Are you planning to open the savings account in BPI? There are different types of savings accounts to choose from, but the process is quite easy and simple. Opening a BPI savings account is one of the easiest bank accounts to open here in the Philippines.
Just like opening savings account to any other banks, if you will open BPI savings account you need to bring the following requirements:
- 2 valid IDs (government issued ID)
- 2 copies 2×2 photos
- Billing statement (need not be in the name of the applicant, it will be used as billing address)
- TIN number
Easy steps to open BPI savings account
- Go to the BPI bank nearest to your area and bring all the requirements.
- Approach the bank representative or teller and ask how you can open an account. Choose the type of savings account suitable for you.
Different types of BPI Savings Account
- BPI Passbook Savings Account
This is the traditional savings account that you can open in BPI. The initial deposit is Php10, 000 and the required maintaining balance every month is Php10, 000. The interest rate is 0.250% annually, but there should be a balance of Php25, 000.
- BPI Easy Saver
This is perhaps the cheapest option to open a BPI savings account. You only need an initial deposit of Php200 and nothing to worry about the maintaining balance.
- Save-up Automatic Savings
As the name implies, this savings account allows you to automate your savings. But, you should have a BPI ATM savings account before you can use this type of savings account and transfer your savings automatically.
There’s no initial deposit required and you can register it to BPI online banking. There are two available options for Save-up Automatic Savings such as the Save-up that comes with free life insurance and free accident insurance and Save-up high with high interest.
- BPI Express teller savings
Opening a BPI Express teller savings allows you to access any BPI ATMs throughout the country. Since it is an ATM savings account, you can also use this savings account to pay your bills and as a debit card.
As soon as you open this type of savings account, don’t forget to enroll in BPI online banking. The initial deposit for Express Teller Savings is Php500, but the maintaining balance is Php3,000 per month. In order to earn the interest rate of 0.250% per year, the depositor must have a balance of Php5, 000.
- Maxi-saver savings
This type of savings account involves higher interest that other BPI savings account. In case there’s no withdrawal within a month, you can receive 0.5% bonus interest.
However, the initial deposit is higher about Php50,000 for ATM and Php75,000 for passbook. The maintaining balance is the same with the initial deposit. If the savings is below Php50,000, no interest rate is applied.
The interest rate varies depending on the amount of savings such as:
- Php50,000 – Php499, 999 = 0.250%
- Php500,000 – Php999, 999 = 0.375%
- 1 M and above = 1.000%
In case the depositor does not make withdrawal in a month, an additional 0.5% bonus per annum is given.
- Jumpstart savings
Parents who want to open an account for their kids may choose this type of savings account. The initial deposit is only Php100 and the maintaining balance is Php1,000 each month. The interest rate is 0.250% per annum, but the depositor must have a balance of Php2, 000 in order to earn the interest.
The BPI Jumpstart savings account is a guaranteed savings, which means that part of the deposits can’t be withdrawn. Likewise, you can also use this savings account as privilege and debit card.
- BPI Savings account with Life Insurance
Another option of savings account offered by BPI is the savings account with life insurance. This means that opening such account also protects your family in case of emergencies.
Read Also: How to Deposit Money to a BPI Account
Once you have chosen the type of savings account, you can ask an application form from the bank teller. Make sure to bring all the requirements to avoid delays in processing your application. Your account will be activated within a day or two and you can also get your Passbook or ATM.
You can also enroll your account to BPI Online Banking facility for more convenient transactions.