I mentioned in a post before that I was canvassing around for the bank with highest interest for safekeeping Francine’s money. Since she’s only two and doesn’t write yet, Kiddie bank accounts were out of the question for the meantime. I was leaning towards going with BPI Family Bank since it offer higher interest rates than BPI or BDO, but ended up opening an account with BPI Direct Savings Bank (another subsidiary bank of BPI). 😛
It offers higher interest rates than other banks, that’s why I got swayed. I mean, if your money’s gonna stay somewhere in a bank, might as well put it where it works hardest, right? For reference, let me put in the table I cobbled together before, followed by BPI Direct’s Deposit Rates for Savings and Checking accounts.
Though it offered the highest interest rates I was kinda wary about the bank at first, since it was a virtual bank. There is literally no brick-and-mortar branch, or hollow block-and-cement one as may be the case here, but you choose your servicing branch (preferably the one nearest or most accessible to you) where you’ll do your usual bank transactions like depositing and withdrawing over-the-counter. I read a blog post or two that said opening an account there was something of a nightmare. Just the same, I had to try for myself. Thankfully, it wasn’t as hard as I thought.
I opted to open a Maxi-Saver Savings Account to get higher returns since Francine had enough money (mostly from her Daddy) for it anyway. I filed an application online HERE last October 3, 2013. Filled up all the required fields until the end and submitted the form. The (probably) system-generated confirmation email came shortly after. It looked like this:
I really have no idea what to reply. Haha. I mean, come on.. 😛 So I just replied with a question/clarification the same day. Like so:
As you can see, there was no immediate reply to my query and I had to follow up a few days after. Yes, because I’m impatient like that. 😛 But it did the trick I guess, since I got a reply a coupla hours later. I was given a unique Account Opening code (the distorted part in the email subject). The instructions were there, you can read them for yourself here:
I had a couple more clarifications so there were some more email exchanges, then on October 16 I got the go signal for the branch visit. Meaning, I can already open my account. Yey! 😀 I was given the same code as before as reference (again distorted in the email subject). Here’s the email:
So on the morning of October 25, I went to my servicing branch to get the Account Opening Kit. I brought my Driver’s License and SSS UMID and photocopies of each (front and back). I must mention that the teller I transacted with did not ask for my utility bill (for the address verification), not that I was complaining. Oh well.
The kit contained the ATM card, welcome letter with temporary PIN and a couple of instruction leaflets for activating the ATM card and enrolling in BPI Express Online. After filling up the Information Sheet, I was asked to activate the ATM and change its temporary PIN. That, however, took some time because a bank officer had to authorize it first. It was a busy morning at the bank and there were queues at every counter, but at least the bank staff were courteous to each customer (including me) so no hard feelings there. 🙂 While waiting for the PIN change authorization, I made the initial deposit as well. So yeah, the account was already active even before activation of the ATM card. Not bad. After the PIN change and activation, I was good to go. 😀
So. I hope you were able to follow my kinda scatterbrained step-by-step process flow. 😛 if not, feel free to cuss comment below and I’d be happy to help you out if I could. 🙂
The table was so informative sis! I have accounts at three different banks you mentioned there and I always enjoy transacting with BPI the most because they are the most efficient. Oh, and I hate that they require a lot of stuff before you can apply for an account, I guess they are just overly cautious 🙂
Thanks sis! 🙂 BPI Direct pretty much requires just the standard stuff too: 2 valid ID’s, utility/credit card bill and 1×1 photo. Only you gotta apply online first and wait for confirmation/approval before you could open an account, as opposed to just going straight up to the New Accounts section of the bank.
it’s a great way to start; when our kids are still young…
True. I plan to have her open a kiddie bank account as soon as she’s able. 🙂
Hi sis.. psbank is now offering a no initial deposit for kids right?ohh well,I am a BPI atm cardholder too.^_^
and BPI service is good,expect atm machines are always offline during payday lol
Just looked it up, PS Bank does have a Kiddie Savers Account with no maintaining balance and no minimum amount to earn interest. Hmmm… Interesting. 🙂 Will definitely keep this info for when Francine opens her own kiddie bank account. Hopefully mataas pa din interest rate nya. 🙂 Thanks for the heads up sis!
hi sis! are you focused on savings account only? you might want to check Mutual funds or trust funds (I am liking the UITF product of BDO so far) for francine. they are more risky tools but i think she’ll enjoy the growth of her money when she is of age already given that she is still very young 🙂 that is just my suggestion. francine is very lucky to have a mom like you 🙂
Thanks sis! 🙂 I am still kinda confused about investing, so I put her money in the bank for the meantime. I’m interested in COL Financial, but then there are mutual funds or trust funds or UITF and they make my head swim so I’m staying put and researching muna. 😛 Haha. Alin mas advisable for a beginner like me? I still have so much to learn about financial literacy…
yup! you did the right thing din. dapat alam muna talaga yung investment product (lalo ang mga risk) bago pumasok 🙂 so far ngayon kasi i am enjoying yung UITF ng bdo. although high risk kasi siya (sa stocks kasi mainly yung pinili kong fund), pero dun kasi auto-debit ako sa bdo and pwede pa minimum of 1k per month. nagulat nalang ako sa 1 year nakaipon ako. so far nga lang since mababa ang market 6-7% ang natira sa gain ko pumalo yun ng 20% nung 1st quarter this year.pero gain parin yun sis! compared sa interest rate ng savings account.
True, ang baba nga ng interest rates ng savings accounts ngayon. May withholding tax pa. 🙁 Pano sis yung UITF sa BDO? Kelangan me *savings* bank account dun?
yung auto-debit nila sis, yes. kasi dun manggaling yung fund. yung isang bagsak nila na UITD i’m not sure kung required. although pag ganun kasi, minimum of 10k na sya.
Yup, you can try UITF. Sa savings kasi, we get around 1-3 percent interest pero may final withholding tax pa na 20 percent. Inflation will eat away your savings (and if you read about fractional reserve, you will realize that the bank keeps only 18% of your deposit and pinapautang nila ang remainder at a much higher interest.Bank ang kumikita sa money mo. ) My first attempt at UITF was way back 2007 during the financial crisis. After five years, I got 46% ROI. Had I invested in Equity (I got balanced fund kasi takot pa ako noon sa risk), I would have doubled my money. Banks like BPI (where you opened your account) and BDO (practically lahat naman ata may UITF product) have that. You can choose to have auto-debit with BDO or magpasok ka na lang ng pera mo, sabihin mong you want to invest. Later, if you are much knowledgeable na in investment, you can try to directly invest in stocks (kasi UITF has fees din and you don’t really know where they invest in).
ask ko po of kung ung pangalawang
message po ba ng bpi is kailangan
replyan pa? anu po ang ire reply?
Hello po. Pwede po ba mag open ng bpi direct express teller savings sa kahit saang bpi branch? Or online lng po tlaga pwede mag open?
As far as I know online lang pwede mag-apply for a “BPI Direct” savings account. Do take note that that’s different from a “BPI Direct Save-up” account which, I think, you can avail at any BPI branch. Best ask a banker just to be sure. Try https://www.bpibankersonline.com/ 🙂
Hello po. Pwede po ba mag open ng bpi direct express teller savings sa kahit saang bpi branch? Or online lng po tlaga pwede mag open?
As far as I know online lang pwede mag-apply for a “BPI Direct” savings account. Do take note that that’s different from a “BPI Direct Save-up” account which, I think, you can avail at any BPI branch. Best ask a banker just to be sure. Try https://www.bpibankersonline.com/ 🙂
ask ko po of sung pangalawang message back ng bpi is kailangan replyan pa? anu po any ire reply?
Hi. Where can I find the online application for BPI Direct Express Teller Savings Account? When I click the link you put in “here”, it doesn’t get me there. I appreciate the help. Tnx
Thank you for the heads up, Vin! I’ve edited the link, but apparently, online application is now only for Time Deposit accounts, and only for existing Savings account holders at that. To apply for a Savings account, you must go to your nearest BPI branch or “branch of convenience” to fill up the application form and present the necessary documents. Hope that helps. 🙂