Giude On How To Open BDO Savings Account

If there's a Family Feud survey to name the most popular banks in the Philippines, responses will surely include Banco De Oro, BDO for short, hands down.

Being one, if not the largest, banks in he Philippines and a member of SM Group of Companies, there’s no doubt will always be the top choice for every Pinoy who wants to open a savings account.

In this post is my take on how to open a BDO Savings Account in the Philippines.

But first, why open a BDO Savings account?

As mentioned, BDO is one of the largest banks here in the Philippines which means that BDO ATM machines are scattered all over the country and easily accessible which is very convnient for those who are always on the go.

Since BDO is owned by the SM Group, you are sure to see at least a single branch in every SM Mall in the Philippines, which means longer banking hours. BDO branches are available from Mondays to Fridays and even on weekends too, and those branches located inside SM Malls operates up to 7:00PM.

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’ve got what I believe one of the user and interface friendly mobile and online banking platform.

BDO Savings Account Requirements

Before you personally go to any BDO office, 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 BDO Bank office.

Step-by-Step Procedure in Opening a BDO Savings Account

1. You need to personally go to the nearest BDO 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:

P2,000 (BDO ATM Savings Account)
P5,000 (BDO Passbook Savings Account)

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.

Passbook Savings Account VS ATM Debit Card Account

Most of the time, these 2 accounts are the ones you’re going to probably choose between.

The primary difference between these 2 accounts is that the minimum initial deposit and the minimum monthly average daily balance is much higher on the Passbook Savings account. What you get for this higher maintaining balance on the Passbook Savings account is a Passbook. Both accounts have an ATM Debit Card. Other than that, there are no differences between accounts as both earn the same amount of interest.

In my opinion, if you really want to control your spending and savings, just get a passbook account without the debit card as the temptation to swipe or withdraw funds are always there. If you have easy access to Internet, I recommend getting an ATM Debit Card because of its lower minimum initial deposit and maintaining balance. With a good internet connection and a smartphone, you can access your transactions, account balances, pay your bills, and so much more on BDO’s mobile app. I myself have a passbook account but mostly do my transaction online so whenever I update my passbook, I was always told to have it updated at least every three months.

BDO Savings Account Products

Peso Passbook Savings Account (with or without ATM)

Deposit Balance Requirements and Rates:
Minimum initial deposit: P5000
Required maintaining balance: P10,000/month
Required daily balance to earn interest: P10,000
Interest rate per annum: 0.25%

Peso ATM (without passbook)

Deposit Balance Requirements and Rates:
Minimum initial deposit: P2000
Required maintaining balance: P2,000/month
Required daily balance to earn interest: P5,000
Interest rate per annum: 0.25%

Optimum Peso Savings Account (Personal)

Deposit Balance Requirements and Rates:
Minimum initial deposit: P30,000
Required maintaining balance: P30,000/month
Required daily balance to earn interest: P30,000

Optimum Peso Savings Account (Corporate)

Deposit Balance Requirements and Rates:
Minimum initial deposit: P50,000
Required maintaining balance: P50,000/month
Required daily balance to earn interest: P50,000

Junior Savers

Deposit Balance Requirements and Rates:
Minimum initial deposit: P100
Required maintaining balance: P100/month
Required daily balance to earn interest: P2,000
Interest rate per annum: 0.25%

Prime Savers

Deposit Balance Requirements and Rates:
Minimum initial deposit: P2,000
Required maintaining balance: P2,000/month
Required daily balance to earn interest: P5,000
Interest rate per annum: 0.25%

Direct Deposit Peso Savings Account

Deposit Balance Requirements and Rates:
Minimum initial deposit: P0.00
Required maintaining balance: P0.00/month
Required daily balance to earn interest: P5,000
Interest rate per annum: 0.25%

Reference: BDO