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.
Final Note
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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Can I use my Alumni Id for opening a savings account in BPI? And Also the barangay clearnace, police clearance and NBI clearance are good as one valid ID?
Anwer will be appreciated. thanks
Hi Emily,
As what indicated on BSP, you can use that for opening an account. You can see the list of ID here: http://learnfinancialeducation.com/requirements-for-opening-a-bank-savings-account/
ksama nman po pla sa list ng acceptable id’s ang postal id at ,brgy cert,,pero bkt po hndi ako pinayagan mgopen ng account sa BPI JUAN LUNA TONDO BRANCH nyo ?
Hi Elizabeth,
As per BSP rules, this is the list of valid IDs that you can use when opening a savings account in any bank: http://learninterestrates.com/list-of-valid-id-for-opening-a-bank-savings-account-in-the-philippines/
tanong ko lang po if may charge pag nag deposit saka nag wdraw sa ibang BPI Branch ?
Hi Amber,
No fee for withdrawing money to any BPI branch as far as I know. Do you have any experience about this?
How much is the maintaining balance for atm’s?
how much do you charge for a local fund transfer?
Hi ayen,
If you transfer funds via BPI express online, there’s no charge for local fund transfer. However, you need first to enroll the account to your BPI express online account.
Hello..
I am American and would like to know if and how I could open a savings account or is their any way I could set something up like for example Cell phones double as electronic wallets in Philippines.
For now I will only be in Philippines for short visits, planning to relocate in the not to distant future.
Salamat
Best regards,
Barry
@Barry,
I think you can open a savings account, you just need your passport or alien certificate of registration. There are banks that offer mobile banking and Internet banking so I think it will not be hard for you when you permanently stay in the Philippines. I’m not a banker so I cannot give you full, complete details. I hope this will help: http://learnfinancialeducation.com/can-a-foreigner-open-a-bank-account-in-the-philippines/
hi! i am willing to open a savings account in bpi. may i ask if i can do a dollar account instead of peso account? and do you have a online banking jsut incase i want to check my account as soon as i get starting to have a savings account? what is the requirements for this?? hope you reply as you can.
@Mary,
Yes you can open a dollar account, and BPI has online banking so you can check our account everywhere you are. See the requirements here: http://learnfinancialeducation.com/requirements-for-opening-a-bank-savings-account/
Hi, I would like to ask regarding how an account would be closed.
I went thru some crises last month (August) and had to withdraw everything I had in my atm account. Now, that I have something spare to save again, I was wondering if my atm account is already deactivated.
@Vicky,
You may check it at any ATM if is still active, meaning, if you can still use it. Just insert your ATM card to machine when you can still see your balance, it is still active.
helo, merun bang rule ang bpi na pag di mu nagalaw yung account or maintaining balance mu ng 2 or more months na 10,000 mababawasan ung account mo?
Hi eloyz,
If yung account balance mo ay above maintaining balance, di mababawasan yung account mo. Kapag 2 years na inactive yung account, dun magsisimulang bawasan ng bangko yung account kahit na above maintaining balance.
Nagpapadala ba sila ng mail sa bahay? ayaw ko kasi malaman ng aunt ko na may atm ako eh.
Hi Jerome,
Yes they are sending mail for the statement of account.
do they still accept secondary id’s like postal id’s, voter’s id, nbi etc.?
Last time i check, bpi only accepts primary gov’t issued id’s.
Hi Al,
As per BSP regulation, one valid ID with photo is enough when applying for an account. You can see the post here: http://learninterestrates.com/list-of-valid-id-for-opening-a-bank-savings-account-in-the-philippines/
good day! it’s written that i need to wait about 3-5 days to have my atm card. my question is, can i get my account number by the day i submitted the required documents? even if i still dont have the card?
Hi Johnas,
I don’t think so because the account number is embedded on the back of ATM card. I’m not sure maybe you can ask it to the bank employee.
I’m wondering if I’m a student, how do I deal with the requirement:
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.
Hi Michelle,
You can use the billing of your parents. For ID, only one valid ID is enough.
how to apply bpi family savings account? wat is the requirements?
Hi, my partner and I want to open a time deposit joint account is that possible?
Hi Ireene,
Yes it is possible but both of you should go to the bank to apply in-person because the bank needs your signatures.
awesome guide! I was just wondering, is it possible have multiple saving accounts under a single name? Like say, one I will use for work and another for personal matters. Thanks, keep up the good work.
Hi Angelo,
You can have only one account on a single branch. You can have account on other branches.
Hi ask ko lang po kung pwede po ako magdeposit sa BPI BRANCH pero ang account ko po ay under sa BPI FAMILY BANK? Express teller po. Sa libertad pasay po ksi ako nag open ng account ko nuon pero sa Cavite na po kami nakatira ngayon. Medyo may kalayuan po ung BPI Family branch sa bahay namin. Gen trias kami tapos ang brach na malapit ay sa Dasmarinas pa. Salamat po.
Hi Eileen,
I think it is possible, no problem about that because it is still BPI bank.
sir may i ask if i can open a joint account in bpi with my partner, if my partner is in saudi arabia and i am in the phil? if bpi doesn’t have that kind of service, which bank offers that kind of service? thank you very much.
Hi Lyn,
You should get the signature of your partner, maybe the bank will allow because I think both of you should be present at the bank when applying for an account.
we heard about the your new offer, its like a 50p for initial deposit?& no maintaining balance..what its is?how?
Hi,
It is called BPI Easy Saver. It has P200 initial deposit and no maintaining balance.
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