GCash and Cebuana Lhuillier Bank to launch savings account via GSave

Through the partnership, GCash users can open an eC-Savings account by Cebuana Lhuillier Bank through the GSave feature in its app, without submitting additional identity documents. The account provides a savings rate of 3.5% annually, regardless of the deposit amount. GCash users who open an account will receive a P100   (USD1.90) cashback on their initial deposit.

Users can deposit as low as P1 (USD 0.01) directly from their GCash wallets as the eC-Savings account does not require a minimum deposit balance. According to GCash, account holders can receive up to P33,000 (USD 595.26) in free accident insurance coverage. 

The two firms share a common mission to make financial services accessible to Filipinos nationwide, particularly in underserved communities, helping them develop financial education and start saving money. 

Filipinos tend to save money at home, a survey reveals

With the expansion of digital banking and fintech services in the Philippines, consumers are increasingly adopting mobile wallets, e-wallets, and various digital platforms. 

According to a report by the BSP, 4 out of 10 Filipino adults currently have savings; however, 68.3% are maintaining their savings at home. 

Around 65% of adults who save but do not have a bank account attribute this mainly to insufficient funds. Other reasons include not needing a bank account, limited knowledge and skills to manage one, the costs involved, and the distance to the nearest bank. 

When it comes to bank deposits, the survey indicates that among Filipino adults saving in banks, the most common type of deposit account is a savings account. 

Recent updates from GCash

In April 2025, GCash expanded its digital payment capabilities by launching Tap n’ Pay, an in-app contactless payment feature in collaboration with Mastercard. This new service enabled GCash users to make quick and secure contactless transactions at any merchant nationwide that accepted Mastercard.