Planning to open a new Bank of the Phiilippines (BPI) Savings Account?
First, you need to decide which type of BPI savings account you will be getting. On this post, we shall look into three of the most common BPI account types as well as list the requirements you need to bring when you open a BPI account.
Check as well the answers to some frequently asked information regarding BPI account maintanance and transaction fees.
Type of BPI Savings Account
BPI Express Teller Savings
This is the regular ATM savings account where you can withdraw from any BPI Express Teller ATMs or swipe your card when shopping in any of the Express Payment System (EPS) accredited merchants nationwide at no extra fee.
Initial deposit required to open: Php 500
The required minimum Monthly Average Daily Balance (ADB) is Php 3000.
Required Daily Balance to earn interest: Php 5000.
Interest Rate per Annum: 0.25%
BPI Passbook Savings
If you prefer opening a Passbook Account with BPI for record keeping purposes, you can definitely still do so.
Required Initial Deposit: Php 10,000
Required Minimum Monthly Average Daily Balance (ADB): Php 10,000
Required Daily Balanceto Earn Interest: Php 25,000
Interest Rate Per Annum: 0.250%
BPI Kaya Savings
If you don’t want to worry though about keeping a maintaining balance on your account then this type of ATM savings account is for you. Even if you withdraw all your money from your Kaya Savings ATM, you will not be charged extra, nor will your account be deactivated. Every time you withdraw though there is a withdrawal fee even if you do it at BPI Express Teller ATMs.
Initial deposit required to open: Php 200
Withdrawal Fee at BPI ATMs: Php 5.
Debit Card Fee: Php 150
Required Daily Balance to earn interest: Php 1000.
Interest Rate per Annum: 0.25%
Once you have decided which kind of savings account you will be getting, be ready with the following REQUIREMENTS FOR OPENING A BPI ACCOUNT:
- Valid ID with photo and signature
- 1×1 ID picture
- Initial deposit amount
- Utility Bill reflecting address
**Be ready with your Tax Identification Number (TIN) as well. If you don’t have a TIN you have to indicate the reason why that is so on the BPI New Account form the bank will be giving you.
Here are answers to some Frequently Asked Questions regarding BPI ATMs or Passbook Account you might also have (the following applies to the BPI ATM and Passbook Savings Accounts)
How much is the charge for transactions at non-BPI ATMs?
If you use your BPI ATM at other Expressnet member banks, Megalink or Bancnet ATMs here are the corresponding fees:
Balance Inquiry Charge: Php 1.50
Withdrawals: Php 15.00
Can I do over the counter withdrawal even if I have an ATM account?
Yes, you can though there is a fee for Over-the-Counter Withdrawal Fee for ATM-based Accounts which is Php 100. Fee may be only waived if the ATM is offline or you are trying to withdraw an amount exceeding the BPI daily ATM limit.
What will happen to my BPI account if I fall below the required maintaining balance?
A Monthly Service Charge of Php 300 applies if your account falls below the required minimum average daily balance (ADB) for two (2) consecutive months. (This does not apply to Kaya Savings type of account)
How often must there be transactions in my BPI account for it to stay active?
As often or as rarely as you like. Take note though that Savings Accounts will be considered Dormant if there is no client-initiated transaction within 2 years. If this happens and the account falls below the ADB, your account will incur the Monthly Dormancy Charge of Php 30.
**Note that the above info pertains to Bank of the Philippine Islands ONLY and NOT to BPI Family Savings Bank.
If you are ready to open your BPI Savings Account, just head down to any BPI branch near you with the requirements listed above.
Looking for the Guide and Requirements on opening a BDO savings account? Click HERE.