New GSave funds to get 7% interest

GCash operator G-Xchange Inc. announced last Thursday that new funds parked in its GSave product would receive a 7-percent interest rate.

In a statement, G-Xchange said users who sign up for their first GSave account until June 30 will be eligible to the interest rate applied per annum. “It will be effective only for new users and will be applied to the first P100,000 average daily balance in the account for the first three months after successful account opening,” the statement read.

A 4-percent per annum promo interest rate will apply to balances from P100,000 to P200,000, the statement added.

A quick check on the GCash app revealed that existing GSave users are entitled to a 2.6-percent annual interest rate.

“We continuously strive to realize our vision of financial inclusion for all, which is why we try to address the barrier between unbanked Filipinos and having a savings account,” G-Xchange executive Martha M. Sazon was quoted in the statement as saying. “With GSave, we are enabling more Filipinos to grow their finances and build a better future for themselves and their loved ones.”

GSave is a savings account offered in the GCash app developed by G-Xchange and CIMB Digital Bank Inc.

Citing internal data, Sazon said one out of every five banked adults has a GSave account. A total of 5.3 million users have registered to GSave by the end of the first quarter of 2022, she added.

The Bangko Sentral ng Pilipinas (BSP) is gunning to bring at least 70 percent of Filipino adults into the formal financial system by 2023. Currently, 47 percent of Pinoy adults are still considered unbanked.