GSave by CIMB Interest Rate- How to Compute

The interest rate annually in GSave by CIMB is 2.6% with no minimum deposit and no maintaining balance. I am planning to save via CIMB Bank since it was synchronized to GCash and there is no maintaining balance as long as you have any amount in your GSave by CIMB account, you can start earning interest.

Your account number can be found on either your GSave Marketplace Dashboard or GSave by CIMB Dashboard, below your total savings balance.

Example Scenario:

Month eligible for 8% p.a. NTB Promo: December onwards

To calculate interest amount = (ADB x Incremental Interest Rate x Number of days in a month) / 360) x [1- Withholding Tax (20%)].

Sample computation eligible for 8% p.a.
ADB: 10,000
Incremental Interest Rate: 5.4% p.a. (8% p.a. less base rate of 2.6% p.a.)
Number of days in a month: 31
Net Interest Earn: (10,000 x 0.054 x 31) / 360 x 0.8 = Php 37.20

The additional interest earned will be credited to their respective GSave Account within fourteen (14) business days after each qualifying month. It will be in the form of account credit on top of the regular monthly base interest pay out of 2.6% p.a.

If you are unable to deposit or withdraw using my GSave by CIMB account, there may be a service downtime. Kindly wait for their partners addresses this issue. Rest assured that your savings are safe.

Meanwhile, GCash Help Center announced that CIMB will discontinue the Free Life Insurance feature of your GSave account effective May 1, 2023. However, this benefit will still be available to you until April 30, 2023 if you maintain a monthly Average Daily Balance of PHP 5,000 in your account until March 2023.