Maya has a new savings program that allows its customers to earn up to 10 percent interest just by using the Maya app to pay for their essentials. The program offers a base interest rate of 4 percent per annum on balances up to ₱5,000,000, which is already 30 times higher than traditional banks.
To boost their interest rate up to 10 percent per annum, customers can reach certain spending milestones on the Maya app. This is achieved by buying load, paying bills, and making other purchases using the Maya Card, number, or QR code.
Here’s how to boost your interest in Maya Savings:
- Get to 5 percent. Spend at least ₱250 using the Maya app to earn an additional 1 percent interest per annum on top of the 4 percent base rate, for a total of 5 percent per annum.
- Get to 6 percent. By reaching a total spend of ₱1,000, customers can receive another 1 percent on top of the current 5 percent interest per annum, bringing the total to 6 percent per annum.
- Jump to 8 percent. Paying bills on the Maya app is another way for customers to earn more interest. By reaching a total spend of ₱20,000, customers can enjoy an additional 2% interest per annum, increasing their total interest rate to 8% per annum.
- Boost to 10 percent. Customers who spend at least ₱30,000 can earn another 2 percent interest per annum, bringing their total interest rate to a maximum of 10 percent per annum.
The offer is available to all Maya Savings customers from March 7 to April 30, and the boosted rate of up to 10 percent p.a. applies to deposits up to ₱100,000. The interest earnings are credited daily, allowing account holders to monitor the growth.
Maya is a licensed digital bank in the Philippines, and all deposits are insured by the PDIC. Customers can easily open a savings account with Maya with just one ID and no minimum balance.