino Citizen, at least 18 years old, and a fully verified GCash user. Ready to grow your money? You may access GSave through the GCash dashboard or find it under “Grow.” No GCash yet? Download the GCash App on the Apple App Store, Google Play Store, or Huawei App Gallery. Kaya mo, i-GCash mo!
