Start the year right with good habits. Start saving for 2020 and make it your top priority.
To encourage you to save more and help build your future, let’s explore the different types of BPI Peso Savings accounts. Then you can decide where to put your hard-earned money.
What are the types of BPI Peso Savings Accounts?
For your personal banking needs, you can choose a savings account that will match your goals for 2020 and beyond.
BPI is one of the biggest and most popular commercial banks in the Philippines, and their Peso savings accounts are something you can consider.
|Product||Minimum Initial Deposit||Minimum Monthly Average Daily Balance (MADB) Requirement||Minimum Balance to Earn Interest|
|BPI Padala Moneyger||None||Waived (as long as there are 4 remittances in a year)||P5,000|
|Jumpstart Savings||P100||P1,000 (waived for one year for accounts opened starting March 16, 2012)||P2,000|
|Express Teller Savings||P3,000||P3,000||P5,000|
|BPI Advance Savings Account with Passbook||P100,000||P100,000||P100,000|
|Maxi-Saver (4) Savings with Debit Card (ATM Card)||P50,000||P50,000||P50,000|
|Maxi-Saver (4) Savings with Passbook||P75,000||P75,000||P75,000|
BPI Padala Moneyger Savings Account Features
Are you receiving remittances from abroad? With BPI Padala Moneyger, you can open a savings account that lets you receive funds from overseas directly to your account.
There’s no minimum initial deposit required when you open an account.
The required minimum monthly average daily balance is waived as long as you receive four remittances in one year.
If you maintain the required daily balance of P5,000, you earn an interest rate per annum of 0.25%.
You can receive your funds, whether it’s midnight or a holiday, too. Plus, with BPI Online and Mobile Banking, you can easily access your account to monitor your balance, transfer funds, or pay bills.
Click here to open an account or visit your nearest BPI branch.
BPI Save-Up Savings Account Features
The Save-Up Account transfers a nominated amount from an ATM account to a Save-Up Account to automatically save funds.
This savings account has no initial deposit requirement, but you need to maintain the minimum monthly average daily balance of P1,000.
To earn an interest of 0.250%, make sure you have at least P5,000, which is the required minimum balance to earn interest.
It comes with an Info Card to prevent your impulsive withdrawals and enable online account enrollment.
This type of savings account offers access to BPI Online Banking, Mobile Banking, and Phone Banking.
There are two types of Save-Up Savings accounts you can choose from:
- BPI Save-Up High Automatic Savings
- BPI Save-Up Automatic Savings + Insurance
If you choose the Save-Up High account, you enjoy higher interest rates.
|Funds to earn interest||Interest Rate (p.a)|
|P5,000 – P49,999||0.250%|
|P50,000 – P499,999||0.375%|
|P500,000 and above||0.500%|
For the Automatic Savings + Insurance (*from BPI-Philam Life Insurance), you get the following perks:
- No medical check-ups required
- Insurance coverage is equal to as much as 10 times the account’s balance
- Basic Life: 5x the account’s average Month-to-Date Average Daily Balance MTD-ADB** up to PHP 2 million.
- Accidental Death: an additional 5x the account’s average MTD-ADB** up to PHP 2 million.
- Accidental Dismemberment up to PHP 2 million.
BPI Jumpstart Savings Account Features
Teach your kids some money-saving habits with BPI Jumpstart Savings account.
It is designed for children ages 10-17 years old. As a parent, you can take advantage of the Allowance Transfer Facility that allows you to send money, which is credited to his/her Jumpstart account on a scheduled basis. This will help them budget their allowance.
Other features of this account include cellphone reloading via BPI Express Teller, BPI Phone Banking, BPI mobile banking, and online banking.
The required initial deposit is P100, while the required minimum monthly average daily balance ADB is P1,000.
This amount is waived for one year for accounts opened after March 16, 2012.
To earn the interest rate per annum of 0.25%., you need to maintain the required daily balance of P2,000.
Choose from any of these card designs for your kids when you open an account.
BPI Kaya Savings Account Features
Most savings accounts have a maintaining balance. But BPI Kaya Savings account is an exemption.
Be worry-free when it comes to saving for your future and start for as low as P200.
If you want to earn interest, maintain the required daily balance of P1,000.
While there’s no maintaining balance for this savings account, there are applicable fees for transactions.
You’ll be charged P5.00 for customer-initiated debits, including EPS and 24/7 banking channels and withdrawals, whether ATM or over-the-counter transactions (e.g. shopping in-stores and using EPS debit card as payment).
BPI Express Teller Savings Account Features
If you’re after convenience and 24/7 access to your account, the Express Teller is another type of savings account that supports online banking and mobile banking for your day-to-day finances.
You can open a savings account with an initial deposit of P3,000, and the required minimum monthly average daily balance is also P3,000.
To earn interest, you’ll have to maintain a daily balance of P5,000.
You can access your account in more than 3,000 Express Teller, Expressnet, and Bancnet ATMs nationwide and in more than 800,000 Cirrus ATMs worldwide.
Use your ATM debit card to pay EPS-accredited merchants for cashless shopping nationwide.
Manage your finances by transferring funds through enrolled recipients. With 24/7 access to online banking or mobile banking, you can also pay your bills by enrolling in the bills payment facility.
BPI Passbook Savings Account Features
If you want the traditional way of saving money and are in favor of recordkeeping with a passbook, the Passbook Savings is your best choice.
Most passbook savings accounts have higher monthly average daily balance compared to other ATM savings accounts.
The initial deposit is P10,000, with a required minimum monthly average daily balance of P10,000.
To earn interest, maintain the required daily balance of P25,000.
One of the benefits of having a passbook savings account is that it pushes you to save more money and lessens the temptations of withdrawing incrementally. To withdraw money, you still have to do it over the counter.
For moneysmart folks, this is a good option if you’re saving for yourself or your family.
BPI Advance Savings Account Features
Enjoy faster returns on your deposit with BPI Advance Savings Account.
This type of account requires a higher initial deposit than the other regular savings accounts. But you get to enjoy higher interest rates and earn in advance for every deposit.
The required initial deposit is P100,000, and you can monitor your funds via passbook and through BPI Online Banking.
The required minimum monthly average daily balance is P100,000. If you want to enjoy a 0.750% interest rate per annum, maintain the required daily balance of P100,000. Funds from P100,000 to P999,999 earn an interest rate of 0.750%. For 1 million and above, the interest rate is 1.250%.
BPI Maxi-Savers Savings Account Features
Here’s another way to enjoy higher interest rates when you save money and put them in a Maxi-Saver Savings.
You can choose from either the ATM card account or the passbook savings account.
You get a bonus interest of 0.5% per annum if no withdrawal is made within the month, which encourages you to save more.
The ATM savings account gives you access to BPI 24/7 online banking channels.
If you like the traditional way of saving money, you can get the Passbook Savings account, which allows you to view your balance and monitor funds via BPI Online Banking.
Here are the interest rates and deposit balance requirements
|Type of Deposit Account||Required Initial Deposit/ Required minimum monthly ADB/ Daily Balance to earn interest||Funds to earn interest||Interest Rate (p.a)
*Plus + 0.500% Bonus if no withdrawal within a month
|Maxi-Savers (4) Savings with Debit Card (ATM Card)||P50,000||P50,000 – P499,999||0.250%|
|P500,000 – P999,999||0.375%|
|1 million and above||0.750%|
|Maxi-Savers (4) Savings with Passbook||P75,000||P75,000 – P499,999||0.250%|
|P500,000 – P999,999||0.375%|
|1 million and above||0.750%|
Which BPI Peso Savings Account is for you?
The BPI Padala Moneyger is a good option if you have loved ones working abroad and you’re receiving remittances regularly. The good thing about it is that there’s no initial deposit. But you need to maintain the minimum balance of P5,000 to earn interest.
The Kaya Savings and Express Teller accounts are ideal for those who want a savings account and a debit card for cashless payments and day-to-day finances.
For just P200, you can already have a Kaya Savings account. It pushes you to save more because of the applicable charges for client-initiated transactions.
If you have more funds and would like to enjoy higher rates, the Passbook, Advance Savings and Maxi-Savers offer flexible rates and deposit balances for your long-term goals.
Which of these BPI Peso Savings Accounts do you think will help you build good saving habits? Let us know in the comments below.