A BPI savings account is one of the most popular ways you can use to deposit and withdraw money with ease in the Philippines. Some of its common characteristics include no cap on withdrawals, no check-writing or debit card capabilities, few transfer alternatives, and no overdraft protection.
Types of BPI savings accounts
BPI provides a variety of savings accounts to suit your specific requirements, allowing you to manage, grow, and save your money with the most significant amount of simplicity.
Regular savings account
A regular account offers the convenience of Internet banking, allowing you to easily manage your daily finances at any time of the day.
On-funds interest
Online and in-store cashless transactions accepted anywhere BancNet or Mastercard is accepted
Easy money transfers by registering recipient accounts
Deposit with insurance
This account offers life insurance worth three times your account balance and earning interest. Thus, the family also benefits from your savings.
On-funds interest
Free life insurance coverage worth up to ₱2m or $40,000, or three times your account balance
There are no premium payments or medical exams necessary
High returns
Saving becomes incredibly profitable when you have a savings account that increases your earnings as you save more — additionally offered as a US dollar account.
Greater interest rates than a typical savings account
1.25% annual bonus interest is paid if no withdrawals are made throughout the month
Flexible and quick financial access
Other BPI savings accounts are:
#SaveUp
A savings account that is entirely digital and gives you additional earning potential.
Jumpstart
A savings account which was created especially for teenagers (10 – 17 years old) to encourage them to start saving money at a young age.
Saver Plus
A savings account that pays higher interest than a typical savings account and also increases your financial security.
US Dollar Savings
You can enjoy simplicity when monitoring your account while letting your money grow with the bank.
Pamana Padala
It was created to keep all the hard-earned money of FIlipinos working abroad safe and secure. The account makes it easier to send money home by making handling and remittance more straightforward.
Padala Moneyger
Cost-effective savings account created especially for people who receive international remittances. Additionally, managing the shipment is simple because it goes directly to the account.
How to apply for a BPI savings account?
To apply for a BPI savings account;
Visit the bank website, select the Accounts heading, and then the type of savings account you want to open to open a BPI savings account.
Download the application, complete it, and submit it.
A reference code will eventually be provided to your cell phone and email.
Use the code to finish your application.
Visit the local bank location to deposit money into your account and activate it.
Requirements
Two valid IDs, such as a school ID, company ID, UMID, etc.
Two photos which should not have been taken more than six months ago
An electric bill is one type of proof of billing
Telco invoice water invoice
Identification number for taxes
Pros and cons
The following is a list of benefits and drawbacks of using BPI's savings account services.
Pros
You won't have to worry about liquidating investments or undertaking other onerous actions to retrieve your money because cash deposits to bank savings accounts are accepted.
You can open an account without any large initial deposit.
Cons
BPI's savings account interest is compounded annually, which is slower when compared to alternative investment alternatives. So, your money may not grow to its full potential.
Nominal interest rate.