BPI Save-Up Account: How to Open an Automated Savings Account

BPI Save-Up | Moneymax life is entire of surprises. You ’ ll never have an estimate of what will happen future. When the unexpected happens, you need to make certain that your wallet and piglet bank are more than ready. This is a lesson that everyone has learned during the pandemic. This is why everyone should start saving up. true, it ’ s a job at the beginning, particularly if you have the mentality that you ’ re supposed to enjoy your hard-earned money. however, remember that you ’ re not only saving for a showery day. You ’ re besides saving up for your future—whether it ’ south for your dream occupation or your dream vacation. fortunately, the Bank of the Philippine Islands ( BPI ) has made saving money much easier with the BPI Save-Up Account. There are many reasons you should open this account. Read on to learn more .

What is a BPI Save-Up Account?

The BPI Save-Up Account is not your average save bill. It ’ s a cut above the common bank accounts because it automatically sets away money from your BPI deliver report. [ 1 ] You can besides deposit to your Save-Up account directly if you have extra cash lying around. It besides includes free policy.

however, it ’ second authoritative to note that the benefits you ’ ll get depend on the type of BPI Save-Up Account that you ’ ll open. Read more: 6 Things to Consider When Choosing the Right Bank for You

What are the Types of BPI Save-Up Account?

The BPI Save Up Account comes in two types. The correctly account for you greatly depends on your priorities and fiscal goals .

BPI Save-Up Savings Account + Insurance

If your goal is not equitable to save but besides to add another layer of protection for yourself, this Save-Up report is worth looking into. This is because you get two types of loose policy here : life insurance and accident policy .

Save-Up Account Features

  • Interest rate: 0.125%
  • Required initial deposit: None
  • Minimum maintaining balance: PHP 1,000
  • Minimum balance to earn interest: PHP 5,000

BPI Save-Up High Savings Account

As the name suggests, this Save-Up account allows you to mechanically set aside money regularly while earning higher interest compared with other banks. This history is ideal for those who want to grow their money .

Save-Up High Account Features

  • Interest rate: Varies (starting at 0.125%)
  • Required initial deposit: None
  • Minimum maintaining balance: PHP 1,000
  • Minimum balance to earn interest: PHP 5,000

See also: Types of Bank Accounts in the Philippines : Which One is right for You ?

Why You Should Open a BPI Save-Up Savings Account

aside from keeping your money safe, the BPI Save-Up Account offers many compelling reasons to save, such as the following .

1. Both Accounts Have Low Transfer Amount

BPI allows account holders to transfer a first gear as PHP 250, so they can start saving in their Save-Up Account. With that, you won ’ deoxythymidine monophosphate be pressured to save a big measure of money right away, specially if you have other priorities at the consequence .

2. You Get Comprehensive Protection

The basic BPI Save-Up history gives the explanation holder two types of insurance. You may get extra accident and life policy worth five times your average account remainder or up to PHP 2 million. Receiving such benefits will besides provide you with peace of mind, particularly if you ’ re the family ’ second breadwinner .

3. Monitoring is Easy

BPI Save-Up - easy monitoring through BPI Mobile app You can monitor your BPI account in real-time through the BPI Mobile App or BPI Online bank facility. You can besides transfer money and pay your bills through your app or on-line history .

4. No Initial Deposit Required

While early banks ’ starter savings accounts require you to give a minimum initial deposit, the BPI Save-Up Account does not. however, if you want to earn pastime, you need to make surely that you meet the bank ’ second required daily poise of PHP 5,000 and above.

5. It Helps Build the Habit of Saving

According to the 2020 report of the Bangko Sentral ng Pilipinas ( BSP ), the parcel of adults who own saving fiscal accounts climbed to 29 % in 2019 from 23 % in 2017. [ 3 ] This is a good indicator of fiscal inclusion, thanks to easy-to-open depository financial institution accounts, such as the Save-Up Account. Because saving up money is a lot easier with this BPI account, you get to build a healthy habit of preparing for the showery day and being goal-oriented .

6. Set How Much What You Want to Save

The BPI Save-Up Account lets you customize the means you automate your savings. You may choose to set your automatic pistol debit on the day or the sidereal day after your paycheck comes. furthermore, you can set the amount you want to save automatically. With this feature, you don ’ t need to go to the bank or make on-line transfers every pay day .

7. You Won’t Get a Debit Card

Think having no debit card is a disadvantage ? Think things through again, and you ’ ll gain that it will benefit you in the retentive carry, particularly if you ’ re saving up badly. Since you don ’ t have a card, you won ’ thyroxine be tempted to withdraw your money or pay via debit whenever you go out .

What are the BPI Save-Up Account Requirements?

basically, you ’ ll have to fill out an application form. The bank will besides ask you to provide one or two of the follow valid IDs and supporting documents :

  • Passport (including those issued by foreign governments)
  • Driver’s license
  • PRC ID
  • Postal ID
  • Voter’s ID
  • Taxpayer Identification Number (TIN)
  • GSIS e-Card
  • SSS ID/UMID card
  • Senior Citizen card
  • OFW ID
  • Any GOCC ID (e.g., AFP ID, Pag-IBIG Loyalty Card, etc.)
  • ID issued by the National Council on Disability Affairs
  • IBP ID
  • Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, Securities and Exchange Commission (SEC), or Insurance Commission
  • PhilHealth Health Insurance Card ng Bayan
  • NBI Clearance
  • Police Clearance
  • Barangay Certification
  • Seaman’s Book
  • Alien Certificate of Registration / Immigrant Certificate of Registration
  • DSWD Certification
  • Professional ID cards issued by Maritime Industry Authority (MARINA)

What are the Steps for Opening a BPI Save-Up Account?

You have two options to open a BPI Save-Account : in-person and on-line. here are the steps for each method acting .

How to Open a BPI Save-Up Account Online

If you ’ re opening a newly deposit account on-line, equitable download and plunge the BPI Mobile app and then tap “ Open an account. ”

A. If you’re not registered with BPI Online, follow these steps:

  1. Choose “I’d like to register to BPI Online, then open a new account right away to proceed.
  2. You will be asked to register at BPI Online. Watch the video below to learn more.
  3. Make sure to deposit the required maintaining balance via online funds transfer before 10 p.m. of the same day when the account is opened (for Peso accounts).

B. If you’re an existing client who’s already registered with BPI Online:

  1. Choose “I’m ready to log in to BPI Online and open a new account now” to proceed.
  2. Log in using your BPI Online username and password.
  3. Tap the currency of the account you wish to open.
  4. Tap the product and “Next.”
  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. Deposit the required maintaining balance via funds transfer before 10:00 PM of the same day when the account is opened (for Peso accounts).

How to Open a Save-Up Account at a BPI Branch

first, head to the bank of your choice ; the close to your home, the better. The bank teller will ask you to fill out an application form and provide one, two, or three of the needed IDs and supporting documents listed above. The application shape may require you to provide the frequency and measure of transfer. You ’ ll then make a situate ( if there ’ s any ). While you ’ re at it, the teller may ask you to enroll your newfangled explanation in your BPI on-line account .

How Can I Withdraw My BPI Save-Up Balance?

Since the Save-Up history doesn ’ t come with a debit tease for ATM withdrawals, you may choose to visit your bank and withdraw your funds personally. But if you want convenience, you can merely transfer money to your ATM-based BPI account ( or other bank accounts for that count ) .

Final Thoughts

Saving money doesn ’ triiodothyronine necessitate to be challenging, specially with a BPI Save-Up Account. With its auto-save sport, you can routinely and effortlessly set aside money every payday without needing to go to the bank or making on-line transactions. Secure your future and achieve your goals by saving money nowadays ! Sources:

With a finish to help Filipinos lead healthier fiscal lives, Moneymax regularly publishes tips and tricks on personal finance and life style, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin .

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Category : Finance

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