GCash, UNOBank to offer 4.25 to 6.5 percent interest rate with new savings products

Jessica Fenol, ABS-CBN News

Posted at Feb 09 2023 03:04 PM | Updated as of Feb 14 2023 03:06 PM

ABS-CBN News/File
The GCash app partners with Alipay+ for cross border payments. Jessica Fenol, ABS-CBN News/File

MANILA - Mobile wallet GCash said on Thursday it partnered with digital bank UNOBank to offer new savings and time deposit products.

UNOBank is among the 6 firms licensed by the Bangko Sentral ng Pilipinas to operate as a digital bank in the country.

Mynt President and CEO Martha Sazon said the feature is already available to select userbase which would "soon" be available to everyone.

"It's already rollout to a limited customer base. The offer actually is 4.25 percent on savings and 6.5 percent on time deposit. So watch out for it, it will be rolled out to everyone soon," Sazon said during Globe Telecom's financial briefing. 

A 4.25 percent interest rate on savings and 6.5 percent interest on time deposit is among the highest offered in the market, especially from e-wallets and digital banks. 

GCash partnered with several banks such as Maybank, BPI and CIMB to offer savings products under GSave. 

Aside from savings and bills payments, GCash also offers investment, insurance as well as loan products to consumers. GCash said it ended 2022 with 76 million registered users.


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