GCash is running a limited-time offer of 8% interest for savings placed on GSave (powered by CIMB). The 8% p.a. interest is among the highest in the market today. YOu can read more about the complete details and guidelines on how to avail of this promotional interest below.
The country’s leading mobile wallet GCash, and CIMB Bank, the country’s leading digital banking services provider, are offering their users up to 8% interest rate per annum on GSave until January 31, 2023.
The offer, which is currently the highest interest rate available in the market, will be available for existing customers of the bank who opened their accounts for more than 60 calendar days at the start of the qualifying month. It will be applicable to the difference in total average daily balance (ADB) from the previous month.
The promo is also inclusive of other promo and base rates for ADB growth including the 2.6% p.a. for GSave accounts. This is also inclusive of the 4% p.a. promo rate applicable to the first P200,000 ADB. Any incremental ADB growth will receive 8% p.a. wherein the total reward given to a customer will be equivalent to 8% p.a.
To calculate their ADB, customers need to get the total of their daily balance at the end of each day for the qualifying month and divide them by the total number of days in the qualifying month.
For customers who have multiple deposit accounts with CIMB Bank, the interest rate reward will be computed based on the qualifying month’s Total ADB for GSave accounts.
With CIMB on GSave, GCash provides Filipinos, especially the unbanked and underserved, with the opportunity to open a savings account that requires no initial deposit, maintaining balance, or lock-in period.
To start their journey towards their financial goals via GSave, users simply need to log in to their GCash account and tap GSave by CIMB Bank which can be found in the GSave Hub section. Then, click “Open a Savings Account.” On the Save Money Registration page, tick the box under CIMB 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.
Scam. CIMB offered 12% last December but used ADBs from November instead of Dec 1-31 as they explained in their mechanics.