Maya recently released new changes to the interest rate that a depositor gets from their savings account. The updated rates were effective March 7, 2023.
What are the changes?
| Previous | New Changes |
| 4.5% per annum base interest for earnings balance of up to 5M | 4% per annum base interest for earnings balance of up to 5M |
| 1.5% P.A. boost interest for 30 days when you have accumulated 250 pesos worth of transactions on the following: – Pay via QR – Buy Airtime Load – Pay a bill in the app – Pay via Mobile Number – Pay with your Maya Card Note: the 1.5% boost interest rate applies to deposit balances of up to P100,000 only. | Up to 6% P.A. Boost interest by achieving specific purchase/spend milestones (same type of transactions): 250 Php accumulated spend: +1% boost 1000 Php accumulated spend (250 + 750): +1% boost (Total boost: 2%) 20K Php accumulated spend (250 + 750 + 19K): +2% (Total boost: 4%) 30K Php accumulated spend (250 + 750 + 19K + 10K): +2% (Total boost: 6%) The current boost promo is from March 7 – April 30, 2023. The duration of the interest boost is dependent on the completion of the accumulated spend. For the completed milestone/s between March 7 – 31: interest boost is active until March 31. For the completed milestone/s between April 1 – 30: interest boost is active until April 30. Note: the boost interest rates apply to deposit balances of up to P100,000 only. |
To sum it up, you need to spend a total of Php 1000 (each month) in order to get the same 6% per annum interest as before. The crediting of the base interest (fraction) will still be done daily at around midnight while the boost interest will be awarded at a later time of the day.
Please note that there are no changes to the 6% p.a. interest rate for Maya’s goal savings account.
I have updated my earlier article about Maya to reflect the changes.