Maya is introducing a unique savings product that could change the way people view time deposits as a means for growing savings—that is, marked with high returns alongside unmatched flexibility.
Having officially rolled out since last January 5, users can now open their Time Deposit Plus accounts, with the option to choose whichever term aligns with their financial goals—a first of its kind in traditional time deposits. Specifically, users can choose three months for 5.5 percent p.a. (per annum), six months for 6 percent p.a., or 12 months for 5.75 percent p.a.
Customers can have up to five different Time Deposit Plus accounts, with a maximum balance of no greater than Php1 million and a monthly credited interest.
Making another first with the Maya Time Deposit Plus, the individual user is given the power to set their target amount and has the freedom to take measures to achieve that objective, whether that person is starting with a large sum or with savings aimed at small growths over time.
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Time deposits, in general, are designed to foster savings growth with rules that penalize those who would go for otherwise. However, the Maya Time Deposit Plus allows for the cancellation of existing term options, giving users immediate access to their money as needed.
Adding funds to one’s Time Deposit Plus account is seamless and easy, which can be done directly from the Maya Wallet or via other channels, such as PESONet or InstaPay.
Maya understands the power of gamification in keeping users engaged with their financial goals. Through badges, Maya is giving users milestones that serve as a visual reminder of the user’s progress with their financial journey.
For those looking to grow their well-kept money beyond just the interest earned by their savings, there is also an option to reinvest their money, such as with Stocks, Maya Funds, Cryptocurrency, etc.