A savings account that offers 3% interest does not require a minimum deposit or maintaining balance and needs only a smartphone to open and maintain.
For more than six out of every 10 Filipino who don’t have any bank account, a leading mobile banking provider is offering these in a bid to bring the benefits of banking to those even in the remotest places in the Philippines.
GCash, now powered by Mynt, is bringing banking through CIMB Bank, to those who have not experienced banking because of the sheer distance of their communities from the nearest physical bank and for other reasons.
The mobile banking service through the product christened GSave would be accessible in the GCash app and give Filipinos who have never had a bank account a 3% interest rate per annum on savings, the highest in the Philippines where regular savings accounts earn only less than 1% per annum.
The mobile savings platform heeds the Bangko Sentral ng Pilipinas’ celebration of Savings Consciousness Week from June 30 to July 6 which was mandated by Proclamation No. 380 issued by then President Fidel Ramos in 1994 yet.
In Circular Letter 2019-038, the BSP urged the Philippine banking industry to keep encouraging the public to save in banking institutions and “further raise awareness on the vital role of savings in the country’s economic development.”
Source: Business Inquirer