Maya, the #1 Digital Bank in the Philippines, announced on Wednesday, June 19, that its customers are developing stronger savings habits, with average savings account balances more than doubling within just 12 months.
The impressive growth underscores the positive impact of Maya’s high engagement banking program on Filipinos’ financial health.
By the 23rd month of saving, balances in these accounts tripled. Maya credits this impressive financial improvement to its savings innovations, which encourage customers to save more.
These offers include incentivizing regular digital transactions with higher interest rates of up to 14% p.a. and user-friendly products that enable small initial deposits and incremental savings growth.
“Financial health can be significantly improved through innovation. We have eliminated minimum balance requirements and designed our products to be accessible, allowing users to start saving with any amount they can afford. Additionally, customers benefit from higher interest rates as they use the app for transactions like bill payments and everyday purchases,” said Angelo Madrid, Maya Bank President.
“Digital banking is empowering more Filipinos with accessible tools to better manage their finances. It is incredibly rewarding to see how we are helping people, especially those with limited funds, develop strong and sustainable savings habits,” said Shailesh Baidwan, President of Maya Group and Co-Founder of Maya Bank.
With competitive interest rates and transformative financial tools, Maya has seen a surge in active users, who transact up to four times more frequently than those using only e-wallets. Maya’s depositor base has expanded by 74% year-over-year to 3.7 million and deposit balances increasing by 24% to ₱32 billion as of end-May 2024.
Making Savings an Attainable Goal for Filipinos
Banking in the Philippines can be daunting. The 2021 Financial Inclusion Survey by the Bangko Sentral ng Pilipinas revealed that while 27.5 million adults own an e-wallet primarily for basic transactions, there is still a significant opportunity to expand comprehensive banking services. Though 18 million adults have a bank account, only 9 million actively save with a bank.
Maya simplifies the banking experience, standing in stark contrast to traditional banking where customers might feel compelled to dress formally and wait in long lines at branches. With Maya, opening a savings account is as simple as downloading an app and providing one valid ID, with no initial deposit or maintaining balance required.
While non-digital banks offer minimal interest, Maya Savings can yield up to 14% annually, offering 200 times the typical market rate.
Personalized Savings Tools for Everyone
Maya has developed a variety of saving tools to meet diverse needs. The Personal Goals feature, for instance, helps first-time savers set savings goals that earn a 4% interest rate p.a. and still allow for flexible, no-cost withdrawals for emergencies.
Since its launch in June 2022, about 1.6 million Personal Goals accounts have been created as of May 2024. Users utilize Personal Goals to save for short and mid-term objectives like gadgets, emergencies, travel, and celebrations.
Meanwhile, Time Deposit Plus caters to those starting with small excess funds but looking to grow their savings significantly over time. Since its debut in December 2023, Time Deposit Plus accounts have increased by 640% by April 2024, reflecting a rising consumer interest in its innovative, flexible saving structure.
Maya is the #1 Fintech Ecosystem in the Philippines, with Maya, the #1 Digital Bank, and Maya Business, the #1 Omni-Channel Payment Processor. Maya Bank is a digital bank regulated by the Bangko Sentral ng Pilipinas (BSP), with deposits insured by the Philippine Deposit Insurance Corporation (PDIC) up to ₱500,000 per depositor. To learn more about Maya, check out maya.ph and mayabank.ph. Follow Maya at @mayaiseverything on Facebook, Instagram, YouTube, and TikTok and @mayaofficialph on Twitter.
