Opening an investment account takes time to complete the required paperwork. I've been looking for a way to simplify how I save and invest. That was when I came across an exciting feature on my Gcash account.
Fast and Easy Enrollment
GCash Save Money is a savings account that is accessible for Pinoys to enroll. Enrollment is fast and effortless. No more going to the bank filing up several forms and no more complying with several requirements. All you need is a Gcash account and one government ID to validate your account. Since my GCash account is verified, I was able to transfer funds to my savings account.
Higher Interest Rate
As of March 2020, GCash offers a higher annual interest rate of 4.1%, compared to the average interest of 0.25%. That is more than 16 times the average interest rate of the average savings accounts. Moreover, it is even higher than time deposits available in the Philippines. The return is almost the same as the 5-year tax-free time deposits.
No Minimum Maintaining Balance and Minimum Deposit
You can start saving as little as ten cents with your GCash Save Money. This feature allows you to invest all the coins you have instead of putting it in a piggy bank. I've never tried depositing coins to my bank account before. Even if I had more than a thousand worth of coins, I hate to fall in line at the bank to deposit it. With this feature, it doesn't matter if you have Php 30 or Php 300. If you have coins piling up in your car, you can drop by at 711 and load it to your gcash account.
Since GCash Save Money is on the GCash app, cash transaction is convenient. With over 30,000 globe outlets nationwide, it's accessible to cash in and out. Gcash also allows you to transfer funds into your bank account from and to your GCash account.
Secured and Insured
CIMB bank, one of the largest banks in ASEAN, operates GCash Save Money. Globe Telecom and CIMB, two well-established companies, are behind GCash Save Money. The Bangko Sentral regulates GCash Save Money. It is a member of PDIC, thus insuring all deposits up to five hundred thousand Pesos.
Alternative to Traditional Savings Account
GCash Save Money is an option for people who are interested in hassle-free online banking. Its micro-savings feature gives Filipinos access to a high-interest savings account. It's an alternative option for people who are too busy to visit the bank during office hours.
With all these features, GCash Save Money is definitely worth checking out. If you're interested in starting a GCash Save Money account, but you don't have a GCash account. You can register a new account using any cellphone number. Use the link provided to receive freebies worth PHP 70.