Money

How Much Can You Earn with a Maya Savings Account?

Math says 6% interest is actually a big deal!
How Much Can You Earn with a Maya Savings Account?

A savings account is arguably the most convenient and safe place to park your money. These accounts are also interest-bearing, which gives you the opportunity to passively earn from the interest rates they offer.

Most traditional banks offer interest rates as low as 0.01% and as high as 1% per annum, while digital banks have also changed the game with interest rates with around 2.5% annually. But imagine how much you can make with a savings account that offers an interest rate as high as 6%.

Enter Maya, formerly known as PayMaya, the new all-in-one money app. This app promises a seamless, integrated experience for all your money transactions by offering a feature-rich e-wallet, crypto, an easy-access credit line, and an inclusive digital bank – all in one sleek and modern platform. What caught our eye though, is that it offers an introductory 6% interest rate on its Savings feature.

But how much can you earn with 6% interest rates, compared to your traditional banks, or even your new digital banks? See it for yourself below:

Here’s how to compute the interest of your savings account:

Interest earned for the month = Average Daily Balance x interest rate x 30 / 365

Then, deduct 20% withholding tax

Just note that the interest rate is computed daily but credited to the depositor monthly.

Example:

If you deposit P100,000 in your Maya Savings Account, here’s how it will look:

P100,000 x 0.06 x 30 = P180,000
P180,000 / 365 = P493
P493 - P98 (withholding tax) = P395 monthly

The 6% introductory interest rate is available until August this year. So throughout that four-month period, you can passively earn up to P1,580.

P395 x 4 months = P1,580

Now, let’s take a look at how much interest you’ll earn with your traditional bank, and your digital bank:

Savings account at a traditional bank:

100,000 x 0.01 x 30 = 30,000
30,000 / 365 = P82.19
P82.19 - P16.43 = P65.76
P64 x 4 months = P256

Savings account at other digital banks:

100,000 x 0.025 x 30 = P75,000
75,000 / 365 = P205.47
P205.47 - P41.09 = P164.38
P164.38 x 4 months = P657.52

As you can see, the interest you’ll receive from your savings with Maya is a lot bigger than the amount you earn monthly from traditional or even other digital banks. In fact, the 6% interest rate for savings is the highest offered in the market.

How to register for a Maya Savings Account:

The Maya Savings feature is available to app users on early access. This means that the feature will be accessible to limited users for now. In the meantime, and you might need to wait for your turn to open an account in the coming days.

If you have an upgraded PayMaya or Maya account, you can unlock this feature by cashing in at least P100 to your Maya wallet. Afterwards, you can already activate this feature and deposit any amount!

If your account is not yet upgraded – the experience is simple. Just tap the Upgrade button on the app’s home page, key in the requested details, take a video selfie, and submit one valid ID.

Once you unlock your Maya Savings account – you can even get a chance to win a share of P3,000,000 worth of bitcoin with the Maya Early Access Challenge. Opening a Savings account is your first mission, and you get to earn more points whenever you complete more missions – including sharing your feedback on the new Maya, using Maya for your everyday transactions, and many more.

Apart from the Maya Savings Account, you can also look forward to Maya’s other money solutions such as the Maya Credit, where you can access up to a P15,000 credit line; Maya Crypto, where you can buy, sell, hold, and even spend your crypto earnings in just one app; and Maya Wallet where you can cash in for free at over 90,000 touchpoints nationwide.

Access up to 6% interest rate on your savings! Download the Maya App via Playstore or The App Store and make use of all its accessible and useful money solutions.

This article was created by Summit StoryLabs in partnership with PayMaya.

Thanks for reading! So what do you think?

  • 0
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    Didn't know that!
  • 0
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    Hmmm....tell me more.
  • 0
    opt1 opt1
    How and where can I get this?
  • 0
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    I’m already a loyal fan!
  • 0
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    Will share this ASAP!