Maya: customers doubled account balances in a year, have better saving habits

Maya, the leading digital bank in the Philippines, reported on Wednesday a significant improvement in its customers' saving habits, with average account balances more than doubling in just a year.

In a statement, the company said this growth highlights the success of its high-engagement banking program.

Maya said its savings solutions, offering interest rates up to 14% per annum, have played a key role in encouraging regular savings, such that by the 23rd month of saving, balances in these accounts tripled.

These products allow users to start with small deposits and increase their balances incrementally, making saving accessible to all.

"Financial health can be significantly improved through innovation," said Maya Bank president Angelo Madrid, adding that the firm has eliminated minimum balance requirements and offer higher interest rates for regular transactions.

With a 74% increase in depositors and a 24% rise in deposit balances, Maya said it is empowering more Filipinos to manage their finances effectively.

As of May 2024, Maya's depositor base has reached 3.7 million, with balances totaling ₱32 billion.