The Ultimate Guide in Opening a BPI Savings Account
The Bank of the Philippine Islands (BPI) is a highly reputable and sizable bank in the Philippines. If you are searching for a reliable financial institution to deposit your earnings, you may want to consider opening an account with BPI. Additionally, BPI has an extensive network of over 800 branches across the country and nearly 3,000 ATMs and cash deposit machines,The ultimate guide in opening a Bpi saving account making it a convenient option since there is likely a branch located close to your vicinity.
Importance of Having a Savings Account
“Are you aware that a large percentage of Filipinos still do not possess a bank account? According to the most recent study conducted in 2017, only 22.6% of our population has a bank account. This figure may seem low, but with your impending account opening, the percentage is likely to increase.”
Convenience
Rephrased: Owning a bank account eliminates the need to carry excess cash, particularly when utilizing public transportation, as one can conveniently access an ATM from virtually any location in case of an unforeseen need for additional funds.
Safe and Secured
Keeping your money in a bank is a more secure and safe option than keeping it in your home. It provides protection against potential disasters such as floods, fires, and theft. Additionally, the PDIC insures your savings up to Php 500k in case of any unforeseen circumstances that may occur with the bank.
Enjoy Perks and Pay Online
Certain savings accounts linked to ATMs offer special discounts at your preferred stores, as well as the convenience of online payments. Additionally, utilizing this type of account can simplify the process of paying your utility bills.
List of BPI Savings Account
BPI offers several types of savings account that will fit your financial need, and here they are.
1. BPI Kaya Savings Account
This account used to be called the BPI Easy Savers account. It is very easy to open because you only need to deposit Php 200 initially, and there is no need to maintain a certain balance. However, the downside is that you will be charged Php 5 for every withdrawal, and Php 50 for ATM card payments. Additionally, this account does not earn any interest.
Initial Deposit: Php 200
ATM Card Payment: Php 50
Maintaining Balance: n/a
Withdrawal Charge: Php 5 per withdrawal
Over-the-Counter Withdrawal Charge: Php 100 per withdrawal
Interest: n/a
2. BPI Express Teller Savings Account
This is a standard ATM savings account that requires an initial deposit of Php 500 and a maintaining balance of Php 3,000. It can be used at any ATM across the country and for online transactions such as bill payments. Additionally, the account holder will receive interest on their savings, which is typically paid at the end of each quarter.
Initial Deposit: Php 500
Maintaining Balance: Php 3,000
Withdrawal Charge: FREE
Interest: 0.25% p.a.
3. BPI Save-Up
“If you are an existing BPI ATM cardholder and want to automate your savings, you have the option to transfer your savings from your existing BPI ATM card to this account.”
Initial Deposit: n/a
Maintaining Balance: Php 3,000 to earn interest
Withdrawal Charge: FREE
Interest: 0.5%-0.8% p.a.
Two Options: High Interest or Savings with Life Insurance
4. BPI Jumpstart
It’s important to educate your children about the significance of money and the benefits of saving from an early age. This not only helps your children develop a healthy financial mindset but also enables you as a parent to keep track of their spending. Additionally, teaching your children about money management can aid in the timely transfer of their allowances from your account to theirs.
Initial Deposit: Php 100
Maintaining Balance: Php 500 or Php 1,000 to earn interest
Interest: 0.5% p.a.
5. BPI Maxi-Saver
If you’re looking for a savings account with a higher interest rate, this option might be suitable for you. It offers the highest possible return on your savings and also provides a bonus interest if you don’t make any withdrawals in a given month.
To open an account, an initial deposit of Php 50,000 is required for ATM accounts and Php 75,000 for Passbook accounts. To avoid penalties, a maintaining balance of Php 50,000 for ATM accounts and Php 75,000 for Passbook accounts must be maintained.
Account holders may earn a bonus interest of 0.5% if no withdrawals are made within a month. Basic interest rates are as follows:
- Less than Php 50,000 – not applicable
- Php 50,000 to Php 499,999 – 0.250%
- Php 500,000 to Php 999,999 – 0.375%
Php 1 million and above – 1.000%
6. BPI Passbook Savings Account
If you’re looking for a way to make it harder to withdraw money and avoid impulsive purchases, a Passbook account can be a great option.
Initial Deposit: Php 10,000
Maintaining Balance: Php 10,000 (Php 25,000 to earn interest)
Interest: 0.25%
7. BPI Pamana Savings Account
“Receive a life insurance plan at no cost that provides coverage of up to three times your account balance. The highest amount of coverage available is PHP 2 million.”
Initial Deposit: Php 50,000 for ATM & Php 75,000 for Passbook
Maintaining Balance: Php 50,000 for ATM & Php 75,000 for Passbook
Requirements in Opening a BPI Savings Account
“Please ensure that you have two (2) valid forms of identification with you, and make sure to make photocopies of them as they are often required. BPI has provided a list of accepted forms of identification for your reference.”
valid IDs.
2. Utility Bill
You might need to provide a utility bill for verification purposes of your billing address. It is not necessary for the bill to be in your name, as long as you currently reside at the address. Any bill such as electricity, phone, internet bill, etc. will be accepted.
3. 2 Latest 2×2 Pictures
BPI offers the option to submit 1×1 photos if you do not have one. They provide a signature card where you will need to sign multiple times and attach your photos. This serves as a way for them to verify your identity and protect you against fraudulent activities on your account, such as someone pretending to be you during a suspicious transaction.
4. TIN Number
Currently, many financial institutions mandate the provision of a TIN (Taxpayer Identification Number) prior to any financial transactions. Therefore, it is essential to ensure that you have your TIN readily available to avoid any inconveniences.
5. Initial Deposit Amount
The amount of money you will need to deposit initially will be determined by the type of savings account you select. It’s important to choose the account type that is currently best suited to your financial requirements.
The Ultimate Step-by-Step Guide in Opening BPI Account
“Opening a bank account for the first time can be a daunting task, and you may want to avoid appearing inexperienced during the process. This guide can help you understand the steps involved in opening a BPI savings account.”
1. Visit the Nearest Branch
To begin the process, ensure that you have all the necessary documents such as a valid ID and the initial deposit. It is advisable to visit the nearest branch in your area rather than traveling kilometers away from your home.
2. Get a Queuing Number
To obtain a queuing number, approach the guard and inform them that you would like to open a savings account.
3. Fill out the Application Forms
When opening a savings account, start by informing the teller about the specific type of account you wish to open. The teller will then provide you with all the necessary forms to complete. After filling out the forms, you can hand them over to the teller along with any other requirements needed.
4. Verify and Quick Interview
After completing the necessary paperwork, you might be requested to attend a brief interview with the bank’s branch manager. Don’t worry, as the questions asked will be identical to the ones you already answered.
5. Get Your ATM Card or Passbook
After the interview, you will receive either the passbook or the ATM card from the teller. In certain situations, it may take 2-3 business days before you receive it. If that’s the case, the teller will notify you once your card is ready or inform you of the date when the card will be available.
6. Change PIN and Enjoy Saving
After receiving your ATM card, you have the option to update the default PIN to a new, more secure PIN. Once this is done, you can start using the card to make deposits or pay bills. I trust that this blog has provided helpful guidance for opening your first BPI bank account. If you have any inquiries or thoughts to share, please feel free to leave a comment in the box below.
Conclusion
opening a BPI savings account is a great way to start your journey towards financial stability and security. With the help of our ultimate guide, you can easily navigate through the process and choose the right account type for your needs. Whether you’re saving up for your future goals or managing your daily expenses, a BPI savings account can provide you with the convenience, accessibility, and reliability you need. Take the first step towards your financial freedom today and open a BPI savings account. For More info visit our website.
