How to Open BPI Savings Account (Easy

Guide)
JUNE 30, 2016 BY LOUREN13 COMMENTS

BPI (Bank of the Philippine Islands) is the oldest bank here in the Philippines and with
that said, it’s usually the bank used by many companies for their employee payrolls. In
this article, you’ll learn how to open a BPI Savings Account step-by-step. We will also
discuss what are the BPI bank account requirements. So sit back and relax, keep calm,

and keep reading. 

Table of Content:

 BPI Savings Account Requirements

 How to Open BPI Savings Account
 BPI Savings Account Products
 Frequently Asked Questions

First of all, you might ask, why open savings account in BPI?
One reason for me is accessibility. I don’t want to travel more than 10 kilometers just to
do bank transaction. If you might notice, BPI’s got a lot of branches almost everywhere
and that’s why I like it.

Another thing is the online banking. I’m a freelance web developer and having an online
banking option is a breeze. As much as possible, I want to do everything online
because it increases my efficiency.

BPI Savings Account Requirements

Before you personally go to BPI’s office, you need to prepare the opening account
requirements.

1. 2 Valid IDs. You need to prepare 2 recognized valid IDs for your application. Here’s a
series of typical valid IDs you can use: Driver’s License, Police Clearance, Barangay
Clearance, NBI Clearance, Philhealth, Senior Citizen Card, Passport, PRC, Postal ID,
Voter’s ID, and etc.

Your IDs should be:

 The original copy

 Photo-bearing (should be clear)
 It should be unexpired
 Issued by an Official Authority

2. 1 Utility Bill. This is to verify your billing address. You can use it even if it’s not
named after you as long as you’re residing on the same address, it will do fine. Typical
bills you can use: Electricity Bill, Water Bill, Internet Bill, Credit Card bills, and etc.

3. 2 Copies of 2×2 Latest Photo. You may also want to bring 1×1 version of your
photo just in case.

4. Initial deposit amount. For every type of deposit accounts, there are

different required initial deposit. So make sure to have the right amount before going in
to the BPI Bank office.

Step-by-Step Procedure in Opening a BPI Savings

Account
1. Personally go to the nearest BPI bank in your place and bring the requirements with
you. Just check what banking hours the branch in your area is operating.

2. Talk to the bank teller that you will be opening a BPI savings account. Worst case
scenario, you’ll face a long queuing line. So don’t forget to bring your phone with you to
kill boredom while waiting.
3. The teller will give you a form that you need to fill out. Make sure that all information
you inputted are double-checked so you will not be wasting your time just because of a
misspelled information.

4. Wait until your application is completely processed. You will be asked for the initial or
opening balance depending on what type of savings account you are going to open.

Note: 1 month after the initial deposit, there should be the required maintaining
balance on your savings account. Else, your account will be deactivated.

5. You need to wait for 1 day until your account will be activated. Usually, an ATM kit
will be given to you right after your application. But if you happen to have a case where
the teller ask you to wait for 2-3 days more, then that’s just fine too, I guess.

BPI Express Teller ATM Card

Right after you applied for your savings account, you might want to enroll your account
to their online and phone banking. Today, online transactions are very much common.
Enabling your card with online banking features is becoming a must.

BPI Savings Account Products

BPI offers several savings account products you can open depending on your personal
requirements.

1. BPI Easy Savers Account

I’ve been in a situation where after I resigned from my previous company, I withdraw all
of my last pay. When I’m about to do transactions again, voila! I just realized my
account was deactivated LOL. With this card, this will not happen again, ever.

BPI Easy Saver Product Features:

  P200 pesos initial deposit
 Zero maintaining balance

Fees:

 PHP  5 charge per withdrawal in any BPI Express Teller ATMs.

 PHP 50 for the Express Teller Card fee
 PHP 100  for withdrawals done over-the-counter in any BPI Branch.
 other customer-initiated debits (OTC, EPS, and/or 24/7 banking channels)

I’ve written an article how to create open a BPI Easy Saver’s account. You might check
that one out.

2. BPI Express Teller Savings Account

This is the typical account given to employees by their employers. I previously used this
type of account for getting my salary when I was still in the corporate world.

Deposit Balance Requirements and Rates:

 Required initial deposit: P500

 Required maintaining balance: P3,000/month
 Required daily balance to earn interest: P5,000
 Interest rate: 0.250% (per annum)

BPI Express Teller Savings Features:

 Has interest on funds.

 Access to Express Teller, Expressnet and Bancnet ATMs nationwide and
Cirrus ATMs globally.
 Cashless shopping in different Payment System (EPS) accredited merchants
nationwide with no enrollment required.
 Enrollment of recipient accounts for convenient fund transfer funds.
 Enjoy hassle-free bill payments to more than 200 merchants through bills
payment facility.
 Reload your cellphones and prepaid cards in an instant via BPI 24/7
Banking channels.

This account can be used for your typical day-to-day transactions.

3. BPI Passbook Savings Account

If saving money is the main purpose of why you are opening a savings account, BPI
Passbook Savings account is the good choice to go. With this type of account, you
cannot simply withdraw funds unlike like your typical ATM.
Deposit Balance Requirements and Rates:

 Required initial deposit: P10,000

 Required maintaining balance: P10,000/month
 Required daily balance to earn interest: P25,000
 Interest rate: 0.250% (per annum)

4. BPI Save-up Automatic Savings Account

Save money automatically with Save-Up Savings. This product transfers a nominated
amount money from an ATM account to a Save Up Account. Yes, you need to have an
existing savings account where you will be getting the funds to be transferred to your
Save-up savings account.

Deposit Balance Requirements and Rates:

 Required initial deposit: n/a

 Required maintaining balance: P1,000/month
 Required daily balance to earn interest: P3,000
 Interest rate: 0.5% – 0.8% (per annum depending on type of  account)

BPI Save-up Automatic Savings Features:

 Zero initial deposit required.

 Can be enrolled to the following for convenient monitoring.

o BPI Express Online

o BPI Express Mobile
o BPI Express Phone 89-100
 Prevention of impulsive withdrawals with Info Card

Two Product Options:

1. Save-Up High with higher interest rates.

2. Save-Up with FREE accident and life insurance* from BPI-Philam Life
Insurance.

Earn interest on your funds and monitor your account transactions with this savings
account the simple way.

5. BPI Jumpstart Savings Account

BPI’s Jumpstart savings account is design for whose age is from 10-17 years of age.
This is a good way to promote saving at an early age especially those teens who go to
school.
Deposit Balance Requirements and Rates:

 Required initial deposit: P100

 Required maintaining balance: P500/month
 Required daily balance to earn interest: P1,000
 Interest rate: 0.5% (per annum)

BPI Jumpstart Saving Features:

 Protect your child’s funds from unplanned withdrawals with this guaranteed
savings.
 Allowance Transfer Facility that ensures a child’s allowance gets credited to
his/her Jumpstart Account on a scheduled basis.
 Cellphone Reloading via BPI Express Teller ATM, BPI Express Phone (89-
100), BPI Express Mobile Menu, or by logging on to BPI Express Online.
 Privileges from partner merchants that can provide valuable childhood
experiences

If you got kids at this age, teach them how to save money by opening this type of
savings account.

6. Maxi-Saver Savings Account

With this type of savings account, you can get the best possible earnings with BPI Maxi-
Saver. This type of savings account has higher interest rate compared to the regular
savings accounts.

Deposit Balance Requirements and Rates:

 Required initial deposit: P50,000 ATM | P75,000 Passbook

 Required maintaining balance: P50,000 ATM | P75,000 Passbook (per month)
 Required daily balance to earn interest: P50,000 ATM | P75,000 Passbook
 Interest rate: 0.5% (per annum)

o Less than Php 50,000 – N.A.

o 50,000 – 499,999 – 0.250%
o 500,000 – 999,999 – 0.375%
 1M and above – 1.000%With 0.5% BONUS p.a. if no withdrawal within a
month

Maxi-Saver Savings Account Features:

 Higher interest rate compare to other savings account.

 BONUS 0.5% interest if no withdrawal is made within the month.
 Can be accessed with 2 different options:
 o ATM with access to BPI 24/7 banking channels.
o Passbook for record keeping and monitoring and BPI Express Online
balance inquiry.

*Also available in US Dollar variant for passbook (new).

7. Savings account in BPI with Life insurance

In this type of savings account, you’ll get Life Insurance worth 3x your account balance
for free. You can get up to Php 2 million worth of insurance.

For the features of this product, kindly check this link.

Frequently Asked Questions

Question #1: What are the differences between BPI Banks?
Answer:

 BPI Bank is focuses on corporate accounts.

 BPI Family Savings Bank focuses on individual savings accounts.

 BPI Direct Savings Bank focuses on telephone and online banking.

Qestion #2: What if I am a student and want to apply for a BPI Savings account?
Answer: You might want to try the BPI Easy Saver’s account. It’s good for students
because of it’s no maintaining balance feature and low initial deposit.

Question #3: What are the valid ID for opening BPI Savings account?
Answer: 

1. School or Company ID
2. Driver’s License ID
3. Passport
4. Unified ID ( SSS, GSIS or PhilHealth )
5. Postal ID
6. Voter’s ID
7. PRC (Professional Regulation Commission) ID
8. TIN card (photo-bearing card type)
9. All other Id’s issued by the Philippine government and its instrumentalities.
10. Overseas Workers Welfare Administration (OWWA) ID

o Seaman’s Book
o HDMF ID
o Firearms License
 o IBP ID
o PNP/AFP ID
o DSWD ID (Senior Citizen ID)
o NBI Clearance | NBI Clearance Online
o Police Clearance
o Barangay Clearance/Certificate
o Marriage Certificate
o Birth Certificate

You might be interested in applying for the following bank accounts:

 BPI Online Banking Enrollment

 BPI Easy Savers Account
 BPI ePrepaid Card
 BDO Credit Card
 BDO Savings Account
 Metrobank Savings Account
 Metrobank Online Banking Enrollment

Descriptive Statistics
Descriptive statistics are used to describe the basic features of the data
in a study. They provide simple summaries about the sample and the
measures. Together with simple graphics analysis, they form the basis of
virtually every quantitative analysis of data.

Descriptive statistics are typically distinguished from inferential statistics.

With descriptive statistics you are simply describing what is or what the
data shows. With inferential statistics, you are trying to reach
conclusions that extend beyond the immediate data alone. For instance,
we use inferential statistics to try to infer from the sample data what the
population might think. Or, we use inferential statistics to make
judgments of the probability that an observed difference between groups
is a dependable one or one that might have happened by chance in this
study. Thus, we use inferential statistics to make inferences from our
data to more general conditions; we use descriptive statistics simply to
describe what's going on in our data.
Descriptive Statistics are used to present quantitative descriptions in a
manageable form. In a research study we may have lots of measures.
Or we may measure a large number of people on any measure.
Descriptive statistics help us to simplify large amounts of data in a
sensible way. Each descriptive statistic reduces lots of data into a
simpler summary. For instance, consider a simple number used to
summarize how well a batter is performing in baseball, the batting
average. This single number is simply the number of hits divided by the
number of times at bat (reported to three significant digits). A batter who
is hitting .333 is getting a hit one time in every three at bats. One
batting .250 is hitting one time in four. The single number describes a
large number of discrete events. Or, consider the scourge of many
students, the Grade Point Average (GPA). This single number describes
the general performance of a student across a potentially wide range of
course experiences.

Every time you try to describe a large set of observations with a single
indicator you run the risk of distorting the original data or losing important
detail. The batting average doesn't tell you whether the batter is hitting
home runs or singles. It doesn't tell whether she's been in a slump or on
a streak. The GPA doesn't tell you whether the student was in difficult
courses or easy ones, or whether they were courses in their major field
or in other disciplines. Even given these limitations, descriptive statistics
provide a powerful summary that may enable comparisons across
people or other units.

Univariate Analysis
Univariate analysis involves the examination across cases of one
variable at a time. There are three major characteristics of a single
variable that we tend to look at:

 the distribution

 the central tendency

  the dispersion

In most situations, we would describe all three of these characteristics

for each of the variables in our study.

The Distribution. The distribution is a summary of the frequency of

individual values or ranges of values for a variable. The simplest
distribution would list every value of a variable and the number of
persons who had each value. For instance, a typical way to describe the
distribution of college students is by year in college, listing the number or
percent of students at each of the four years. Or, we describe gender by
listing the number or percent of males and females. In these cases, the
variable has few enough values that we can list each one and
summarize how many sample cases had the value. But what do we do
for a variable like income or GPA? With these variables there can be a
large number of possible values, with relatively few people having each
one. In this case, we group the raw scores into categories according to
ranges of values. For instance, we might look at GPA according to the
letter grade ranges. Or, we might group income into four or five ranges
of income values.

Table 1. Frequency distribution table.

One of the most common ways to describe a single variable is with

a frequency distribution. Depending on the particular variable, all of
the data values may be represented, or you may group the values into
categories first (e.g., with age, price, or temperature variables, it would
usually not be sensible to determine the frequencies for each value.
Rather, the value are grouped into ranges and the frequencies
determined.). Frequency distributions can be depicted in two ways, as a
table or as a graph. Table 1 shows an age frequency distribution with
five categories of age ranges defined. The same frequency distribution
can be depicted in a graph as shown in Figure 1. This type of graph is
often referred to as a histogram or bar chart.

Figure 1. Frequency distribution bar chart.

Distributions may also be displayed using percentages. For example,

you could use percentages to describe the:

 percentage of people in different income levels

 percentage of people in different age ranges

 percentage of people in different ranges of standardized test scores

Central Tendency. The central tendency of a distribution is an estimate

of the "center" of a distribution of values. There are three major types of
estimates of central tendency:

 Mean

 Median

 Mode

The Mean or average is probably the most commonly used method of

describing central tendency. To compute the mean all you do is add up
all the values and divide by the number of values. For example, the
mean or average quiz score is determined by summing all the scores
and dividing by the number of students taking the exam. For example,
consider the test score values:

15, 20, 21, 20, 36, 15, 25, 15

The sum of these 8 values is 167, so the mean is 167/8 = 20.875.

The Median is the score found at the exact middle of the set of values.
One way to compute the median is to list all scores in numerical order,
and then locate the score in the center of the sample. For example, if
there are 500 scores in the list, score #250 would be the median. If we
order the 8 scores shown above, we would get:

15,15,15,20,20,21,25,36

There are 8 scores and score #4 and #5 represent the halfway point.
Since both of these scores are 20, the median is 20. If the two middle
scores had different values, you would have to interpolate to determine
the median.

The mode is the most frequently occurring value in the set of scores. To

determine the mode, you might again order the scores as shown above,
and then count each one. The most frequently occurring value is the
mode. In our example, the value 15 occurs three times and is the model.
In some distributions there is more than one modal value. For instance,
in a bimodal distribution there are two values that occur most frequently.

Notice that for the same set of 8 scores we got three different values --
20.875, 20, and 15 -- for the mean, median and mode respectively. If the
distribution is truly normal (i.e., bell-shaped), the mean, median and
mode are all equal to each other.
Dispersion. Dispersion refers to the spread of the values around the
central tendency. There are two common measures of dispersion, the
range and the standard deviation. The range is simply the highest value
minus the lowest value. In our example distribution, the high value is 36
and the low is 15, so the range is 36 - 15 = 21.

The Standard Deviation is a more accurate and detailed estimate of

dispersion because an outlier can greatly exaggerate the range (as was
true in this example where the single outlier value of 36 stands apart
from the rest of the values. The Standard Deviation shows the relation
that set of scores has to the mean of the sample. Again lets take the set
of scores:

Quota sampling
Quota sampling method is a non-probability sampling and it can be defined as “a
sampling method of gathering representative data from a group”[1]. Application
of quota sampling ensures that sample group represents certain characteristics of
the population chosen by the researcher.[1]
Quota sampling can be divided into two groups: controlled and uncontrolled.
Controlled sampling involves introduction of certain restrictions in order to limit
researcher’s choice of samples.
Uncontrolled sampling, on the other hand, resembles convenience sampling
method in a way that researcher is free to choose sample group members
according to his/her will.
The main difference between quota and stratified sampling can be explained in a
way that in quota sampling “researchers use non-random sampling methods to
gather data from one stratum until the required quota fixed by the researcher is
fulfilled”[2]. Accordingly, the quota is based on the proportion of subclasses in
the population.
 

Application of Quota Sampling: an Example

Your research objective is to evaluate the impact of cross-cultural differences on
employee motivation in Virgin Media in the UK. You need to assess the
 effectiveness of employee motivational tools taking into account gender
differences among the workforce.
Quota sampling can be applied in the following manner:
 

1. Dividing the population into specific groups.

Virgin Media employees in the UK as the sampling frame need to be divided into
the following five groups according to their cultural background:

1. European
2. Asian (India)
3. Asian (China)
4. Black (African)
5. Other

2. Calculating a quota for each group.

You supervisor confirms that in order to achieve research objectives, 30

representatives from each group and the total sample size of 150 respondents
would be appropriate.
 

3. Determine specific condition(s) to be met and quota in each

group

Both genders, males and females need to be represented equally in your sample
group. This is a specific condition that has to be satisfied. Accordingly, you recruit
15 males and 15 females from each group.
Application of quota sampling ensures that sample group represents certain
characteristics of the population chosen by the researcher. In example above, an
equal representation of both genders, males and has been chosen as an important
characteristic of sampling.
 

Advantages of Quota Sampling

1. Quota sampling emerges as an attractive choice when you are pressed for
time, since primary data collection can be done in shorter time with this method
compared to many alternatives.
2. The application of quota sampling can save costs and time.
3. Quota sampling is not dependent on the presence of the sampling frames.
In occasions where suitable sampling frame is absent, quota sampling may be the only
appropriate choice available.

Disadvantages of Quota Sampling

1. Same as other non-probability sampling methods, in quota sampling it is
not possible to calculate the sampling error and the projection of the research findings
to the total population is risky.
2. While this sampling technique might be very representative of the quota-
defining characteristics, other important characteristics may be disproportionately
represented in the final sample group.
3. There is a great potential for researcher bias and the quality of work may
suffer due to researcher incompetency and/or lack of experience