The digital transformation of the banking sector in the Philippines is now creating a wave of financial inclusion for every Filipino. Today, with the right digital bank, you can enjoy secure, 24/7 access to your personal finances, right on your mobile phone. The best digital bank options even let you set goals and save or invest your money in different ways, all while giving you higher interest rates than those offered by traditional banks.
However, the sheer quantity of options can make online digital banking somewhat intimidating for beginners. Fortunately, it’s much simpler than you might expect. Here are a few things you need to know to get a great start:
1. Opening a Digital Bank Account is Simple and Free
Maya, the #1 digital bank in the Philippines, lets you create your very own Maya Savings bank account from the comfort of your home or workplace. There’s no need to visit a physical bank branch or provide an extensive set of documents. All you need to sign up for a Maya Savings account is just one valid ID. With no minimum deposit or balance requirements, Maya makes banking even more accessible, removing both the typical hassles and financial burdens that come with traditional banking.
2. You Can Take Advantage of High-Interest Savings Products
Savings accounts offered by digital banks often offer much higher interest rates compared to those of traditional banks. Maya Savings, for example, offers a base interest rate of 3.5% per annum (p.a.) that can be boosted all the way to an amazing 15% interest p.a. These industry-leading interest rates make it much easier to fight inflation and conserve the value of your funds.
3. You Can Choose Savings Options That Gives You More Opportunities to Earn
Most digital banks only offer set interest rates for their savings products. In contrast, while Maya Savings already offers a generous base interest rate, it gets much better. Simply using Maya’s tools and services helps you boost your interest rate further, well beyond what’s typically offered at traditional banks and even other digital banks. Using Maya solutions to pay your bills, shop online, or transfer money, for example, can boost your interest rate significantly, allowing users to earn up to 15% interest p.a. just by paying with Maya. This gamified approach to personal banking is also a great way of encouraging new savers to be more financially responsible and strategic, creating a self-feeding cycle of financial benefits.
4. You Can Take Advantage of Solutions That Help You Personalize Your Savings Goals
Once you’re banked, you can set up Maya Personal Goals to streamline your savings. You can set up to five personalized accounts to help you save for specific goals like building an emergency fund, saving up for a vacation, setting aside money to buy a gadget, or other major expenses. Each goal account earns a guaranteed 4% interest p.a., helping you earn more and reach your financial targets faster than you thought possible.
5. Opening a Competitive Time Deposit Account Is Easier Than Ever
If you want a higher interest rate, many digital banks also offer Time Deposit accounts. The Maya Time Deposit Plus, for example, allows you to enjoy the well-known benefits of time deposit products with just a few taps of your phone. It also sweetens the deal with high interest rates and no minimum starting balance.
With terms of 3, 6, or 12 months, you can avoid being locked for longer than you need. Time Deposit Plus accounts also allow users to open multiple deposits—up to five accounts with PHP 1 million each, maximizing your fund’s potential to earn up to 5.75% interest p.a.
6. Digital Banks are Secure and Insured
New digital banking users are rightly concerned about security. Maya has stepped up to the challenge, drawing from its years in fintech to provide all users credible protection against online threats. Maya also adheres to the strict regulations from the Bangko Sentral ng Pilipinas (BSP), securing your accounts according to widely recognized practices. To top it all off, your deposits are also insured by the Philippine Deposit Insurance Corporation (PDIC) up to PHP 500,000 against the risk of bank closure, just like they would be at any traditional bank.
7. You Can Enjoy Free Transfers and Low-Cost Services
If you’re one of the millions of Filipinos who rely on remittances or need to frequently move funds, you can save more simply by opening a Maya Savings account and using it for critical transfers. Having a Maya Savings account entitles you to FREE transfers to other Maya Savings accounts, and you can also transfer funds to other banks via PESONet (free) and InstaPay (with a PHP 15 fee), making it the best choice for or moving funds to family members’ accounts.
8. Ease of Access to Additional Financial Services
Beyond traditional savings, digital banking platforms like Maya offer easy access to investment products, including cryptocurrencies, stocks, and much more. If you’re ready to go beyond savings and become an investor, Maya has the tools you need to diversify your finances.
Empower Your Finances with Maya
Maya’s combination of consumer-focused products and simplicity may make it the best digital bank in the Philippines. In a time of rapid digitalization in banking, Maya offers easy, no-nonsense ways for you to empower your finances and secure your financial future. Becoming a Maya user grants you access to flexible savings accounts, high-interest rates, and a secure, user-friendly platform at your fingertips—everything you need to start your financial journey right.
