Maya Interest Rate 2024 | Promotions | Overview
Everything you need to know about Maya Digital Bank and Maya Interest Rate for April 2024.
While most digital banks in the country only offer fiat-related transactions, Maya Bank, powered by the e-wallet Maya app, also supports cryptocurrency transactions.
Digital banks offer financial products and services exclusively through digital platforms and channels, reducing dependence on physical locations.
Table of Contents
Maya Overview
Maya Bank, backed by PLDT’s Voyager Inc., obtained a license from the Bangko Sentral ng Pilipinas (BSP) in September 2021 making it the sixth digital bank.
The digital bank is affiliated with the local e-wallet application, Maya. Bank products are accessible within the app, requiring users to initially register with Maya and subsequently upgrade their account by providing at least one valid ID to avail themselves of Maya’s bank products and additional benefits. The digital bank also powers the products Maya Business and Maya Center.
In 2022, it introduced a feature allowing clients to utilize customized, unique usernames for transactions. This initiative aims to address concerns about anonymity and security, particularly in response to identity thefts, text scams, and phishing incidents that have been facilitated by exposed and easily accessible information, including full names and mobile numbers on wallets. These usernames can also be put in Maya’s ATM Cards.
Five months after its launch, Maya shared that it registered 1 million customers and accumulated ₱10 billion in deposits. Just a month before that milestone, the digital bank disclosed that it reached 650,000 customers and five billion pesos in deposit balances by the end of July 2022.
Read: Maya Bank President on Blockchain Regulation
Services Offered
Users can engage in various financial transactions such as depositing, saving, borrowing, and trading cryptocurrencies. Additionally, they can avail themselves of services such as money transfers, shopping, and savings, all without the requirement of maintaining a minimum balance.
In August last year, Maya introduced the feature “Maya Mutual Funds,” enabling users to invest with a minimum of ₱50. It offers investments in 13 companies, including Google, Apple, and Tesla. Maya’s Head of Invest, Alvin Wong, shared the announcement on LinkedIn.
Deposits are insured by the Philippine Deposit Insurance Corporation for up to ₱500,000 per depositor, and the app was noted to be regulated by the BSP for safety and security.
Other Services are:
- Maya Credit: A credit line with a limit of up to ₱18,000, allowing customers to transfer cash to their wallet or make direct payments to partner merchants online or in-store.
- BNPL Pay-in-4: A short-term loan product enabling customers to purchase goods on credit and pay in four installments every two weeks.
- Maya Savings: A high-interest consumer digital savings account with daily interest income payouts.
- Personal Goals: A customizable goal-based consumer digital savings account that provides monthly interest income payouts.
- Business Deposit: A commercial digital savings account with a monthly interest income payout.
Maya Interest Rate April 2024
The interest rates for various accounts offered by Maya are as follows:
- 4% per annum for the Personal Goals Accounts
As per the website, the interest rate of 6% per annum applies solely to new Goals initiated between December 6, 2023, and January 4, 2024. Maya noted that Goals established outside of this timeframe will retain the interest rate initially provided upon creation. This rate applies to a maximum Goal balance of ₱1 million; any exceeding amount will not accrue interest.
- 3.5% per annum for the Savings Accounts
Maya noted that users can earn up to 14% annual interest every day by making daily payments allowing a boost on the base interest rate from 3.5% to 14%. The website stated that the base rate of 3.5% has been effective since June 2, 2023, and the 14% interest applies to a customer’s first ₱100,000 deposit.
- 2.5% per annum for the Business Deposit Accounts
Maya stressed that businesses can utilize free transfers through PesoNet yielding 2.5% interest.Â
- 6% per annum for the Time Deposit Accounts
For Time Deposit Plus accounts with a set target date, varying interest rates apply: 3 months earn 5.5% p.a., 6 months receive 6%, and 12 months will yield 5.75% p.a. Maya stressed that the interest rate applies to a maximum Time Deposit plus a balance of ₱1 million. Any exceeding amount will not accrue interest.
Transaction Fees
| Service | Fee |
| Smart Money or Smart Padala | 1.5% fee |
| ATM Withdrawals | Standard ATM withdrawal fee of ₱15 applies. (Additional fees may apply depending on the bank ATM) |
| Cash In partner channels | 2% of the total cash in amount |
| Bills payment transactions | No charge for bill payments, but additional fees may apply from certain billers |
| Bank Transfers to other local banks | ₱15 |
| Crypto Transaction | Pricing shall consist of the base price which shall be provided by a reputable liquidity provider (including the Third Party Provider) and fees to ensure the proper handling of the transaction. Fees shall consist of, but is not limited to: Transaction Fee, Hedging Cost and FX Cost. |
Maya Interest Rate Checker April 2024
| Level | Description | New User – Maya Interest Rate | Existing User – Maya Interest Rate |
|---|---|---|---|
| 0 | Base Rate | 3.5% p.a. | 3.5% p.a. |
| 1 | Bonus Interest from ₱250 spend on bills, airtime, QR, Card, Checkout | N/A | 1.5% p.a. |
| 2 | Bonus Interest from ₱500 spend on bills, airtime, funds, QR, Card, Checkout | 8.5% p.a. | N/A |
| 3 | Bonus Interest from ₱1,000 spend via QR, Card, Checkout | N/A | 1% p.a. |
| 4 | Bonus Interest from ₱3,000 spend on QR, Maya Shop with Credit | N/A | 1% p.a. |
| 5 | Bonus Interest from ₱25,000 spend on QR, Card, Checkout | N/A | 2% p.a. |
| 6 | Bonus Interest from ₱35,000 spend on QR, Card, Checkout | N/A | 2% p.a. |
| 7 | Bonus Interest from referring a friend with Maya @username | 2% p.a. *For 15 days per referral *Max 2 referrals/month | 2% p.a. *For 15 days per referral *Max 2 referrals/month |
| Total Interest Rate | 14% | 13% |
How do you increase Maya interest rate to 14%?
- Spend ₱250
- Buy ₱500 load on Smart
- Scan QR for ₱500 at McDonald’s
- Spend ₱1,000 at Grab (Checkout) and Zalora (pay with Card)
- Spend ₱3,000 with Maya Credit on QR or Maya Shop
- Spend ₱25,000 (Scan QR worth ₱6,000 on SM + Pay with card worth ₱15,000 on Agoda and checkout worth ₱4,000 at Lazada.
- Spend ₱35,000
- Pay with card worth ₱12,000 at Air Asia
- Pay with card ₱15,000 with Shopee
- Scan QR worth ₱8,000 at Robinsons
- Refer a friend with @username to earn boost for 15 days.
- Sign up (new users).
Maya Active Promos
From March 15 to May 31, 2024, new Maya users and select inactive users can earn rewards. Users get 5x free InstaPay transfers monthly for two months and a fixed cashback voucher worth P15.
Also, the customers can earn 1x free cash-in via InstaPay monthly for two months; transactions must involve banks charging InstaPay fees to qualify for cashback, and rewards are allocated monthly.
Running from January 1 to June 30, 2024, the promo is exclusive for upgraded Maya users. To qualify, users must cash in from Palawan Pawnshop or Palawan Express Pera Padala branches with a minimum of ₱500.
Only transactions from Palawan Pawnshop and Palawan Express Pera Padala qualify for the 1% cash-in fee promo. However, it was noted that other over-the-counter channels are excluded.
The promo period is from April 1 to June 30, 2024.
This is open to new and existing upgraded Maya consumer accountholders in the Philippines aged 21 and above. Users will receive one raffle entry for every minimum cash-in or top-up of ₱1,000 in their Apple To Apple wallet via Maya. There is no need to register transactions separately as Maya will automatically detect qualified transactions and record the user’s raffle entry. Monthly raffle draws will be held, with prizes including smartphones and ₱1,000 Maya credits.
Winners will be notified via Maya’s communication channels and must provide the necessary documents for prize acknowledgment.
The program, running from April 1 to May 31, 2024, welcomes non-Maya users currently playing in Apple to Apple who wish to register and upgrade their Maya consumer accounts.
New registrants using the promo code APPLETOAPPLEMAYA and topping up at least ₱100 on their Apple to Apple wallet will receive an instant ₱20 back credited to their Maya wallet. The ₱20 reward will be credited within 14 days upon completing all steps.
The promo runs until May 31, 2024, and is open to all new and existing upgraded Maya consumer accountholders in the Philippines aged 21 and above.
Participants earn one raffle entry for every ₱1,000 minimum cash-in/top-up in their Lucky Games wallets via Maya, with entries automatically recorded upon qualifying transactions.
Available Crypto in Maya
- Bitcoin
- Ethereum
- USD Coin
- Polygon (MATIC)
- Litecoin
- Dogecoin
- Solana
- Cardano
- Filecoin
- ApeCoin
- Polkadot
- Avalanche
- Chainlink
- Quant
- Shiba Inu
- Cosmos
- Uniswap
- The Sandbox
- Stellar
- Axie Infinity
- Algorand
- Decentraland
- Tether
How to open an account in Maya
Step 1: Access the Maya app.
Step 2: Enter the necessary personal information.
Step 3: Tap “Agree”
Step 4: Wait for the verification SMS that will be sent to your registered number
Step 5: Enter the verification code on your app
Step 6: Tap “Proceed”
Step 7: To access Maya Bank products, upgrade the account.
Step 8: Provide one valid ID to verify the account.
Step 9: Wait for confimation.
Contact Information
| Website | https://www.maya.ph/ |
| Facebook page | www.facebook.com/PayMayaCares |
| Telephone | (+632) 8845-7788, 1800-1084-57788 (toll-free) |
| Customer Service | support@paymaya.com |
This article is published on BitPinas: Digital Banks in the Philippines: Maya Bank Overview
Disclaimer:
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
- BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.
