Now that we are done with the Philippines' largest bank, let's go to the oldest: Bank of the Philippine Islands or BPI for short.
Established on August 1, 1851 under Spanish colonial rule, BPI was originally known as El Banco Español Filipino de Isabel II, named after then Queen of Spain, Isabel II. How's that for tenurity. Haha.
BPI was the first to be established in the Philippines, and was responsible for starting the country's banking and finance industry. Fast forward to the present, BPI is still one of the top banks in the Philippines. In this post is a complete guide on how to open a savings account in BPI.
But first, why open a BPI Savings account?
Like BDO, BPI is one of the largest banks here in the Philippines which means that BPI ATM machines are scattered all over the country and easily accessible which is very convnient for those who are always on the go.
If you are not the outgoing type or who does most of their transactions online like myself, you'll be glad to know that they also have a mobile and online banking platform.
BPI Savings Account Requirements
Before you personally go to any BPI branch, you need to prepare the account opening requirements.
1. 2 Valid IDs. You have to prepare 2 recognized valid IDs as one of your application requirements. If you’re not aware what to bring, here’s a series of typical valid IDs you can use:
Police Clearance
Passport
Barangay Clearance
Voter’s ID
Unified Multipurpose ID,
Senior Citizen Card
PRC ID
Postal ID
Philhealth
Driver’s License
For your IDs to be accepted they should be an original copy valid or not expired, photo bearing and issued bu an official authority.
2. 1 Utility Bill. This is for verification of your billing address. If the receipt is not under your name, you still can use it. Just as long as you are living on the same address, it will be accepted. Common utility bills you can bring: Electricity Bill, Internet or Cable Bill, Water Bill, Credit Card Bills.
3. 2 Copies of 2×2 Latest Photo. You may also want to bring 1×1 version of your photo just in case.
4. Initial deposit amount. To open your account, you need to deposit a certain amount of money for it to be activated. There are different required initial deposit amount. Be sure to bring exact amount or bigger amount if possible before going in to the BPI branch.
Step-by-Step Procedure in Opening a BPI Savings Account
1. You need to personally go to the nearest BPI branch in your place and bring the requirements with you.
Tip: Do not open an account on a branch within the malls as it is always certain that it would be crowded. Pick a branch that also offers a Cash Accept Machine (CAM) so you won't be hassled by long queues for your future transactions.
2. Secure a queue number then proceed to the New Accounts section and ask for an application form for opening a savings account. Fill out all the blanks spaces that are necessary to be filled out. Double check or even triple check everything before passing it on to the bank teller. Avoid erasures. Be prepared to feel like a celebrity doing autographs while you sign a lot of forms.
3. Provide the required initial deposit.
P200 BPI Kaya Savings
P500 Express Teller Savings
P10,000 Passbook Savings
4. You need to wait for 1 to 2 days for your account to be activated. Claiming your ATM or Passbook will take around a week before you can get it. Usually, you can claim it after 5-7 banking days. You can always ask the bank teller if you got inquiries.
5. Once you have the card and had it activated, enroll your account to online and phone banking feature. This is just optional but with the advanced lifestyle we already have, online transactions are very much common and even more convenient. Enabling your card with mobile and online banking features is now a necessity.
BPI Kaya Savings VS Express Teller Savings VS Passbook Savings Account ATM
The primary difference between these 3 accounts is the initial deposit amount and the maintaining balance. BPI Kaya Savings has the lowest initial balance and has no maintaining balance. This is good when you need to withdraw all of your funds in the future but still would want to keep the account. Keep in mind though that every withdrawal will cost you P5 even if its's done via their own ATM machine. Based on my experience, it also charges for every online transactions you make. This is why I decided to apply for the Express Teller Savings.
Express Teller Savings are for those who are able to maintain at least P3,000 funds on their account and for those who do their transaction mostly online as it does not charge for every online transaction.
Passbook Savings is best for people who want their deposits and withdrawals recorded, old school style.
BPI VS BPI Family
Although they are both owned by the same mother company, BPI and BPI Family Bank accounts are handled by two different sets of banks. It is not possible to deposit money into a BPI Family Bank account at a BPI branch, and vice versa. BPI lean towards corporate account while BPI Family is more into personal or individual account.
BPI Savings Account Products
BPI Kaya Savings:
Initial Deposit: P200
Required Maintaining balance: None
BPI Express Teller Savings:
Initial Deposit: P500
Required Maintaining balance: P3,000/month
Required balance to earn interest: P5,000
Interest rate: 0.250% (per annum)
BPI Passbook Savings Account:
Initial Deposit: P10,00
Required Maintaining balance: P10,000/month
Required balance to earn interest: P25,000
Interest rate: 0.250% (per annum)
Save-up Automatic Savings:
This requires that you already have a BPI ATM savings account to automatically transfer your savings. This BPI savings account is another good option if you want to automate your savings.
No initial deposit
Automated savings
Can be enrolled to BPI online banking
You have 2 variant options (a) Save up high that has high interest or (b) Save up with free accident and free life insurance
Jumpstart savings:
This BPI savings account is designed for kids. If you want to open BPI savings account for your kids, this is a good option.
Initial deposit: P100
Required maintaining balance: P1,000/month
Required balance to earn interest: P2,000
Interest rate: 0.250% (per annum)
Guaranteed savings (portion of the funds can be protected from withdrawal)
Allowance transfer facility (used to automate transfer of allowance from your other BPI savings account)
Can be used as debit and privilege card
Maxi-Saver Savings:
This BPI saving account will give you higher interest than usual account. You’ll get a bonus of 0.5% interest if no withdrawal made in a MONTH.
Initial deposit: P50,000 for ATM or P75,000 for Passbook
Required maintaining balance: P50,000 for ATM or P75,000 for Passbook
Required balance to earn interest: P50,000 for ATM or P75,000 for Passbook
Interest rate:
Less than Php 50,000 – N.A.
50,000 – 499,999 – 0.250%
500,000 – 999,999 – 0.375%
1M and above – 1.000%
With 0.5% BONUS p.a. if no withdrawal within a month
