Digital banking is transforming the financial landscape in the Philippines, making it easier than ever for Filipinos to save and manage their money. Many people are also choosing digital banks because they simplify banking and make it more inclusive. Unlike traditional banks, digital banks allow users to access their accounts, make deposits, and even grow their savings without needing to visit a physical branch. This wholly digital approach is especially beneficial for those without immediate access to a physical bank branch or those with busy schedules who may not have the time to visit a bank during working hours.
With an increasing number of people turning to mobile apps and online platforms for their financial needs, Maya has quickly established itself as a top digital bank for Filipinos, offering a wide array of features that make saving more accessible, rewarding, and secure.
Here’s an in-depth look at the features of Maya Savings that make it one of the best savings account options for Filipinos today.
1. High-Interest Savings Account
One of the most appealing features of Maya Savings is its competitive interest rates, which are significantly higher than what traditional banks usually offer. While many conventional banks provide minimal interest—often below 1%—Maya offers a base interest rate of 3.5% p.a., which you can boost up to 15% interest p.a. when you buy prepaid load, pay bills, use Maya Card, pay with Maya Easy Credit, pay via QRPh, or pay with your Maya-registered number online.
With this kind of high-interest savings account, you can grow your money faster than it ever would if your money is parked in a traditional savings account. It’s also beneficial for Filipinos who want to make the most of their deposits without taking on the risks associated with other investments, whose values can fluctuate due to market dynamics.
2. No Minimum Deposit or Balance Requirement
Maya Savings is also designed with flexibility in mind, as it allows users to open an account and start saving with no minimum deposit or maintaining balance. Compared to many traditional banks that impose strict requirements, such as maintaining a specific minimum balance for the users to avoid fees or to qualify for interest, Maya does away with these restrictions.
With this feature, Maya ensures that everyone, regardless of their financial situation, can start building their savings. Whether you’re a student, a first-time saver, or someone with limited income, you can start your financial journey and gradually add to your savings without the worry of penalties or fees for low balances.
3. Easy Account Setup
Another quality that makes Maya Savings a great savings bank option for Filipinos is that it prioritizes simplicity and convenience. This is clear in its easy account setup process. Creating an account takes only a few minutes on the Maya app, and minimal documentation is required. Unlike traditional banks, which may require in-branch visits, lengthy forms, and multiple IDs, Maya allows users to set up an account with a single ID and just a few taps on their smartphone.
Maya’s app interface is also user-friendly, making it accessible to all age groups, even those who may not be very tech-savvy. Once the savings bank account is set up, users can immediately enjoy the app’s other features, making it a convenient one-stop solution for all their banking needs.
4. Effortless Deposits to Your Maya Savings Account
Depositing money into your Maya Savings account is also incredibly convenient. Users can easily deposit using money from their Maya Wallet, or they can also deposit funds from any non-Maya bank account. This eliminates the need to visit a physical branch, which is often a hassle and a time-consuming task, especially from the perspective of urban Filipinos who struggle with traffic congestion on a daily basis. The ability to deposit anytime, anywhere through the Maya app means users can continuously build their savings for the future, which is a good habit to cultivate for long-term financial health and stability. Indeed, with just a few taps on their smartphones, users can grow their savings without the traditional obstacles of banking, whether it be long queues, limited branch hours, or geographical constraints.
5. Goal-Based Savings for the Things You Want in Life
With a Maya Savings account, users can save according to their unique financial objectives and how they want their money to be allocated.
Using Maya Personal Goals, in particular, allows you to budget and organize your money to help you reach specific savings goals. Whether you’re saving for a new gadget or coming up with funds for your next vacation, this goal-based savings account can help you get the things you want in life. Moreover, you can enjoy 4% interest p.a. per goal, letting you grow your money and reach your goal faster than if you were to save in a traditional bank. You can also create up to five goal accounts, which means it will be easier for you to keep track of how much you’re saving for each target.
6. Time-Based Savings for the Future
For users with medium-to-long-term financial goals, Maya also offers Time Deposit Plus. It lets you lock in your savings for a period of 3, 6, or 12 months in exchange for higher interest rates. Each time deposit account starts with a guaranteed 3.5% p.a., but you can increase this to up to 5.75% p.a. (for the 6-month term) when you reach your target amount.
Additionally, you can grow your savings at your own pace by depositing any amount at any time until you reach your target. There’s also no minimum balance required, and you only need a low total goal amount of at least P5,000 to start earning boosted interest rates. This makes Time Deposit Plus an excellent option for those who have extra funds they can park and want to maximize the growth of their savings over time.
For those wanting a savings account that offers flexibility, convenience, and significant returns, Maya provides ideal solutions. Maya Savings and its associated tools offer features that can help you truly grow your money on your own terms. These high-yield savings products encourage smarter financial habits and help Filipinos secure a more prosperous financial future.