Tag: digital bank

CIMB’s Interest Rate Latest Update (October 2023)

Posted on By Kuya Well No Comments on CIMB’s Interest Rate Latest Update (October 2023)
High-Yield Savings Accounts, Posts

There’s no change to the interest rate promo of CIMB. The promo which was introduced last month has been extended until the 31st of October. But in case you missed the mechanics of the promo, I’ll give a brief recap of what it is. What’s the current promo? It’s a 2-part promo wherein: How long … Read More “CIMB’s Interest Rate Latest Update (October 2023)” »

The Smart Way to Save: High-Yield Savings Accounts Explained

Posted on By Kuya Well No Comments on The Smart Way to Save: High-Yield Savings Accounts Explained
Investment and Finance, Posts

When I discussed Emergency Funds the last time, I mentioned that it’s best to put them in high-yield savings accounts to lessen the impact of inflation. Why opt for a High-yield savings account and not a commercial bank? Most commercial banks in the Philippines (and even in other countries) offer very low-interest rates on your … Read More “The Smart Way to Save: High-Yield Savings Accounts Explained” »

Personal Finance – the poor Pinoy investor version

Posted on By Kuya Well No Comments on Personal Finance – the poor Pinoy investor version
Posts

Yow! Kuya Well here and welcome to my personal finance blog. Why you are here I’m guessing: Purpose of this Blog Make personal finance easier to understand and relatable Three years ago, I’m in the same boat as some of you: no savings/emergency funds, I wanted to invest in the stock market but I don’t … Read More “Personal Finance – the poor Pinoy investor version” »

Maximize Your Savings with Maya Bank: Earn high-interest rates

Maya Bank is a digital service bank supervised by the Bangko Sentral ng Pilipinas. They offer a base interest of 3.5% per annum on your deposits (up to 5 Million) for their “My Savings” account.

The base interest rate can be boosted wherein you can earn an additional 1, 2, or 6% interest by completing missions or tasks. Take note that the boosted interest is usually applied to a certain amount of your balance only. The mechanics of these missions/tasks (including the amount it will be applied on) are based on their current boost promo which you will see once you check your Savings account in the app.

The interest on your savings is computed and credited on a daily basis (around 12 MN but it’s usually reflected in your account 2-3 hours later). The boosted interest is given sometime during the day.

On top of their regular savings account, you can create a “Goal account” which will give you a 4% interest per annum with the interest credited on a monthly basis. This allows you to create a special account, as the name dictates, for your goals (i.e., Travel fund, new phone). However, this particular account is only good for 6 months or until you’ve reached your goal amount. The total amount (deposits plus interest) will then be automatically transferred to your Regular savings account. You can create up to a maximum of 5 goal accounts.

Quick Background

Maya Bank is the digital banking arm of Voyager Innovations which PLDT owns. You can access deposit money into Maya bank through the Maya app. However, unlike GSave of GCash wherein they are simply partnered with CIMB, BPI, and Maybank for their savings program, the Maya app has its own digital bank in itself.

How to open an account?

  1. Download the Maya app on Google Playstore for Android, AppGallery on Huawei devices, and App Store for iOS.
  2. Once you have the app installed, tap on “Start an Account”.
  3. Provide your personal information, then tap “Agree”.
  4. You’ll be asked to key in a verification code which will be sent to your registered mobile number.
  5. To get additional rewards, enter my referral code: Y6L9DXVXZW81

Benefits of having a Maya account:

  1. Higher earnings interest rate. You’ll get a base interest of 4% per annum which can be boosted to 10% through their promos.
  2. Interest is credited on a daily basis (around midnight).
  3. Their goal account allows you to earn 6% per annum without any other requirements, albeit the interest is credited on a monthly basis.
  4. Compounding effect – since you get daily interest, you’re actually earning more than 4% per annum base interest due to compounding.
  5. No minimum balance requirement to earn interest, unlike commercial banks that require a certain amount before you can start earning their measly interest.
  6. No maintaining balance, unlike commercial banks where you get penalized if you go below their minimum maintaining balance.
  7. No fees for deposits. Note: fees that you may incur when you transfer from another bank to your Maya account is actually a charge imposed by the other bank. 
  8. (At the time of posting) No fees for transfers via PESONet.
  9. No dormancy account fees. Note: if your account is dormant for 5 years, it will no longer earn interest.
  10. Aside from the virtual card, you can also get a physical Maya card and may even get it for free through the occasional promos they offer.
  11. Deposits are insured by PDIC up to 500K per depositor.

Additional Benefits:

On top of the savings program, the Maya app is similar to that of GCash wherein you can do various transactions like:

  • Send/receive money to other Maya users
  • Pay bills using the app
  • Buy load
  • Purchase Bitcoin and other Cryptocurrencies
  • Shop online using the Virtual card and/or the physical card
  • Pay via QR code on participating merchants

Cons

  • Compared to Seabank or CIMB, there’s a 15-peso fee for transferring money to other banks via InstaPay.
  • Since it’s a digital bank, there is no physical bank that depositors can go to for account concerns.

What else to consider?

Just like any other bank (including Digital banks like Seabank or CIMB), there’s a 20% tax deducted from your earnings interest.

Maya App Interface:

  • Maya High-yield savings account
    Main section to show all your Maya savings accounts.
  • Maya Savings account
    Main Savings page
  • high-yield savings
    This is the transaction history for interests earned.

Boost Your Savings with Seabank’s High-Interest Rate

Seabank offers a high-yield savings account where you can earn 4.5% interest per annum on your deposits (first 250 thousand). The fraction of the interest per annum on your deposited money is credited on a daily basis (usually between 12MN – 12:10 AM).

Brief Background

Seabank is a registered Rural bank in the Philippines which you can confirm on the Bangko Sentral ng Pilipinas website. It is under Sea Limited which has a headquarters in Singapore and is currently listed on the New York Stock Exchange (stock code: SE).

If you haven’t guessed yet, Shopee is also a part of Sea Limited. Another business under Sea Limited is Garena. Yup, the online games developer and publisher company.

How to Open an Account with Seabank?

Creating an account is relatively easy. Simply do the following:

  1. Download the Seabank app on Google Playstore for Android, AppGallery on Huawei devices, and App Store for iOS.
  2. Select your sign-up option: Shopee, Mobile number, and Apple ID (for iOS devices).
  3. Next, you’ll need to undergo a facial verification.
  4. Upload your valid ID and fill out your personal details. And that’s it.

Benefits of having a Seabank Account

  1. Higher earnings interest rate per annum – it’s currently at 4.5% per annum which is 80 times higher than that of a commercial bank that offers 0.0625% p.a. Note that the 4.5% rate is applicable only up to 250K. Any amount beyond that will earn 3% interest p.a. instead.
  2. The interest amount is credited daily to your account (between 12MN and 12:10 AM). To make it simple, you will get 0.0123% interest on your current account balance.
  3. Compounding effect – since you get daily interest, you’re actually earning more than 4.5% per annum due to compounding.
  4. No minimum balance requirement to earn interest, unlike commercial banks that require a certain amount before you can start earning their measly interest.
  5. No maintaining balance, unlike commercial banks where you get penalized if you go below their minimum maintaining balance.
  6. No dormancy account fees. However, if your account is dormant for 2 years, it will no longer earn interest.
  7. You can have up to 15 free transfers (no transaction costs) every week. This refreshes every Monday.
  8. Deposits are insured by PDIC up to 500K per depositor.

Additional Benefits

The Seabank app allows you to do the following transactions:

  • Buy Load
  • Buy goods/services from merchants with QR PH code

Cons

  1. They don’t provide ATM cards. So in order for you to cash out, you’ll need to transfer the amount to a 3rd party bank account where you have the means to cash it out.
  2. Though they have physical banks/branches (since it’s a Rural bank), you can’t go to those banks for your concerns regarding the app or your transactions even. It’s not necessarily a “cons” per se since it’s not expected for a digital bank to accommodate support concerns through a physical bank. That said, I’ve added it here since there are depositors who are still enamored by a physical bank that they can go to when they have concerns.

    Anyway, for any account concerns, you can use the live chat support on the app or contact them via email: contact@cs.seabank.com.ph. You can also call their local hotline at  (+632) 8891 7927 or their local toll-free number (for PLDT landline and Smart mobile) which is 1800-1-110-2957.

What else to consider?

Just like any other bank (including Digital banks like Maya or CIMB), there’s a 20% tax deducted from your earnings interest.

Seabank App Interface

  • High interest rates
    Daily interests transaction history
  • Seabank High-yield savings account
    Seabank’s Main Page

Maximize Your Savings with CIMB Bank’s High-Interest Accounts

CIMB Bank is one of the earlier known digital banks (though in essence, it’s actually a Rural bank) in the Philippines. They offer 3 savings accounts that provide different earnings/interests per annum and the interests you earn are compounded monthly.

  1. GSave – 2.6% per annum, which can be tied to a GCash account, making it easier to deposit or withdraw money to/from the GCash app.
  2. UpSave – allows you to get 2.5% per annum.
  3. Fast Plus – 0.75% per annum return (which is still higher than other commercial banks). This account is where the Debit card is tied to in case you wish to avail of the card.

CIMB usually provides a promo wherein the base interest rate for GSave and UpSave can be boosted by an additional % interest by completing certain tasks. Take note that the boosted interest is usually applied to a certain amount of your balance only. The mechanics of these tasks (including the amount it will be applied on) are based on their current promo which you will see once you log into the main dashboard of the CIMB app under the “What’s New?” section.

Reminders: 

  • You don’t need to download the CIMB app in order to get a GSave account. You can just create it under the GCash app. However, your maximum deposit limit is 50K and your max account validity is 12 months which means that once either of the two conditions is met, you will no longer be able to deposit further unless you install the CIMB app and link it to your GCash account.
  • Both UpSave and Fast Plus accounts have a Dormancy Account Fee (30 pesos per month) starting on the 61st month of inactivity.
  • Up to 2 free ATM withdrawal transaction fees per month for the Fast Plus account.

Brief Background

CIMB (Group) is an ASEAN bank headquartered in Kuala Lumpur, Malaysia. CIMB PH, on the other hand, is regulated by the Bangko Sentral ng Pilipinas as a commercial bank.

How to open an account?

The instructions below will ensure that your CIMB GSave account is linked to your GCash app:

  1. From the GCash app, tap GSave.
  2. Tap GSave by CIMB.
  3. You will then be asked to register GSave by filling out your personal information. Simply complete your details.
  4. An SMS confirmation will be sent informing you that you have created a GSave account.
  5. To link the GSave account you created under the GCash app, download and install the CIMB app via Apple AppStore, Google Play, or Huawei App Gallery.
  6. Open the CIMB app and select “Link my GSave or GCredit account”.
  7. Select “GSave Account” then provide the same mobile number and email address that is registered to your GSave/GCash account.
  8. You will be asked to verify your mobile number via SMS OTP.
  9. Set up your username and password, and enable biometric authentication.
  10. Create your MPIN.
  11. You’ll be asked for additional information next. Just fill them out.
  12. Go through the GSave verification via the selfie check steps. You’ll be scanning your valid ID and be asked for a photo shoot holding your valid ID.
  13. And you’re all set.

Note: Though you can download the CIMB app first, it’s advisable to start via the GCash app to ensure that you are able to link your GSave account between GCash and CIMB.

The Benefits of Having a CIMB Account

  1. Higher earnings interest rate per annum compared to commercial banks.
  2. They usually (or should I say “always”) have a monthly interest promo (for GSave and UpSave accounts) wherein you can get an additional % interest per annum for the qualifying month on top of the regular 2.5% or 2.6%.
    1. The usual monthly promo they provide allows you to increase your interest per annum rate for the qualifying month from the regular 2.5/2.6% to 4% p.a. provided that your daily average for the said month is 500 pesos higher than the previous month. 
    2. Also, if you perform transactions (use it for paying bills, or transfer money to other banks) on your GSave/UpSave account via the CIMB app, you will get another 2% p.a. for that month. 
    3. You can increase the interests you earn for the month by another 2% p.a. if you use your GSave or UpSave accounts to pay for your Revi credit (if you have availed one).
  3. No minimum balance requirement to earn interest.
  4. No maintaining balance, unlike other commercial banks where you get penalized if you go below their minimum maintaining balance.
  5. No transaction fees on deposits or withdrawals. Note: the fee you may incur when transferring from another bank to your CIMB account is actually a charge imposed by the other bank.
  6. Free life insurance coverage (for GSave and UpSave accounts) which is equivalent to your average daily balance (max coverage limit of 250K). Note: if your GSave or UpSave account has been active for less than 3 months, your life insurance coverage is computed by your latest balance divided by 3.
  7. Deposits are insured by PDIC up to 500K per depositor.
  8. Compared to other digital banks, you can apply for and get a debit card with CIMB.

Cons

No physical bank that depositors can go to for their account concerns. Though it’s not really expected for a digital bank to have a physical bank, however, it’s added here since there are depositors who are still enamored by a physical bank that they can go to when they have concerns.

What else to consider?

Just like any other bank (including Digital banks like Seabank or Maya), there’s a 20% tax deducted from your earnings interest.

CIMB App Interface:

  • CIMB
    CIMB Accounts List
  • CIMB GSave
    GSave Account
  • CIMB Interest
    Transaction History