It’s surprisingly easy to end up with idle money without noticing. Maybe you received a work bonus and simply set it aside, or perhaps you have cash sitting in a traditional savings account that earns little to no interest. While it may feel convenient to let that money sit untouched, you should know that it slowly loses value to inflation this way. At the same time, you miss out on opportunities to grow your funds and reach your goals faster.
As the #1 digital bank in the Philippines, Maya is here to help you take charge of your money and put it to better use. With high-interest savings options designed to grow your funds more quickly, Maya empowers you to maximize every peso and fast-track your financial journey. Let’s dive into practical ways to put your idle money to work so it does more than just sit still and starts actively helping you reach your financial goals.
1. Move Your Funds to a High-Interest Savings Account
One of the simplest ways to make idle money work harder is by keeping it in a high-interest savings account. Unlike regular savings that often earn close to nothing, these accounts give your funds the chance to grow faster while still being accessible for everyday needs. It’s a low-risk way to keep your money moving forward rather than letting inflation eat into its value.
That’s exactly what Maya Savings provides. You start with a base interest rate of 3.5% per year, which you can boost up to 15% just by using Maya for everyday transactions like shopping online, paying bills, or topping up load. Opening an account is quick and hassle-free since all you need is one valid ID, plus there’s no minimum balance required. Overall, it’s a more rewarding alternative to letting your money sit idle in a traditional account.
2. Grow Your Money With a Time Deposit
If you don’t need access to your funds right away, placing them in a time deposit can help your money earn more. To understand how time deposit works, think of it as locking your cash in a secure account for a set period. In return, you enjoy higher guaranteed earnings compared to a regular savings account. It’s a reliable way to put idle money to work when you’re saving for something in the near future and want the assurance of fixed time deposit interest instead of risking your funds in more volatile investments.
Maya makes this option even more rewarding through Maya Time Deposit Plus, which starts with a guaranteed 3.5% p.a. base interest rate. You can even boost your rates to 5%, 6%, or 5.5% depending on whether you choose a 3, 6, or 12-month term, respectively. If you’ve ever done the computation of time deposit returns, you’ll see how much more you can earn when you put your money in a time deposit account of a bank that offers competitive rates like Maya. These time deposit rates place Maya Time Deposit Plus among the highest interest rate time deposit Philippines’ bank customers can take advantage of, which means you can feel confident that your money is in good hands.
Beyond the attractive earnings, you also get peace of mind because Maya is a Bangko Sentral ng Pilipinas-supervised financial institution (BSFI) with strong security features like default two-factor authentication and biometric logins. All Maya deposits are also insured by the Philippine Deposit Insurance Corporation (PDIC) up to PHP 1,000,000 per depositor, making it reassuring to commit your money for longer terms.
3. Use It to Pay Down High-Interest Debt
Putting your idle money toward debt repayment is another practical way to make it work for you. High-interest loans or credit card balances can quickly eat into your finances. Using extra funds to reduce or clear these balances can save you more in interest than you’d typically earn in a low-interest account. Once you’re debt-free or have lowered your balances, you’ll also free up more monthly income for savings or investments. It’s a simple way to strengthen your financial position and make your money work in your favor.
4. Save for Specific Goals with Targeted Accounts
Idle money often gets spent on things that weren’t planned simply because it isn’t tied to a purpose. That’s why setting up separate accounts for specific goals like travel or building an emergency fund can be a powerful way to give your money direction. When your funds are clearly allocated, you’re less likely to use them for something else, and you get closer to your goals more efficiently.
To make this easier, Maya Personal Goals allows you to create up to five goal-based accounts that run for up to 180 days. Each Personal Goal earns up to 8% p.a. on balances of up to PHP 100,000, with tiered interest rates that start at 4% for the first PHP 20,000 and gradually increase up to 8% for amounts above PHP 80,000. This gives your savings a head start as you work toward your target. Once a goal matures, the funds automatically transfer to your Maya Savings account, so you can immediately use the money for what you’ve been saving for.
5. Invest in Yourself or a Side Hustle
A smart way to use idle money is by investing in yourself. This could mean learning a new skill, taking a short course, or attending workshops that help you grow professionally. You could also use the money to start a small side hustle, such as online selling or offering freelance services.
Unlike money that sits idle, funds put toward self-improvement or income-generating activities create opportunities for growth. A skill you develop today could lead to a higher-paying job tomorrow, and a side business could become a steady stream of extra income. Planting these seeds now can lead to lasting financial benefits.
6. Explore Investment Opportunities
If you’re ready to take on a bit more risk for the chance of higher returns, investing is another way to make idle money productive. Options like mutual funds, index funds, or stocks can grow your wealth more than traditional savings accounts.
The key is to diversify your portfolio and maintain a long-term mindset so your investments can ride out market ups and downs. Also make sure to research your options carefully and only invest money you won’t need in the short term. This way, you can maximize your potential returns while managing risk.
Idle money shouldn’t just sit around losing value to inflation. By being intentional with where you place it, you can make every peso work harder for you. Plus, with tools like Maya’s high-interest savings and time deposit options, it’s easier than ever to grow your funds and take meaningful steps toward achieving your financial goals.
