Saving money doesn’t have to be complicated or stressful, especially when you choose secure options that allow your funds to grow over time. With the right savings products, you can enjoy peace of mind knowing your money is safe while benefiting from competitive interest rates. Let’s explore various low-risk savings options in the Philippines that help you grow your money without the worry of constant monitoring or maintenance.
Give Your Money Time to Grow with Maya Time Deposit Plus
Time deposit accounts always make it to the top of the lists of financial products that will help you safely grow your money, and for good reason. Leveraging this low-risk banking account means locking up your funds with the financial institution for a predetermined amount of time. In exchange, you can enjoy time deposit interest rates, which are much higher compared to regular savings accounts. This setup allows you to preserve the value of your money and grow it over time.
The best thing about Time Deposit Plus is that you don’t even have to deposit a big lump sum up front when opening an account. You can set aside an initial amount, no matter how small, then you can just continuously grow the fund by depositing any additional amount for the duration of the term. Whether big or small, your money is bound to grow with Time Deposit Plus.
If you want to know how much you can expect to receive once your term is done, make sure to check out a time deposit calculator, a tool which will also soon be available on the Maya website. Knowing this detail beforehand will allow you to determine which term best suits your goals.
Open a High-Interest Maya Savings Account
Maya Savings is a digital savings account with a high interest rate, starting at 3.5% and reaching up to 15%. All you need to do to maximize the interest rate is to use your Maya app for your transactions. For instance, you can use the funds in your Maya account to pay bills, complete online and in-store transactions, or reload your phone. Exceeding a particular spending threshold automatically upgrades your savings account’s interest rate. In this way, using your Maya account to conveniently complete your financial tasks brings you closer to enjoying perks that can help you grow your money.
The good news is that opening a Maya Savings account can easily be done through the Maya app, and the account itself does not require a minimum balance. It’s a low-maintenance, secure option, with deposits insured by the Philippine Deposit Insurance Corporation (PDIC) up to PHP 500,000.
Set Up Maya Personal Goals and Achieve Them
Let’s say that you’re saving for a particular goal. Maybe you want to save for airfare for your next overseas trip or you’re planning to upgrade your phone in the next few months, and you have a particular amount in mind that you want to reach. In that case, you can count on Maya to offer another safe way to grow your money. You can open a Maya Personal Goal and slowly but surely attain the funding you need for your next big projects. This feature allows you to create separate savings goals, each earning up to 4% interest annually. It’s a flexible program that gives you complete control over how much to set aside and when to save, all while enjoying high interest rates.
Build Your Modified Pag-IBIG II Savings
In addition to Maya’s list of hassle-free ways to let your money grow, you can also look into programs offered by government agencies and community organizations. One of the most popular options for people who want to save and grow their money is the Modified Pag-IBIG II (MP2), a government-backed voluntary savings program offered by Pag-IBIG Fund. It offers higher dividend rates than regular savings and has a five-year maturity period.
The program is low-risk, and your contributions, as well as the dividends, are guaranteed by the government. What’s more is that there are no account maintenance fees, and you can start with a minimum contribution of PHP 500. This makes the MP2 fund an ideal option for people who want to start building their funds immediately.
Check Out the SSS Personal Equity and Savings Option Fund
The SSS Personal Equity and Savings Option (PESO) Fund is another voluntary savings program backed by the government. This is offered by the Social Security System (SSS), and it gives members a chance to earn additional benefits on top of their regular SSS contributions. The program presents tax-free and guaranteed earnings, making it a secure and low-risk way to grow your money. Contributions are flexible, and you can start with as low as PHP 1,000.
Buy Government Bonds
Investing in government bonds is a secure way to save and grow the money that you’ve set aside. Retail Treasury Bonds (RTBs), for example, offer higher returns than regular savings. These can be purchased with a minimum investment of PHP 5,000 and in increments thereof. These bonds are available through local banks and can mature in 3 to 25 years, depending on the type of bond you choose.
Put Your Savings in a Cooperative
Some cooperatives in the Philippines offer high-interest savings plans. These cooperatives are member-owned, and many of them offer savings and investment options with better interest rates than traditional banks. Compared to government-backed options, putting your money in cooperatives can come with higher risks. However, you can mitigate this by joining well-established cooperatives that have a proven track record of managing their members’ money well. Each cooperative has its own policies, so it’s best to scrutinize your options before joining one.
Choosing to put your money into low-risk financial programs that offer higher interest rates is typically a test of patience. As such, before you commit your money, make sure you have emergency funds and that you won’t need your stash any time soon. This way, you can maximize the financial gains that your choice of safe deposit option offers.
