When you put your money in a savings account, you’re not just setting it aside for safekeeping—you’re also giving it the chance to grow. But how fast it grows depends on one major factor: your interest rate. A higher interest rate means your money earns more over time, without you having to do anything extra. That’s why it’s important to regularly check how much interest your bank is giving you, and whether there’s a better option out there.
If you’ve never looked into it before, now’s a great time to start. Some traditional banks offer surprisingly low rates that barely make a difference in your account. But with digital banking platforms, you have the chance to grow your savings faster. Maya, for one, offers the highest interest rate for time deposits in the Philippines. As long as you have an upgraded Maya account, you can open a Maya Time Deposit Plus account and enjoy interest rates of up to 6% per annum. It’s also an option to safeguard your funds in a Maya Savings account or create a Maya Personal Goal so you can grow your savings while working towards a financial objective. Keeping a close eye on the interest rates offered by your bank makes perfect sense because of the following:
Not All Savings Accounts Are Equal
Many people assume that all savings accounts offer more or less the same interest rates. That’s not true. Traditional banks often give base interest rates as low as 0.10% per annum, so low that your money barely grows even after years of saving. Compare that to Maya Savings, which offers a base interest rate of 3.5% per annum. This generous starting rate can be boosted to up to 15% p.a. if you use Maya to pay bills, shop online, buy load, or scan-to-pay via QR. That kind of difference could add thousands of pesos in interest over time.
If you're already keeping your money in a bank, it makes sense to ask: Is it growing enough? Or can I do better elsewhere?
Compound Interest Works Best with Higher Rates
Compound interest means you earn interest on your principal plus the interest already earned. This snowball effect is powerful, but it works best when your base interest rate is high. The more interest you earn, the faster your money grows.
Let’s say you deposit PHP 50,000 in a traditional bank earning 0.10% annually. That’s only PHP 50 in a year. But if you put that same amount in a Maya account earning 6%—like a 6-month Maya Time Deposit Plus—you could earn around PHP 1,500 by the end of the 6-month term (subject to taxes). That’s a big difference. Check any time deposit calculator for Philippine-based users to see just how much your funds can earn if you switch to a Maya Time Deposit Plus account.
By checking your current rate and comparing it to what’s available, you’re giving compound interest a better chance to work in your favor.
You Could Be Missing Out on Better Financial Tools
Savings accounts shouldn’t just be storage for your money. Rather, they should be tools to help you meet your financial goals. Maya offers several savings options that help you do just that:
- Maya Time Deposit Plus: Choose terms like 3, 6, or 12 months with interest rates of up to 6% p.a. You can open up to five accounts and deposit up to PHP 1 million in each.
- Personal Goals: Set custom savings goals, such as for travel or education, and earn 4% interest p.a. You can create up to 5 goals at a time and complete each within 180 days.
- Boosted Savings: Use Maya regularly for payments and enjoy up to 15% p.a. on the first PHP 100,000 in your Maya Savings account.
These are features you won’t find in a basic bank account. By staying informed and checking what's available, you can choose the product that works best for your needs.
Your Bank May Not Notify You of Better Options
Banks don’t always inform you when their rates change or even if better options are available. If you’re not checking, your money could be stuck in a low-interest account for years. That’s why it’s important to take the initiative. Check your bank’s website, then compare offers from digital banks like Maya. This will help you see what you’re really earning.
Every Peso Counts, Especially in Uncertain Times
Whether you’re building an emergency fund or saving for something big, maximizing your earnings can help you reach your goals faster. In uncertain economic times, it helps to know that your money is working as hard as you are. Choosing a savings platform with higher interest means you don’t have to save more to earn more. All you need to do is move your money to a better place. With Maya, you can unlock high interest by simply using the app for everyday transactions. No complicated requirements, and no big minimum balances. Just smart, rewarding saving.
If you’re serious about growing your money, now’s the time to ask: Am I earning enough? If not, it’s time to consider switching to Maya.
Make the Most of Your Money by Switching to Maya
You work hard for your money, so your savings should work hard too. By being more mindful of the interest your funds are earning and exploring better options like those offered by Maya, you’re giving your future self a financial advantage. Whether you’re new to saving or already have money set aside, it’s never too late to make smarter choices. Start today by checking your current rates and making the switch to a platform that gives you more.
