This post will guide you on how you can open a savings account in BPI (Bank of the Philippines), the oldest and one of the biggest bank here in the Philippines.

The Story

Last year, I fulfilled another one of my “life list”. It is to open a bank account. This is technically my first savings account under my name. Well, I have my account in our rural bank that was opened when I was still a kid. However, it contains not that much amount. So, let me share it to you on how I did it.

Why Choose BPI

I have chosen BPI after a short list of banks I have researched about. Topping my deciding factor here is the convenience it offers. You may consider BDO (Banco de Oro) too since it has branches inside SM Malls and even open during weekends. However, BPI outweighs this because:

1. There are several BPI ATM around the area where I am currently living and working.
2. BPI Mobile Banking offers realtime checking of funds as well as easy funds transfer and mobile payments. (My company is planning to switch to BPI for our payroll that time so this is a big advantage.)
3. BPI offers self-assisted deposits through their Deposit Machines in selected branches. The money you deposited is credited realtime too, even during weekends. Look for cash deposit machine locations here.

Those above are my deciding factors, especially no. 3 since I don’t need to fall in line, enduring long queues just to deposit money. Uhm, maybe because I am a DIY inclined person? 😀

Steps on How to Open a BPI Savings Account

Already decided to open an account with BPI? Here’s how:

STEP 1: Prepare Requirements

Below are the requirements in opening a BPI Savings Account:

• Primary Valid ID (Government IDs)
• 2pcs 1×1 ID Picture
• Proof of Billing/Billing Statement/Utility Bill (doesn’t need to be in your name)*
• Initial Deposit or Required Maintaining Balance

Make sure you are bringing complete requirements during your visit to the bank to avoid convenience. Also, go early so that the application will be tad faster.

*Billing Statement isn’t required for all account opening. I am not asked to provide one. But, just bring one if in case the officer ask you for it.

STEP 2: Apply on the Branch of Your Choice

The best branch is of course the nearest to your permanent address or work address. In my case, I choose to open an account in my province because this is where my parents reside. I am going home several times a month too, so this is the best choice for me. You can also select a branch near your work so you can easily transact with the bank during working days. Only downside here is what if you decide to switch to another company? That might imply that your branch of choice will be no longer easily accessible.

Look for BPI Branches using this tool.

The account officer will ask you what account you would like to open. I decided to get an ATM Savings Account or the “Express Teller Savings” as what they call it. Initial deposit for this is P500 with an average daily maintaining balance of P3,000 per month. You can also open an account with passbook but you should provide higher initial deposit. Passbook account has higher maintaining balance too.

View the account choices and their corresponding maintaining balance and interest rates here.

STEP 3: Pick-up your ATM/Debit Card

Claim your ATM as per the date advised by the bank officer who assisted you. On most branch, you can pick-it up after 3-5 banking days. Others offer same day release of your ATM card!

And.. that’s it! You have successfully opened your BPI Savings Account. The ATM provided also act as a Debit Card. That means, your ATM is accepted on most shops that accepts EPS or Banc net. Bring no cash and just bring your ATM card with you for cashless payments. 😀

Frequently Asked Questions

Below are the frequently asked questions about Bank of the Philippine Islands.

1. What are the accepted valid IDs?

• School or Company ID
• Driver’s License ID
• Passport
• Unified ID ( SSS, GSIS or PhilHealth )
• Postal ID
• Voter’s ID
• PRC (Professional Regulation Commission) ID
• TIN card (photo-bearing card type)
• All other Id’s issued by the Philippine government and its instrumentalities.
• Overseas Workers Welfare Administration (OWWA) ID
• Seaman’s Book
• HDMF ID
• Firearms License
• IBP ID
• PNP/AFP ID
• DSWD ID (Senior Citizen ID)
• NBI Clearance | NBI Clearance Online
• Police Clearance
• Barangay Clearance/Certificate
• Marriage Certificate
• Birth Certificate

Kindly bring at least two of your valid ID especially if it is not issued by government. Make sure that your ID is bearing you photo, birthday and signature.

2. I have known that there are different BPI banks, where should I apply?

There are three different entity under Bank of the Philippine Islands:

• Bank of the Philippine Islands (BPI Bank) – corporate accounts.
  
• BPI Family Savings Bank – individual/family (consumer) savings accounts.
  
• BPI Direct Savings Bank – internet based, telephone and online banking.

Mainly, you can either deposit through BPI or BPI Family. In my case, it is BPI. BPI Family offers higher interest rates for savings, a better choice for the masses. But, keep in mind that they are separate banks. You can’t transact with BPI for your BPI Family account and vice versa.

At this time, BPI is favored compared to BPI Family Savings because of one reason. It is the number of branches. However, BPI Family is continually growing and building more branches throughout the country. BPI Direct mainly caters OFWs since personal appearance isn’t required for transactions.

3. What is the best account you can open with BPI?

This will greatly depend on how you will use the account. The all time rounder is the Express Teller Savings account.

Easy Saver is good for those who wanted no maintaining balance and low initial deposit. But, this comes with a consequence. Each withdrawal will cost you 5 pesos. (Withdrawals with Express Teller are free up to 6 times per month through BPI ATMs)

Passbook Savings is best for people who want their deposits and withdrawals outlined in a simple manner.

Jumpstart Savings offers low maintaining balance and is best for young people and students.

Know more about BPI Products and Deposit Rates.

4. What is Average Daily Balance (Maintaining Balance)?

Most of savings account you can open in different banks have their own corresponding maintaining balance. Here in BPI, it is called Average Daily Balance or ADB. Let’s take Express Teller Savings as an example. This account requires an ADB of P3,000. It isn’t necessary to maintain P3,000 every day but it is the easiest way to avoid charges for going below ADB. Look at the example ADB below for a 30-day month period:

Days: Balance
1 – 15: P3,000 (15 days)
16 – 20: P5,000 (5 days)
21 – 25: P7,000 (5 days)
26 – 30: P1,000 (5 days)

So, from Day 1 to 15, you are able to maintain the ADB of P3,000. It even get higher at Day 16 until 25. However, you suddenly need money at Day 26, forcing you to withdraw P6,000 from your ATM card. This made the account to only have P1,000 until day 30. Need not to worry since you are not falling below the ADB. Here’s why:

(3,000 x 15 days) + (5,000 x 5 days) + (7,000 x 5 days) + (1,000 x 5 days) = 110,000

110,000 / 30 days = 3,666.67

That makes P3,666.67 as your ADB for the said period.

I hope I provided help to you in opening your account. Make sure not to go below the average daily balance (ADB) or else you’ll get charge if you did it for two consecutive months. Good luck on cementing your financial goals!