Yes, BPI has launched its BPI Easy Saver account, a savings account without maintaining balance. It launched it as an easier way to save, as you can start with 200 pesos, and you can deposit small amounts.
It also forces you to "save" your savings, and encourages you not to withdraw your savings frequently.
Why not withdraw frequently? Because you are charged 5 pesos for every ATM withdrawal, and 100 pesos for over-the-counter withdrawal.
What can you use this BPI Easy Saver for?
- As a way to send allowance to your child in college. Compared to the BPI Express Cash Card, this BPI Easy Saver is better. It's a savings account, so it earns interest and is PDIC-insured. It's also cheaper -- the ATM card is 50 pesos, and the withdrawal fee is 5 pesos. The Express Cash Card costs 150 pesos and its withdrawal fee is 15 pesos.
- As a remittance account
- As a regular savings account
How to Open an Easy Saver Account
- Go to a BPI or BPI Family branch.
- Just like with any other bank savings account, bring:
-- two valid IDs
-- photocopy of two valid IDs
-- 1 1x1 ID picture
-- Bring also a bill with your name and address (Meralco, PLDT, or a credit card bill) just in case the branch requires a proof of address. Some branches accept barangay clearance or certificate as proof of address.
- For students, bring extra documents, just in case the branch requires more documents:
-- your school ID
-- current registration card or enrollment card
-- NSO-issued birth certificate
-- barangay clearance or certificate, or any proof of your address (bill in the name of your father; your
birth certificate shows your relationship)
If the branch is strict, inquire at another branch. Or at an Express branch at a mall.
Or simply go to another bank. There are a lot of banks. And if you have time, please comment here or on other banking blogs about banks and bank branches that require lots of documents.
- Pay 50 pesos for the Express Teller ATM card.
- Deposit at least 200 pesos.
Are There Other Fees I Need to Know?
- You're charged 5 pesos for every withdrawal from a BPI ATM machine. You're charged more for withdrawals from other banks' ATM machines.
- You also pay this 5-peso-charge for every fund transfer and bill payment via your BPI Internet banking.
* This account is good for those who are not yet able to maintain the minimum balance requirement for regular bank accounts.
It's better to pay 5 pesos for every withdrawal than paying 300 pesos a month as penalty for not maintaining the balance requirement for 2 consecutive months.
What you'll do is to plan your withdrawals so you don't get deducted many 5s.
What if I only have 1 valid ID?
Be on the lookout for BPI Easy Saver promos in schools, supermarkets, malls, fairs or other events. Usually, during promos, BPI officers accept only 1 ID. Try also applying at BPI Express Centers in malls or near malls.
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