It’s the time of the month again when Maya announces the changes to the interest rates of their savings.
What are the changes to Maya Savings’ interest rates?
The base interest rate is now down to 3.5% per annum
From a previous base interest of 4% p.a., your Maya Savings account will now earn 3.5% p.a. which is credited on a daily basis. The base interest is applied to a maximum balance of 5 Million pesos. Any amount beyond that will not earn interest.
The new rate is effective today, June 2, 2023.
Earnings can still be boosted up to 10% per annum
There’s a new mechanics, though, to earn up to a 10% p.a. interest rate and this will start on June 5 until August 31, 2023.
- 3.5% base interest
- +0.5% when you spend at least Php1500 on bills payment or airtime load
- +1% when you spend a total of Php1000 using your Maya card, QR, or check out with Maya online
- +1% for a total spend of 10K using your Maya card, QR, or check out with Maya online
- +2% when you have a total spend of 25K using your Maya card, QR, or check out with Maya online
- +2% if total spending reaches 35K using your Maya card, QR, or check out with Maya online
Note: The boost earnings are applicable only up to the first 100K.
Interest rates for Personal Goals are now 4% per annum
From the previous 6%, you will now just earn 4% interest p.a. when you create new Personal Goals starting today (June 2). This means that those created prior to today will still continue to earn 6% interest p.a. until goal completion.
The interest rates earned with Personal Goals are only applicable to a maximum balance of 1 Million. Any amount above that will not earn interest.
Kuya Well’s kuro-kuro
It was an expected change since their high-interest rates were a way to entice people to switch from GCash to Maya. It was intended to be a promotional offer. The question now is, would people go back to Seabank because of this or switch back to GSave? Or perhaps GoTyme will get a piece of the pie?
As for hitting the 10% interest p.a., mukhang mahihirapan na kung di mo naman ginagamit ang Maya card, QR or for checkout pag bibili. I was able to hit the 10% last month because I used Maya to pay my credit card bill but with the new mechanics mukhang hanggang 4.5% na lang ako. Though ako naman is nakaspread out between Seabank, Maya and CIMB GSave ang emergency funds ko and currently naglalagay na rin sa GoTyme.
One strategy na nakikita ko sa mga may savings na more than 100K is that they will put the 100K sa Maya (provided na mahit nila yung 10%), then ilagay sa Seabank for the 5% p.a. na daily din ang crediting. Or ilagay sa CIMB since 6% p.a. ang interest rates na offered nila until June 30. Monthly nga lang ang crediting ng interest kay CIMB.
Hmm… looks like I might upload another post for high-yield savings strategy. Yung tipong saan mo ilalagay ang pera mo kung may certain amount ka.