Maya announced on Wednesday, 19 June, that its digital bank customers are developing stronger savings habits, with average savings account balances more than doubling within just 12 months.
By the 23rd month of saving, balances in these accounts tripled. Maya attributes this improvement to its savings innovations, which encourage customers to save more, including incentivising regular digital transactions with higher interest rates of up to 14% p.a. and products that enable small initial deposits and incremental savings growth.
“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 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 various financial tools, Maya has observed an increase 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 increased by 24% to ₱32 billion as of end-May 2024.
Banking in the Philippines can be challenging. The 2021 Financial Inclusion Survey by the Bangko Sentral ng Pilipinas indicated that while 27.5 million adults own an e-wallet primarily for basic transactions, there remains a significant opportunity to expand comprehensive banking services. Though 18 million adults have a bank account, only 9 million actively save with a bank.
While non-digital banks offer minimal interest, Maya Savings can yield up to 14% annually, offering significantly higher rates compared to the typical market rate.
The Personal Goals feature helps first-time savers set savings goals that earn a 4% interest rate p.a. and 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 utilise 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 over time. Since its debut in December 2023, Time Deposit Plus accounts have increased by 640% by April 2024, reflecting a growing consumer interest in its flexible saving structure.
Featured image credit: Edited from Freepik
