This is a complete guide on how to open BPI savings account. We will cover the requirements, steps, and the different types of savings accounts available.
BPI or Bank of the Philippine Islands is one of the top choices when it comes to banking and saving money in the Philippines. It is widely trusted by many Filipinos because of their good service and the convenience of their many branches everywhere.
Personally, I found their staff to be very accommodating and approachable. It was also easier and hassle free for me to open an account with them than I did with any other banks. Again, these are my personal opinions and I acknowledge that experience can vary from different banks and even branches.
Be prepared to have these requirements ready so that you won’t need to come back again to open BPI savings account.
- 2 vaild IDs – The list of valid ids they accept is written below, just scroll down to check if your id will qualify. Also, based on my experience and what the teller said to me, if you present a Passport as your ID, it will most likely be good to go already and they might not look for another ID anymore. This is because it’s considered as the primary ID here in the Philippines. I still secured a Baranggay Certificate just to make sure.
- Billing Statement – The billing statement is not required to be registered in your name but it needs to be the same address that you want to use. They prefer it to have the same surname as yours or of a close relative. If you are renting and not staying with a parent or relative, you will need to present an authorization letter from the registered person on the billing statement or a Baranggay Certificate with “bank requirements” stated for its purpose.
- 2 copies of 2×2 photos
- TIN Number – This is a new requirement that banks are now asking for.
- Photocopy of your IDs and Billing Statement -?Don’t forget to photocopy your requirements! Sometimes the branch will offer to photocopy the requirements for you but this is not always the case. Prepare these before your visit to open your savings account faster.
- Initial Deposit – This will depend on the type of savings account you want to open. One of the top choice is their new BPI Kaya Savings account (formerly BPI Easy Savers) with no maintaining balance required. You will only pay 200 pesos for initial deposit.
- Driver’s license
- Professional Regulation Commission (PRC) ID
- Postal ID
- Voter?s ID
- Taxpayer Identification Number (TIN)
- Government Service Insurance System (GSIS) e-Card
- Social Security System (SSS) card
- Senior Citizen card
- Overseas Workers Welfare Administration (OWWA) ID
- Overseas Filipino Worker (OFW) ID
- Government office and Government-owned and Controlled Corporation (GOCC) ID (e.g., Armed Forces of the Philippines (AFP), Home Development Mutual Fund (HDMF) IDs)
- ID issued by the National Council on Disability Affairs
- Integrated Bar of the Philippines (IBP) ID
- Company ID
- PhilHealth Health Insurance Card ng Bayan
- National Bureau of Investigation (NBI) Clearance
- Police Clearance
- Baranggay Certification
- Seaman’s Book
- Alien Certificate of Registration / Immigrant Certificate of Registration
- Department of Social Welfare and Development (DSWD) Certification
- Professional ID cards issued by Maritime Industry Authority (MARINA)
1. Visit the nearest BPI bank branch within your area or workplace. Take note of their opening hours. You may also choose branches located within malls for longer banking hours.
2. Bring your requirements and initial deposit with you.
3. Proceed to any available bank teller and tell them you want to open a savings account. If you have come at a busy time and there are no available tellers, tell the guard that you want to open a savings account with BPI and they will give you a queue number. You’ll have to wait for a while until your number is called.
4. Once called, the teller will give you a form to fill up with your personal details and they will ask for your requirements.
5. Fill up the application form with accurate information. Don’t forget to double check.
6. The bank teller will process your application and ask for your initial deposit depending on the savings account you want to open.
7. Your account will be activated in 1 day.
8. The ATM kit or Passbook will be given to you after your application. In some cases, you will need to come back after 3 – 7 days to get your ATM kit or Passbook. Just come back and present your savings account number and one ID.
9.?You will need to change the default pin to your preferred 4 digit pin code. You can easily do this within the your chosen BPI branch.
10.?The teller might offer to activate your enrollment to their online or phone banking features. Take advantage of these because online transactions will make it easier to manage and view your savings account.
That’s it! You’re done. You are now a proud BPI savings account holder.
Note: Take note if there are differences in the required initial deposit and required maintaining balance of your chosen savings account. BPI requires you to deposit the remaining required maintaining balance within 30 days or your account will be deactivated.
BPI Kaya Savings Account (formerly known as BPI Easy Savers Account)
- 200 pesos initial deposit
- NO maintaining balance required
- Account comes with an ATM or debit card
- Enrollment to BPI Online Banking is possible
- Earn interest rate of 0.250% per annum when savings account reaches a daily balance of 1,000 pesos
- 5 pesos fee for ATM withdrawal
- 100 pesos fee if withdrawal is done over the counter
BPI Express Teller Savings Account
This is the regular ATM savings account of BPI. It’s also a common savings account of employees. I used to have one of these when I was still an employee.
- 500 pesos initial deposit
- Maintaining balance of 3,000 pesos
- Earn interest rate of?0.250% per annum when savings account reaches a daily balance of 5,000 pesos
BPI Passbook Savings Account
If your purpose is to really save then having a passbook savings account is the best choice you can make. You won’t be tempted to withdraw from your ATM card when you see a sale or a product you’re interested in.
- 10,000 pesos initial deposit
- Maintaining balance of 10,000 pesos
- Earn interest rate of?0.250% per annum when savings account reaches a daily balance of 25,000 pesos
BPI Save-up Automatic Savings Account
- NO initial deposit
- Can be enrolled in the following: BPI Online Banking, BPI Mobile Banking, and BPI Phone Banking
- Comes with an Info Card
- Save-Up High?- Get higher interest rates for your savings
- Save-Up with?FREE accident and life insurance – Get free?insurance?from BPI-Philam Life Insurance
BPI Jumpstart Savings Account
- 100 pesos initial deposit
- Maintaining balance of 500 pesos
- Earn interest rate of 0.5% per annum?when savings account reaches a daily balance of 1,000 pesos
- Guarantees your child’s savings from unplanned withdrawals
- Allowance Transfer Facility to transfer allowance from your other BPI savings account
- Can be enrolled in BPI Phone Banking, BPI Mobile Banking, and BPI Online Banking
- Privilege card
BPI Maxi-Saver Savings Account
- 50,000 initial deposit for ATM or 75,000 pesos initial deposit for Passbook
- Maintaining balance of 50,000 pesos for ATM or 75,000 pesos for Passbook
- Required balance to earn interest: P50,000 for ATM or P75,000 for Passbook
- Interest rates are calculated based on savings:
Less than Php 50,000 = N.A.
50,000 – 499,999 = 0.250% interest rate
500,000 – 999,999 = 0.375% interest rate
1M and above = 1.000% interest rate
BPI Pamana Savings Account (Also known as the BPI Savings Account with Life Insurance)
There you have it! You now have the complete information to successfully open BPI savings account. Get your requirements ready and open one now at your nearest branch.
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