These days many people are looking for a savings account with low initial deposit and no or very low maintaining balance. That’s why there are several banks respond to these needs of the people. One savings account that I would like to mentioned here is about the BPI Easy Saver account.
It is a new deposit product of BPI that can be opened by all people who want to start to save in the bank or simply just like to have a savings account of their own. It is similar with other savings account that BPI offers but there are some great features that you can find here and not in other SA.
Features of BPI Easy Saver Account
BPI Easy Saver is very good for students and people who are not employed in a company but want to get a savings account. When opening this type of account, the applicant should deposit a P200 initial balance for their account.
However, you also need to pay an additional fee of P50 for the ATM card. So all-in-all, the total amount of money you need to open easy saver account is P250. I think it is not that big amount making it more accessible or available for low salaried and common people.
Another best feature of this account is that it has no maintaining balance and your account will not be charge of any fee regardless of the balance it has. Unlike many savings accounts of BPI and other banks, you have to maintain a balance so that your account will not be charged of falling below the maintaining balance.
Fees of BPI Easy Saver Account
However, there are also downsides for this type of account. First, for every withdrawals to BPI ATM, you will be charged P5 for every withdrawal. When you withdraw to other banks’ ATM, a higher fee will be charged to you. In addition, when you withdraw your money in the bank’s teller, a P100 fee will be charged so it is better to get an ATM card.
You can use BPI Easy Saver for paying groceries in the supermarket, mart or drugstores like Mercury Drug. You can also enroll this account to BPI online banking so you can check your balance via the Internet. The fees or charges for other customer-initiated debits such as over-the-counter transactions (OTC), EPS, and/or 24/7 banking channels will be charged P5.
How to Apply for BPI Easy Saver Account
Basically, the application is simple and easy. First, you have to gather all requirements before visiting a BPI branch. Click here to learn the valid IDs that you can use for applying a savings account.
Once you have the ID and enough money (around P250), you can go to the nearest branch to apply in-person. There are several application forms and signature cards that you need to fill out and submit to the bank officer in-charge of new application.
After few days, you can get your ATM card if your application is approved. You have to ask the bank employee the date when can you pick-up the card.
BPI Easy Saver account has low initial deposit and no maintaining balance making it suitable for students and people who want to get a savings account but have no or low income. It is easy to apply for this type of account by visiting a branch nearest your area.