Are you interested in opening a BPI Direct Save Up account?
In the past, I used to have a BPI Direct account for one of my emergency funds. That’s why in this post, we’ll talk about BPI Save-Up Automatic Savings + Insurance requirements.
I’ll also share why I decided to close my BPI Direct account in this article.
Let’s get right to it!
- What’s BPI Direct Save Up?
- BPI Direct Save Up vs BPI Save Up
- BPI Save-Up Features
- How to Open a BPI Direct Save Up Account
What’s BPI Direct Save Up?
BPI Direct Save Up is an old product of BPI. Basically, it is an online savings account which automatically deducts money from your ATM-based savings account.
Using this savings account, you can decide how much to save and when to transfer it to your account. All this is done automatically. I love automatic transfers as I could just forget about it and only remember it when I have a real need for it, so saving is very convenient, too.
BPI Direct Save Up vs BPI Save Up
Since BPI phased out their BPI Direct bank products, they introduced BPI Save-Up instead.
Similar to its predecessor, BPI Save-Up is a savings account that automatically sets aside money. Plus, you get free life and accident insurance but it’s limited to your account balance.
BPI Save-Up Features
Before opening a bank account, it’s important that you understand what features the bank has to offer.
BPI Save-Up has the following bank features:
- ZERO initial deposit
- ₱1,000 required minimum monthly ADB
- ₱5,000 required daily balance to earn interest
- 0.0625% interest rate per year
- Transfer as low as ₱250 to start saving in your Save-Up account
- FREE life insurance worth 5x your average account balance
- FREE additional accident insurance worth 5x your average account balance
How to Open a BPI Direct Save Up Account
If you already have an existing BPI account, this used to be the process on how to open a BPI Direct Save-Up account:
1. You need to have a BPI Peso Account and this account should be enrolled in BPI online banking.
This will be known as your settlement/source account.
2. After that, open a BPI Direct Save-Up account. Once it has been enrolled, you only need to specify a certain amount to be withdrawn from your settlement/source account to your BPI Direct Save-Up account.
The minimum is ₱250.00. You can also choose the frequency of transfer. The frequency can range from weekly to bimonthly transfers.
3. You will receive an Info Card via mail.
This will have your pertinent card information. This will also serve as a proof that you will be receiving an insurance coverage from Ayala Life.
4. As for the cases of real emergencies, you can simply transfer funds from your BPI Direct Save-Up to your nominated source account via Express Mobile, Express Banking or Express Phone.
Once it is credited, then you can immediately withdraw your money through the ATM.
How to Open a BPI Save Up Account
Now, though, the official BPI website says you need to visit a BPI branch near you for you to open a BPI Save-Up account.
Why I Closed My BPI Direct Save Up Account
Even though it’s one of my first bank accounts ever since I started my personal finance journey, I decided to close my BPI Direct Save Up account because of the following reasons:
- It’s zero initial deposit, but not zero maintaining balance
- I’ve encountered credit card fraud with the bank before, so I’m not a huge fan of their online banking system
- The “free” insurance is based on your average account balance, so if you don’t have a lot of money with the bank, then you can’t really depend on the free insurance that they’re promoting