A deposit account can directly influence how you manage your finances, grow your savings, and reach your goals. While it may seem like a basic financial tool, the type of account you choose can have a lasting impact on your financial well-being.
In the Philippines, many people continue to keep their money in traditional bank accounts out of routine, often without realizing that more rewarding alternatives are now available. The rise of digital banking has introduced a new generation of deposit accounts that keep your money secure and help it grow. With features like higher interest rates, no maintaining balance requirements, better accessibility, and enhanced security, these modern accounts are built to meet today’s financial needs.
If you’ve outgrown the limitations of your current account or feel it no longer supports your goals, it might be time to consider switching. Here are some clear signs that your money could be better off in a deposit account that truly works for you.
1. You’re Earning Very Little Interest
If your current deposit account is barely growing your money, it might be time to reconsider. Many traditional savings accounts in the Philippines still offer interest rates as low as 0.10% per year, which is absolutely not enough to keep up with inflation.
In contrast, digital banks like Maya offer significantly higher interest rates, with Maya Savings starting at 3.5% interest per annum. Even better, you can boost your interest up to 15% p.a. daily just by carrying out everyday transactions. This includes buying prepaid load, paying bills, using Maya Easy Credit, paying via QR Ph, using the Maya Card, or paying online with Maya.
These small actions can make a big difference over time, helping you grow your savings passively. With better rates and more flexibility, moving your money to a high-interest digital account could be a smart financial move.
2. There’s a High Maintaining Balance Requirement
Are you constantly stressing about meeting your bank’s minimum maintaining balance requirement just to avoid penalties? This is still a common issue with many traditional banks in the Philippines. Having to keep a certain amount in your account means a portion of your money is essentially stuck and can't be used freely, limiting your ability to build up your savings or respond to emergencies.
In contrast, there’s no maintaining balance requirement at all when you deposit in Maya. This means every peso you deposit is working for you.
What’s more, opening a savings deposit account is incredibly easy. You only need one valid ID to get started, and the entire process can be done in minutes on the Maya app, using just your smartphone. This convenience, combined with the freedom from maintaining balance rules, makes it much easier to save and manage your money without added stress.
3. It’s Not Easy to Access Your Money When You Need It
If your current deposit account makes it inconvenient to access your funds, it might be time to switch. Long lines at branches, limited banking hours, or a lack of ATM compatibility can be frustrating when your money should always be within reach.
With a digital bank like Maya, you can enjoy the convenience of easy access to your funds anytime. You can order a cool black Maya Card with your @username on it that’s linked directly to your Maya Wallet. You can then use the card to withdraw money from any ATM that supports Visa or Mastercard, both in the Philippines and abroad. This level of accessibility gives you flexibility and control over your finances, whether you're budgeting your day-to-day spending or dealing with unexpected needs.
4. Your Current Account Doesn’t Align with Your Financial Goals
If your financial goals have evolved but your deposit account hasn’t, that’s another major sign it’s time to move on. Whether you’re saving for a travel fund, planning a home renovation, or building an emergency buffer, your account should be able to support those goals through the right features and structure.
Maya, for instance, now offers goal-based savings buckets through Maya Personal Goals, which let you allocate your money into categories with specific purposes. These digital “envelopes” can help you stay organized and motivated, since you can track your progress toward each goal separately.
Additionally, if you’re aiming to grow a portion of your money that you don’t intend to spend for a short while, then time deposit accounts are also an option worth considering. For instance, Maya Time Deposit Plus allows you to lock in a set amount of money for a defined period in exchange for higher interest rates of up to 6% p.a. when you reach your target amount and date.
5. You’re Concerned about Security
Security should always be a top priority when it comes to your money. If your bank lacks essential security features, such as two-factor authentication, real-time transaction alerts, or biometric logins, it’s perfectly reasonable to feel uneasy. In today’s digital age, where scams and data breaches are a growing concern in the Philippines, customers deserve peace of mind when banking.
Fortunately, Maya offers robust security features to protect your data and your funds. And because Maya is a Bangko Sentral ng Pilipinas-supervised financial institution (BSFI), you can be certain that it complies with the strict financial regulations set by the country’s central monetary authority.
Your financial habits shape the kind of future you’re building, so it’s only right that your deposit account supports that journey. In today’s digital-first world, where better banking options are within easy reach, settling for less is no longer necessary. Whether you're after higher returns, easier access, or better peace of mind, switching to a Maya deposit account that meets your evolving needs is a step toward smarter, more empowered banking.
