6.06.2013

BDO and BPI Banking Questions from a College Student

By Nora

I am a 16-year-old college student.  What is the best savings account that I can open? My allowance is only 750 pesos per week?

What are the requirements to open a savings account? If possible, I like to open an account with BDO or BPI, but I cannot decide which bank is better for me.

Another thing po, I am also curious as to what is BDO and BPI Direct Savings, including BPI ePrepaid card. Can you please explain?


Best Bank Account for You:

I suggest you start with a BDO cash card. Why?  So that you won't be stressed by a maintaining balance penalty. This cash card does not have a maintaining balance requirement.
Savings accounts have maintaining balance requirements and there's a monthly penalty, which is usually 300 pesos, if you are not able to maintain the required average daily balance for 2 consecutive months.

If after a time, you have saved 5,000 or 10,000 pesos, and you have proven that you have self-control and discipline regarding withdrawing money from your cash card,  you can then open a savings account. You can start with the atm savings account of BPI Family -- the maintaining balance requirement is only 1,000 pesos. The maintaining balance requirement for BDO's atm savings account is 2,000 pesos.

2 types of BDO cash cards:

1. No name on the card -- Maximum Balance is 10,000 pesos. You can get the card immediately.

2. Name on the card -- Maximum Balance is 25,000 pesos. You have to return after 3 to 5 days to get it.

There's an ATM withdrawal fee and ATM balance inquiry fee:
2 pesos per withdrawal or inquiry at a BDO atm machine. 11 pesos at other banks' atm machines.

Requirements to open a BDO cash card:

Present your school ID and 1 ID picture.

But there are BDO officers that require additional identification papers. So if you have the following, bring them with you:

- Your school ID
- School registration, if you have
- Other IDs, if you have
- NSO birth certificate, if you have
- Barangay certificate, if you have

Bring:

- 120 pesos to pay for the ATM card
  (Be prepared to pay 150 pesos, if it has increased)
- Initial deposit: 100 pesos or more


About BDO Direct:

BDO offers a savings account called Direct Deposit. This account is for pensioners only.


About BPI Direct Savings:

BPI has an Internet bank called BPI Direct Savings Bank.  This is an Internet-based bank.  This bank has no physical branches where you can deposit or withdraw.  But you can use the atm machines of BPI for deposits and withdrawals. You open your account online, and you choose a BPI branch at which you will present your IDs and get your ATM card.

I would suggest that if you like to open a BPI Direct account, you do it later on, when you're already maintaining a BPI Family account and a BPI online banking account.

BPI Easy Saver Savings Account:
You can also try opening a BPI Easy Saver atm savings account at a BPI or BPI Family branch. This account does not require a monthly maintaining balance. But you will be charged 5 pesos for every atm withdrawal transaction and for every atm balance inquiry at a BPI or BPI Family atm machine.
Here's more information on BPI Easy Saver atm savings account.

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