Meet Maya's personal goals saving feature - A new digital piggy bank that earns interest!
Maya recently evolved into an all-in-one fintech app recently. Along with that, the company introduced a feature called "Savings" with personal goals. Here's what we think about it.
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| Save and earn at the same time? |
A piggy bank in the palm of your hand!
Maya's new saving feature lets users transfer money from their E-wallet to a "saving space". Consider it like your piggy bank but digital.
What's good about it though is that it has a competitive "6 percent interest rate per annum" which "credits daily". This means you can earn that certain percentage by storing your money over time.
Not all Fintech app offers that slightly higher interest rate. Some we've seen around were at 2 to 4 percent only.
Moreover, using a QR code Maya is capable of transacting to different fintech apps such as Gcash, BDO, Metrobank, and RCBC and has 180,000 partner merchants in the Philippines.
There's also a personal goals tab that enables the user to plan out ahead their spending by up to five goals at a time and assign savings targets and deadlines for each.
We also learned that for every goal created Maya will give you a different account number that will earn interest similar to the rate mentioned above. However, it won't be daily crediting but Maya says it will come in the future as well.
So if you're ever thinking of going out for a vacation, buying that item that has been on your cart for months, or simply paying your bills on time. This personal goal feature could be a helpful tool in managing your budget properly without hurting your entire funds.
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| The savings feature |
To get started, all you need to do is first press "activate savings now". You will then proceed by filling up some declarations regarding the account. Once done you will be prompted to "All Set" and you will be able to view your savings account. Do note that you will need a valid ID when creating. However, if your Maya account has been verified before, the ID is no longer needed.
Upon successfully creating your savings account, that's the time you can create your personal goals.
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| The goal |
Again you may simply press the icon then you can put in the details for your specific goals like the name, due date, and the amount it needs.
By confirming the goal amount needed you will receive a one-time pin to continue. After entering the pin number you will be able to start depositing the desired amount based on the duration.
Deposits may come from your Maya E-Wallet or other Banks via PESOnet. As of this writing, we have a PHP 3K wallet and we will have to balance our budget for the two specific items we intend to purchase.
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| Our first goal |
For instance, we opted to get a monitor in 3 months' time with a goal of PHP 6,000 pesos. This means we will be depositing PHP 2K at the end of every month for 3 months.
Next, we also planned to get brand-new shoes worth PHP 2K. In this situation, we will be adding PHP 1K at the end of every month for 2 months.
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| Our second goal |
As you can see, we were able to plan our spending according to our remaining E-wallet credits with ease and we only have to wait for specific dates when we need to deposit. As we said, it's like having a detailed piggy bank on your phone.
You may continue to set up your goals by up to 5x only and as long as it permits around your budget. Also always keep in mind that buy things according to your means only.
If you happen to change your mind. Maya also included a cancel feature. Upon canceling your goal, Maya will return the deposited amount and interest earned to your Maya savings account.
Quick thoughts
Maya did it again. It's a new way to save and earn.
With this new feature, you may now strategically plan out the things you want to buy in a smarter and more efficient way but can also earn interest along the waiting period.
Of course, the earnings will vary depending on the amount deposited. But imagine you're trying to save for higher-priced items like around 5 to 6 digits? This will enable you to earn and also get to enjoy the things you aimed to buy.
What do you guys think?
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