Save Money with GCASH

It’s amazing how technology works nowadays. Do you know that you can open bank accounts using your phone? I’m quite curious as to how these virtual banks operate.

“Virtual banks are similar to traditional retail banking services in that they will be able to accept deposits and give out loans. They aren’t expected to set up physical branches. Analysts at Citigroup estimate around 10 per cent of existing banks’ revenue is at risk over the next decade.” https://www.businesstimes.com.sg/banking-finance/hong-kong-starts-granting-licenses-for-virtual-banks

There are two known (as least what I know at this point in time) virtual banks in the Philippines. These are ING and CIMB. I will be trying both in the coming months. At this point, I really don’t have any preference, since I haven’t tried any of these.

Save Money With GCASH

Today, I found out though that GCASH partnered with CIMB. I, apparently, already have this new feature in GCASH called Save Money. And guess what? The money that you save here earns 2.3% interest, which is higher than what the your standard commercial bank offers.

The maximum daily withdrawal though is at Php 50,000 (still higher than the Php 20,000 withdrawal caps from ATMs and debit card transactions of some banks). The downside though is that the Maximum Deposit Limit is only at Php 100,000 over 12 months. I hope that they increase this limit to at least Pp 500,000.

Your money is also insured by the PDIC or Philippine Deposit Insurance Corporation. Another advantage is that there is no need to maintain a minimum balance in your account.

So, how do you compute for the interest? Check this out. I got this from GCASH.

I just started depositing money mid this month, so let’s see how this goes. I love though how banks are not making it convenient, too, for people to save and invest money (not just to spend it).

With these tools, you can automate the way you save and forget that you even have those funds. Save it for a rainy day!

I remember one of my favorite books: The Automatic Millionaire. You can check out the gist of the book here:

Goodluck on saving! 🙂

9 Comments

  1. Siena
    June 17, 2019 / 2:51 am

    I want to earn money this year. Do you have any advice and recpmmendation? Im a studemt btw.

  2. June 28, 2019 / 10:37 am

    Still skeptic, but thanks for the post.

  3. Ernesto dela cerna
    July 5, 2019 / 10:29 am

    I withdraw my Gsave worth 40,500 but the money doesn’t inter to my gcash wallet and my gsave 4,500 debited where money money goes? Please fix it

  4. Cher
    July 14, 2019 / 12:04 pm

    There are many complaints regarding withdrawal from Gsave. How can I make sure that the money from my Gsave will go directly thru my gcash wallet? Please answer my question, i dont want to risk big money

    • Tine
      August 11, 2019 / 4:31 am

      I experienced a bug on their Gsave money feature. I have withdrawn my Gcash wallet but what they did was withdraw both my Gcash and Gsave. Now I have to create a ticket and wait for them to return the lost money. Such a hassle! I suggest don’t even dare try it. 😓

      • September 12, 2019 / 9:34 pm

        Thanks for sharing, Tine! 🙂 I hope the people from GCASH see this so that they can improve their service 🙂

  5. jhaymie
    August 1, 2019 / 11:47 pm

    Hi,

    just want to clarify one thing, is the 153.34 interest earned per month or for the whole year?

    Tnx in advance.

  6. Era
    August 30, 2019 / 2:00 pm

    Can we get an official atm card for this?

    • September 9, 2019 / 8:52 pm

      Yes, you can 🙂 Just visit one of the Globe stores 🙂

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