PayMaya Savings: Earn 6% Interest

by

Do you have a goal that you’ve been saving for?

Or you just want to save some money from your paycheck each month?

If so, Maya Savings is the perfect bank account for you. Learn how it works and how to earn 6% interest here!

What is PayMaya Savings?

PayMaya savings is a new offering in the app where users can save money and earn up to 6% interest.

It allows users to easily save money without opening a bank account. In a sense, it’s your own bank account within the PayMaya app.

The Maya savings account is similar to GCash GSave, Diskartech, Tonik and other digital banks/wallets.

What is the Interest Rate on PayMaya Savings?

The introductory interest rate is 6% per annum when you open an account until September 30, 2022. But the base interest rate after that is 2.5% which is still higher than most banks.

There also would be lots of interesting interest rate promos in the future to encourage more account openings.

Generally, the more money you save, the higher interest rate you can get in Maya.

How to Create a PayMaya Savings Account

Creating a Maya Savings account is free and easy to do. Make sure that your app is updated to the latest version and follow these steps:

Step 1: Open your Maya app and tap the Savings tab

Step 2: Select Start saving now

Step 3: Enter OTP

Step 4: That’s it, you should now see your Account Name, Account Number, Interest Rate and Opening Date

You can only open one savings account per PayMaya account.

How to Deposit on PayMaya Savings

If you want to start saving on your account, here’s how to deposit:

Step 1: Open your Maya app and tap the Savings tab

Step 2: Select Deposit to my account

Step 3: Select the fund source which is your Maya wallet

Step 4: Select a destination which is your savings account

Step 5: Enter the amount and continue

Step 6: That’s it, the money should be deposited into your savings in real time

How to Withdraw Money from PayMaya Savings

If you want to withdraw your money from PayMaya Savings to any destination, follow the steps below:

Step 1: Open your Maya app and tap Savings

Step 2: Select My Savings

Step 3: Tap Transfer my money

Step 4: Select the destination such as My Wallet, Other Maya Wallets, Other Maya Savings and Other bank accounts

Step 4: Enter the amount and other details if needed

Step 5: That’s it, the withdrawal should be reflected in real time.

FAQs

Does PayMaya savings have a maintaining balance?

No, there’s no maintaining balance in Maya Savings. This makes it a lucrative way to earn money from interest.

Is PayMaya safe for savings?

Yes, since Maya Bank is PDIC-insured up to P500,000. But if you exceed that amount, save on your own risk.

When will my earned interest be paid to my account?

The interest earned will be credited to your account on the first calendar day of the succeeding month. The amount earned will be subject to some taxes.

What is the minimum/maximum amount you can deposit in Maya Savings?

There’s no minimum amount you can deposit in Maya Savings. But for deposits, it depends on your account’s limit. The highest wallet limit is P500,000 which is for Superusers.

Final Thoughts

Saving money has just become more convenient and attractive thanks to PayMaya. Now, we don’t have an excuse not to save money!

Read these next:

Jerico
Latest posts by Jerico (see all)