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.
About Mynt
Mynt is the parent company of GCash, the #1 Finance Super App in the Philippines. It’s the first and only fintech company listed on the Philippine Stock Exchange under the “GCASH” ticker symbol. Through GCash, Mynt advances its vision of 'Finance for All' by making financial services more accessible to Filipinos. Mynt operates a portfolio of companies, including G-Xchange, Inc., the payments company responsible for the digital payments and electronic money activities in the GCash app, and Fuse Financing, Inc., the financing company for GCash that provides fair and digitally-enabled credit products and solutions.
Mynt, through its fintech operations, is a staunch supporter of the United Nations Sustainable Development Goals (SDGs), particularly focusing on safety & security, financial inclusion, diversity, equity, and inclusion, as well as taking urgent action to combat climate change and its impacts.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
