BDO savings accounts for april 2023

One of the most common and simple ways to deposit and withdraw money in the Philippines is through a BDO savings account.

Types of BDO savings accounts

Passbook saves, ATM savings, optimal savings, and junior savers are the four personal savings accounts offered by BDO. A fifth remittance (US dollar savings account) is also available. As long as you qualify and meet the requirements, BDO's savings account is for everyone, and no one is excluded.

BDO Passbook Savings

The BDO Peso passbook savings account combines the protection of a passbook with the advantages of a regular interest-earning account. When you start an account, you can decide whether you want a BDO debit card for ease of access at ATMs or just a passbook.

BDO ATM Savings

The BDO ATM savings account provides the ease and convenience you require daily. You can enjoy the comfort of utilizing ATMs to withdraw money and pay bills, cashless dining and shopping, and secure fund transfers with BDO online banking.

BDO Optimum Savings

The secret to quickly reaching financial freedom is to start saving more immediately. Your interest rate increases as you put more money into BDO's optimum savings account. Three free withdrawals or debits from your account are permitted each month.

BDO Junior Savers

Nothing is more satisfying for a parent than ensuring their child has a promising future. Kids have an endless list of objectives, and every parent may assist them in achieving them. Start by routinely depositing money into a savings account created just for your child using the junior savers' plan.

US Dollars Savings

It's crucial to manage your finances when working or traveling overseas. A US dollar savings account is a practical method to save and enjoy your hard-earned US dollars. BDO online banking gives you safe, convenient access to your money from anywhere worldwide as your account with them expands. Receive inexpensive remittance rates, stable interest rates, cashless travel, and various international banking alternatives.

How to apply for a BDO savings account?

In-branch

1. Visit the BDO website, navigate to Personal, click on Accounts, and then select Forms to download the application form.
2. Fill out and print the form.
3. Prepare the minimum deposit according to the type of savings account you intend to open and a valid ID.
4. Go to a nearby BDO branch with these documents to complete the application.

Online

You can participate in a zoom video call from the convenience and safety of your home, replacing the need to visit a bank. You can pick up your BDO debit card, passbook, or checkbook at any BDO branch, which you can choose as your home branch, and conduct any future transactions there.

1. Visit the BDO website, navigate to Personal, click on Accounts, and then select Forms to download the application form.
2. Choose the account type, fill out and print the form.
3. Upload the following:
• Valid ID with your photo and signature.
• A selfie of you holding your ID.
• Picture of your three signatures.
4. Meet a BDO representative via zoom for account opening evaluation.
5. Fund your account within seven days from the day it was approved; funding could be done through:
• Cardless deposits through any BDO cash deposit machine.
• Deposit at any BDO branch. Applicants that stay abroad can remit via any BDO remit office or partners.
• Sending money online.

BDO savings account requirements

The requirements for a BDO savings account are as follows:

1. Identification document. If you are a foreign national, you must have a passport. Any of the following IDs are recognized for Filipinos:
• Tax Identification Number (TIN) ID
• Postal ID
• Government Service Insurance System (GSIS)
• Social Security number (SSS)
• Driver's license
• Senior citizen ID card
• e-Card
• Voter ID
• School ID (specifically for minors)
• IDs from the Philippines Identification System (Philsys) and the Integrated Bar of the Philippines (IBP)
2. Residence address
3. Passport-size photo
4. Initial deposit
5. The account opening form should be completed.

Pros and cons

The advantages and disadvantages of BDO's savings account services are listed below.

Pros

• Unlike long-term investment accounts, BDO savings accounts are simple to open and allow unlimited withdrawals and deposits (within federal limits) via ATMs or 24-hour online access.
• To help you avoid late fees or missing payments, BDO permits bills to be paid automatically out of a savings account.

Cons

• Compared to other types of accounts or investments, interest rates on BDO savings accounts are lower.
• BDO may compound the interest on your savings account monthly or yearly lowering its overall returns.