How to Open BPI Account: Complete Guide

BPI is one of the top banks in the Philippines with the highest amount of assets.

You know that your money is more secure when a well-known bank handles it.

If you want to know how to open a BPI account, read more on the details below.

Different types of accounts in BPI

BPI offers Savings Accounts, Checking Accounts, Time Deposit Accounts, and Accounts for Overseas Filipinos.

For Savings Accounts, BPI offers Regular Savings, Deposit with Insurance, High Returns, #SaveUp, Jumpstart, Saver Plus, US Dollar Savings, Pamana Padala, and Padala Moneyger.

Checking Accounts include Regular Checking, Two-in-One Convenience, Made for Entrepreneurs, and Business Checking Accounts.

There are two-time deposit accounts, Automatic Renewal and Grow your Foreign Funds, with higher earnings compared to a savings account.

Lastly, BPI has something more than an account: the BPI Pinoy Abroad financial program that gives advice and solutions to OFWs.

How to open a BPI account

These are the steps on how to open a BPI account:

Step 1: Go to the nearest BPI branch and inquire under the New Accounts section.

Step 2: Get an application form for the BPI account you prefer and provide the details.

Step 3: You can submit the requirements right away or come back at a later time.

Step 4: Once you have submitted the requirements, you also need to pay your account’s initial deposit.

Step 5: After one week or as instructed, return to your branch and claim your account card, passbook, checkbook, and others, whichever is applicable.

Step 6: Make sure to change your PIN at a BPI ATM after receiving your card.

What types of BPI accounts can I open online?

There are two types of BPI accounts that you can fully open online: the BPI #SaveUp and the GCash in-app #MySaveUp by BPI.

You can open a BPI #SaveUp account straight from your mobile device without having to leave the comfort of your home.

The verification process is completed through the BPI Mobile app, which you can download from the Google Play Store and Apple App Store.

On the other hand, you can open a #MySaveUp by BPI account through your GCash account without requiring additional verification documents.

Between the two, it is easier to open #MySaveUp by BPI, which is an in-app exclusive of GCash, and you can also get a debit card.

Steps to open BPI #SaveUp account online

Follow these instructions on how to open a BPI account online:

Step 1: Download and open the BPI Mobile app on your smartphone.

Step 2: Click the Open an account now button, then Create a bank account.

Step 3: Tap the Continue button if you have a valid ID ready.

Step 4: Fill out all the required details and avail yourself of a BPI ePay Mastercard (optional).

Step 5: Complete the verification process and link your device to your account.

Step 6: Deposit a minimum of P3000 to your newly created BPI account within 7 days.

Don’t forget to check your email just in case your account has been closed by BPI, and you’ll need to create an account through the nearest branch.

Steps to open #MySaveUp by BPI account through GCash

Follow these instructions on how to open your BPI account in the GCash app:

Step 1: Open the GCash app on your smartphone and go to GSave.

Step 2: Click #MySaveUp by BPI and tap the Open Savings Account button.

Step 3: Continue your application by clicking the Proceed Using My GCash Profile button.

Step 4: Agree to the Terms and Conditions before clicking the Confirm button.

Step 5: Click the OK button, and don’t forget to make a minimum deposit of P3000.

Cashing indirectly from your GCash balance is free of charge, and you can request a physical BPI Debit Mastercard from your branch for just P150.

What is BPI?

BPI, or Bank of the Philippine Islands, is a universal bank and the first bank to operate in the Philippines in 1851.

It offers numerous banking, loan, card, investment, and insurance products.

It has over 1,176 branches plus almost 3,000 automated tellers and cash accept machines across the country.

Why open a bank account with BPI?

BPI is one of the leading banks in the Philippines as well as the oldest. It has been around since 1851 and has served millions of Filipinos.

No bank is perfect but BPI has managed to establish itself as one with a good customer service, numerous products and outstanding branches.

FAQs

What are the requirements to open an account in BPI?

Standard requirements that you should prepare when opening an account in BPI are valid IDs, ID pictures, and proof of billing.

You can also inquire at your branch about the specific requirements for the type of account you want to open.

What is the maintaining balance for BPI accounts?

Regular Savings needs a PHP 3,000 monthly average daily balance, the initial deposit.

#SaveUp has a PHP 3,000 minimum monthly ADB requirement, while JumpStart only needs PHP 1,000.

MaxiSaver’s monthly ADB should be at least PHP 2,000,000, while Saver Plus is PHP 50,000.

Take note, though, that some accounts have a higher ADB requirement to accrue interest.

If your fund went below the required ADB, you would be charged around PHP 300 – PHP 500 per month.

Find out more: How Much is the Maintaining Balance in BPI

What are the interest rates for BPI accounts?

Unlike neobanks, BPI has less than one percent interest rates in deposit and checking accounts.

Is it good to open an investment account in BPI?

Yes, BPI can be trusted with investments based on their track record.

For just PHP 10,000, you can already invest in and expect good returns from companies, but PhP 1,000 would do for BPI PERA, and PhP 5,000 would be enough for Retail Treasury bonds.

How long is it before my BPI account becomes dormant?

Your BPI account will be considered dormant after one year if it is a Current Account, while it would take two years if you have a Savings Account.

Your account will be treated as dormant if you have not made any transaction for those periods.

How long before my BPI account is inactive?

For prepaid debit cards, it just takes six months for your BPI account to be inactive, and you would be charged an amount of PhP 40 per month.

Inactivity is just the same as dormancy for deposits, savings, and checking accounts.

What do I need to do after my BPI account becomes dormant?

Once your BPI account becomes dormant or inactive, you need to reactivate it by initiating a transaction and writing a letter to your branch.

The process may differ depending on your type of account, so you should ask this question upon opening a new account in BPI.

Can I open a corporate account in BPI?

Yes, you can open a corporate account in BPI, whether for your business, organization, foundation, or others.

You can open a Business Checking or BizLink checking for just PHP 10,000, but others mostly require PHP 50,000 as the initial deposit and ADB.

What are the interest rate of BPI #SaveUp and #MySaveUp accounts?

Both BPI accounts have an annual interest rate of 0.0925%, provided that you have at least a P5000 daily balance.

You should wait for promotions by GCash for the #MySaveUp by BPI, wherein the interest rate could be higher.

If you won’t make any withdrawals for a given month for your BPI #0.125% 

What is the account limit for BPI #SaveUp and #MySaveUp accounts?

The #MySaveUp by BPI account on the GCash app has a maximum account limit of P30,000.

On the other hand, the BPI #MySave has the same limit of P30,000, but that will be lifted once you have a fully verified account.

Do the BPI #SaveUp and #MySaveUp accounts have debit cards?

The BPI #SaveUp account comes with a free Virtual Prepaid Card, while the #MySaveUp can only be accessed through the GCash app and has no accompanying virtual card.

You can request a physical card for both accounts at the nearest BPI branch by paying P150.

How can I transfer funds to BPI #SaveUp and #MySaveUp accounts?

Your BPI #SaveUp account is like a regular bank account with an account number, so you can transfer funds using InstaPay, or through over-the-counter and CAM deposits.

On the other hand, you can transfer funds to your #MySaveUp account mainly through the GCash app, but you can also use Account No. displayed in the app for regular transfers.

What’s good about having a #MySaveUp by BPI account is that you can transfer funds for free from your GCash to a regular BPI bank account.

Conclusion

BPI is one of the best banks to entrust your hard-earned money to save or even grow it.

Before opening an account, you should visit a BPI branch today to discuss your specific banking needs.

Read these next:

• How to Transfer Money from BPI to BPI Account
• How to Change Mobile Number in BPI: Full Guide