While having a business can, indeed, be a path to better financial freedom and stability, many Filipino entrepreneurs find managing their business-related funds to be a hindrance to achieving their entrepreneurial vision. Quite often, new entrepreneurs find out too late that they could have saved themselves a lot of trouble by opening a dedicated business savings account.
In most cases, opening an account at a commercial bank specifically for your business makes a lot of sense. However, not all business banking solutions are made equal. Most commercial banking products are specifically designed for certain types of customers, and very few of them are a good fit for new ventures—many of which are small or even micro-sized businesses—seizing the opportunities created by a digitally transformed world.
Maya, a pioneer in the Philippine financial technology and digital payments space, understands this all too well. As the Philippines’ fastest-growing all-digital business bank, Maya is now helping thousands of small- and medium-sized enterprises (SMEs) stay on top of their finances in a technologically enabled and increasingly cashless economy. In particular, Maya Business Deposit, a savings product with cleverly localized cutting-edge features, has become a hit with local SMEs, making it a must-have for today’s tech-savvy Filipino and Philippines-based entrepreneurs.
Whether you choose to put your SME’s funds in a Maya Business Deposit account or some other solution for your funds, it pays to know what you’re getting into. Here are some key points about having a business savings account that you should know about:
1) A Business Savings Account Simplifies Your Finances
At the most basic, a business savings account is essential for separating personal and business finances. This helps you maintain financial clarity, simplifies auditing and bookkeeping, and allows you to generate accurate business-related income and expense reports for both tax and business development purposes.
However, some savings products are also specially designed for their target market. For instance, Maya Business Deposit has features meant to appeal to today’s digitally empowered entrepreneurs, offering online business banking experiences unlike that of any other commercial digital bank.
2) It’s Easy to Open a Maya Business Deposit Account
You need a Maya Business account to open a Maya Business Deposit account. Even if you’re not interested in opening a Maya Business Deposit account right away, getting on Maya Business is still worthwhile, thanks to the wide variety of online and offline payment solutions that become available once you sign on. Whatever your business, you’re sure to find something that can help take it to the next level.
3) Your Business Savings Account Should Have a Defined Purpose
Before you open a business savings account, have a clearly defined purpose for it. Is it solely for storing surplus funds, managing daily transactions, or earning interest on idle cash? Understanding the intended usage will help you manage your business’s finances more effectively and help it grow faster.
4) There Are Deposit Products That Offer Optimal Interest Rates
Look for a commercial banking product that provides competitive rates to maximize the growth potential of your savings over time. Maya Business Deposit provides an interest rate of 2.5% p.a., up to 25x higher than a typical Philippine commercial bank account. With a higher interest rate, simply saving earns your business money, giving you more funds to run your business.
5) Some Accounts Require Minimum Balance Requirements
Some business savings accounts require maintaining a minimum balance to avoid penalties or charges. However, Maya Business Deposit does not have any minimum maintaining balance, making it one of the best options for commercial banking the Philippines has to offer.
6) There Are Typically Transaction Limits and Fees
Understand the transaction limits and fees associated with your business savings account. Consider factors such as withdrawal limits, monthly transaction fees, and charges for additional services. Maya has no hidden fees in its Maya Business Deposit product, making it an obvious choice for entrepreneurs who truly value transparency.
7) You Can Get the Most Out of Your Account By Using Online Banking Apps, Tools, and Dashboards
Check if the financial institution you’re considering provides robust online banking facilities. As a digital bank, Maya’s Business Manager dashboard offers unparalleled convenience and customizability for managing your savings. Through the dashboard, you can easily manage your account, track fund movements, initiate transfers, and access financial reports, wherever you are in the world.
8) Ease of Doing Fund Transfers Should Be One of Your Priorities
Take time to evaluate the fund transfer options available with the business savings account. Long a leader in digital fund transfers, Maya also delivers effortless transfers through Maya Business Deposit. Even better, transfers through PesoNet and InstaPay are free, potentially saving you thousands each year on payroll and supplier payments.
9) Philippine Deposit Insurance Corporation Coverage Is a Must
Confirm if the financial institution offering the business savings account is covered by the Philippine Deposit Insurance Corporation (PDIC). The PDIC provides a maximum deposit insurance coverage of PHP 500,000 per depositor per bank, giving SME depositors a vital layer of protection. Thankfully, savings in Maya Business Deposit are fully protected by the PDIC.
10) Security Is Paramount
Always be sure to assess a shortlisted saving product’s features and the institution behind it to determine if it’s safe for your SME. Not only does Maya have a great record for safeguarding its clients’ funds, Maya Business Deposit is fully compatible with industry-standard maker-checker processes, allowing accountholders to assign a maker, a checker, and an approver for safer transactions.
Maya Puts Your Money to Work
For years, Filipino entrepreneurs have relied on Maya for flawless digital cash transfers. Today, they are also relying on our platform to deliver industry-leading digital banking. Our Maya Business Deposit product ticks all of the boxes for a high-performing business savings account, catapulting your SME to its next stage of growth.
If you’re after the best business banking Philippines has to offer, Maya's 1-2-3 Grow Bundle is perfect for you. 1-2-3 Grow is an exclusive offer for Maya Business account owners that entitles them to a 1% merchant discount rate (MDR) on all QR Ph sales, valid for 3 months from the time of onboarding. Another perk of this bundle include an industry-leading annual interest rate of 2.5% on funds in your Maya Business Deposit account. Even better, signing up for the 1-2-3 Grow bundle puts you on a fast track for a Maya Flexi Loan offer within just 3 months. Enjoy instant loans of up to PHP 2 million, immediately accessible through your Maya Business Deposit account.
With Maya, you can rest assured your funds aren’t only safe but also easily accessible for expanding your business and seizing new opportunities.
