CIMB Bank is one of the earlier known digital banks (though in essence, it’s actually a Rural bank) in the Philippines. They offer 3 savings accounts that provide different earnings/interests per annum and the interests you earn are compounded monthly.

1. GSave – 2.6% per annum, which can be tied to a GCash account, making it easier to deposit or withdraw money to/from the GCash app.
2. UpSave – allows you to get 2.5% per annum.
3. Fast Plus – 0.75% per annum return (which is still higher than other commercial banks). This account is where the Debit card is tied to in case you wish to avail of the card.

CIMB usually provides a promo wherein the base interest rate for GSave and UpSave can be boosted by an additional % interest by completing certain tasks. Take note that the boosted interest is usually applied to a certain amount of your balance only. The mechanics of these tasks (including the amount it will be applied on) are based on their current promo which you will see once you log into the main dashboard of the CIMB app under the “What’s New?” section.

Reminders: 

• You don’t need to download the CIMB app in order to get a GSave account. You can just create it under the GCash app. However, your maximum deposit limit is 50K and your max account validity is 12 months which means that once either of the two conditions is met, you will no longer be able to deposit further unless you install the CIMB app and link it to your GCash account.
• Both UpSave and Fast Plus accounts have a Dormancy Account Fee (30 pesos per month) starting on the 61st month of inactivity.
• Up to 2 free ATM withdrawal transaction fees per month for the Fast Plus account.

Brief Background

CIMB (Group) is an ASEAN bank headquartered in Kuala Lumpur, Malaysia. CIMB PH, on the other hand, is regulated by the Bangko Sentral ng Pilipinas as a commercial bank.

How to open an account?

The instructions below will ensure that your CIMB GSave account is linked to your GCash app:

1. From the GCash app, tap GSave.
2. Tap GSave by CIMB.
3. You will then be asked to register GSave by filling out your personal information. Simply complete your details.
4. An SMS confirmation will be sent informing you that you have created a GSave account.
5. To link the GSave account you created under the GCash app, download and install the CIMB app via Apple AppStore, Google Play, or Huawei App Gallery.
6. Open the CIMB app and select “Link my GSave or GCredit account”.
7. Select “GSave Account” then provide the same mobile number and email address that is registered to your GSave/GCash account.
8. You will be asked to verify your mobile number via SMS OTP.
9. Set up your username and password, and enable biometric authentication.
10. Create your MPIN.
11. You’ll be asked for additional information next. Just fill them out.
12. Go through the GSave verification via the selfie check steps. You’ll be scanning your valid ID and be asked for a photo shoot holding your valid ID.
13. And you’re all set.

Note: Though you can download the CIMB app first, it’s advisable to start via the GCash app to ensure that you are able to link your GSave account between GCash and CIMB.

The Benefits of Having a CIMB Account

1. Higher earnings interest rate per annum compared to commercial banks.
2. They usually (or should I say “always”) have a monthly interest promo (for GSave and UpSave accounts) wherein you can get an additional % interest per annum for the qualifying month on top of the regular 2.5% or 2.6%.
   1. The usual monthly promo they provide allows you to increase your interest per annum rate for the qualifying month from the regular 2.5/2.6% to 4% p.a. provided that your daily average for the said month is 500 pesos higher than the previous month. 
   2. Also, if you perform transactions (use it for paying bills, or transfer money to other banks) on your GSave/UpSave account via the CIMB app, you will get another 2% p.a. for that month. 
   3. You can increase the interests you earn for the month by another 2% p.a. if you use your GSave or UpSave accounts to pay for your Revi credit (if you have availed one).
3. No minimum balance requirement to earn interest.
4. No maintaining balance, unlike other commercial banks where you get penalized if you go below their minimum maintaining balance.
5. No transaction fees on deposits or withdrawals. Note: the fee you may incur when transferring from another bank to your CIMB account is actually a charge imposed by the other bank.
6. Free life insurance coverage (for GSave and UpSave accounts) which is equivalent to your average daily balance (max coverage limit of 250K). Note: if your GSave or UpSave account has been active for less than 3 months, your life insurance coverage is computed by your latest balance divided by 3.
7. Deposits are insured by PDIC up to 500K per depositor.
8. Compared to other digital banks, you can apply for and get a debit card with CIMB.

Cons

No physical bank that depositors can go to for their account concerns. Though it’s not really expected for a digital bank to have a physical bank, however, it’s added here since there are depositors who are still enamored by a physical bank that they can go to when they have concerns.

What else to consider?

Just like any other bank (including Digital banks like Seabank or Maya), there’s a 20% tax deducted from your earnings interest.

CIMB App Interface: