Saturday, February 24, 2024

Maya unveils new time deposit product, offers 6% interest per annum

E-wallet provider and digital bank Maya has launched Maya Time Deposit Plus, a savings product offering high returns that is ideal for building savings or efficiently managing their current funds.

Users can now open Maya Time Deposit Plus accounts and set a savings goal, beginning with any amount and selecting a term that aligns with their financial aspirations.

The approach allows users to steadily enhance their savings while enjoying attractive rewards with interest rates of up to 6% per annum.

Customers can open up to five Time Deposit Plus accounts with a maximum balance of P1 million per account, with the convenience of having interest credited monthly directly into their accounts.

Unlike anything in the market, Maya Time Deposit Plus allows users to set a target amount and accumulate savings to reach it. It’s designed for all types of users — whether starting with a large sum or growing savings bit by bit.

Customers can select a term option that aligns with their financial plans: three months at 5.50% p.a., six months at 6.00%, or 12 months at 5.75%.

Maya Time Deposit Plus also allows instant cancellations, granting immediate access to funds whenever needed.

Transferring funds to the Maya Time Deposit Plus account is seamless, directly from the Maya Wallet for free or via other channels like InstaPay or PesoNet.

In a first for the industry, Maya introduces a motivational tool where users can earn badges. These badges serve as milestones that visually track and encourage progress in the Time Deposit Plus journey, adding a layer of engagement to the saving experience.

“Maya is dedicated to improving the financial well-being of Filipinos. Our all-in-one digital bank app simplifies wealth-building, making it more effortless and rewarding. The Maya Time Deposit Plus represents our latest innovation to make financial growth widely accessible and empowering for all,” stated Shailesh Baidwan, Maya Group president.

Beyond savings, the company said Time Deposit Plus is integrated into a broader ecosystem designed to nurture wealth growth. As users accrue earnings, they have the opportunity to reinvest in diverse financial services like Maya Funds, Stocks, and Crypto or facilitate daily transactions — all through the all-in-one Maya app.

Moreover, regular interactions with the app enhance users’ financial profiles, potentially opening doors to additional borrowing opportunities.


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