The local financial market offers many pathways for Filipinos who want to grow their money. Among these options are time deposits, which are savings programs that typically offer above-average interest rates in exchange for locking in one’s money with a financial provider. This setup can benefit individuals who want predictable growth in their savings without worrying about stock market fluctuations or economic uncertainties.
While not exactly a new type of financial product, time deposits used to be out of reach for the everyday consumer. It’s not so long ago, after all, that such programs required high initial deposits and long lock-in periods and, as such, were primarily reserved for higher-net-worth individuals.
The good news is that time deposits are now more accessible than ever before. Many digital financial services providers now offer time deposit programs that meet the budgets of everyday consumers. One of the best time deposit options around is Maya Time Deposit Plus from the country’s number 1 digital bank. This account, which one can open anytime with the Maya app, is dedicated to making it possible for everyday users to grow their money in the most straightforward, efficient, and convenient way. Here are some of the reasons why you should choose Maya Time Deposit Plus over other time deposit options in the market today.
You Can Start with Any Amount at Any Time
How much do you need to open a time deposit account? It’s not out of the ordinary for traditional banks to require interested consumers to fork over PHP 100,000 or more, emphasizing that this is the only way they can benefit from the high interest rates that time deposit accounts typically come with. This is a high hurdle for many people. Many digital banks can lower the bar significantly by only requiring an initial deposit of, let’s say, PHP 5,000. That’s not a bad number, right?
Maya Time Deposit Plus, however, takes this further by allowing you to start a time deposit account at any amount. You read that right—any amount at any time. If you want to start a time deposit account right now using the PHP 500 in your Maya wallet, feel free to do so. Of course, the bigger your initial deposit is, the better your returns will be. However, by lowering the barrier of entry, Maya has created a product that’s inclusive and suited to everyday savers. Starting with a low initial deposit also allows you to experiment with time deposits without committing a large portion of your savings. This approach can help you understand how time deposits work and build confidence in using more structured financial products as you grow your wealth.
Do note, however, that each Maya Time Deposit Plus account can accommodate up to PHP 1 million. Also, you can open up to five Time Deposit Plus accounts at any time. This means that, at most, you can earn interest for deposits of up to PHP 5 million.
Time Deposit Plus Offers High Interest Rates
One of the main highlights of Maya Time Deposit Plus is its competitive interest rate. The time deposit interest rate you can enjoy depends on how long you plan to keep your money in the account. A lock-in period of 3 months comes with a 5.25% p.a. interest rate, while a lock-in period of 12 months ensures an interest rate of 5.5% p.a. interest rate. The middle ground, which is a lock-in period of 6 months, offers the highest interest rate at 5.75% p.a. Indeed, this financial product is designed to help you meet your goals faster by offering a more substantial return than what you’d typically receive with regular bank accounts, and you can do this in an amount of time that works best for you.
Having access to higher interest rates means that you can grow your funds more effectively without needing to explore riskier investment avenues. This is especially valuable if you’re saving up for a specific goal, such as a vacation, an emergency fund, or even a future down payment for a home. If you’re aiming to exceed a specific amount by the time your account matures, you can use a time deposit calculator to determine how much you need to start with so you can meet your goal. Because Maya Time Deposit Plus’s interest is fixed and guaranteed, you won’t be impacted by market changes, and as such, you can reliably count on fixed returns by the end of the term.
This Savings Product Comes with Flexible Terms
Not every saver has the same time horizon in mind, and Maya acknowledges this by offering a range of terms to fit various needs. As mentioned above, you can choose to hold your money in a Maya Time Deposit Plus account for 3, 6, or 12 months. If you want to enjoy high interest rates for a longer time, remember that you can open 5 Time Deposit Plus accounts on Maya simultaneously. This gives you the option to roll over funds from matured accounts into new ones, ensuring your savings continue to grow without interruption.
This flexibility also makes Time Deposit Plus especially attractive if you’re aiming to stagger investments or align your savings with specific financial milestones. For example, you could choose a shorter-term deposit if you anticipate needing the funds soon, or a longer term if you’re planning for a goal several years down the line. With this tailored approach, it’s easier to fit a time deposit into your overall savings strategy.
You Can Access the Account on the Maya App
Time Deposit Plus is fully integrated into the Maya app. This digital-first approach allows you to manage the account completely using your mobile device. Track your progress, review your returns, and even set reminders for maturity dates—all from the convenience of your smartphone. This makes the Maya Time Deposit Plus an ideal option for busy individuals who value flexibility.
Maya’s completely digital platform also offers the advantage of transparency. You can check your account at any time and get a real-time view of how your money is growing. Additionally, because the process is fully digital, opening and managing a time deposit account takes just a few taps, eliminating the traditional paperwork and long wait times associated with opening a time deposit account in a conventional bank.
Are You Ready to Open a Maya Time Deposit Plus Account?
If you have specific savings goals, such as planning a future purchase or building a retirement fund, a time deposit can offer the structure and guaranteed growth you need. Additionally, if you’re looking to grow your money without the unpredictability of the stock market, the Maya Time Deposit Plus is a stable option that can provide you with peace of mind and reliable returns. By understanding how this financial solution fits into your plans, you can effectively utilize it to achieve your goals.
