In the ever-evolving world of digital finance and e-commerce, the lines between banking and online shopping are blurring. At the forefront of this innovation is LazSave, a digital savings account offered by CIMB Bank Philippines and seamlessly integrated into the Lazada app.
LazSave is more than just a place to park your money; it's a "Save and Pay" solution designed for the modern Filipino shopper. It allows you to grow your savings while simultaneously rewarding you for your everyday purchases on the Lazada platform.
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The Best of Both Worlds: How LazSave Works
LazSave combines the best features of a high-yield digital savings account with the convenience of an e-commerce payment method. This synergy creates a unique value proposition for consumers who are active in the digital space.
Also check my list of Top Digital Savings Banks in the Philippines
Key Benefits of a LazSave Account
No-Frills Banking: The account requires no initial deposit and no maintaining balance, making it highly accessible to everyone, from students to seasoned online shoppers. This eliminates the worry of dormant account fees or minimum balance requirements.
Competitive Interest Rate: LazSave offers a competitive interest rate on your savings, allowing your money to earn more compared to traditional bank accounts. As of August 1, 2025, the base interest rate for LazSave has been adjusted to 2.50% per annum. While this is a change from previous promotional rates, it still provides a solid return on your savings. The interest is computed daily and credited monthly, allowing you to watch your money grow.
Exclusive Shopping Rebates: A standout feature of LazSave is the 1% rebate you can earn on your Lazada purchases. When you use your LazSave account to pay for your items, you get a percentage of your total purchase credited back to your account. This is like getting an additional discount on top of any vouchers or sales. It's a powerful incentive that encourages a "save while you spend" mindset.
Convenient and Secure: Opening and managing the account is done directly through the Lazada app, a platform most users are already familiar with. Funds can be cashed in through various channels, and you can easily transfer money to other banks. The entire process is digital and secured with CIMB's robust banking security measures.
Eligibility Requirements
To be eligible to open a LazSave account, you must:
- Be a Filipino citizen.
- Have an active Lazada account.
- Have at least one valid government-issued ID for verification.
How to Get Started with LazSave
Opening a LazSave account is a straightforward process, designed for a hassle-free digital experience:
- Open the Lazada App: Ensure your app is updated to the latest version.
- Access Your Wallet: Go to the "Account" tab and select "Lazada Wallet."
- Find LazSave: Look for the LazSave by CIMB option and tap to begin the application.
- Complete the Digital Form: You will be prompted to fill in your personal details and required information.
- Verify Your Identity: This crucial step involves an OTP and a quick selfie-check to confirm your identity, ensuring your account's security.
- Start Saving and Shopping: Once verified, your LazSave account is active. You can now cash in funds and start paying for your Lazada purchases to earn rebates and interest.
LazSave vs. Other CIMB Products
It's important to know that LazSave is a separate savings product from other CIMB accounts like GSave or UpSave. While they are all under CIMB Bank, LazSave is uniquely linked to the Lazada ecosystem, offering exclusive perks for its users on the platform.
In conclusion, LazSave is an innovative financial tool that merges the practicality of a digital savings account with the lifestyle of a frequent online shopper. It provides a unique opportunity to turn your shopping habits into a savings strategy, offering a compelling blend of convenience, high interest, and exclusive rewards.
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