These days, financial stability and security have never been more crucial. Whether you're aiming to build an emergency fund, planning for a major life event, or simply striving for peace of mind, saving money is an essential step toward achieving your financial goals. However, the challenge for many Filipinos lies not just in the act of saving but in finding the right tools and platforms that make the process easy, efficient, and rewarding. In this regard, Maya Savings offers plenty of solutions for everyday banking customers. As a leading financial institution in the Philippines, Maya offers innovative and user-friendly banking products that are designed to help you maximize your savings, chief among them is Maya Savings. In this article, we'll explore the compelling reasons to save money and why Maya Savings is the perfect banking solution to help you in your financial journey.
1. To Build Your Emergency Fund
When it comes to sudden setbacks, an emergency fund is your financial safety net. It's there to catch you when life throws unexpected curveballs your way, such as medical bills, car and house repairs, or sudden unemployment. Having an emergency fund means you're prepared for these surprises without going into debt.
Maya Savings makes it easy to build this crucial fund quickly. As a high-interest savings bank, Maya offers depositors a base rate of 3.5% interest per annum, credited daily. Furthermore, this interest rate can be boosted to 15% p.a. by using Maya’s products for your daily transactions. For instance, you can buy load, pay bills, or use Maya Wallet or Maya Easy Credit for QR Ph, online, or card payments. Every transaction with Maya is rewarded, enabling you to fast-track your Maya Savings account growth.
2. To Easily Achieve Short-Term Financial Goals
Whether you're saving for your child's education, planning a dream vacation, or setting aside money to buy a new laptop for work, having clear financial goals is essential for achieving your own version of success. With these goals in mind, you have a clear direction and motivation to save.
Maya Savings is the perfect partner in reaching these aspirations. Thanks to its personalized banking services, you can set individual goals within your savings account and its associated tools. When you have a Maya Savings account, you’ll also be able to open up to five Maya Personal Goals that can earn a guaranteed 4% interest per annum on each goal (credit monthly). You can save up to PHP 1 million per goal to earn interest, and each goal can be set up to 180 days. With your progress clearly indicated on your savings dashboard, you can feel the satisfaction of moving closer to your dreams every day.
3. To Grow Your Money through Investments
Once you’ve paid all your debts and saved up a reasonable amount of money for your emergency fund, you can start saving for your investments. Investing is a powerful way to increase your wealth over time, after all. While stocks, bonds, and mutual funds are common investment vehicles, they come with varying degrees of risk.
For those looking for a safer investment option, a Maya Savings account opens the doors to another, more secure way to grow one’s money through Maya Time Deposit Plus. From a base interest rate of 3.5%, you can boost your interest rate to 6% when you set your term limit to 6 months (take note that you can choose tenors of between 3, 6, and 12 months). What’s more, you can hold up to PHP 1 million in your time deposit to earn this interest.
4. To Hedge Against Inflation
Inflation erodes the purchasing power of your money over time. What you can buy with a thousand pesos today might cost significantly more in the future. This makes it crucial to find ways to protect your savings from inflation's impact.
According to the Bangko Sentral ng Pilipinas (BSP), the average inflation rate for 2024 so far is 3.4%. Therefore, you need a savings bank account like Maya Savings that offers interest rates equal to or greater than this to ensure your savings keep up with inflation.
Fortunately, Maya Savings, the best savings account Philippines has to offer, has a base interest rate of 3.5% per annum, credited daily. This rate is one of the most generous in the country, where the average interest rate of traditional savings accounts typically falls below 1% p.a.. As noted earlier, you can even boost this interest rate to 15% per annum.
5. To Secure Your Money against Physical Damage
While the number of unbanked Filipinos has dropped in recent years, there are still 256 or 15.7% of cities and municipalities in the country that still have no banking presence in the third quarter of 2023, according to the Bangko Sentral ng Pilipinas.
Keeping large amounts of cash at home is risky. Physical damage, theft, or loss can easily happen, leaving you without the money you need. In fact, there have been heartbreaking stories of people losing their hard-earned money due to house fires and pest infestation because they kept their money at home instead of saving it in a bank.
Maya Savings offers a secure, digital alternative to keeping cash at home. With your money safely deposited in your digital bank account, you can protect it from physical risks. Additionally, like all banks, Maya Savings accounts are insured under the Philippine Deposit Insurance Corporation (PDIC) for up to PHP 500,000 per deposaitor.
Saving money is essential for financial stability and growth. Whatever your primary goals for saving, Maya offers superior and modern solutions to traditional banking. With its high interest rates, convenience, security, and associated banking tools and services, Maya Savings is the ideal choice to help you achieve your financial aspirations. Start saving with Maya today and take control of your financial future. Download the Maya app and open a savings account to begin your journey to financial success.
