Philippine electronic wallet provider GCash has partnered with Cebuana Lhuillier Bank to introduce a new savings account, the eC-Savings account, available through the GCash app’s GSave feature.

Announced on 7th May 2025, this collaboration aims to support efforts towards broader financial inclusion in the Philippines, particularly for communities that have been less served by traditional banking.

The eC-Savings account offers an annual interest rate of 3.5% on all deposit amounts, along with a PHP 100 (USD $1.90) cashback incentive for initial deposits. Users can deposit as little as PHP 1 (USD $0.01) directly from their GCash wallets, as there is no requirement for a minimum deposit balance.

This approach, combined with the convenience of not needing additional identity documents for existing fully verified GCash users, is designed to make saving more approachable. Account holders also receive up to PHP 33,000 (USD $595.26) in free accident insurance coverage, which is an added benefit.

Both GCash and Cebuana Lhuillier Bank share an objective of making financial services more accessible. A recent Bangko Sentral ng Pilipinas (BSP) report indicates the context for such initiatives: while around four out of ten Filipino adults currently save, 68.3% report keeping their savings at home.

Some reasons noted include insufficient funds, a perceived lack of need for a bank account, limited financial understanding, associated costs, and the distance to the nearest bank branch.

Winsley Royce Bangit, GCash Group Head of New Businesses, mentioned that the partnership seeks to encourage Filipinos to cultivate their financial well-being.

He stated, “By building upon the trust of millions of Filipinos in GCash and Cebuana, we hope to empower their aspirations for a secure future by making saving truly accessible and rewarding for all.”

This offering represents a step towards enhancing financial participation in the Philippines.

Featured image by EyeEm on Freepik.