The bank is supposed to be one of the safest places for your money, yet many Filipinos still wonder what happens to the funds in their deposit account if a bank suddenly closes. Stories of financial loss or uncertainty can make people hesitate to deposit money into any institution, especially one without the physical presence of a branch on every corner.
Bank deposits in the Philippines are protected by the Philippine Deposit Insurance Corporation (PDIC). Established by law, the PDIC protects depositors by guaranteeing coverage up to a set amount per bank, regardless of whether the bank is traditional or digital. Its role is to give the public peace of mind that their savings deposits will not simply vanish in case of trouble.
At Maya, we want our customers to feel reassured that the best possible protections are in place to safeguard their money. As a Bangko Sentral ng Pilipinas (BSP)-supervised financial institution and the Philippines’ #1 digital bank, our savings deposit accounts and other deposit products are fully insured by PDIC. That means every time you deposit money into one of your accounts with us, every peso has an airtight government safety net behind it.
A Government-Backed Guarantee for Your Deposit Account
One of the strongest assurances you can have as a depositor is knowing that your money is protected by the government. PDIC automatically insures up to PHP 1 million per depositor, per bank, having increased this cap from PHP 500,000 in early 2025. This coverage applies to the combined balance of all your accounts in a single institution, including both principal and accrued interest.
For Maya customers, this means the funds you keep across different accounts—whether you’re using Maya Savings, Personal Goals, or Time Deposit Plus—are all under PDIC’s umbrella. On top of this legal guarantee, Maya also invests in robust digital security systems. We want to ensure that your money is safeguarded on both the regulatory and technical fronts. It’s a combination that gives depositors confidence to save, knowing they’re protected from every corner.
Wide-Ranging Coverage for Your Deposit Account You Can Feel Safe About
The scope of PDIC protection is broad enough to cover nearly all depositors’ needs. Savings account deposits, checking accounts, and time deposits in both pesos and foreign currency are all included. Coverage is automatic; you don’t need to apply or pay any extra fee for your deposit accounts to be insured.
PDIC coverage isn’t without limits. Investments like bonds, securities, or trust accounts don’t get insurance, and amounts beyond PHP 1 million are only recoverable through liquidation of the bank’s assets. But for most everyday savers, PDIC protection is more than enough to provide peace of mind.
Why PHP 1 Million Coverage Strengthens Confidence for Deposit Account Holders
The current PDIC insurance limit of PHP 1 million per depositor, per bank, provides stronger security than ever before. For many individuals and families, it’s more than enough to safeguard their savings entirely.
By doubling the previous cap, PDIC ensures that both small depositors and those with larger balances can feel secure about their money. And when a bank is closed by regulators, the agency steps in quickly; it readily validates and releases insured payouts, often within a few months.
Beyond Insurance: The Reason Why Where You Deposit Money Still Matters
Knowing that deposits are protected is the foundation of trust, but it isn’t the whole picture. Even with PDIC coverage in place, choosing the right bank can empower you to help your money grow on top of protecting it well.
We at Maya are proud to be leading the charge here. Beyond being a PDIC-insured and BSP-supervised institution, Maya offers savings solutions designed to maximize your money’s potential. Maya Savings starts with a solid base interest rate of 3.5% p.a., and you can boost this rate up to 15% p.a. by using Maya for everyday transactions like buying load, paying bills, transacting via QR Ph, or shopping online with your Maya Card. It’s a way to turn routine payments into real financial growth.
If you need a more structured savings solution, Maya Personal Goals lets you create dedicated accounts for specific purposes—a vacation, a new gadget, or an emergency fund, to name a few. You can set targets and timelines, and earn higher interest rates for maintaining consistent balances. Meanwhile, Maya Time Deposit Plus gives you fixed terms with guaranteed returns, ideal for those who want the assurance of steady growth over 3, 6, or 12 months.
Together, these solutions make saving with Maya not only secure but rewarding. PDIC provides the safety net, while Maya’s product features give you the tools to achieve your financial goals faster.
Deposit insurance gives every saver the confidence to keep their money in the banking system, knowing it will stay safe even in the event of bank closure. With PDIC guaranteeing coverage and Maya providing the benefits of a top-tier digital bank, you can be sure that your money will stay secure as it grows. The only question left is how you’ll choose to make the most of your money—through Maya Savings, Personal Goals, or Time Deposit Plus.
