A savings account is a bank product that is opened or applied by a customer so that he can have a secure place where he can save money at the same time earning a profit from the interest paid by the bank. I think this is the most popular product offers by all of the banks.
There are many banks in the Philippines that are offering savings account and other banking services for its clients. Perhaps you already notice that BPI is one of those banks. Bank of the Philippine Islands or BPI for short is one of the popular and leading banks in the Philippines. It has other various products aside from savings and checking account like BPinoy, BPI Trade, BPI Expressonline, BPI Asset Management, mutual funds, UITF and many more.
BPI Interest Rate
Interest rate is the fee paid by the bank to its depositors for the money they put in their savings account. Normally, banks use these money in giving loans to other bank consumers or invest it in other investments.
In the Philippines, the interest rate for savings account is not high, usually it is around 0.25 to 1.0 % depending on which bank your account is opened. If you are looking for higher earnings with your money, a savings account may not be a good choice for that.
For more details on BPI interest rate, you can see this post that I published before: BPI Savings Account Interest Rates
It is not the latest figure so you may go directly to BPI website to know the recent interest rate they are giving.
Features and Stuffs You can Get from BPI
You cannot get much profit from the interest your savings account will be receiving. But, you can get other helpful and beneficial stuffs for your banking needs.
For example, if you are a type of person who wants to regularly monitor your account balance and pay bills online, you definitely like BPI express online. It is the Internet banking service of BPI given to its customers who applied for it.
Another benefit you can get from BPI is the automatic savings account that you can link with another BPI account or payroll account. You must also apply for this one through online application or by visiting your branch.
If you are regularly sending money to your family or relatives in far away provinces and places in the Philippines, you could apply for a BPI Express Money Order card and then give it to them. You can transfer money from your savings account to their EMO card so sending cash will be free and faster instead of sending it through Western Union or Pera Padala. You’ll save money if you do this tip.
Applying for a BPI Account
Basically, when opening a new savings account, the applicant must go directly to the bank or its branch nearest in his place. I think this is the easiest way at the moment because normally most of the banks don’t have an online application method.
However, if the bank has online application capability, you can try to open an account through the Internet especailly if you are located far from the nearest branch or have no available time to go to the bank. To apply for BPI account online, just visit this post.
I made some posts about the requirements, IDs and document you need to apply for a new bank account. You can see it here. You should also have enough money that you will use as an initial deposit of your new account.