Probably, BDO Bank is the most popular bank in the Philippines today. It has been a recipient of many local and international awards in the category of banking and financial services. BDO has many branches in different places in the country. It also operates numerous ATM and has longer banking hours than any other Philippine banks.
As a universal bank, BDO is providing various products and services to its customers like savings account, credit cards, checking account, loans, money remittance, unit investment trust fund, payroll account, foreign currency deposit account and many more.
Tips Before Opening a BDO Bank Savings Account
As a customer, you should look for the best savings account out there that suits according to your wants and needs. Some of the factors that might help you in deciding which savings account is the best are:
1. How much interest it pays per year
The higher the interest rate, the better. Normally, the interest per year for savings account is in the range of 0.25% to 1.0% depending on the bank.
2. Is it PDIC-insured?
PDIC insurance is your protection when the bank closes its operation because of bankruptcy and other reasons so you should know whether the bank has insurance or none. The maximum deposit covered by insurance is P500,000 per depositor.
3. Online banking
As much as possible, your chosen savings account must have an online banking for your convenience. It can give you lots of benefits if it has Internet banking services.
The factors above is some few tips when selecting the best savings account, you must do your own investigations and research so that you can be sure that your choice is the right one.
Interest Rate, Minimum Initial Deposit, Dormancy Fee and Maintaining Balance for BDO Savings Account
I have made some articles in the past that outline the interest rate you can get from different types of BDO savings account as well as the maintaining balance to avoid penalties, dormancy fee and the minimum initial deposit when opening a new account. You could see the articles by visiting the following link below.
Tips on Opening a BDO Bank Savings Account
Basically, opening a savings account is not that hard especially if you are staying in the Philippines and you have the necessary requirements needed in the application. I think the best way to open a BDO savings account is by visiting a branch nearest you or a branch inside a SM mall. For sure, you can find one branch if you will go to SM. Here are some of the tips I want to share with you when applying for a savings account at BDO Philippines.
1. Decide which type you want to open
There are several types of savings account you could open at BDO. For example, if you are an OFW or will be working abroad, a Kabayan savings account can be the best for you. The types are indicated above by clicking the links indicated so you could study which one you should choose.
2. Prepare the requirements
When applying for a bank account, you should submit several requirements because it is the bank’s policy to know their customers. The most common requirements are one valid photo-bearing ID, a billing statement and the initial deposit. To get the complete list of valid ID that you can use for opening a savings account, you can go here: List of Valid ID for Opening a Bank Savings Account in the Philippines
Many people are asking me how many valid ID they should submit to the bank. If the BSP rule shall be applied, only one ID is enough for application. However, some banks do not follow this rule or maybe they want to make it sure that you are the real person behind the ID so they are requiring two valid ID from depositors. If you have no choice and you only have one ID, you should tell them that it is BSP rule to present just one ID and it is sufficient.
3. Fill out application forms and signature cards
You should fill out application forms and signature cards so that the bank has your information. You must write legibly and completely all of the information that needs to be furnished. It is also important to bring a ball pen in case there’s none in the bank. I recommend also to you to apply online banking at the same time you apply for the savings account.
4. Wait for processing and approval
The nice thing about opening a savings account in the branch is that you will know whether your application is approve or not. You should wait during the checking of your documents, ID, application forms and signature cards until you are informed of its approval.
5. Claim your ATM card and/or passbook
When your application is approved, you can get your ATM or passbook after 3 to 5 banking days. Normally, the bank employee will tell you when you can get it.
As a final remarks, opening an account at BDO is not difficult to do as long as you have the requirements and enough money for initial deposit. It is better to apply Internet banking at the same time you apply a savings account for your future convenience.