Generally though, when people search about bank accounts, it usually means a savings account. Research on time deposits will make people key in the keyword ‘time deposit’ while checking accounts would merit a search for ‘checking accounts.’ To make things clear, this guide is all about opening a savings account with the Bank of the Philippine Islands (BPI) online.
Also Read: How to Open a BPI Pamana Padala Account
Money is a touchy subject for everyone. Even among friends, money talks cause conflict and anxiety. Because it is such a taboo subject, many people find it awkward to seek advice or support on anything related to money. That said, even talking about financial management and savings became harder for everyone.
Some people can resolve their ignorance of better practices and perspectives regarding money. By turning to the resources which are now easily accessible online, information about strategies on making, managing, and saving money do not need to be so awkward among friends. Likewise, information on banking, including opening and managing an account, is also easily accessible to everyone.
What is a savings account?
Building and cultivating a saving mentality is better ingrained by practicing, or so the experts say. With a savings account, financial experts believe that anybody can practice developing a culture out of this mentality of savings while they move through life, until it becomes second nature. But what really is a savings account?
Other than the first type of banking service that comes to mind when people talk about bank accounts, a savings account is a bank account primarily created for saving extra cash. Whether it is your extra cash or your emergency fund you wish to keep in your savings account, doing so makes it easily available for withdrawal. A savings account also offers the advantage of lower deposits and maintaining balance. On the flip side, it has a low interest rate, and a limited withdrawal amount per transaction per day.
BPI has recently launched an upgrade to their existing mobile banking app, putting in place an option for their banking customers to open additional savings accounts without leaving their homes and with no additional requirements needed.
What is BPI’s Deposit Account opening via online banking all about?
Bank of the Philippine Islands (BPI), one of the biggest and trusted banks in the country has a new offer to its customers: The ability to open additional savings accounts with a stable bank for your hard-earned money. Along with it comes the benefits from the over 800 BPI branches in the country and about 3,000 ATMs and cash deposit machines, making it an excellent choice for a bank.
The ability to open a deposit account online is BPI’s newest gift to their clients who use the BPI Mobile app. To open a BPI deposit account online, one must be an existing BPI client with an active deposit account enrolled in BPI online. The additional feature allows for real-time account opening via the BPI Mobile app and offers the following benefits:
- It is convenient because it allows an individual to open a bank account without the need to visit a branch. This also means that there is no need to carry more cash than what is needed since BPI ATMs are virtually everywhere.
- It is quick and easy, and users can open an account on their own in minutes.
- The app is safe and secure, because all transactions require passing through One-Time PIN (OTP) verification. Not only that, having your money placed in a bank is also safer and more secure than leaving it inside your home, particularly during catastrophic events like flood, fire, robbery, etc. Plus, savings placed in banks are insured for up to Php 500k by PDIC so there is nothing to worry about even if something happens to the bank.
- It advocates contactless banking without leaving the comforts of your home.
Check about the Ways to Manage Your Bank Accounts, if you wish to learn more about online banking.
What types of Deposit Accounts can you open via the BPI mobile app?
Whether it is the Bank of the Philippine Islands (BPI) or BPI Family Savings Bank, a BPI mobile app user may open either or both of the two types of accounts: the Regular Savings account and the Maxi-Saver account.
This type of savings account offers electronic banking convenience that allows a person to juggle daily finances easily, do cashless shopping in over 40,000 Express Payment System (EPS) accredited merchants with no enrollment, and conveniently transfer funds any time of the day.
This card-based savings account lets an individual earn more while they save more. With a higher interest rate than a regular savings account offers, this type of deposit account offers flexibility and better interest rate than regular savings accounts.
|Bank Name||Account Type||Required Initial Deposit||Required Minimum Monthly ADB||Required Daily Balance to Earn Interest||Interest Rate (Per Annum)|
|Bank of the Philippine Islands||Regular Savings with Debit Card||Php 3,000||Php 3,000||Php 5,000||0.125%|
|Maxi-Saver with Debit Card||Php 50,000||Php 50,000||Php 50,000||50,000 < 5M = 0.125%
5M and above = 0.25%
With bonus interest of 0.25% per annum if no withdrawal is made within a month
|BPI Family Savings Bank||Regular Savings with Debit Card||Php 1,000||Php 1,000||Php 3,000||0.25%|
|Maxi-Saver with Debit Card||Php 25,000||Php 25,000||Php 25,000||25,000 < 5M = 0.25%
5M and above = 0.375%
With bonus interest of 0.25% per annum if no withdrawal is made within a month
How to open a new deposit account online?
To get started, here are the steps to register for a new account online.
First, download and open the BPI Mobile app.
For existing clients who are registered to BPI Online:
1. Tap the Login button, then log in using your BPI Online username and password.
2. Tap the Menu, then tap “Open a new account now.”
3. Select a bank. Choose between Bank of the Philippine Islands and BPI Family Savings Account.
4. Select the type of deposit account – between Regular Savings or Maxi-Saver.
5. Read and agree to the Terms and Conditions.
6. Confirm the details of your transaction and tap “confirm.”
7. Enter the One-Time PIN (OTP) and tap “Submit.”
8. You should see the new account on the list by tapping on My Accounts.
For existing clients who are not yet registered to BPI Online:
1. Tap “Open a new account.”
2. Select “I’d like to register to BPI Online, then open a new account right away” to proceed.
3. You can then proceed to registration to BPI Online.
Frequently asked questions
We answered the most frequently asked questions to help you out. Here, you’ll find everything you need to know about the BPI deposit accounts you can open using the BPI mobile app.
Can I open both BPI and BPI Family Savings Bank deposit account online?
Yes, any existing BPI user can open both BPI and BPI Family Savings Bank account online.
Can I open a Dollar deposit account online?
No. Only Peso and card-based accounts are available for online account opening.
Will there be a separate debit card for the newly opened account?
No additional cards will be given for newly opened account. New deposit accounts opened online will be linked to the primary BPI Debit Mastercard. If no card is available, then a new card will be released for the account you opened online.
What will be my account number?
Once the account is opened, then you can find the new account number in the list of accounts under the “My Accounts” tab right after you successfully opened the account online. If you can’t find your account number, then read How to Find Your BPI Account Number.
Can I already transfer funds to my newly opened account?
Yes. Right after registration, the new account number should appear in the drop-down list for funds transfer, when you process a transfer to own account. To learn more about how to transfer funds using your BPI account, you can read about How to Transfer Money via BPI Mobile App.
Can I use my newly opened account to transfer funds?
Yes, a BPI account owner can immediately use his new savings account to transfer funds.
Can I open a Joint account online?
No. Only individual accounts are currently available for opening via the BPI mobile banking app at the moment.
If I do not have an existing BPI Debit Mastercard, where can I get it?
Once a deposit account has been opened online, you can nominate a branch where you want to pickup your BPI Debit Mastercard.
When do I need to fund my account?
Ideally, you will need to fund to your new account on or before 10:00 PM of the day it was opened. The funds should be equal to or greater than the required minimum maintaining balance. According to the website, a zero balance will automatically close on the next banking day, though it seems this rule is not in effect just yet.
When will my debit card be available?
Your BPI Debit Mastercard will be available for pickup from your nominated branch 5 banking days after it was opened.
Who can I contact if I have inquiries regarding opening a savings account online?
If you have inquires and comments regarding the BPI deposit account or the online application for new accounts, you may reach out to the 24-hour BPI Contact Center via (+632) 889-10000.