Maya Bank is a digital bank that offers digital financial services platform to consumers and enterprises. The Maya family of products consists of Maya all-in-one app (formerly Pay Maya app), Maya Business (formerly Pay Maya Enterprise) and Maya Center (formerly Smart Padala).
In the newly launched Maya app, aside from the Maya Wallet, new features are added, the Maya Savings and Maya Credit. And with Maya Savings, this is the way to start saving your earned money with higher interest rate.
As an introductory offer, the Maya Savings interest rate is 6% until August 31, 2022. With no minimum balance needed, you can open a savings account in just few clicks through the Maya app. However, only those with Maya Upgraded accounts can use this feature. If your account is still a Basic account, you can upgrade your Maya account with one (1) valid ID through the app.
As Maya Bank is a digital bank licensed and supervised by the Bangko Sentral ng Pilipinas, all your money in Maya Savings account is safe. In addition, applicable deposit accounts are insured by the Philippine Deposit Insurance Corporation (PDIC) up to Five Hundred Thousand Pesos (PHP 500,000.00) per depositor.
UPDATE: March 7, 2023
Earn up to 10% p. a. from March 7 to April 30, 2023 based on the new requirement stated below. For the complete details of the promo, click this link.
No Maya app yet?
Click the icon below to download and install the new Maya app on your phone.
Open a Maya Savings account
To start saving, in the main dashboard of Maya app, tap the Savings tab. Then, press the Start saving now button. Continue by agreeing to the terms and conditions of using the Savings feature. And for security, a One-Time PIN will be sent to your mobile number. You need to enter that 6-digit OTP to complete the process.
Once successful, a 12-digit Account Number will be generated as your Savings Account number. And you are all set, start saving by tapping Deposit Now button for your first deposit.
Please note that your Maya Wallet account number is different from your Maya Savings account number. Maya Wallet account number is usually your mobile number you used for registration while the Maya Savings account is a 12-digit account number generated during the application.
Make your first deposit
To make your first deposit, enter the amount in space provided. Take note that the amount will be deducted from your Maya wallet. You can also transfer money from other banks to your Maya account via PesoNet. To transfer via PesoNet, from other banks app, select Maya Bank Inc and enter your Maya Savings account name and account number to complete the process.
How interest is computed?
To know how the interest is computed, a formula has been given as below:
Earned interest per day = End-of-day balance x (interest rate) x (1/365)
The earned interest is computed daily based on the applicable interest rate and the actual number of days the amount is in the account.
While the total interest earned for the month is the sum of the daily earned for each day in the month.
Earned interest per month = Earned interest per day x N days
if the amount is in the account for the whole month, N=30 or N=31
To know more about how the interest is computed and other terms of the 6% interest promo, here is the link, https://www.mayabank.ph/6-interest-legit/.
As an example, how the earned interest is computed from the Maya savings account is shown below:
- Amount deposited (first 2 deposit):
- June 16: ₱ 50.00
- June 16: ₱ 10,000.00
- Interest Rate: 6%
- N days: June 16 – June 30, N=15 days the amount is kept in the account
Earned interest per day = End-of-day balance x (interest rate) x (1/365)
Earned interest per day = 10,050 x (6%) x (1/365) = ₱ 1.65
Earned interest per month = Earned interest per day x N days
Earned interest per month = 1.65 x 15 = ₱ 24.78
So for ₱ 10,050 savings for 15 days, you already have earned an interest of ₱ 24.50. What a way to grow your hard earned money. Kept adding more funds and keep the amount longer in the account to earn more and higher interest.
Take note that each month a withholding tax will be deducted from your account. The withholding tax is 20% of the earned interest rate.
Withholding tax = Earned interest per month x 20% = 24.78 x 20% = ₱ 4.96
Transfer or withdraw from Maya Savings
If you want to transfer or withdraw your money, here are the ways to do it:
- Transfer to your own Maya Wallet account and use to pay bills, load and other services
- Transfer to other Maya Wallet account
- Transfer to other Maya Savings account
- Transfer to other local banks via PesoNet
- Transfer to your linked Maya card and withdraw the amount in ATM using the physical card
To know more about the Maya Savings, you may visit the Maya Bank website, www.mayabank.ph/savings/. And for any related inquiries and concerns, you can reach them via the following contact details:
- Customer Support: +63 2 88457788
- Email: [email protected]
Hello, everyone! I’m Ali Chavez, the admin and creator of the Online Quick Guide blog website. I’ve been an OFW for 15 years now, working in the Middle East. I’m an Electronics Engineer by profession and obtained a Diploma in Computer Science. I created this blog to help everyone, particularly OFWs like me, maximize the use of available online services and applications. These e-services, offered by government agencies, and online banking and mobile apps provide us with easy access and convenience. I hope each tutorial will guide you in using these online services to your advantage.
Pano ko Po marerecover yong pera na transfer ko Po sa Maya bank pero paymaya wallet Po nailagay ko Po? Please help po
Contact Maya Bank, or wait for sometime kasi kung mali naman un account number hindi sya papasok sa account na un… babalik ln sa kung saan dineposit