BPI savings accounts have no opening deposit requirement

BPI (Bank of the Philippine Islands) does not charge an opening fee or require a minimum deposit to open a regular savings account. You can walk into any BPI branch with a valid ID and open an account with zero pesos if you choose to. The account itself costs nothing to start.

However, BPI does charge a monthly maintenance fee on most savings accounts once the account is open. The fee varies depending on which type of savings account you choose and how much money you keep in it. Some accounts waive the fee if your balance stays above a certain threshold.

Key Takeaways

  • BPI savings accounts require no opening deposit or opening fee, so you can start an account with any amount of money.
  • A monthly maintenance fee applies to most accounts, ranging from 300 to 500 pesos depending on account type, unless you maintain a minimum balance.
  • The BPI Savings Account (regular) charges 300 pesos monthly but waives the fee if your average daily balance stays at 10,000 pesos or higher.
  • BPI Youth Savings and BPI Senior Citizen Savings accounts have lower or no maintenance fees if you meet the age or status requirements.
  • You need a valid government-issued ID, proof of address, and your Social Security Number or TIN to open an account at any BPI branch.

Monthly maintenance fees by account type

BPI offers several savings account options, each with different fee structures. The BPI Savings Account (the standard option) charges 300 pesos per month, but this fee is waived if your average daily balance reaches 10,000 pesos. If your balance drops below that threshold, you pay the full 300 pesos that month.

The BPI Youth Savings Account is designed for people under 18 and charges no monthly maintenance fee as long as you remain may be able to access. Once you turn 18, the account converts to a regular savings account with standard fees. The BPI Senior Citizen Savings Account also waives monthly fees for account holders aged 60 and older.

BPI also offers BPI Express Savings, a digital-first account with a 500-peso monthly maintenance fee that is waived if your average daily balance stays at 25,000 pesos or higher. This account is designed for frequent online banking users and comes with a debit card and mobile app access included.

How to calculate whether you will pay the monthly fee

The monthly maintenance fee depends on your average daily balance, not your ending balance. This means BPI adds up what you had in the account each day of the month, then divides by the number of days. If that average hits the threshold, the fee is waived for that month.

For example, if you keep 10,000 pesos in your BPI Savings Account for the entire month, your average daily balance is 10,000 pesos, and the 300-peso fee is waived. If you keep 5,000 pesos for 15 days and 15,000 pesos for the other 15 days, your average is 10,000 pesos, and the fee is still waived. But if you keep 8,000 pesos for the whole month, you pay the 300 pesos.

You can see your average daily balance in your monthly statement or through BPI Online or the BPI mobile app. Knowing this number helps you decide whether to deposit more money to avoid the fee or accept paying it.

Documents and ID you need to bring

To open a BPI savings account at any branch, bring a valid government-issued ID (passport, driver's license, national ID, or PRC license). You also need proof of address — a utility bill, lease agreement, or government document showing your current address. The document must be dated within the last three months.

You will need your Social Security Number (SSN) or Tax Identification Number (TIN). If you do not have either, BPI can help you apply for an SSN at the branch during account opening. Bring your birth certificate or any government ID to speed up the SSN application.

If you are opening an account for someone else (such as a minor), bring the minor's birth certificate, the parent or guardian's ID, and proof of the parent or guardian's address. BPI Youth Savings accounts require proof that the account holder is under 18.

What happens after you open the account

Once your account is open, BPI will issue you a passbook (a small booklet that records your transactions) and a debit card. The debit card usually arrives within 5 to 7 business days. You can start depositing money and making withdrawals at any BPI ATM or branch immediately, even before the card arrives.

BPI will also enroll you in BPI Online (the web banking platform) and the BPI mobile app. You can use these to check your balance, transfer money, pay bills, and monitor your average daily balance. Setting up mobile banking lets you track whether you are on track to avoid the monthly fee.

Your first monthly statement arrives 30 days after account opening. This statement shows all your transactions, your average daily balance, and whether the maintenance fee was charged. If you fall below the minimum balance threshold, the fee will appear on this statement.

Ways to avoid or reduce the monthly fee

The simplest way to avoid the 300-peso fee on a regular BPI Savings Account is to keep your average daily balance at 10,000 pesos or higher. If you cannot maintain that balance consistently, you have other options. Open a BPI Youth Savings Account if you are under 18 — this account has no monthly fee and no minimum balance requirement.

If you are 60 or older, the BPI Senior Citizen Savings Account waives all monthly maintenance fees. You will need to bring proof of age (birth certificate or senior citizen ID) when you open the account.

Another option is to link your BPI savings account to a payroll account or pension account. Some employers and government agencies have arrangements with BPI that waive fees for accounts receiving regular deposits. Ask the BPI teller whether your employer or pension provider qualifies.

Frequently Asked Questions

Can I open a BPI savings account online without going to a branch?

BPI does not offer full online account opening for savings accounts. You must visit a branch in person with your ID and proof of address to open a regular savings account. However, BPI Express Savings can be opened through the BPI mobile app if you already have a BPI account or a valid government ID.

What is the difference between BPI Savings Account and BPI Express Savings?

BPI Savings Account is the traditional option with a 300-peso monthly fee (waived at 10,000 pesos average balance) and a passbook. BPI Express Savings is digital-only with a 500-peso monthly fee (waived at 25,000 pesos average balance) and includes a debit card and mobile app. Choose Express Savings if you prefer digital banking; choose regular Savings if you want a lower minimum balance threshold.

Do I have to use the debit card that comes with my BPI savings account?

No, using the debit card is optional. You can withdraw money at BPI ATMs and branches using your passbook or by presenting your ID. The debit card is free and comes automatically, but you do not have to activate it or use it. The monthly maintenance fee applies whether or not you use the card.

What happens if I do not deposit any money after opening my account?

Your account remains open and active. However, if your balance stays at zero or below the minimum threshold for the monthly fee, you will be charged the maintenance fee each month. After several months of unpaid fees, BPI may close the account. It is best to deposit at least enough to cover the monthly fee or meet the balance threshold.

Can I transfer money from another bank into my BPI savings account?

Yes, you can transfer money from other Philippine banks using the InstaPay system (instant, free transfers up to 1 million pesos) or PESONet (transfers that take 1 to 2 business days). You will need your BPI account number and the sending bank's transfer system. Ask your BPI branch for your account number if you do not have it.