While traditional bank savings accounts typically offer modest returns, high-yield savings products present an attractive alternative to individuals looking for an additional way to grow their funds. These banking products are not just designed to safeguard your money, they are engineered to actively increase your savings through significantly higher interest rates compared to standard offerings.
Among the myriad options available, Maya Savings by digital bank Maya stands out as a particularly attractive choice for savvy savers in the Philippines. What sets Maya Savings apart is its ability to offer boosted interest rates—up to 15% per annum. This game-changing feature provides an opportunity for account holders to substantially increase their savings simply by utilizing their accounts in specific, everyday financial activities.
In this short guide, we’ll explore some of the best aspects of Maya Savings, explaining how it works and how you can leverage its features to maximize your financial gains. By understanding the mechanics behind boosted interest rates and the steps necessary to achieve them, you can make more informed decisions that align with your financial goals.
Introducing Maya Savings
Maya Savings is a product of Maya, widely hailed as the best digital bank in the Philippines. As of early 2024, it is the highest-rated consumer finance app, boasting a 4.8 rating on the App Store and a 4.5 rating on Google Play, surpassing other top apps in the category. Currently, Maya has 3 million depositors, with a deposit balance reaching PHP 25 billion. The fintech company has also captured 57% of digital banking depositors, based on September 2023 data from the Bangko Sentral ng Pilipinas.
This market leadership places Maya Savings at the cutting edge of financial technology and enables Maya to leverage a wealth of technological advancements that redefine user experience and accessibility. Designed for the modern saver who demands both security and convenience, Maya Savings is an innovative tool to enhance financial well-being, rather than a simple repository for your money.
The account is tailored to fit into the lifestyle of its users and promises a comprehensive online digital banking experience that eliminates the need for physical bank visits. Let’s explore the multiple benefits that make Maya Savings an attractive option for savers looking to maximize their financial potential:
- Ease of Account Management: Open and manage your savings entirely online through the Maya app. This digital solution simplifies the banking process and makes it accessible anytime and anywhere, which is perfect for those with busy schedules or limited access to traditional banking services.
- Integrated Financial Services: Maya Savings is part of a larger financial ecosystem that includes an e-wallet and various payment solutions. You’ll enjoy seamless transactions for your different financial needs—from paying bills to online shopping—without needing to switch platforms.
- Accessibility: As a company, Maya aims to help facilitate financial inclusion in the Philippines and bring financial services to the millions of Filipinos around the country who remain unbanked. The digital nature of Maya Savings makes it particularly accessible to individuals in remote or underserved areas, where traditional banking infrastructure may be lacking.
- Convenience and Flexibility: With Maya Savings, your financial transactions are as mobile as you are. Whether it’s transferring funds, paying for services, or managing investments, you can do it all on the go. Plus, your Maya Savings account doesn’t require a maintaining balance, giving you the freedom to move your money whenever and however you need to.
What Is Boosted Interest?
Boosted interest is a dynamic feature of Maya Savings that allows account holders to earn significantly higher interest rates based on their account activity. Unlike traditional savings accounts that offer a fixed interest rate, boosted interest rates are designed to reward users with additional interest on top of their base rate for using Maya to pay for their daily spend and utilizing various financial services like Maya Easy Credit, crypto, stocks, funds, and many more. This system incentivizes more active financial management and can be a lucrative tool for enterprising savers who maximize their account usage.
How It Works
- Base Interest Rate: All Maya Savings account holders start with a base interest rate of 3.5% p.a., which is competitive in its own right. This rate applies to all balances and accrues daily, which ensures that every peso in your account is working for you.
- Boosted Interest Rate: The real allure of Maya Savings comes from the potential to increase this base rate to as high as 15%a. starting July 1. You can unlock higher interest rates by using your Maya account for various transactions such as shopping with a Maya card, paying bills, or purchasing load. Each type of transaction and the total amount you spend can influence how much your interest rate is boosted.
- Caps and Conditions: It’s important to note that there are caps and conditions that apply to these boosts. For example, the boosted interest rate only applies to the first PHP 100,000 of your balance (as of this writing), while any amount beyond 100,000 can still enjoy 3.5% p.a. Additionally, these promotional boosts are often time-limited—the current promo, for example, is set to run until July 31, 2024. Please make sure to visit this page to check out updated terms and conditions.
How Do I Boost My Interest with Maya Savings?
Boosting the interest rate on your Maya Savings account is so easy as it only involves doing a combination of regular account activities and strategic use of Maya's financial services. Here’s how you can maximize your savings growth:
- Pay with Maya using your Maya card, via QRPh, or online checkout: Regularly use your Maya Wallet and your Maya physical or virtual card for everyday purchases. Whether you’re buying groceries, dining out, or shopping online, each transaction can contribute to driving up your interest rates.
- Pay Bills and Buy Load: Utilize Maya’s bill payment and load purchase services. Paying your utilities and credit card bills, or buying mobile load through Maya simplifies your financial management while also boosting your savings interest. Moreover, Maya has zero or lower fees vs. other payment platforms.
- Patronize Partner Merchants: Maya works with some of the biggest brands in the country, including Grab, Shopee, Lazada, SM, and many more. Making purchases with these partner merchants (over 200,000 of them worldwide) can further enhance your interest rate boosts.
- Plan Your Spends Every Month: Strategically plan how you spend your funds so that you can unlock higher interests as you continue to spend with Maya. The more you use Maya, the higher interest boosts.
- Use Maya Easy Credit: Users who use Maya Easy Credit to pay can also earn additional boosted interest.
All in all, should you choose to bank with Maya, you’ll soon discover why it’s the digital bank PH depositors trust the most. Only Maya empowers its customers to enhance the returns on their savings by such a large margin, simply by managing their Maya Savings accounts actively. This proactive approach will both boost your savings and integrate the idea of sound financial management more deeply into your daily life.
