It’s always a wise decision to save your hard-earned money in a bank account. You’ll never know when a personal emergency comes up and forces you to shell out money. That’s why it’s important to save your money in a reliable and trustworthy bank such as BPI. By opening a BPI savings account, you are taking a crucial step in securing you and your family’s future.
The Bank of the Philippine Islands (BPI) is one of the oldest and largest banks in the country with over 900 branches and more than 3,000 ATMs and cash deposit machines. BPI offers several types of savings accounts for individuals with varying features and benefits. A regular savings account is good enough for most people, but overseas Filipino workers (OFWs) and minors below 18 years of age will require a different type of savings account.
One important feature of your BPI savings account is the ability to perform transactions through the Internet via the BPI online banking website and mobile app. What makes BPI different from other banks is that you don’t need a credit or debit card to have access to online banking. So even if you only have a passbook account, you can still deposit money, transfer funds, pay bills and check your balance through BPI online and mobile banking.
At the moment, BPI does not offer online account opening but that could hopefully change in the future. In order to open a BPI savings account, you’ll have to personally go to a BPI branch and submit a few requirements. The process only takes less than an hour, and you only have to return to the bank to claim your ATM card a week or two later.
Types of BPI Savings Accounts
BPI offers several types of savings accounts based on your specific needs.
BPI Regular Savings Account
This is most common BPI savings account and comes with an ATM card and electronic banking features. You can open an account for only ₱3,000 initial deposit.
- Initial deposit: ₱3,000
- Maintaining balance: ₱3,000
- Balance to earn interest: ₱5,000
- Interest rate: 0.125% per annum
BPI Passbook Savings Account
This savings account is for those who prefer a passbook instead of an ATM card. Passbook savings account holders can still use BPI online banking facilities.
- Initial deposit: ₱10,000
- Maintaining balance: ₱10,000
- Balance to earn interest: ₱25,000
- Interest rate: 0.125% per annum
BPI Pamana Savings Account
BPI Pamana is a card-based savings account that comes with free life insurance coverage of up to 3x your average account balance (maximum coverage of ₱2 million).
- Initial deposit: ₱25,000
- Maintaining balance: ₱25,000
- Balance to earn interest: ₱25,000
- Interest rate: 0.125% per annum
BPI Maxi Saver
This BPI savings account lets you earn higher interest. The more you save, the more interest you earn. Plus you get an additional 0.5% interest if no withdrawals are made within the month.
- Initial deposit: ₱50,000
- Maintaining balance: ₱50,000
- Balance to earn interest: ₱50,000
- Interest rate:
- ₱50,000 – ₱499,999 = 0.250%
- ₱500,000 – ₱999,999 = 0.375%
- ₱1 million and above = 0.625%
BPI Jumpstart
BPI Jumpstart is a savings account meant for children aged 10 to 17 years old. It allows you to set a minimum balance that cannot be withdrawn, as well as a schedule to transfer your child’s allowance from your bank account.
- Initial deposit: ₱100
- Maintaining balance: ₱1,000
- Balance to earn interest: ₱2,000
- Interest rate: 0.125% per annum
BPI Save-Up
Practice good saving habits with a BPI Save-Up account. Automatically transfer money to your BPI Save-Up account and get free life and accident insurance worth 5x your average daily balance (up to ₱2 million).
- Initial deposit: None
- Maintaining balance: ₱1,000
- Balance to earn interest: ₱5,000
- Interest rate: 0.125% per annum
BPI Kaya Savings Account
With an initial deposit of only ₱200 and with no maintaining balance required, BPI Kaya is great for budget-conscious individuals. You’ll also enjoy minimal withdrawal fees at BPI or BancNet ATMs.
- Initial deposit: ₱200
- Maintaining balance: None
- Balance to earn interest: ₱1,000
- Interest rate: 0.125% per annum
BPI Advance Savings Account
Enjoy higher interest rates than regular savings accounts and also earn interest in advance with each deposit.
- Initial deposit: ₱100,000
- Maintaining balance: ₱100,000
- Balance to earn interest: ₱100,000
- Interest rate:
- ₱100,000 – ₱999,999 = 0.750%
- ₱1 million and above = 1.125%
BPI US Dollar Savings Account
Make your dollars work for you. For only $500, you can open a US dollar account and withdraw your money at any MasterCard or Cirrus affiliated ATM worldwide.
- Initial deposit: $500
- Maintaining balance: $500
- Balance to earn interest: $500
- Interest rate: 0.050% per annum
BPI Pamana Padala
Designed for OFWs, BPI Pamana Padala lets you remit your hard-earned money to your family back home at lower fees. It also has free life insurance where the beneficiary will receive up to ₱300,000 per month for a year in the event of the account holder’s demise.
- Initial deposit: ₱500
- Maintaining balance: Waived as long as there are 4 remittances in a year
- Balance to earn interest: ₱5,000
- Interest rate: 0.125% per annum
BPI Padala Moneyger
BPI Padala Moneyger lets you receive remittances from abroad, direct to your bank account. There’s no maintaining balance required as long as you have at least four remittances in a year.
- Initial deposit: None
- Maintaining balance: Waived as long as there are 4 remittances in a year
- Balance to earn interest: ₱5,000
- Interest rate: 0.125% per annum
Check out the table below to compare each BPI savings account:
| Type of Account | Initial Deposit | Minimum Monthly ADB | ADB to Earn Interest | Interest Rate (p.a.) |
|---|---|---|---|---|
| BPI Regular Savings | ₱3,000 | ₱3,000 | ₱5,000 | 0.125% |
| BPI Passbook Savings | ₱10,000 | ₱10,000 | ₱25,000 | 0.125% |
| BPI Pamana Savings | ₱25,000 | ₱25,000 | ₱25,000 | 0.125% |
| BPI Maxi Saver | ₱50,000 | ₱50,000 | ₱50,000 | 0.250 to 0.625% |
| BPI Jumpstart | ₱100 | ₱1,000 | ₱2,000 | 0.125% |
| BPI Save-Up | 0 | ₱1,000 | ₱5,000 | 0.125% |
| BPI Kaya Savings | ₱200 | N/A | ₱1,000 | 0.125% |
| BPI Advance Savings | ₱100,000 | ₱100,000 | ₱100,000 | 0.750 to 1.125% |
| US Dollar Savings | $500 | $500 | $500 | 0.050% |
| BPI Pamana Padala | ₱500 | Waived | ₱5,000 | 0.125% |
| BPI Padala Moneyger | N/A | Waived | ₱5,000 | 0.125% |
BPI Savings Account Requirements
Before you go to the nearest BPI branch to open your savings account, make sure that you have the following requirements.
1. Two (2) Valid IDs (Original and Photocopy)
Bring two valid IDs as well as photocopies of them. If you forgot to photocopy your IDs, don’t worry because the account officer will photocopy them for you. But it’s better to photocopy them yourself to save time. Be sure to photocopy both the front and back of your ID.
Here is a list of valid IDs accepted by BPI:
- Passport
- Unified Multi-Purpose ID (UMID)
- Social Security System (SSS) ID
- Government Service Insurance System (GSIS) e-Card
- National Bureau of Investigation (NBI) clearance
- Police Clearance
- Driver’s License
- Professional Regulation Commission (PRC) ID
- Taxpayer identification number (TIN) ID
- Postal ID
- Voter’s ID
- Senior Citizen Card
- Overseas Filipino Worker (OFW) ID
- Overseas Workers Welfare Administration (OWWA) ID
- Barangay Certification
- Seaman’s Book
- Integrated Bar of the Philippines (IBP) ID
- PhilHealth Insurance Card ng Bayan
- Department of Social Welfare and Development (DSWD) Certification
- Government office and Government-owned and controlled corporation (GOCC) ID; e.g. Home Development Mutual Fund (HDMF), Armed Forces of the Philippines (AFP)
- Company IDs issued by private entities and institutions registered with, supervised or regulated either by the Securities and Exchange Commission (SEC), Bangko Sentral ng Pilipinas (BSP) or Insurance Commission
- Alien Certificate of Registration or Immigrant Certificate of Registration
- Professional ID Card issued by the Maritime Industry Authority (MARINA)
2. Latest Utility Bill or Proof of Billing
You will be asked to submit a utility bill that shows your current address. The utility bill doesn’t have to be under your name as long as it shows your address. Examples of utility bills are electricity, water, Internet and postpaid phone bills.
If you only have an electronic bill, you can print it and it will still be accepted. In my case, I downloaded the PLDT bill that was sent to my email and printed it.
3. Two (2) Recent 2×2 Pictures
BPI will also require two 2×2 pictures as proof of your identity. The pictures will be attached to a signature card where you’ll provide several specimens of your signature.
4. Taxpayer Identification Number (TIN)
The taxpayer identification number or TIN is a requirement in opening bank accounts nowadays. If you’re employed, ask your number from your employer. If you’re unemployed or a student, apply for a TIN at the Bureau of Internal Revenue (BIR) revenue district office near you. Bring an official document containing your name and date of birth (e.g. PSA birth certificate, passport, cedula) and fill out BIR Form 1904. You will get your TIN the same day.
If you want to apply for a TIN for the purpose of opening a savings account, you will also need an endorsement letter from BPI. Go to the account opening section of BPI and ask for an endorsement letter requesting the BIR to give you a TIN. Give this endorsement letter to the BIR along with the duly-accomplished BIR Form 1904 and your official documents.
5. Initial Deposit Amount
Your initial deposit amount depends on the type of savings account you choose. If you choose a regular savings account, your initial deposit is ₱3,000.
Step-by-Step Guide in Opening a BPI Savings Account
Now that you’re ready with your requirements, it’s time to open your BPI savings account. This will usually take less than an hour. For convenience, place all your requirements in a folder or brown envelope.
1. Go to the Nearest BPI Branch
Bring all your requirements including the initial deposit and head over to the nearest BPI branch. You can use the BPI Branch Locator page to find the branch nearest you. Once there, go to the New Accounts section.
2. Fill Out the Application Form
Ask for the application form from the account officer and fill it out completely and accurately. Tell the officer what type of savings account you want to open so that she will give you the correct application form.
3. Submit Requirements and Application Form
Give your requirements to the account officer as well as your duly accomplished application form. The account officer will check that your application form and requirements are complete. She will also ask you a few questions, including your purpose for opening a savings account and how often you will deposit money to your account.
You will then be asked to sign several specimens of your signature. Give your initial deposit and claim your deposit slip afterwards. The account officer will tell you to come back after a few days or weeks to claim your ATM card.
4. Claim Your Passbook and/or ATM Card
If it’s a passbook savings account, you will get your passbook immediately after opening the account. For ATM cards, you can usually claim it in 3-5 business days. In any case, the account officer will tell you when you can claim your card. To claim your ATM card, present the deposit slip and your valid ID to the New Accounts section at the BPI branch where you opened your account.
5. Change Your ATM Card PIN
After getting your ATM card, change the PIN within two days after receiving it. Follow these steps to change your PIN:
- Go to a BPI ATM and insert your ATM card.
- Choose a language.
- Select “Change PIN.”
- Enter your new PIN twice.
- Select “Yes” or “No” when asked if you want a receipt.
- Enter the old temporary PIN.
- If the change is successful, the screen will show “Successful PIN Change.”
- Get your card. You can now use the new PIN.
How to Enroll in BPI Online Banking
With BPI online banking, you can check your balance, transfer money and pay bills using only your computer or mobile phone. It’s convenient because you don’t have to go to the BPI branch to perform your banking transactions.
Any type of BPI savings account can be enrolled in BPI online banking, including passbook accounts. It’s not necessary to have an ATM, debit or credit card to enjoy the benefits of online banking. After opening a BPI savings account, just wait for 48 hours for it to be activated and then you can enroll your account with BPI online banking.
These are the steps in enrolling your savings account with BPI online banking:
- Go to the BPI online banking website at https://online.bpi.com.ph.
- Click “Register Now” below the login form.
- On the dropdown box for the type of product, select “Deposit.”
- Enter your account number.
- Enter your date of birth.
- Solve the captcha and click “Next.”
- Nominate a username (6-12 characters with letters and numbers).
- Nominate a password (at least 8 characters).
- Click “Next.”
- Enter your email address.
- Check the box agreeing to the terms and conditions.
- Click “Submit.”
- Make sure that your registered mobile number is correct and then click “Yes, send me the code.”
- Enter the one-time PIN (OTP) that was sent to your number and click “Submit.”
- Your BPI online banking account has been created. Check your email for the confirmation.
After successful enrollment, you can now login to your BPI online banking account using your username and password. You can also download the BPI mobile app from Google Play or the App Store.
Happy Banking!
There you have it. You just learned how to open a BPI savings account. Be sure to maintain your minimum daily balance to avoid service charges and eventual account closure. Keep your money safe by never giving your account details to strangers.
If you have any questions or concerns with BPI, call their customer service hotline (+632) 889-10000 or send an email to [email protected].
