I’ve made several posts about high-yield digital savings accounts like Maya, CIMB, Seabank, and GoTyme. But which of these four is actually the best? So for today’s blog, let’s compare what they have to offer.
Best in base interest rate per annum
We’re talking about the actual base interest rate here and not including promos that could increase the actual interest rate. This means that if there’s no promo, which digital bank offers the highest interest rate?
As of post time, the digital bank that offers the highest base interest rate per annum (5%) is GoTyme. The crediting of interest is on a monthly basis.
Though Seabank’s 4.5% base interest rate is compounded daily, the accrued interest in a year will only amount to 4.6% as opposed to 5.12% accrued interest for GoTyme.
Best in daily interest crediting
Only Maya and Seabank offer a daily crediting of interest earned. The other two (CIMB and GoTyme) follow a monthly crediting of earned interest.
Without a promo, Seabank is the better bank since it gives out a 4.5% base interest rate per annum compared to Maya’s 3.5%. But if you factor in Maya’s promo, then you can get more from Maya provided that you only have 100K or less saved in a digital bank. Whereas for Seabank, you will earn a 4.5% interest rate per annum for your first 250K.
So for this category, it will depend on the total amount you’re saving and if there’s a promo with Maya (and if you can achieve the required milestones for the promo).
Best in “promo”
CIMB and Maya are the only ones that offer a monthly promo.
Maya is usually consistent with their 10% promo wherein you can achieve it by utilizing the app and their services. On the other hand, CIMB always offers surprise promos. For the month of September, CIMB is offering 12% bonus interest for ADB growth.
It’s a tie. They tend to outperform each other come the next release of their promo.
Best overall interest rate
Hands down, this goes to GoTyme. The reason? They offer a 5% interest rate per annum on whatever amount you deposit. Though the others offer “boost interest” promos, the boosted interest is usually applicable up to a certain amount only.
Best in bank transfer
The award goes to CIMB since they offer completely free transfers to any bank. It’s worth noting that Seabank offers 15 free transfers per week while GoTyme provides 3 free transfers weekly. Alas, Maya doesn’t have any free bank transfers.
Kuro-kuro ni Kuya Well
I’m not going to say that you should pick GoTyme only. Nakadepende pa rin kasi yan kung paano mo ima-maximize ang pera mo. Kung less than 100K ang pera mo na ilalagay sa digital banks, I suggest, hatiin mo sya sa 3: GoTyme, Maya and CIMB pero depende yan kung ano ang promo nina Maya at CIMB at kung achievable ba.
Ngayon, kung sa susunod na buwan is walang promo si Maya at CIMB, ilipat mo funds mo kay GoTyme or Seabank.
Or if you’re like me, put a regular amount on all 4 of them. Then yung extra funds mo, ilagay mo kung saan yung mas kikita ka.