Life is full of surprises. You’ll never have an idea of what will happen next. When the unexpected happens, you need to make sure that your wallet and piggy bank are more than ready. This is a lesson that everyone has learned during the pandemic.
This is why everyone should start saving up. Admittedly, it’s a chore at the beginning, especially if you have the mindset that you’re supposed to enjoy your hard-earned money. However, remember that you’re not only saving for a rainy day. You’re also saving up for your future—whether it’s for your dream business or your dream vacation.
Fortunately, the Bank of the Philippine Islands (BPI) has made saving money much easier with the BPI Save-Up Account. There are many reasons you should open this account. Read on to learn more.
What is a BPI Save-Up Account?
The BPI Save-Up Account is not your average savings account. It’s a cut above the usual bank accounts because it automatically sets aside money from your BPI savings account.[1] You can also deposit to your Save-Up account directly if you have extra cash lying around. It also includes free insurance.
However, it’s important to note that the benefits you’ll get depend on the type of BPI Save-Up Account that you’ll open.
Read more: 6 Things to Consider When Choosing the Right Bank for You
What are the Types of BPI Save-Up Account?
The BPI Save Up Account comes in two types. The right account for you greatly depends on your priorities and financial goals.
BPI Save-Up Savings Account + Insurance
If your goal is not just to save but also to add another layer of protection for yourself, this Save-Up account is worth looking into. This is because you get two types of free insurance here: life insurance and accident insurance.
Save-Up Account Features
- Interest rate: 0.125%
- Required initial deposit: None
- Minimum maintaining balance: PHP 1,000
- Minimum balance to earn interest: PHP 5,000
BPI Save-Up High Savings Account
As the name suggests, this Save-Up account allows you to automatically set aside money regularly while earning higher interest compared with other banks. This account is ideal for those who want to grow their money.
Save-Up High Account Features
- Interest rate: Varies (starting at 0.125%)
- Required initial deposit: None
- Minimum maintaining balance: PHP 1,000
- Minimum balance to earn interest: PHP 5,000
See also: Types of Bank Accounts in the Philippines: Which One is Right for You?
Why You Should Open a BPI Save-Up Savings Account
Aside from keeping your money safe, the BPI Save-Up Account offers many compelling reasons to save, such as the following.
1. Both Accounts Have Low Transfer Amount
BPI allows account holders to transfer as low as PHP 250, so they can start saving in their Save-Up Account. With that, you won’t be pressured to save a big amount of money right away, especially if you have other priorities at the moment.
2. You Get Comprehensive Protection
The basic BPI Save-Up account gives the account holder two types of insurance. You may get additional accident and life insurance worth five times your average account balance or up to PHP 2 million. Receiving such benefits will also provide you with peace of mind, especially if you’re the family’s breadwinner.
3. Monitoring is Easy

You can monitor your BPI account in real-time through the BPI Mobile App or BPI Online banking facility. You can also transfer money and pay your bills through your app or online account.
4. No Initial Deposit Required
While other banks’ starter savings accounts require you to give a minimum initial deposit, the BPI Save-Up Account does not. However, if you want to earn interest, you need to make sure that you meet the bank’s required daily balance of PHP 5,000 and above.
5. It Helps Build the Habit of Saving
According to the 2020 report of the Bangko Sentral ng Pilipinas (BSP), the share of adults who own saving financial accounts climbed to 29% in 2019 from 23% in 2017.[3] This is a good indicator of financial inclusion, thanks to easy-to-open bank accounts, such as the Save-Up Account. Because saving up money is much easier with this BPI account, you get to build a healthy habit of preparing for the rainy day and being goal-oriented.
6. Set How Much What You Want to Save
The BPI Save-Up Account lets you customize the way you automate your savings. You may choose to set your automatic debit on the day or the day after your paycheck comes. Furthermore, you can set the amount you want to save automatically. With this feature, you don’t need to go to the bank or make online transfers every pay day.
7. You Won’t Get a Debit Card
Think having no debit card is a disadvantage? Think things through again, and you’ll realize that it will benefit you in the long run, especially if you’re saving up seriously. Since you don’t have a card, you won’t be tempted to withdraw your money or pay via debit whenever you go out.
What are the BPI Save-Up Account Requirements?
Basically, you’ll have to fill out an application form. The bank will also ask you to provide one or two of the following valid IDs and supporting documents:
- Passport (including those issued by foreign governments)
- Driver's license
- PRC ID
- Postal ID
- Voter’s ID
- Taxpayer Identification Number (TIN)
- GSIS e-Card
- SSS ID/UMID card
- Senior Citizen card
- OWWA ID
- OFW ID
- Any GOCC ID (e.g., AFP ID, Pag-IBIG Loyalty Card, etc.)
- ID issued by the National Council on Disability Affairs
- IBP ID
- Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, Securities and Exchange Commission (SEC), or Insurance Commission
- PhilHealth Health Insurance Card ng Bayan
- NBI Clearance
- Police Clearance
- Barangay Certification
- Seaman’s Book
- Alien Certificate of Registration / Immigrant Certificate of Registration
- DSWD Certification
- Professional ID cards issued by Maritime Industry Authority (MARINA)
What are the Steps for Opening a BPI Save-Up Account?
You have two options to open a BPI Save-Account: in-person and online. Here are the steps for each method.
How to Open a BPI Save-Up Account Online
If you’re opening a new deposit account online, just download and launch the BPI Mobile app and then tap “Open an account.”
A. If you’re not registered with BPI Online, follow these steps:
- Choose "I'd like to register to BPI Online, then open a new account right away to proceed.
- You will be asked to register at BPI Online. Watch the video below to learn more.
- Make sure to deposit the required maintaining balance via online funds transfer before 10 p.m. of the same day when the account is opened (for Peso accounts).
B. If you’re an existing client who’s already registered with BPI Online:
- Choose "I'm ready to log in to BPI Online and open a new account now" to proceed.
- Log in using your BPI Online username and password.
- Tap the currency of the account you wish to open.
- Tap the product and “Next.”
- Read and agree to the terms and conditions.
- Confirm the details of your transaction and tap "Confirm."
- Enter the One-Time PIN (OTP) and tap "Submit."
- Deposit the required maintaining balance via funds transfer before 10:00 PM of the same day when the account is opened (for Peso accounts).
How to Open a Save-Up Account at a BPI Branch
First, head to the bank of your choice; the closer to your home, the better. The bank teller will ask you to fill out an application form and provide one, two, or three of the required IDs and supporting documents listed above.
The application form may require you to provide the frequency and amount of transfer. You’ll then make a deposit (if there’s any). While you’re at it, the teller may ask you to enroll your new account in your BPI online account.
How Can I Withdraw My BPI Save-Up Balance?
Since the Save-Up account doesn’t come with a debit card for ATM withdrawals, you may choose to visit your bank and withdraw your funds personally. But if you want convenience, you can just transfer money to your ATM-based BPI account (or other bank accounts for that matter).
Final Thoughts
Saving money doesn’t need to be challenging, especially with a BPI Save-Up Account. With its auto-save feature, you can routinely and effortlessly set aside money every payday without needing to go to the bank or making online transactions. Secure your future and achieve your goals by saving money today!

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