GSave Review 2022: Is GSave Safe?

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The COVID-19 has affected everyone, everywhere, in one way or another, but not equally. 

Some are advantageous enough to be still able to work and get a full salary. But other people aren’t. Some have lost their jobs, facing this pandemic unprepared with inadequate savings. 

My advice is for you to use GSave, the savings feature of GCash.

This post is a comprehensive GSave review and guide for beginners.

Kung wala ka pang GSave account, sign-up now for GCASH, under referral code enter qShfwYl. You may also use this link to download and signup.  

What Is GSave?

gsave cimb

GCash is the largest e-wallet in the Philippines, with features like paying bills, transferring money, buying load, and even saving and investing money.

GSave is the first-ever bank account that you can open and maintain straight from the GCash app.

To set up, download the app from your Android or iOs device, and you can be fully verified in a few minutes. Once you have GCash, open “Save Money” in the dashboard to start GSave.

Benefits of Using GSave Account

Why should you save your money in GSave when you can just put your money in a savings account?

gsave interest rate

GCASH BANKS
Interest Rate of 3.1% (annually)Interest rate of 0.25% (annually)
Can increase to 4% if you save more than P100, 000
Interest is computed at the end of each monthInterest is computed at the end of each quarter
No minimum depositMinimum deposit of at least P1000
Allows you to withdraw any amount at any timeHave time deposits and unable to withdraw large amounts freely

GSave has an interest rate of 3.1% per annum, which is higher than what banks usually offer. There is an ongoing promo that if you save more than ₱100k, the interest rate will increase to 4%.

The interest is computed based on the average daily balance at the end of every month. The longer your money is saved, the higher interest payout you get. Banks compute it only at the end of the quarter

Also, with GSave, you can withdraw any amount of money at any time. Banks restrict customers from withdrawing large amounts. Linking your GSave account to CIMB removes the 1-year validity limit of GSave.

Finally, there is no minimum amount for deposit in GSave while banks usually have a minimum deposit of ₱1,000. With GSave, you can save as much as you want. You should link to CIMB to remove the limit of 100k cumulative deposit.

Open a GSave Account in GCASH

  1. Get your verification level of GCash to “Fully Verified” status. A fully verified account enables you to use the GSave feature which can be linked later to CIMB.
  2. Go to “Save Money” and tap on “Open Savings Account”.
  3. Confirm or update your e-mail address and personal information.
  4. Confirm that you have read the terms and conditions of the CIMB Bank Philippines.
  5. You will then receive a text message informing you that your GSave account was successfully opened.
  6. After depositing to your GSave account, you will receive a temporary username and password that you will use to link your GSave account to CIMB.

You have already opened a CIMB savings account at this point. However, you can only transact with your GSave account.

To access the other products (Fast/Fast Plus and UpSave), you have to link your GSave to CIMB.

Link Your GSave to CIMB

FAQ: How do I link my GSave account to CIMB Bank PH App? | CIMB Bank PH
  1. Download the CIMB app. (for Android Users: click here, for IOs users: click here)
  2. Log-in to the app using the temporary username and password you received.
  3. Set your desired username, password, and security question.
  4. Input the one-time pin (OTP) sent to your mobile number.
  5. Verify your e-mail address.
  6. After logging in to the app, tap on “Product” and then “Apply for a product”.
  7. Choose the other accounts you want to open (Fast/Fast Plus or UpSave).

You can open UpSave and Fast accounts easily. For Fast Plus, you must finish the full account verification process, which will upgrade your Fast account to Fast Plus. This is likewise required to get your free VISA debit card along with the confirmed e-mail address and a minimum of 5,000 Php deposit to your CIMB account.

Also, you can open and fund all three savings accounts.

You can transfer to any bank for free, but it’s not real-time as it uses Pesonet. If you don’t make it cut-off time, it will be processed the next business day.

Make sure to create GSave first, then link to CIMB because you can’t create GSave anymore when you start with CIMB.

Kung wala ka pang GSave account, sign-up now for GCASH, under referral code enter qShfwYl. You may also use this link to download and signup.  

How To Open gsave account in CIMB app

  1. Search for and select CIMB Bank PH in the search box on Google Play Store in your Android device (App Store in IOS).
  2. Select Install then Open once the app is installed.
  3. Click create an account.
  4. In the Username field, enter your registered mobile number in GCash. Note that this is the last 10 digits of your number.
  5. In the Password field, enter the temporary password sent by CIMB thru SMS.
  6. Tap on Login and enter your Login Credentials.
  7. Tap on the Option button stating ‘I have read, fully understood and agreed to the Terms and Conditions.’
  8. Tap on Update. This will open the Mobile Number Verification screen.
  9. Enter the 6-digit OTP sent to your registered mobile number. This will open the Email Verification screen.
  10. Check the email displayed and make sure it is correct then Tap on Confirm. This will display the information message: ‘To verify your email address, please check on the link we’ve sent to <your email address>’
  11. Check your email and verify thru the link provided in CIMB’s message.
  12. Once the email is verified, the MPIN screen will display.
  13. Enter your 6-digit MPIN. This will open the confirmation page stating that ‘All Done! You’re now ready to use CIMB Bank app!

How To Cash In Gsave Account

There are three ways (OTC, online banking, and GSave account) in which you can cash into your account. But you can use your GSave account to avoid incurring additional fees.

  1. Fund your GSave account through the GCash app.
  2. Transfer funds from your GSave account to your other CIMB accounts.

Gsave Life Insurance

No photo description available.
Source: https://www.facebook.com/CIMBBankPH/photos/your-family-is-important-to-us-too-get-free-life-insurance-coverage-thats-worth-/1283059168699076/

GSave account holders who maintain a minimum average daily balance of PHP 5,000 for one month will be able to enjoy FREE life insurance* with the following features:

  • Age eligibility between 18 and 64 years old.
  • No medical check-up required.
  • 1x coverage of the average daily balance** of the depositor, up to a maximum coverage limit of PHP 250,000. Or if the Eligible Member’s GSave account has been active for less than 3 months, the computation of coverage will be 100% of the client’s GSave account’s latest balance*** divided by 3, up to a maximum coverage limit of PHP 250,000.
  • Coverage is renewed on a monthly basis subject to depositor meeting the requirement of minimum PHP 5,000 average daily balance.

Eligibility is determined by the Average Daily Balance within a given month. GSave account holders must maintain an average daily balance of no less than PHP 5,000 in a given month to receive the FREE Life Insurance.

How To Get CIMB card gsave

Fast Plus Account free VISA Debit Card is now available after cashing in a cumulative amount of Php 100,000.00. Before, the amount was only Php 1,000.00. The interest rate is currently at 0.75%.

To get your debit card, simply follow the steps below:

  1. Go to “Card”
  2. Tap on “Incomplete” under “Confirmation of delivery address”
  3. Follow the steps in the mobile app about verifying your details.

Gsave Vs Fast account

CIMB Fast Account has a validity of only 12 months. As the name implies, it has a fast application process of just 10 minutes.

Fast Account has also a free VISA Debit Card after cashing in a cumulative amount of Php 100,000.00. You can use the card to withdraw thru ATMs or purchase thru POS terminals. The interest rate is 0.50% per annum. It has also a deposit limit of Php 100,000.00

The UpSave Account has no validity limit. This account requires a digital signature and virtual verification. It has no VISA Debit Card. However, it has a much higher interest rate at 2.50% per annum.

If you linked your GSave to CIMB, you can also open an Upsave and Fast account. Gsave and Upsave are almost the same.

Gsave is 3.1 percent interest per year, while upsave is 3 percent. They both have a promo of free insurance coverage and 4% interest if the average daily balance is at least 100k.

While Fast Account is linked to an ATM card where you can withdraw in PesoNet banks without charge and you can apply for it for free. You can just transfer from GSave to Upsave/Fast account.

ginvest vs gsave

GSave is more like an attractive option for individuals who want to save money for emergencies but don’t want to be hassled by going to the bank and waiting in queue to transact.

gsave review

In conclusion, GSave lets users save their money with higher interest rates and the luxury of depositing or withdrawing as much or as little as they want

Amazingly, we can create and verify a CIMB account without leaving our home and going to a physical bank. We can also link GSave to CIMB Bank in just a few minutes. Very convenient and safe online transactions.

For all the reasons mentioned above, I highly recommend that you try GSave out. If you are still unsure, you can begin by just saving small amounts. You’ll be amazed by how much more you’d have gained at the end of the month.

Another option to check out is Tonik bank, as it offers higher interest rates up to 4.5 percent per year, which is very liquid similar to GSave. It also has up to a 6 percent interest rate per annum for Time Deposit.

Feel free to share this post with your friends and family. If you have any questions on GSave or any financial questions in general, you may comment below.

Kung wala ka pang GSave account, sign-up now for GCASH, under referral code enter qShfwYl. You may also use this link to download and signup.  

FAQs

Is GSave a good investment?

Yes, GSave is a good investment and hasn’t had any issues. It offers 3.1 % interest per year. There is even an ongoing promo that if you save more than ₱100,000, the interest rate will increase to 4%.

How much interest does GSave?

Effective June 1, 2020, the base interest rate is at 3% p.a. for UpSave account holders and 3.1% p.a. for GSave account holders.

Is GSave different from GCash?

GSave and GCash are two different entities. GCash is not covered by PDIC but your money is insured up to 100k. GSave which is powered by CIMB on the other hand is a PDIC member and your money is insured up to 500k.

How do I withdraw money from GSave?

To withdraw money from Gsave, go to your GSave dashboard, simply tap “Withdraw” and follow the prompts. You will be asked to verify an OTP for security. Withdrawing here means you are transferring money from your GSave account to your GCash wallet.

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