We know saving is important. But many of us find ourselves confronting barriers, such as:
- Limited funds
- When you’re trying to make ends meet, you may feel like you can’t save anything at all. Or you can only stash away a small amount each month, and you’re not even sure if a trip to the bank to deposit it is worth it.
- The amount you have now may not even be enough for you to open a second savings account.
- And even if you have enough to open an account, there’s the issue of maintaining balances. You’re not yet sure you can maintain the required balance to avoid fees.
- Limited mobility: I am writing this post during the COVID-19 pandemic. Before this pandemic, commuting to banks and falling in line to open an account or deposit funds is relatively easy. But now, you need to weigh the pros and cons of leaving your house and possibly exposing yourself to the virus, especially if you or someone you live with belongs to the vulnerable population.
- Limited time: Perhaps banking hours coincide with your work hours. Or if you have a full schedule, traveling and falling in line will eat up a good chunk of your time. Those are precious hours you could have used to rest, bond with friends and loved ones, study, or augment your income.
If you’re confronting some or all of these barriers, what can you do to save your money in a safe place?
One option is to open a GCash account, be a verified GCash user, then use the Save Money (GSave) feature. Find out more in this GSave review.
What is GSave?
The “Save Money” feature empowers GCash users to open a digital savings account with CIMB Bank Philippines. Users can then conveniently deposit or withdraw funds within the GCash app. What’s amazing about GSave is it solves many hurdles that keep many from starting or building their savings. And by making saving easier and more accessible, GCash’s Save Money feature can help support your goal of making saving a habit.
GSave Lite vs. GSave Full Accounts
GSave Lite refers to the Save Money account you create within the GCash app. GSave Lite is valid for 12 months, during which you can deposit up to P100,000.
Parking your money in GSave has lots of advantages over saving in traditional banks
GSave Lite Advantages
3. Open a bank account you can access anywhere 24/7.
You don’t need to file a work leave to open a bank account, deposit, or withdraw funds. Plus, if you are doing online banking, you don’t have to leave your home each time you want to add to your savings.
4. Conveniently separate your savings from your primary bank account.
Managing finances can get tricky if you have all your money in one bank account. With GSave, you can transfer the amount you want to save from your primary bank account to GCash, then click on the “Save Money” feature.
5. GSave can help you make saving a habit.
Since GSave has no initial and minimum deposit requirements, you can start saving whatever amount you can. You can start setting aside 10-20%. But if this is not feasible, just start saving even a small percentage regularly. Then each month or each pay day, transfer a fixed amount or percentage to your GSave account and watch your funds grow.
Eliminating barriers and excuses allow us to create new habits. GCash has made banking easier, more affordable, and more accessible, and you can use it to meet your ipon goals one small deposit at a time.
6. Safety measures are in place.
GCash and CIMB Bank are also regulated by the Bangko Sentral ng Pilipinas. And since CIMB Bank is a member of the Philippine Deposit Insurance Corporation, depositors’ savings are insured up to P500,000.
GSave Lite Account Features
GSave Lite Limitations
- GSave Lite is valid for 12 months and your maximum cumulative deposit within that time can only reach P100,000.
To waive the validity period and exceed the maximum cumulative deposit, simply upgrade to a GSave Full account by linking your GSave to CIMB and completing the CIMB Know Your Customer process.
- If you struggle keeping your expenses in check, GSave may not be the best option for you.
If you have a hard time saying “no” to your whims and drawing financial boundaries with others, you may need to consider other ways to keep your money safe.
Why? Simply because accessing your funds through a phone app is too convenient and too tempting. You may be better off putting your money where you cannot access it with only a few taps on the screen.
Who can open a GSave Lite account?
To open a GSave-CIMB Bank account, you need to:
- be at least 18 years old
- be a Filipino citizen
- be a non-US person
- have a valid government ID
- be a fully verified GCash user
How do you upgrade to a GSave Full account?
How to deposit funds to GCash for your GSave account
Can you deposit directly to GSave?
The CIMB app provides two options to deposit or cash-in: over the counter and online. Over-the-counter options include 7-Eleven, Bayad Center, banks, and other payment centers, while online options are available through over five banks (see list below).
Cash in over the counter through banks (via DragonPay)
- AUB online/OTC
- BDO ATM
- BDO OTC
- i2i Rural Banks
- Metrobank
- RCBC
- Robinsons
- Unionbank
- UCPB OTC/ATM
Cash in over the counter through payment centers (via DragonPay)
- Cebuana
- LBC
- M Lhuillier
- Palawan
- RD Pawnshop
- Robinsons
- SM Retail
Cash in online through banks
- BDO
- Bank of Commerce
- Landbank ATM
- Metrobank
- PSBank
- Robinsons Online
- UCPB Online
Should You Save Money in GSave?
Suggested reading:
- The savings equation and other personal finance tips from Sir Vince Rapisura’s book
- Personal Finance Lessons from The Richest Man in Babylon by George Samuel Clason
- 4 Budgeting Equations That Can Help You Save While Enjoying Life
