Though we can always save our money at home, inside our piggy bank, under the bed, or in any part of our house, there is no denying that the safest place for our hard-earned cash is the bank. For one reason, if your savings is out of reach, you are least likely to spend. Out of sight, out mind, right? Another good reason is the interest.
So I’ve convinced you to open a bank account. The next question is which bank? One financial institution I can recommend is Banco de Oro (BDO).
One great perk about banking with them is they have so many branches and ATMs. They are also open six days a week and their mall branches are open until 7:00 PM.
To open a savings account with them, you would need to present the following requirements:
- Two (2) valid IDs – Bring an original and a photocopy. Check the expiration date.
- Proof of Billing – This can be any utility bill your electricity, internet, credit card, and water bill. If the document is addressed to you, this is okay provided that you are living with that person in the same house.
- 2 copies of your 1×1 photo – Bring copies of your 2×2 just to be sure.
- Initial deposit – This depends on the type of account you wish to open. It’s usually:
a. 2,000 if with ATM only
b. 5,000 if with ATM and passbook
For a more comprehensive list of their other products and for things like maintaining balance or interest rate, just visit their website https://www.bdo.com.ph/ or go to the nearest branch.
After you have gathered the necessary requirements, just follow these simple steps:
- Visit any BDO branch
- Approach their teller. You will be given an application form. See to it that all information will be written properly so you won’t have any problem later.
- Pay the required initial deposit. Do not lose the slip. You will need to claim your ATM and/or passbook (after 5-7 banking days).
- Account activation may take 1-2 days.
Opening a bank account is one step to securing your finances. So if you have some extra cash, don’t spend it all. Instead, save it no matter how small the amount.