BPI Direct Save-Up Account: Why You Should Start Saving Today

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Published on: July 9, 2013 Last updated: July 21, 2020

BPI Direct Save-Up Account: Free Insurance and Other Perks | Moneymax

This article was updated on September 30, 2019.

Life is full of uncertainties. You just never know what’s going to happen next and when the unexpected happens, your wallet should be ready to shoulder any expenses. That’s why every responsible adult tells you to set aside some money and build up your savings. Luckily, saving has never been this easy, thanks to the BPI Direct Save-Up program[1].

Offered by BPI Direct Savings Bank[2], this savings program automatically sets aside a certain amount from your BPI savings account. You can also deposit to your Save-Up account directly if you have extra cash lying around. Aside from that nifty feature, here are some compelling reasons why you should open a BPI Save-Up account.

BPI Direct Save-Up Account Features

Automatic Savings

save for sure with BPI Direct Save-Up

 

One of BPI Direct Save-Up’s main selling points is the automatic savings feature. They figured that if you remove yourself from the savings process, you’ll be able to earn more. Because let’s face it, we sometimes lack the willpower to deposit money into our savings account. So to curb your urge to spend, let your BPI Save-Up account do the saving for you.

Worry not, because you can customize the way your account automates your savings. You can either set your automatic debit on the day or the day after your paycheck comes in. You can also set the amount you want to automatically save. From there, you can deposit money whenever you want to grow your savings further.

Read more: Build Your Financial Freedom: How to Start an Emergency Fund

Free BPI-Philam Life Insurance

BPI Direct Save-Up Account - BPI Philam insurance

Another compelling feature of your BPI Direct Save-Up is the free BPI Philam Insurance[3] of up to PHP 2,000,000. Once you open an account, you’re already insured. No need for medical check-ups or premium payments. The insurance terms are as follows:

  • Basic Life: 5X the account’s average Month-to-Date Average Daily Balance (MTD-ADB) of the past three calendar months with a maximum amount of PHP 2,000,000 regardless of the number of accounts opened by the insured individual.
  • Accidental Death: Additional 5X the account’s average Month-to-Date Average Daily Balance (MTD-ADB) of the past three calendar months up to PHP 2,000,000 regardless of the number of accounts opened by the insured individual.
  • Accidental Dismemberment: in accordance with the Schedule of Dismemberment Benefits, with a maximum amount of PHP 2,000,000 independent of the number of accounts opened by the insured individual.

BPI Direct Save-Up Monthly ADB Requirement

The Average Daily Balance (ADB) is defined as the sum of the daily end-of-day balances in the account for a month divided by the total number of days in that particular month.

ADB = (Day 1 ending balance + Day 2 ending balance +…+ Day 30/ 31 ending balance)
_________________________________________________________________

Number of days in the month (28/ 29/ 30/ 31 days)

The minimum monthly ADB is PHP 1,000. It’s also the minimum daily amount for you to earn the 0.25% interest. If you wish to save PHP 250 once a week, your money in the account won’t breed any interest until the 4th week where your account has accumulated a total of PHP 1,000.

Exclusion of Insurance Coverage

  • Deaths due to pre-existing and critical illnesses
  • Deaths due to suicide which happens on the first year
  • Self-inflicted injuries
  • Bodily, mental infirmity, and other related diseases
  • Poisoning or infection
  • Atomic fission or radioactive gas
  • Death occurring in war-torn countries like Iraq, Lebanon, etc.
  • Children below 15 years old and adults over 60 years old

Zero Initial Deposit

BPI Direct Save-Up makes saving a lot easier, thanks to its zero initial deposit feature. You can start a savings account for as low as PHP 1,000. Do note that you’ll only start earning a 0.25% interest annually once your deposit hits PHP 5,000.

Read more: 6 Things to Consider When Choosing the Right Bank for You

No ATM Card

Now you might think that not having an ATM card for your account is a disadvantage, but it’s actually better for you in the long run. Because you don’t have a card, you won’t be tempted to withdraw your funds or spend via debit. It’s a surefire feature to encourage the growth of your money. Besides, that’s one more ATM card to worry about.

That doesn’t mean you can’t access your savings. If you really need to withdraw funds from your BPI Save-Up account, you can transfer it to your ATM-based account plus services fees. It’s best to not touch your savings unless it’s really an emergency.

Keep the Information Card

Your BPI Direct Save-Up account comes with an information card. It contains your account name, card number, and Joint Account Indicator (JAI). It also serves as proof of your free BPI-Philam Life Insurance. Since you won’t receive any quarterly bank statements, it’s best to keep your information card with you at all times. This will allow you to check the growth of your savings through the BPI Express Online website or app.

How to Open a BPI Direct Save-Up Account

BPI Direct Save-Up Account - BPI Direct savings bank

To get your very own BPI Save-Up, prepare the necessary requirements and head down to the nearest BPI branch. Note that you need an existing BPI savings account for you to open a BPI Direct Save-Up. Just bring one of any accepted IDs and supporting documents listed below.

  • Passport
  • Driver’s License
  • SSS ID
  • PRC ID
  • GSIS e-Card
  • OWWA ID
  • OFW ID
  • Seaman’s book
  • Alien Certification of Registration or Immigrant Certificate of Registration
  • Government Office and GOCC ID IDs
  • Integrated Bar of the Philippines (IBP) ID
  • Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC or Insurance Commission
  • IDs issued by an official foreign authority
  • For Students: School ID duly signed by the principal or head of school
  • For Non-Philippine Residents: Similar ID issued by the foreign government where the customer is a resident or a citizen

You will then fill out an application form where you can choose the frequency, the exact day of transfer, and the amount of transfer. After filling out and affixing your signature to the form, you will be given your information card. You will also be asked to enroll your BPI Direct Save-Up account on your BPI online account.

Read more: Grow Your Money Faster with a High-Interest Savings Account

Final Thoughts

BPI Direct Save-Up gives BPI account holders no reason not to have a savings account. Start saving for the future today and reap the rewards on your golden years. Your future self will thank you for being more responsible with your money.

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