Saving money nowadays has never been easy. Not only because of the rising prices and inflation rates but also because of the inaccessibility of banks. We have around 6 banks that are just a few blocks away from our place however, it is really difficult to get to one. The long lines, the cut-offs, break times and holidays are really a pain in the bum. There are several digital banks out there, but there is only one that I enjoy using – Maya. Formerly PayMaya, Maya is now everything and a bank. You read that right, a bank.
First off Maya is powered by its very own Bangko Sentral ng Pilipinas (BSP)-licensed Maya Bank and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to PHP 500,000.00 per depositor. To top it all off, Maya boasts a 99.9% uptime rate, like I have been using it since PayMaya days and it rarely had any downtime.
So what’s in it for me, why did I choose to save with Maya for my savings?
Initially, it was for convenience. I don’t have to leave home early, fall in line, and transact with “busy” bank tellers. If I need to deposit, I just transfer money from my payroll account to Maya. I can also cash in at my convenience and then transfer it to my Maya Bank account. If I need to make a withdrawal, I just transfer it to my Maya wallet and use it to pay bills, do online shopping, and do other transactions. It’s that easy.
Registration and maintaining my account is easy too. I’m able to open an account in less than 24 hours, done all online, with only my valid ID as the requirement. They don’t require a minimum deposit or maintaining balance. For those who want to start saving but are not able to meet the very high balance requirements of major banks, Maya is the way to go.
What urged me to save more is that I earn a high base rate of 4.5% interest per annum on my savings, credited daily. While the base rate for the savings interest is already higher than traditional banks which offers less that 1%, you can still boost this to 6% interest p.a by spending at least P250 via Maya QR, card, or mobile number, settling bills or buying load via the Maya app. This offer is available until February 2023! Given the inflation, using putting your money in high-yield savings account is a must!
Plus you get to have personal goals added to your account. Meaning you can create sub-accounts for your savings goals, whether it’s for travel, a new gadget, a celebration, or whatever you are saving for, and earns a 6% interest rate (available until December 31, 2022). Having a personal goal helps me track and organize my money more efficiently.
Signing up for a Maya bank account is pretty easy:
- Download the app and sign up. Use my invite code DN3NMO9DO6MQ so that I get ₱ for every successful registration or click here to create an account now: https://www.maya.ph/app/registration?invite=DN3NMO9DO6MQ
- Upgrade your account. Just share a copy of your valid ID and a selfie.
- Start funding your account. Once you have your Maya Savings account, you do not need to worry about maintaining a minimum balance.
Maya Bank offers the convenience of a digital wallet with digital banking solutions to make banking easier, faster, and more secure for its clients. Saving money has become a lot easier because it encourages everyday people to save money and earn interest without having to step into a bank.
The best time to save money is always now, but what discourages us, is the inconvenience of banking which is the main reason why people chose not to open an account. With Maya, opening a bank account is no longer a burden, it opened new doors for those who are willing to save but do not have time to do so.
This year, I created a few personal goals in my savings – car repairs, home renovations, travel, and school. I no longer have to walk into a bank to do this. Just tap the app and top it up.
Download Maya—your all-in-one money app at the Apple store and Google Playstore, and follow Maya on Facebook for more updates. You can also check out maya.ph/deals for more details on their latest offers.
