Maya Interest Rate 2024 | Promotions | Overview
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.
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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 December 2024
The interest rates for various accounts offered by Maya are as follows:
4% per annum for the Personal Goals Accounts
Personal Goals, offered by Maya Bank, Inc., is a goal-based savings account enabling easy budgeting for various needs and desires. It allows users to save money for up to 6 months, earning interest up to PHP 1,000,000.00 based on their average daily balance per annum. Each user can have a maximum of 5 active Personal Goals, with each account having its own distinct account number separate from Maya Savings.
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 Business Deposit accounts offer an annual interest rate of 2.5% on end-of-day balances up to PHP 750,000,000. The interest is accrued daily and credited on the first day of the following month.
Maya stressed that businesses can utilize free transfers through PesoNet yielding 2.5% interest
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 |
| Cash in and out via Maya Center (formerly Smart Padala) | 2% fee for Cash In1.5% for Cash out |
| 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 Active Promos
Christmas Promos
Users can get up to ₱250 off on Potico.ph’s Christmas Sale by checking out with Maya until December 31, 2024. Enjoy 30% off and free shipping (reward capped at ₱250) using the promo code MAYAXMASGIFT at checkout. No minimum purchase is required, and the promo applies to purchases made on the Potico.ph website during the promo period.
Note that Maya Business accounts and other promotional offers cannot be combined.
With FlowerStore.ph’s Pamasko Sale by using Maya, users can avail up to ₱250 off at checkout until December 31, 2024. Avail of 25% off and free shipping (reward capped at ₱250) by entering the promo code MAYAPAMASKO during checkout on the FlowerStore.ph app or website. No minimum spend is required, and the promo is valid for purchases made during the promo period.
Freelancers may enjoy a cashback of ₱250 plus a chance to win up to ₱1M in Christmas expenses by transferring funds from PayPal to Maya. Simply transfer a minimum of ₱15,000 to your Maya Wallet between December 1-31, 2024, with an upgraded Maya account linked to PayPal. Each user can redeem the cashback once during the promo period. Cashback rewards will be credited to the Maya app within 14 business days and must be redeemed within 30 days.
Regular Promos
With the Landers Cashback Everywhere Credit Card promo, users can earn up to ₱500 in rewards from November 14 to December 31, 2024. They receive ₱100 for upgrading their Maya account, another ₱100 upon card approval, and ₱300 after spending ₱5,000 with the card by January 31, 2025. Rewards are capped at ₱500 per user, subject to eligibility and good credit standing. Matching details between Landers membership and Maya accounts are required.
Earn an additional 1% interest p.a. on your Maya Savings by using your Landers Cashback Everywhere Credit Card (Landers CC) from December 1, 2024, to January 31, 2025. Spend ₱30,000 or ₱40,000 cumulatively each month using the Landers CC to qualify. The bonus interest applies to balances up to ₱100,000 and is credited daily, starting the month after the spending target is achieved. Users must have an upgraded Maya account and an active Maya Savings account to avail of the offer.
Maya users can boost their Maya Savings interest rate to 2% p.a. by spending at least ₱3,000 using Maya Easy Credit from December 1, 2024, to January 31, 2025. Open to Maya Savings accountholders with upgraded accounts, the promo adds up to 2% interest on balances up to ₱100,000, on top of the base 3.5% p.a.
Transactions must meet eligibility criteria, excluding certain billers, merchants, and categories like donations, gambling, and crypto. Interest is credited daily, with qualification progress visible in the Maya app.
Users can enjoy a 5% cashback on select Smart and TNT load purchases via Maya from November 28 to December 28, 2024, every Wednesday to Saturday. Eligible loads include Regular Load 200 & 300, PowerAll99, and SayaAll99. Cashback is credited through the Maya app and must be redeemed within 60 days of receipt. Rewards are processed within 14 business days post-promo, and only valid consumer accounts with no duplicates or fraudulent activities qualify.
Maya Easy Credit users who receive an SMS invitation can earn cashback of up to ₱5,000 by transferring at least ₱2,500 to their Wallet from November 21 to December 31, 2024. Cashback is awarded in vouchers of ₱5, ₱50, or ₱5,000, with a maximum of ₱5,000 or five transactions per user during the promo period. Rewards are credited within 30 business days after the promo ends and must be redeemed in the Maya app. Transactions below ₱2,500 or by ineligible accounts, such as duplicates or merchant accounts, do not qualify. Terms and conditions apply. a Maya account, cash-in at least ₱20, and make eligible transactions using Maya QR or the virtual/physical card. Existing users, merchant accounts, and Maya Business users are ineligible.
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 | [email protected] |
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.
