TO INCREASE savings rates among Filipinos, GCash, through its GSave platform, has partnered with Cebuana Lhuillier Bank to offer a high-yield savings account accessible through the GCash e-wallet.
This initiative addresses findings from the Bangko Sentral ng Pilipinas (BSP) that only one in three Filipinos can save, with half of those preferring to keep their money at home, exposing it to risks.
“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.
The partnership aims to leverage Cebuana Lhuillier Bank’s extensive network of over 3,500 branches nationwide and GCash’s large user base to make saving more accessible, particularly to underserved communities.
“GCash and Cebuana are driven by the same mission of making financial services accessible to Filipinos nationwide, especially the underserved communities,” said Bangit.
Through GSave, GCash users can now open an eC-Savings by Cebuana Lhuillier Bank account, which offers a 3.5 percent per annum interest rate, regardless of deposit amount.
To encourage users to start saving, the partnership includes a P100 cashback incentive for initial deposits. eC-Savings account holders will also receive up to P33,000 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.”
The eC-Savings account on GSave also removes common barriers to traditional bank account opening, such as the need for in-person visits and extensive documentation. Users can open an account directly through the GCash app and deposit as low as P1, with no required minimum 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,” Bangit said. / KOC