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?
- Download the Maya app on Google Playstore for Android, AppGallery on Huawei devices, and App Store for iOS.
- Once you have the app installed, tap on “Start an Account”.
- Provide your personal information, then tap “Agree”.
- You’ll be asked to key in a verification code which will be sent to your registered mobile number.
- To get additional rewards, enter my referral code: Y6L9DXVXZW81
Benefits of having a Maya account:
- Higher earnings interest rate. You’ll get a base interest of 4% per annum which can be boosted to 10% through their promos.
- Interest is credited on a daily basis (around midnight).
- Their goal account allows you to earn 6% per annum without any other requirements, albeit the interest is credited on a monthly basis.
- Compounding effect – since you get daily interest, you’re actually earning more than 4% per annum base interest due to compounding.
- No minimum balance requirement to earn interest, unlike commercial banks that require a certain amount before you can start earning their measly interest.
- No maintaining balance, unlike commercial banks where you get penalized if you go below their minimum maintaining balance.
- 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.
- (At the time of posting) No fees for transfers via PESONet.
- No dormancy account fees. Note: if your account is dormant for 5 years, it will no longer earn interest.
- 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.
- 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.
