Digital banking has completely changed how most Filipinos manage their finances, with digital transactions now comprising a clear majority of financial transactions in the Philippines. There’s much to love about digital finance, as with a couple of taps on a phone, you can transfer money, pay bills, and even invest in emerging financial asset classes. Further locking in the deal is the fact that some digital banks offer higher interest rates than many brick-and-mortar counterparts.
But for all these benefits, a lingering hesitation still persists among many Filipinos. Some still worry about the safety and legitimacy of these new platforms, purposefully limiting their digital transactions or shunning them altogether. These concerns are fair. After all, can a digital bank really be as reliable as a long-established commercial bank?
If the financial institution has a BSP digital bank license, then the answer is most certainly “yes”! Maya and other digital banks licensed and regulated by the Bangko Sentral ng Pilipinas (BSP) operate under the same standards and safeguards as traditional players, meaning your money is kept secure and protected to the same high standards.
Once you see the bigger picture, you’ll understand why digital is the way to go, especially when trust and security are concerned. Here are 5 reasons you can trust a digitally based Bangko Sentral ng Pilipinas-supervised financial institution (BSFI) just as much as any conventional digital banking option.
1. Strict BSP Oversight Ensures Stability
When you entrust your money to a BSFI, you’re protected by the same regulatory framework that governs the country’s biggest, most established commercial banks. The Bangko Sentral grants a BSP digital bank license only to financial institutions that pass rigorous compliance and security standards. This is no simple feat, with only 6 digital banks having passed the BSP’s standards, including Maya. In practical terms, your deposits in a Maya Savings, Maya Personal Goals, or Maya Time Deposit Plus account are effectively safeguarded.
2. Your Digital Deposits Are Fully Insured by the PDIC
Accounts with a digital bank that has acquired license from the BSP are also covered up to PHP 1,000,000 per depositor, per bank by the Philippine Deposit Insurance Corporation (PDIC). PDIC protection applies equally to traditional banks and to any institution that holds a digital bank license BSP endorses, ensuring adequate protection for your money, even in worst-case scenarios.
3. Advanced Security Protects Your Everyday Banking
Traditional banks may rely on physical security like vaults and armored transport. As reassuring as these may seem, these physical measures are actually very expensive and labor-intensive to maintain, which may contribute to the less competitive interest rates they offer.
Digital banks, by contrast, are built around robust, AI-driven defenses against online threats. Maya employs advanced fraud monitoring systems, biometric logins, and dynamic AI-powered security measures to keep your funds safe from unauthorized access. The Maya app also offers a selection of account controls that may further secure funds and private data from malicious parties.
4. You Get High-Interest Options That Outperform Traditional Savings
A common frustration with many commercial banks is that their savings accounts offer interest rates that are too low to beat inflation, let alone earn an income. BSP-supervised digital banks like Maya are changing that.
To start, Maya Savings offers a base interest rate of 3.5% p.a., which is already far higher than the 0.25% typical of legacy banks. Better yet, you can boost your interest up to 15% p.a. by using Maya for everyday transactions like paying bills, shopping online, or scanning via QR Ph. This makes Maya Savings not only trustworthy but also one of the best ways to protect and grow your money’s value.
5. You’ll Access Financial Tools That Adapt to Your Real-Life Goals
The best digital banks have smart features for every financially savvy Filipino. Through Maya Personal Goals, a feature of Maya Savings, you can create up to 5 customizable savings pockets that you can designate for emergencies, travel, gadgets, or more. Each goal account earns up to 8% p.a. on balances of up to PHP 100,000, with tiered interest rates that start at 4% p.a. for the first PHP 20,000 and gradually increase up to 8% p.a. for amounts above PHP 80,000.
For those with longer-term ambitions, Maya Time Deposit Plus has reinvented time deposits. You can start with as little as PHP 5,000 and earn up to 6% p.a., all while being able to top up until you reach your target, making them the perfect, high-performance account for parking your extra earnings.
The Future of Banking, Backed by the BSP
Trust should never just be about tradition. The only trust that matters is grounded in true transparency, credible regulation, and a clear commitment to delivering value. BSP-supervised digital banks like Maya meet the same rigorous standards as commercial banks, but they go further to earn your trust through high-interest savings, high-tech security, and goal-setting tools that make sense for your lifestyle.
With Maya, the #1 digital bank in the Philippines, you can save, spend, and invest your hard-earned money with complete confidence, secure in the knowledge that it’s backed not just by Maya’s features and guarantees, but also by the BSP and PDIC.
When you’re deciding where to entrust your hard-earned cash, just remember: choosing the digital bank that has acquired license from the BSP isn’t just safe; it’s possibly one of the best moves for your financial future and your peace of mind.
