The Ultimate List of BPI Savings Accounts [Updated for 2022]

types of bpi savings account 1

Last Updated on 11/26/2021 by FilipiKnow

Apart from the standard BPI savings bank, BPI also has two subsidiaries–BPI Family Savings Bank and BPI Direct Savings Bank, each of which offers its own savings products.

BPI Family Savings is the largest thrift bank in the Philippines, while BPI Direct is a virtual bank that operates only on the internet and over the phone.

The list below summarizes all the features and deposit rates of different types of BPI savings accounts under the three BPI bank categories.

Update: In early 2020, BPI decided to absorb its thrift bank arm, BPI Family Savings, to create “One BPI”. However, the said merger is still subject to the stakeholders’ approval and won’t be complete until January 1, 2022. For more information, read this.

Return to the main article: How to Open a BPI Savings Account: An Ultimate Guide

 

At a Glance: Updated List of BPI Savings Accounts.

BPI Savings AccountRequired Initial Deposit Interest Rate (per annum)
Save-Up High Automatic SavingsPhp 0 0.0625%
Save-Up Automatic Savings + Insurance Php 0 0.0625%
Padala Moneyger Php 0 0.0625%
#Saveup Php 1 0.0925%
Jumpstart Savings Php 100 0.0625%
PondoKo (Under BPI Direct Banko) Php 50 or Php 200 0.35%
Pamana PadalaPhp 5000.0625%
Regular Savings Account Php 3,000 0.0625%
Pamana Savings Account with ATM cardPh 25, 0000.0625%
Pamana Savings Account with PassbookPhp 75, 000 0.0625%
Maxi-Saver with ATM card Php 2,000,000 0.125%
Maxi-Saver with Passbook Php 2,000,000 0.125%
 

1. BPI Savings Accounts: Features and Deposit Rates.

a. Regular Savings Account.

Key features: 

  • Savings account that can be used to pay bills to over 200 merchants; purchase online; reload mobile phones and prepaid cards instantly; and transfer money to enrolled accounts.

Ideal for: Anyone who is looking for a convenient and stable way to keep their hard-earned money

Required Initial Deposit: Php 3,0001

Required Minimum Monthly Average Daily Balance: Php 3,000

Interest Rate: 0.0625% (Daily Balance must be Php 5,000)

b. #SaveUp.

Key Features:

  • All all-digital savings account
  • Can be used to transfer funds, pay bills, and load e-cards online
  • Provides higher interest rate than the Regular Savings Account
  • Initial account limit of Php 30,000 which will be waived after the verification process

Required Initial Deposit: Php 12

Required Daily Balance to Earn Interest: Php 5,000

Interest Rate: 0.0925%

Required Minimum Monthly Average Daily Balance: Php 3,000

c. Jumpstart Savings.

Key Features:

  • Kiddie ATM savings account for 10 to 17-year-olds
  • Allowance transfer facility for scheduled crediting of a child’s allowance to Jumpstart account
  • Debit card be used for cashless payments and cellphone reloading

Ideal for: Children and teens (10 – 17 years old) whose parents want them to develop the habit of saving at an early age.

Interest Rate: 0.0625%3

Required Initial Deposit: Php 100

Maintaining Balance: Php 1,000

Interest-Earning Balance: Php 2,000

d. Kaya Savings.

Update: All Kaya Savings Accounts have been converted to Regular Savings Accounts effective January 15, 20214. Therefore, new account holders will no longer enjoy the zero maintaining balance and low initial deposit requirement that Kaya Savings used to offer. A Regular Savings Account requires an initial deposit of Php 3,000 and a minimum monthly ADB of the same amount. If you’re looking for a savings account with a low maintaining balance and initial deposit requirement from the same bank, you may want to consider BPI Direct Express Teller Savings Account instead.

Key Features:

  • No maintaining balance
  • Low initial deposit requirement
  • Fees apply to every ATM and OTC withdrawal

Ideal for:

  • People looking for an easy way to open a savings account
  • Fresh graduates, students, housewives, low-income-earners, and unemployed people

Interest Rate: 0.25%

Required Initial Deposit: Php 200

Maintaining Balance: None

Interest-Earning Balance: Php 1,000

e. Maxi-Saver with ATM card.

Update: As of June 1, 20215, all BPI Maxi-Saver Savings Accounts (debit card and passbook) must now have an Average Daily Balance of Php 2,000,000 from the previous Php 50,000 and Php 75,000, respectively. Furthermore, the required balance to earn interest is also raised to Php 2,000,000.

Key Features:

  • High-interest earning ATM savings account
  • 0.125%6 bonus interest per annum if no withdrawal within a month

Ideal for: People who want to earn higher interest than regular savings accounts.

Interest Rate: 0.125%

Required Initial Deposit: Php 2,000,000

Maintaining Balance: Php 2,000,000

Interest-Earning Balance: Php 2,000,000

f. Maxi-Saver with Passbook.

Update: As stated previously, all BPI Maxi-Saver Savings Accounts (debit card and passbook) must now have an Average Daily Balance of Php 2,000,000 from the previous Php 50,000 and Php 75,000, respectively. Furthermore, the required balance to earn interest is also raised to Php 2,000,000.

Key Features:

  • High-interest earning ATM savings account
  • 0.125% bonus interest per annum if no withdrawal within a month

Ideal for: People who want to earn higher interest than regular savings accounts.

Interest Rate: 0.125%

Required Initial Deposit: Php 2,000,000

Maintaining Balance: Php 2,000,000

Interest-Earning Balance: Php 2,000,000

g. Padala Moneyger.

Key Features:

  • Allows receiving remittances directly to the bank account
  • No required initial deposit and maintaining balance
  • Easy to open and maintain
  • Required Minimum Monthly Average Daily Balance is Php 0 as long as there are four remittances per year
  • No withdrawal fees

Ideal for: Families of OFWs and others (e.g., freelancers) who regularly receive overseas remittances.

Interest Rate: 0.0625%7

Required Initial Deposit: None

Maintaining Balance: Waived for accounts receiving at least four remittances in a year.

Interest-Earning Balance: Php 5,000

h. Pamana Padala.

Key Features:

  • ATM savings account
  • Direct crediting of remittances to Pamana Padala account allows saving on remittance fees
  • Allows OFWs to transfer funds to their families’ BPI account in the Philippines
  • Available in Peso or US dollar accounts
  • Free Accident Insurance worth Php 100,00 for 90 days
  • Free Life Insurance Coverage up to Php 300,000

Ideal for: OFWs looking to easily manage their remittances to the Philippines.

Interest Rate: 0.0625%8

Required Initial Deposit: Php 500

Maintaining Balance: Waived for accounts receiving at least four remittances in a year.

Interest-Earning Balance: Php 5,000 (for US Dollar accounts: USD 500)

i. Pamana Savings Account with ATM card.

Key Features:

  • ATM or passbook savings account with free life insurance worth up to Php 2 million

Ideal for: Parents who want to save up for their children’s future.

Interest Rate: 0.0625%9

Required Initial Deposit: Php 25,000

Maintaining Balance: Php 25,000

Interest-Earning Balance: Php 25,000

j. Pamana Savings Account with Passbook.

Key Features:

  • ATM or passbook savings account with free life insurance worth up to Php 2 million

Ideal for: Parents who want to save up for their children’s future.

Interest Rate: 0.0625%

Required Initial Deposit: Php 75,000

Maintaining Balance: Php 75,000

Interest-Earning Balance: Php 75,000

k. Passbook Savings.

Key Features:

  • Easy record-keeping and account monitoring through a passbook

Ideal for: People who want to open a savings account for saving rather than spending.

Interest Rate: 0.0625%10

Required Initial Deposit: Php 10,000

Maintaining Balance: Php 10,000

Interest-Earning Balance: Php 25,000

l. Save-Up Automatic Savings + Insurance.

Key Features:

  • Automatically transfers a certain amount from an ATM account to Save-Up account monthly
  • No initial deposit requirement
  • Free accident and life insurance which is worth five times your average account balance (maximum of Php 2 million).

Ideal for:

  • Depositors who want to automate savings from their salary/payroll account
  • People who tend to overspend and struggle with saving money

Interest Rate: 0.0625%11

Required Initial Deposit: None

Maintaining Balance: Php 1,000

Interest-Earning Balance: Php 5,000

m. Save-Up High Automatic Savings.

Key Features:

  • Automatically transfers a certain amount from an ATM account to Save-Up account monthly
  • No initial deposit requirement

Ideal for:

  • Depositors who want to automate savings from their salary/payroll account
  • People who tend to overspend and struggle with saving money

Interest Rate: 0.0625%

Required Initial Deposit: None

Maintaining Balance: Php 1,000

Interest-Earning Balance: Php 5,000

 

2. BPI Family Savings Accounts: Features and Deposit Rates.

Update: Effective January 2022, BPI and BPI Family Savings accounts will be merged into a single entity under the name “One BPI” with BPI as the surviving entity. All BPI Family Savings bank deposit accounts will be subject to the same terms and conditions applicable to similar BPI deposit accounts. For instance, if you have a BPI Family Savings Bank Maxi-Saver account, the terms and conditions will be similar to that of the BPI Maxi-Saver account.

a. Jumpstart Savings.

Interest Rate: 0.50%

Required Initial Deposit: Php 100

Maintaining Balance: Php 500

Interest-Earning Balance: Php 1,000

b. Maxi-Saver with ATM Card.

Interest Rate:

  • 0.50% (Php 25,000 – Php 499,999)
  • 0.625% (Php 500,000 – Php 999,999)
  • 1% (Php 1 million and above)

Required Initial Deposit: Php 2,000,000

Maintaining Balance: Php 2,000,000

Interest-Earning Balance: Php 2,000,000

c. Maxi-Saver with Passbook.

Interest Rate:

  • 0.50% (Php 50,000 – Php 499,999)
  • 0.625% (Php 500,000 – Php 999,999)
  • 1% (Php 1 million and above)

Required Initial Deposit: Php 2,000,00012

Maintaining Balance: Php 2,000,000

Interest-Earning Balance: Php 2,000,000

d. Pamana Padala.

Interest Rate: 0.50%

Required Initial Deposit: Php 500

Maintaining Balance: Waived for accounts receiving at least four remittances in a year.

Interest-Earning Balance: Php 3,000

e. Pamana Savings Account with ATM Card.

Interest Rate: 0.50%

Required Initial Deposit: Php 5,000

Maintaining Balance: Php 5,000

Interest-Earning Balance: Php 10,000

f. Pamana Savings Account with Passbook.

Interest Rate: 0.50%

Required Initial Deposit: Php 50,000

Maintaining Balance: Php 50,000

Interest-Earning Balance: Php 50,000

g. Save-Up Automatic Savings + Insurance.

Interest Rate: 0.0625%

Required Initial Deposit: None

Maintaining Balance: Php 1,000

Interest-Earning Balance: Php 5,000

h. Save-Up Automatic High Savings.

Interest Rate: 0.0625% per annum

Required Initial Deposit: None

Maintaining Balance: Php 1,000

Interest-Earning Balance: Php 5,000

 

3. BPI Direct Banko Savings Accounts.

BPI Direct BanKo (or BPI BanKo) was formed from the merger13 between two thrift banks of BPI namely BPI Direct Savings Bank and BPI (Globe) BanKo.

As of this writing, the only active savings account product of BPI Direct Banko is the PondoKo. It is a savings account that you can use to save money, load prepaid cards, pay bills, and transfer funds through the PondoKo mobile app.

Opening a PondoKo savings account comes with a debit card which you can use in any ATM nationwide.

To open a PondoKo account, you need one valid ID (yes, Barangay Certificate is accepted for PondoKO), Php 200 initial deposit, a smartphone, and a stable internet connection. 

types of bpi savings account 2

Opening a PondoKO account is as easy as 1,2,3. Here are the steps:

  1. Download the BPI BanKo Mobile App via Google Playstore.
  2. Click Not yet registered? Register now and select the I am a new customer button.
  3. Read the agree with the Terms and Conditions.
  4. Upload a valid ID and take a selfie.
  5. Nominate a username and password.
  6. Verify your application and submit it for approval. Afterward, nominate a 6-digit MPIN that you will use everytime you will log in to your account.
  7. You will receive a text message containing your KYC Reference Number. Proceed to the nearest BPI BanKo branch and present your KYC Reference Number and ID for verification. 
  8. Deposit an amount of at least Php 50 or Php 200 to get a PondoKo debit card.

For more information about the BPI BanKo’s PondoKo savings account, kindly refer here.

 

Frequently Asked Questions.

1. I’ve read that a BPI account has an initial deposit requirement of Php 1 only. However, BPI also said that I must have at least a maintaining balance of Php 3000. What does it mean?

Technically, you can open a BPI #SaveUp Account for as low as Php 1 (as shown on their website). However, it doesn’t mean that your #SaveUp account must have a Php 1 balance only. Remember, that BPI #SaveUp requires a minimum Minimum Monthly ADB (Average Daily Balance). This means that you must immediately put funds into your account after creating it. Hence, it is advisable that you have at least Php 3,000 ready when you are opening a BPI savings account.

Furthermore, take note that the initial deposit requirement for a regular savings account is Php 3,000.

2. Is BPI Direct Savings the same as BPI Direct BanKo Savings?

BPI Direct Savings is a former specialized thrift bank of BPI. In 2016, BPI Direct Savings and BPI Globe BanKo were merged, forming what is currently known as BPI Direct BanKo.

As of this writing, BPI Direct BanKo offers PondoKo as a savings account. For more information, kindly visit their official Facebook page or website.

3. Can I use a Barangay Certificate to open a BPI Savings account?

For most types of BPI Savings account, Barangay Certificate is not accepted as a valid ID for opening an account. It is advisable to get a passport, driver’s license, or a National ID instead of a Barangay Certificate. However, if you are opening a PondoKo account (which is a BPI Direct BanKo savings account and not a BPI savings account), Barangay Certificate will do.

4. How much will it cost to open a BPI Savings account?

It depends on what type of BPI Savings account you want to open. For instance, a regular BPI Savings account will cost you at least Php 3,000 (excluding expenses in getting a valid ID for application).

Go back to the main article: How to Open a BPI Savings Account: An Ultimate Guide

 

References.

  1. Regular Savings. Retrieved 23 November 2021, from https://www.bpi.com.ph/bank/savings/regular-savings
  2. #SaveUp. Retrieved 23 November 2021, from https://www.bpi.com.ph/bank/savings/digital-saveup
  3. Jumpstart. Retrieved 23 November 2021, from https://www.bpi.com.ph/bank/savings/jumpstart
  4. Advisory on Kaya Savings. (2020). Retrieved 23 November 2021, from https://www.bpi.com.ph/announcements/kaya-savings
  5. Enrolled in BPI Maxi-Saver? By June, your minimum balance should be P2 million. (2021). Retrieved 23 November 2021, from https://news.abs-cbn.com/business/04/15/21/bpi-bank-maxi-savers-minimum-daily-balance-2-million-effective-june-1-2021
  6. Maxi Saver. Retrieved 23 November 2021, from https://www.bpi.com.ph/bank/savings/maxi-saver
  7. Padala Moneyger. Retrieved 23 November 2021, from https://www.bpi.com.ph/padalamoneyger
  8. Padala Moneyger. Retrieved 23 November 2021, from https://www.bpi.com.ph/padalamoneyger
  9. Deposit Updates. (2021). Retrieved 23 November 2021, from https://www.bpi.com.ph/announcements/deposit-updates
  10. Passbook. Retrieved 23 November 2021, from https://www.bpi.com.ph/bank/savings/passbook
  11. Save-Up. Retrieved 23 November 2021, from https://www.bpi.com.ph/bank/savings/save-up
  12. BPI Family Deposit Accounts – Savings Accounts. Retrieved 23 November 2021, from https://www.bpiloans.com/pages?page=bpi-family-deposit-accounts-savings-accounts
  13. About Us (BPI BanKo). Retrieved 23 November 2021, from http://www.banko.com.ph/about-us/