Bank of the Philippine Islands (BPI) is one of the best banks in the Philippines. Recently, BPI was awarded by Finance Asia as the as the best cash management bank in the Philippines. Finance Asia also named BPI as the best trade finance bank in the Philippines. BPI has two subsidiary banks – BPI Family Savings Bank and BPI Direct.
Overview of BPI Bank Philippines
BPI Bank is focused primarily on corporate accounts like salary account of employees. BPI Family Savings Bank is catered on individual savings accounts or for individual person who may not be an employee. While BPI Direct is focused primarily on mobile, telephone and online banking.
These three banks have differences to each other like maintaining balance requirements and interest rate for savings account. BPI Savings account has a maintaining balance requirement of 3000, BPI Family Savings Account requires only 1000 and BPI Direct has maintaining balance as low as 500.
BPI Interest Rates, Initial Deposit and Maintaining Balance
It is very important as an account owner that you know the interest rate for the savings account you are opening. In the same way, you should also know how much is the initial deposit when opening a new account and the maintaining balance you should have in your account to avoid penalty.
You can see the post that I published here to learn more about the interest rate, initial deposit and the required maintaining balance to earn interest for each type of BPI savings account. Bookmark this page for your future reference.
Steps in Opening a BPI Savings Account
In order to open a BPI savings account, you need to do the following and bring the needed requirements for opening a savings account.
1. Visit the BPI branch of your choice and bring the following requirements for opening a savings account.
- Two (2) valid and recent IDs with your name and picture (Updated: As per Bangko Sentral ng Pilipinas guideline, a one valid photo-bearing ID is enough to open a new bank account, click here to learn more about this)
- One Photocopy of each ID you will submit
- IDs acceptable for opening a savings account can be: Passport, Driver’s license, Professional Regulations Commission (PRC) ID, National Bureau of Investigation (NBI) clearance, Police clearance, Postal ID, Voter’s ID, Barangay certification, Government Service and Insurance System (GSIS) e-Card, Social Security System (SSS) card, Philhealth card, Senior Citizen Card, Overseas Workers Welfare Administration (OWWA) ID, OFW ID, Seaman’s Book, Alien Certification of Registration/Immigrant Certificate of Registration, Government office ID (e.g. Armed Forces of the Philippines (AFP), Home Development Mutual Fund (HDMF) IDs), Certification from the National Council for the Welfare of Disabled Persons (NCWDP), Department of Social Welfare and Development (DSWD) Certification, Other valid IDs issued by the Government
- Billing Statement and 2 photocopies in order to verify your address. Billing statement can be Electric bill, Telephone bill, Water bill, Credit Card bill, Cellphone bill etc.
- Two (2) copies 1×1 latest ID picture
2.) Upon entering the bank, proceed to New Account Desk. Tell the bank officer you want to open a savings account and then fill-up all forms that will be given to you.
3.) Give the initial deposit for your savings account. Your initial deposit should be equal or more than the maintaining balance. For BPI ATM savings account, P3,000 and BPI ATM Family savings account, P1,000. For BPI savings account with passbook, P10,000 is the maintaining balance.
4. Claim your ATM card or passbook after 3-5 banking days. You may also ask the bank employee when you can get your ATM so you can be sure.
BPI savings account has many different types and it’s your duty to choose which one is the best for you. Normally, many people just open an ATM account because it has the lowest initial deposit but if you want the traditional, you can open a passbook savings account.
Do you want to have an automatic savings and free insurance? Read this article. How to Open a BPI Automatic Savings Account. Do you need more information about opening a BPI savings account? Just visit www.bpiexpressonline.com.
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