Keeping your hard-earned cash in a bank account is a practice for the ages. But for most traditional banks, a low-interest rate of about 1% or so is quite common.
But Maya aims to mix things up by offering up to 10% interest allowing its users to gain more from their savings. There is a catch, however: You’ll have to earn it. Luckily, it’s not that hard to do.
Opening up a Maya Savings account will automatically get you a base interest rate of 4% p.a. on balances up to PhP 5,000,000 which, according to the company, is 30x more than what traditional banks offer.
Spend PhP 250 using the Maya app and receive an extra +1% p.a boost as a start. For instance, you can receive a bonus of +1% p.a. when your total spending reaches Php 250 and you pay with a QR code. on top of your 4% annual basic interest rate. totaling 5% annually.
The next boost will get you to 6% and to get that, you’ll have to spend a total of PhP 1000 using the app.
As you may have noticed, the more you spend, the higher your interest rate gets. Continuing the trend, spending a total of PhP 20,000 will jump your interest rate to 8% and to get to 10%, a total spend of PhP 30,000 is required. The boosted 10% rate is applied to deposits up to PhP 100,000.
You’ll have to act quickly, though, as this offer will only be available until April 30. To open a Maya Savings account only 1 valid ID is required. You can find out more on Maya Savings and the current offer here.
