Opening costs at BPI depend on the account type you choose
BPI (Bank of the Philippine Islands) does not charge an opening fee for most of its savings accounts. However, some accounts have a minimum opening deposit that you must place in the account when you open it. This deposit is your own money — it stays in the account and counts toward your balance. The amount varies by account type, ranging from ₱1,000 to ₱100,000 depending on which savings product you select.
Beyond the opening deposit, you may face monthly maintenance fees if your balance falls below a certain threshold. These fees also vary by account type. Some BPI savings accounts waive the monthly fee if you maintain a minimum balance, while others charge a flat fee regardless of your balance.
The account type that fits your situation determines both what you pay upfront and what you pay each month. BPI offers several savings options, each with different deposit requirements and fee structures.
Key Takeaways
- BPI charges no opening fee, but most savings accounts require a minimum opening deposit ranging from ₱1,000 to ₱100,000.
- Monthly maintenance fees vary by account type and may be waived if you keep a minimum balance in the account.
- BPI's basic savings accounts typically have lower opening deposits than premium or specialized accounts.
- You can find the exact opening deposit and fee structure for each account type on BPI's website or by visiting a branch in person.
Common BPI savings account types and their opening deposits
BPI's most accessible savings account is the BPI Savings Account, which typically requires a ₱1,000 minimum opening deposit. This account is designed for everyday savers and has a monthly maintenance fee that is usually waived if you maintain the minimum balance.
The BPI Kabayan Savings Account is another option with a ₱1,000 opening deposit requirement. This account is marketed toward overseas Filipino workers and may have different fee structures or features tailored to that group.
BPI also offers premium or specialized savings accounts with higher opening deposits — sometimes ₱10,000, ₱25,000, or ₱100,000 — depending on the specific product. These accounts often come with higher interest rates, additional perks, or access to investment products. The exact names and requirements of these accounts change over time, so checking directly with BPI is necessary to see what is currently available.
Monthly maintenance fees and balance requirements
Most BPI savings accounts charge a monthly maintenance fee, but you can avoid it by keeping your balance above a set threshold. For basic accounts, this threshold is often ₱1,000 or ₱5,000. If your balance drops below that amount, BPI deducts a maintenance fee — typically ₱100 to ₱300 per month, depending on the account type.
Some BPI accounts waive the maintenance fee entirely if you meet other conditions, such as maintaining a certain number of transactions per month or having an active payroll arrangement with BPI. Read the account terms carefully or ask a BPI representative which conditions apply to the account you are considering.
Interest rates on BPI savings accounts are generally low — often less than 1% per year — but rates change based on market conditions and the specific account type. The interest you earn is deposited monthly or quarterly, depending on the account.
How to find the current opening deposit for your chosen account
BPI's account requirements and fees are not fixed across all time periods. The bank updates its products, interest rates, and fee structures regularly. The most reliable way to learn the exact opening deposit and monthly fees for a specific account is to visit the official BPI website or call BPI's customer service line at 1-800-1-888-BPI (1-800-1-888-274).
You can also visit a BPI branch in person and ask a teller or account officer to walk you through the options. Bring a valid government-issued ID and proof of address (such as a utility bill or lease agreement) so you are ready to open an account on the spot if you decide to proceed.
BPI's website lists each savings account product with its opening deposit, monthly maintenance fee, minimum balance requirement, and interest rate. Comparing these details side by side helps you choose the account that matches your savings habits and budget.
What happens if you cannot meet the opening deposit
If the minimum opening deposit for BPI's standard savings accounts is more than you can afford right now, you have a few options. Some banks offer youth or student accounts with lower opening deposits, though BPI's availability of these products varies. You could also ask a BPI representative whether any current promotions waive or reduce the opening deposit temporarily.
Another route is to open an account with a different bank that has a lower opening deposit requirement, then transfer money to BPI later once you have saved enough. Many Philippine banks offer savings accounts with opening deposits as low as ₱500 or ₱1,000.
If you are opening an account specifically to receive salary deposits or government payments, some employers and agencies can help you open an account with reduced or waived opening deposits as part of their payroll or payment arrangements.
Documents you need to bring when opening an account
When you visit a BPI branch to open a savings account, bring a valid government-issued ID such as a passport, driver's license, or national ID card. You will also need proof of your current address — a utility bill, lease agreement, or bank statement dated within the last three months usually works.
If you are opening an account for a minor, a parent or legal guardian must be present with their own ID and proof of address. Some branches may ask for additional documents depending on your situation, so calling ahead to confirm what you need is a good idea.
Bring your opening deposit in cash or a check. Most branches accept both, though cash is faster since the deposit is credited immediately.
Frequently Asked Questions
Does BPI charge a fee just to open a savings account?
No, BPI does not charge an opening or application fee. You only need to provide the minimum opening deposit required by the specific account type you choose, which becomes part of your account balance.
What is the lowest opening deposit at BPI?
The lowest opening deposit for most BPI savings accounts is ₱1,000. Some specialized or premium accounts may require higher deposits, ranging up to ₱100,000. Check BPI's current offerings to confirm the exact amount for the account type you want.
Can I avoid the monthly maintenance fee?
Yes, most BPI savings accounts waive the monthly maintenance fee if you keep your balance above a minimum threshold, usually ₱1,000 to ₱5,000. Some accounts may also waive the fee if you meet other requirements, such as a certain number of transactions per month.
What if my balance falls below the minimum?
If your balance drops below the minimum required to waive the maintenance fee, BPI will deduct the monthly fee from your account. The fee amount depends on your account type but typically ranges from ₱100 to ₱300 per month.
Can I open a BPI account online?
BPI offers some online account opening options for certain products, though most savings accounts still require you to visit a branch in person to complete the process and deposit your opening amount. Check BPI's website or contact customer service to see which accounts can be opened online.