BDO Peso Savings Account – MoneySmart Review 2020

BDO Peso Savings Accounts Reviews 2020

Are you looking for a savings account that can help you build good habits for the long-term?

Nothing beats having good financial habits. Saving money is a way to invest in yourself. It’s certainly a great way to start your 2020, too.

Check out our review of the BDO Peso Savings account and see if this one fits your savings requirements.

What are the types of BDO Peso Savings Account?

BDO offers 4 types of peso savings accounts that cater to the Filipino banker.

Banks in the Philippines have a list of requirements for you to open an account.

So your purpose of opening a savings account and how much money you want to save should also be clear to you.

Product Minimum Initial Deposit Minimum MADB Requirement Minimum Balance to Earn Interest
Passbook Savings P5,000 P10,000 P10,000
ATM Savings P2,000 P2,000 P5,000
Optimum Savings P30,000 (Personal)



P30,000 (Personal)



P30,000 (Personal)



Junior Savings P100 P100 P2,000

BDO Peso Savings Passbook Account Features

A passbook savings account offers a fixed interest if you meet the minimum balance to earn the gross interest rate per annum of 0.25%.

At BDO, you can open a savings passbook account with a minimum initial deposit of P5,000.

One of the advantages of having a passbook account is you can avoid the temptation of withdrawing your money frequently. Unless of course, it’s a huge amount for emergency purposes.

While BDO offers an option to have an EMV debit card when you open an account, sticking with a passbook alone can help you build good habits.

Keep in mind that if you don’t maintain its minimum balance requirement, you’ll be charged P300.
Your account will be considered dormant if you’re not initiating activities for two years.

BDO ATM Savings Account Features

If you’re after convenience and almost cashless transactions when you shop offline and online, enjoy the simplicity and convenience that BDO ATM Savings account offers.

You can access your money anytime and anywhere, and make cash deposits via ATMs and cash deposit machines nationwide.

You can pay bills via online and mobile banking and use your card that serves as a debit card when you dine, shop, and travel.

The minimum initial deposit for ATM Savings is P2,000. A minimum monthly average daily balance of P2,000 is required to avoid a P300 charge when your account falls below the required minimum amount for two consecutive months.

Just like the passbook account, you earn a fixed gross interest rate per annum of 0.25%.

You should maintain the minimum balance of P5,000 to earn the interest.

BDO Optimum Savings Account Features

If you’re serious about saving more money and earning higher interest rates, then opening an Optimum Savings Account could be a good option, whether it’s for personal or business savings account.

This type of savings account offers higher interest rates as you deposit additional money.

The interest rates earned aren’t disclosed, but you can check and discuss more of the features at your nearest BDO branch.

Once you have this account, you may withdraw/debit from it up to three times per month free of charge.

The minimum initial deposit is P30,000 for a personal account and P50,000 for a business account.

You need to maintain the minimum MADB (monthly average daily balance) to avoid the P300 charge.

One of the advantages of having this account is that you’re forced to limit your withdrawal and debit transactions per month.

Otherwise, you’ll be charged P110 per excess transaction if you go beyond the limit of (3) times.

BDO Junior Savers Account Features

Teach your kids to save money while they’re young with the BDO Junior Savers account. The sooner they learn to save money, the wiser they’ll be in handling their finances.

The BDO Junior Savers account is ideal for kids below 12 years old. It has a passbook, and you can request a personalized BDO EMV debit card once you reach the deposit balance of P2,000.

The minimum initial deposit to open an account is P100.

And if you want to earn the gross interest rate per annum of 0.25%, you need to maintain P2,000 in your account.

Opening a Junior Savers Account will require both child and parent/legal guardian to submit the following documents:

For the child, any of the following:

  • Original copies – birth certificate, school ID (signed by the principal) or passport

For the parent or legal guardian:

  • Two (2) valid government IDs
  • Adoption documents (applicable only if opened by the Adoptive Parent)
  • Guardianship documents (applicable only if opened by the Legal Guardian)

For more details regarding the requirements, click here.

Which BDO Peso Savings Account is for you?

Opening a savings account depends on how much money you’d like to put in the bank and on your financial goals.

For serious savers, the Passbook Savings and Optimum Savings are good options if you have more than P10,000 to start your financial journey.

But if you both need a Savings account and a debit card to help you manage and pay your bills, the ATM Savings account is a good option.

It has a low initial deposit compared to the first two types of savings accounts.

Just keep in mind that the interest earned is subject to a 20% withholding tax.

Let us know which one you think fits your money-saving goals for 2020 in the comments below!