Banks are often associated with the concept of saving money, but they’re not exactly seen as a practical place for growing one’s funds. This is because the interest rates that traditional banks offer for savings accounts are so small, they hardly make a difference to savers.
The good news is that modern banking platforms are changing the scene for consumers who have established a habit of saving money. Maya Bank, the leading digital bank in the Philippines, is offering competitive interest rates for savings accounts, making it especially easy for financially savvy individuals to grow their funds. Comparing the interest rates presented by Maya and traditional banks will help you understand your options better and make informed decisions that will maximize your financial growth.
Traditional Banks Offer Small Interest Rates for Keeping Your Money in the Bank
One of the details that you should evaluate when choosing a savings bank is the interest rate that the bank offers for savings accounts. Many traditional banks in the Philippines offer modest interest rates that range from 0.05% to 0.125% per annum. Let’s say you have PHP 100,000 and you decided to put this money in a traditional savings account. In a year, you can expect your money to grow between PHP 50 and PHP 125 (excluding taxes). While reliable, these rates may not provide the growth you need, especially in today’s financial environment.
Maya Bank Offers High Savings Account Interest Rates to Help Grow Your Funds
How about Maya Bank? Choosing one of the most secure digital banking platforms and best banks to open a bank account in the Philippines means enjoying better returns. Maya Savings offers a base interest rate of 3.5% p.a., which is several times higher than what traditional banks offer. What’s more is that this rate can be boosted up to 15% p.a. You can access this boosted rate simply by using Maya for everyday transactions such as paying your bills, buying online, and topping up your mobile phone load.
Also, unlike traditional banks, Maya does not require a minimum deposit. This means that you have the freedom to grow your savings regardless of your starting amount. No matter if you have PHP 500 or PHP 5,000, you can make your money grow by keeping it in a Maya Savings account.
So how can a high-interest-rate savings account help you reach your financial goals? Higher interest rates can have a profound impact on your ability to reach financial goals. Whether you’re saving for an emergency fund or an overseas holiday, earning more from your deposits means attaining your goal amount more quickly. With Maya’s competitive rates, your savings work harder for you, providing you with a greater level of motivation to stay consistent with your financial plan.
For instance, if you deposit PHP 100,000 in a traditional bank account with an interest rate of 0.125% per annum, your annual earnings would be just PHP 125. By contrast, the same amount in a Maya Savings account at 3.5% would earn PHP 3,500 (excluding taxes)—and potentially more with boosted rates. Over time, this difference can significantly enhance your financial stability and purchasing power.
Maya Savings Account Options: Personal Goals and Time Deposit Plus
There are different types of savings products that you can explore when banking with Maya aside from Maya Savings. Let’s say that you want to save money with a specific goal in mind, such as a holiday or a new phone. Instead of keeping your money in your Maya Savings account along with your general savings, you can set up a Maya Personal Goal.
Opening a Maya Personal Goal account lets you keep your eyes on the prize. This account lets you know exactly how much you’ve already saved for a specific objective, plus it lets you earn an interest rate of 4% p.a. on deposits of up to PHP 1 million. You can create up to 5 personalized goal accounts, each one with a timeline of up to 6 months. Upon maturity, the funds are automatically transferred to your Maya Savings account for safekeeping.
Additionally, Maya Time Deposit Plus accounts offer up to 6% interest per annum depending on the chosen tenor of 3, 6, or 12 months. With no minimum balance required and the ability to create up to five active accounts at a time, this option allows you to earn higher interest rates while maintaining flexibility.
How Do You Decide Where to Put Your Savings Funds in Maya?
Each Maya savings account is suited to a different financial need. Here’s a short guide on how to choose which is the best fit for your financial situation:
- Maya Savings: This account is ideal for those who prioritize flexibility. With no minimum deposit and boosted rates through transactions, this account is great for everyday savings and immediate access to funds.
- Personal Goals: This account is designed for targeted savings. If you have specific financial milestones to achieve within 6 months, this account’s structure and competitive rate of 4% per annum make it an excellent choice.
- Time Deposit Plus: A time deposit account is best for long-term savers. If you’re comfortable locking your funds for a set period, the up to 6% interest rate is highly attractive and can significantly grow your wealth over time.
No matter your choice, you can open the Maya savings account of your choice on the Maya app. If you’re wondering how to open a bank account on the app, it’s pretty simple. Follow these steps:
- Open Maya and tap Savings
- On the inner page tap Start Maya Savings
- Fund your Maya savings by seamlessly depositing from your Maya Wallet
Maya Bank’s savings products offer a clear advantage over traditional banks with their high interest rates and unbeatable flexibility. Whether you’re pursuing short-term goals or building long-term wealth, Maya provides tools to help you succeed. By leveraging these options, you can grow your savings more effectively and confidently.
