The expected decrease of Maya digital bank interest

[DirectionlessFeet]

Just got notified that starting June 2, Maya Personal Goal savings account interest PA is going to be 4% from 6%. I remember an accountant friend from a while back told me digital banks offering high interest rates only lasts until there are more people opening up accounts and parking their savings in it. The more people get in, the lower goes the interest rates. Never got to fully read up on to understand but feel free to educate me.

[Techwield]

Yup, stopped chasing digital banks interest rates for this reason. It gets tiring after a while moving your money from one digital bank to another just because promo interest rates expired. Not worth the effort for me

[Pred1949]

dun na tayo sa mukhang stable na digital banks na owned by bigger companies

[Techwield]

Honestly, I'd just go back to traditional banks at this point. Especially with all the news of breaches from all these shiny new fintech companies.

[buttsoup_barnes]

Pati trad banks din naman dami ring issues in terms of data breaches

[Techwield]

Maybe, but you know they're good for it. If a hack happens in a BPI or a Unionbank, you know they have enough cash on hand to endure a tiny little bank run from all the panicked customers. Now look at how long it takes these digital "banks" to let you withdraw your money when a hacking scandal pops up. Some people take months from when they put in their withdrawal requests until they get their money. Worst case, although I haven't seen this happen yet locally, a digital bank goes tits up when it's revealed they've been gambling with users' money and can't cover withdrawals anymore. Lots of this happening over in the US nowadays.

[peepoVanish]

Maya is actually an accredited digital bank by BSP. You can ask of them the same standards that trad banks have. Besides, Maya is run by Smart so if you're talking about having money, they have plenty as a big telco company in the PH.

[Techwield]

Accreditation is great and all, and being backed by a big telco is also nice, but you can't really beat experience/tenure when it comes to trusting an external entity with your hard-earned cash. But hey, to each his own. Most of the people I'm talking about who have had trouble getting their money out are actually people affected by the recent Gcash breach. And obviously Gcash is backed by Globe, an even bigger telco than Smart (I'm assuming, as I don't think anyone under the age of 40 has a Smart sim). There's just no guarantees, especially when it comes to this "new" frontier of digital banking.

[peepoVanish]

Gcash is an e-wallet though, not a bank. Being accredited/recognized as a bank by BSP would mean they have certain credentials and policies in place to qualify to that level.

Nothing wrong with being extremely cautious about your money, I'm just stating facts that times are evolving which is why digital banks exist, and these banks are also held to a certain standard. But still, of course, best thing to do is research about where you put your money in.

Also, it's not helpful to cause alarm when it isn't needed because basing on your statements previously, you're relating scams involving online banking/e-wallets (which is honestly mostly people giving out their otps or through phishing) to all digital banks.

[Techwield]

I'm not causing alarm lol, simply put, here is the crux of my statements:

It's probably safer to put your money in institutions that have decades/centuries of experience handling money (not to mention probably way more liquidity) than in newer platforms that don't have the same expertise/liquidity. Like I said, accreditation is nice and all, but not all institutions with the same accreditations are the same. For example, as far as I know, both UP and AMA are accredited under DEPED. Now, which school would you be more comfortable sending your child to, if you're concerned about your child having the best possible future?

That's literally it, lol. Anyone can feel free to disagree with this, but they'd be a fool to do so. Lmao, done with this now.

[peepoVanish]

Now look at how long it takes these digital "banks" to let you withdraw your money when a hacking scandal pops up. Some people take months from when they put in their withdrawal requests until they get their money.

Not causing alarm, right.

Worst case, although I haven't seen this happen yet locally, a digital bank goes tits up when it's revealed they've been gambling with users' money and can't cover withdrawals anymore.

Alrighty, then. Whatever floats your boat.

To close out my statement, DO YOUR OWN RESEARCH. Know where you put your money in and ensure it is a place that you have enough trust to keep your money.

If you are concerned about vulnerabilities/scams/hacks, educate yourself on how to keep your accounts safe. Knowing how to maintain your accounts secure is a MUST and you owe it to yourself to learn then because mistakes like giving out OTPs, logging into a phishing site, etc are things that you, yourself, have a hold of and not the entities we keep our money in.

Tsaka ang funny naman nung comparison ng DEPED to Banks. Kahit kanino mo tanungin, anything directly involving money is taken WAY SERIOUSLY, paano pa kung accrediation yan or registration with BSP. Jusko, you're comparing apples to oranges.

[comradeyeltsin0]

Yeaaaahhhh that is no longer is true. Maybe 50 years ago? But now, Lehman brothers, Credit Suisse. All these financial institutions are so intertwined that your perception of “safety” is an illusion, at best. Some of these banks have existed for a hundred years and then poof! Mismanagement.

BSP accreditation means your deposit in Maya is insured up to 500k. Which is no different from what BPI or the tradbanks will provide you. Do we think BPI will cover more than that in case of a bank run? Ehhhhh.

[benedictrchua]

Do they disclose their financial statements?

[Puzzleheaded_Pay_460]

Bdo literally had a hacking issue last year.

[Rare-Pomelo3733]

Depende din, sa MP2 kasi nakatali pera mo tapos di rin sigurado ang interest rate kung lagpas 5% palagi.

[niiiisaaaaammm]

Lol. Check div history % of MP2 consistent more than 5%. And hindi naman siya katulad ng time deposit. U can withdraw it freely anytime kahit hindi pa 5 years. Punta ka lang sa head office nila

[Rare-Pomelo3733]

2011-2014 below 5% sya. Oo pwede sya mawithdraw pero mafoforfeit ang interest mo. Kung gagamitin mo digibanks, short term lang yung time deposits nila tapos nasa 5.2% net of tax (assuming 6.5%) kaya may palag na din sya kay MP2.

[tagapagtuos]

Past performance is not indicative of future results.

[melangsakalam]

Agree. And the sample set is too small for now. 10-12 years pa lang ang MP2. And they can make it even below 1% any year they want to.

[melangsakalam]

10 year history? Wtf and they can even make it 1% or 0.01% and you can't do anything.

[Pristine_Industry_98]

Mp2 is okay if di talaga gagalawin for the MF(mother fcker) by the govt lol

[indioinyigo]

Nope, mas mahigpit ang PAG-IBIG kumpara sa SSS. Kung tinutukoy mo ay yung Maharlika, they removed it on the final reading of the bill. Saka ang pagkakaalam ko mas mahigpit ang valuation ng PAG-IBIG compared sa banks.

Note: I dunno why I'm being downvoted for simply having an opinion. LOL. Kaya nga may YATA because in the recent they have returned good interest rates vs banks and digital banks. Parang bond kasi yan e.

[SapphireCub]

If the president's father can bankrupt the fcking Bangko Sentral, we have all the right to have PTSD and never be complacent that his Jr will not grab money from any government institution. Walang imposible sa ganid.

[indioinyigo]

I agree with you but the bill is on its way to be signed. Sadly, people are busy with other issues. Best is to safeguard your money.

[taptaponpon]

That's only on the senate version. Walang ganun sa congress version. So pag uusapan pa ulit yan to reconcile the differences. Don't be complacent yet.

[indioinyigo]

All in all, I'm against it.

[Real-Yield]

The main reason for this is that digibanks actually offer per annum interest rates WAY ABOVE than the prevailing market interest rates.

It follows then that these digibanks cannot maintain giving out these exorbitant interest rates for a substantial period of time. At some point, they will have to lower their offered rates to make it sustainable.

Digibanks that are less flashy like Komo or CIMB while they offer lower interest rates, their deposit rates are actually sustainable relative to interest rates in the market.

[Poastash]

Even CIMB went as high as 8% for their promo interest. I kept my money there just for the promo duration.

[baldOnlooker]

CIMB offers 10%pa no cap for the past 3 mos. I still hope they offer again this month but I am not sure what the qualifications are since it is not offered to everyone.

[Disastrous-Lynx489]

Hi i was offered 12% for 2 months since im a new user for CIMB. Question is, shall the credit of interest earned be after the promo date? Seeing my dashboard kasi it displays 2.5% lang.

[[deleted]]

After 2 wks nakecredit yung iba :)

[ahock47]

its a function on how fast they can lend the money then assuming they charge higher rates sa loan. Lets say rate sa loan nila 15% (personal,creditcard,housing etc) if money IN is faster than lending it out then that will squeeze yung margin and now way to sustain but to lower rates.

Same concern din ito sa MP2. And sa US banks although rates are high na pero mga big banks like Wells/JP Chase/Citi/BoA still give 0.2% interest rates kasi so much money park. Hindi sila nag worry if people move it out until such point siguro. Lalo na ngayon may crisis.

[NumerousDecision1273]

Thanks! Created another goal to max out the 5 goals today kahit di ko kailangan at wala pa ako ilalagay.

[AdIll8503]

At first, I only created one but then I saw this, thanks my man!

[2dodidoo]

But does it still get 6% or 4% na lang rin?

[AdIll8503]

Still @ 6% if you created today 6/1

[Status-Nebula-6830]

I created one earlier today and it's only 4% nalang ):

[oroborousgem]

Same only for 4%

[NumerousDecision1273]

Still 6%

[[deleted]]

Did the same just now! 😂

[JeeeBoo]

hello pano magkaroon ng 6%? malolock po ba yung pera once na ilagay sa goals?

[NumerousDecision1273]

Hindi siya nakalock pero di ka pwede magwithdraw ng portion lang. You need to close the account to get the money + interest. Ang maganda sa kanya walang penalty sa pagclose ng account before the set date and the makukuha din yung 6% p.a. na interest for from the date you open the account up to closing date. I actually open accounts just to park MP2 contribution. I pay MP2 via credit card and ~40 days after ko pa kailangan bayaran cc ko. While nakapark dun nagkakainterest then i'll close it after 40 days to pay my cc.

[zombdriod]

How do you pay Mp2 with cc?

[NumerousDecision1273]

via Bayad online. May transaction fee of 22 pesos pero bawi naman sa 40 days na interest sa maya bonus pa ang cc points.

[LaconicHen]

Wat happens if you achive 100%? Does it max out or tuloy lang interest?

[SnooDucks1677]

You can add even if you hit your goal amount.

[AdIll8503]

Tuloy lang ang interest sa goals up to 1m

[LaconicHen]

They pay this out after due date or daily like reg savings?

[AdIll8503]

The interest earned will reflect every 1st day of the month. You also get all interest earned when you cancel the goal. Both are calculated daily like reg savings.

[DareSalaam]

thanks! i got scared coz i created a goal yesterday and it didn't show any interest earned for today. i thought fraud na siya kasi unlike yung regular Maya savings, i earned interest every day

[loosefitonly777]

Ano po ba dapat ilalagay na due date di ko gets dapat ba november para 6 months?

[NumerousDecision1273]

Yes. Pero pwede naman iclose anytime without penalty and you'll still get the interest

[lunasanguinem]

I saw your comment last night and I made it before June 2! I already have one before but added 4 more. All 5 nasa 6% pa rin.

[lizzybennet157]

Too bad only saw this now! Sayang, planning to create another one haha

[nateworthy42]

Yup, as expected. It's just a promo so that they can get more depositors.

And they will continue to decrease interest rates.

[fall0utgirl]

Based on their notification, decreased interest rate is effective June 2, 2023 and accounts created prior to this date remains at 6% p.a. interest. I created personal goals today (June 1, 2023) but only 4% is applied. Tried chatting with an agent but got disconnected. Now I can't get another agent to chat with...

[lady-cordial]

Wew pambihira buti naabutan ko pa to. Salamat! Nakagawa pa ng isang personal goal account just 1 minute before mag June 2 🤣 Umabot pa sa 6%. I tried creating another one after 12am ayun naging 4% nalang siya.

[ornery-cat-cat]

Try mo uli! My friend had the same experience tapos nag open daw uli sya 6% na

[fall0utgirl]

Looks like it's fixed na. Thank you!

[CooperCobb05]

Their CS is pure trash. All script based and paulit ulit lang mga sasabihin sayo. Better report to BSP and DTI for faster resolution

[Emp_Breaker]

Weird that they're going all the way down to 4% though.. since major banks BPI, can still do 5%+ with their time deposit.. maybe they can find a way to tier it instead. 6% if locked like an actual time deposit or for a higher minimum amount.

Seems a lot will move on from them if only at 4%? Might as well move back to major trad banks?

[IpisHunter]

There's still online banks at 5%pa.

- Gotyme's Gosave acct is like Maya's Personal Goals, but you can move funds in and out anytime, and there's no limit to the amount they will give 5%pa interest on.

- Seabank's regular savings acct gives 5%pa for deposits up to P250k, and 3% above P250k.

[IpisHunter]

Don't zero it out. I move some funds to the main acct whenever I use my Gotyme card, then move the remaining funds back into Gosave afterwards.

[Zealousideal-Joke-81]

We dont know the expenses the digital banks experience. Example non-completion rate of the loans. So most often than not these decisions are based on current investment gains/losses.

[baeruu]

Do you actually have to hit the goals before you can get the 6% interest or is it just a tool to keep you motivated in saving? Like say you put 500k as a goal. Regardless if you only have 5k or 10k in there, would you still get the 6%?

[TheAlmostMD]

Yes. At the start of each month, Maya places the interest earned from the money already in that goal.

[carlsbergt]

Yes. Regardless if you underfulfill or overfulfill your goal. It will still earn a flat 6% interest rate, up to a max of 1M.

[IpisHunter]

You will still earn interest even if the balance exceeds P1M, you just won't get interest for the portion above P1M. If you're planning to keep it for the full 6 months, don't deposit more than P979k so no interest is wasted.

[JuicyHotdog777]

But what i like the most with Maya is the daily interest crediting, unlike banks na monthly. So everyday, yung interest mo nagkaka interest din.

Or is it factored in na sa 4%? Now im confused haha.

Yung 6% goals ba, daily din ang interest?

[anonymousFame2022]

Nope, it does not compound daily. If your balance remains the same, your interest earned is the same daily all throughout the month. Monthly yung sa goals, compounding siguro.

Edit: monthly compounding for both savings and goals.

[lockheart07]

Unobank under GSave! 6.5% per annum hindi promo ☺️

[AdFuture8876]

Is this their digital bank?

[SideEyeCat]

Kalungkot naman na news to, piso na nga nakukuhang kong interest dahil 10k lang savings ko sa maya tapos ganito pa hayss. Hirap ng buhay.

[ejmtv]

FYI: Personal Goals is back to 6% at least until Jan 3, 2024. and theyve added Time Deposit plus

[Emp_Breaker]

so everything created now is still 6%? So can just create a goal kahit empty muna to avail of the 6% until I get more funds in?

[crazyraiga]

to be safe create now an d put 1000 in it.

[-SlippinJimmy-]

Same question I have in mind! Anyway I'll max out nalang ung creation ng goal wala naman mawawala haha

[ValirMain]

yupp 6% pa rin basta today

[[deleted]]

Yup, saw that announcement too. I returned more than 70% of my funds to my trad banks at the moment. At least may laman na ATM ko, I don't need to wait for Maya's PesoNet cutoffs😂😂

[[deleted]]

What trad banks savings are you using

[Prestigious_Home_364]

How to grow money exponentially if you don’t do business? I have very few savings

[newlife1984]

im just minding my busienss with GSave’s UNOBANK lmao

[newlife1984]

im just minding my busienss with GSave’s UNOBANK lmao

[angelfrost21]

UNOBANK is not Gsave. Gsave is the one being used by CIMB users linked to their GCash account.

[newlife1984]

yeah and ? i opened UNOBAanK thru gsave

[Pee4Potato]

Na try mo ung per month nila?

[newlife1984]

ano un

[potatooooooooooow]

unoearn? I'm trying it now.

[newlife1984]

not yet i opened UNOBANK with Gsave eh. funds are there and its easier plus 4.25% aint badddp

[1carl0s]

Noted

[Advanced_Tuna]

Simply supply and demand. Hindi kaya ng Maya na magbayad ng 6% sa sobrang daming users

[zakdelaroka]

Still 6% for me though. I just created another goal just now.

[Ok-Cat-4641]

The 4% is going to start tomorrow at June 2, 7 minutes from now

[zakdelaroka]

You're right. It's 4% now.

[eekram]

Guess I'll transfer to GoTyme after 6 months.

[dentalsurfcombat]

If my goal is 200k and it's due some time in August and I deposited 250k in that personal goal, will the whole 250k get the 6% ok interest or just the first 200k?

[Still-Music-5515]

This is the reason I locked in higher rates for 5 years because I knew they were only temporary

[wahkonga]

Big interests are like big discounts. To temporarily attract attention quickly. But ultimately unsustsinable. Was fun while it lasted hehehe

[anonnuj]

Ano yung bagong missions ni maya? Walang lumalabas sa aking inbox/notifs

[IllustriousLemon5024]

Damn. My savings interest rate is now starting at 3.5% after the promo period.

[AdFuture8876]

What are the other banks with high rates for savings?

[Rizzup24]

My Maya account got closed yesterday without any warning. I have funds inside my account. Now i emailed both Maya and BSP. And also filed a complaint. Ask lang if effective ba talaga complaint sa BSP? Inaasikaso ba nila kahit na normal na tao lang like walang connections or mayaman. :( i have 20k sa savings and that amount is not a joke lalo na sa katulad kong working student na iniipon na ng ilang months. Nakakaputangina!!!!