Bank of the Philippine Islands (BPI) is one of the leading banks in the Philippines and has been awarded by international organization for being one of the best bank in Asia. I personally like BPI because of its convenient online banking and good customer service. My wife and I opened our savings account in BPI and will continue to use BPI as our primary bank.
There are many good features and services offered by BPI such as bills payment through online banking and automatic saving by BPI Direct Save-Up. I also use BPI to add funds to my Citiseconline account. If you want to open an automatic saving account through BPI Direct Save-Up, you need to do the following.
1. Prepare all needed documents before you go the BPI branch of your choice. Normally, in order to open a savings account in all banks, they require you to bring two (2) valid and recent ID. It can be your company ID, passport, PRC ID, Driver’s license, GSIS/SSS ID, Postal ID and other ID with your name and picture on it.
2. You need also to bring proof of billing indicating your present address. This can be your Meralco bill, Water bill, Phone Bill or Credit card bill. In order to be sure that you have complete requirements, just make 2 photocopies of your IDs and proof of billing.
3. Visit your BPI branch of choice, then go to new account desk.
4. Bring your money for initial opening deposit. Minimum deposit is P500 for BPI Express Teller savings ATM account. For BPI savings account with passbook, P10,000.
5. Tell the account officer that you want also to apply for online banking. He/she will be the one that will apply for it. You can’t do it online, you must first request it to your BPI branch.
6. After you requested for BPI online banking application, bank officer will give you your password. You will be required to designate a user name as you apply for BPI online banking.
7. Once you finished applying and you already have your user name and password for BPI online banking, you need to log-in and change your current password to your preferred password. You need to remember it since you need it every time you will log-in to your BPI online banking.
8. You can now apply online for BPI Direct Save-up by logging in to your BPI online banking account. You need to register and enroll to BPI Direct Save-up.You must decide how much and the frequency of transfer from your current savings account to your BPI Direct Save-up account.
9. If you already have BPI savings account from your company, it is best to apply it for BPI online banking and then apply for BPI Direct Save-up. Every month a certain amount will be transferred from your BPI salary account to your BPI Direct Save-Up. Just nominate how much and frequency of transfer. Minimum amount is P250.
10. Don’t forget your user name and password for your BPI online banking. Caution: don’t try to log in for 3 consecutive fail log in, your online banking account will be disabled.
I think it is very effective way to save money when you have an automatic savings account. Remember you need to pay yourself first and you can do this by automatic saving. Is this blog helpful? Just leave your comments below or subscribe to the RSS feed.