GCash, Cebuana Lhuillier Bank launch savings account via GSave

ELECTRONIC WALLET GCash has partnered with rural lender Cebuana Lhuillier Bank to launch an in-app savings account that offers high interest rates.

Under the partnership, GCash users can open an eC-Savings by Cebuana Lhuillier Bank account through its app’s GSave feature.

“GCash and Cebuana are driven by the same mission of making financial services accessible to Filipinos nationwide, especially the underserved communities. 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,” GCash Group Head of New Businesses Winsley Royce Bangit said in a statement on Monday.

“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,” Mr. Bangit added.

The account offers a savings rate of 3.5% per annum regardless of deposit amount. GCash users who will open an account will get a P100 cashback on their initial deposit.

Users can deposit as low as P1 directly from their GCash wallets as the eC-Savings account does not have a maintaining balance requirement.

Accountholders will also get up to P33,000 in free accident insurance coverage, GCash said.

“While most hardworking Filipinos understand the value of having insurance, cost still prevents them from prioritizing it. 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,” Mr. Bangit said.

GCash users can open an eC-Savings account on GSave without having to submit additional IDs. Filipino citizens who are at least 18 years old and have fully verified GCash accounts can avail of the product. — A.M.C. Sy