Maya launched a new savings product that offers a unique combination of high returns and flexibility. The Maya Time Deposit Plus is a first-of-its-kind product that allows users to set their own savings goals, start with any amount, and choose a term that suits their needs.
The Maya Time Deposit Plus is different from traditional time deposits, which require a fixed amount and a fixed term. It is customizable. Users can start with as little as ₱100 and select a term of three, six, or 12 months. They can open up to five accounts, each with a maximum balance of ₱1 million.
The time deposit offers interest rates of up to 6% p.a., credited monthly to the user’s accounts. Users can also track their progress and earn badges, which serve as motivational tools to encourage them to reach their savings goals. The badges are displayed on the app and show the user’s achievements and milestones.
The Maya Time Deposit Plus also gives users the flexibility to access their funds anytime. It can also be canceled instantly (cancellation fees apply). This feature is especially useful for emergencies or unexpected expenses.
Transferring funds to the time deposit account is seamless, directly from the Maya Wallet for free or via other channels like InstaPay or PESONet
Users can also enjoy the security and convenience of the Maya app, which is supervised by the Bangko Sentral ng Pilipinas and insured by the Philippine Deposit Insurance Corporation up to ₱500,000.
“Maya is dedicated to improving the financial well-being of Filipinos. Our all-in-one digital bank app simplifies wealth-building, making it more effortless and rewarding. The Maya Time Deposit Plus represents our latest innovation to make financial growth widely accessible and empowering for all,” said Shailesh Baidwan, Maya Group President.