If you’re wondering which of the many banks here in the Philippines you might want to open an account with, you are in the right track if Bank of the Philippine Islands (BPI) is one of your top options. Aside from the fact that it is the country’s oldest bank, many companies partner with them for their employee payroll.
One more bonus is it is literally very easy to locate their ATM. I am not kidding if I say that there is one (or two) in every corner. Cool, right?
To open a savings account with them, see to it that you have the following requirements:
- Valid ID (should have your signature and updated photo)
- Utility bill containing your home address
- 1×1 ID picture
- Initial deposit – the amount that you need depends on the kind of Peso Savings Account you wish to open.
Here’s a list of some of their products with the corresponding required initial deposit:
|BPI Peso Savings Account||Initial Deposit|
|Jumpstart Savings||Php 100|
|Easy Saver||Php 200|
|Express Teller Savings||Php 500|
|Passbook Savings||Php 10,000|
|BPI Advance Savings Account with Passbok||Php 100,000|
|Maxi-Saver(4) Savings with Debit Card (ATM Card)||Php 50,000|
|Maxi-Saver(4) Savings with Passbook||Php 75,000|
For more information about these products, visit https://www.bpiexpressonline.com/p/0/18/savings.
Their application process is as easy as pie. If you’ve decided where you want to apply, take note of the following steps:
- Inform the guard or any of the tellers that you wish to open an account. Don’t worry. They have good customer service.
- You will be given an application form. Fill it up and don’t forget to double check. It’s better to always have a pen handy so you don’t have to wait for there to be vacant pen.
- Pay the initial deposit.
- Be aware of the maintaining balance to avoid those nasty monthly penalties.
Don’t make it a habit to spend all of your money every pay day. Save as much as you possibly can. Best of all, partner with a bank that can make the most of your savings.