Bdo Savings Account Interest Rate

In building a solid financial foundation, it is important to build from ground up. We start first in protecting ourselves through healthcare and life insurance. We must make sure to eliminate our debt. Then we need to build an emergency fund before investing. In this article I’m going to show you how you can open a BDO savings account for your emergency funds.

In building an emergency fund, the best way to do it is opening a bank savings account. If you noticed, the interest rates of the banks are very minimal. Because the bank knows that anytime you can withdraw your money (as in the case of ATM card and/or checking accounts).

Thus, having a bank account is perfect for building an emergency fund.

Banco de Oro (BDO) is one of the major banks in the Philippines. A pretty stable company and a part of the SM group of companies (Henry Sy’s companies – the richest man in the Philippines).

I personally am a client of BDO and I love their online banking facility especially their funds transfer and bills payment.

Thus opening a bank account in BDO for emergency funds is a perfect choice. Below is the requirements and the step-by-step guide in opening a savings account in BDO.

BDO has a range of Peso Savings Accounts to suit your needs. BDO Peso Savings Accounts offer endless possibilities to keep and grow your money. Whether you’re saving for a long-term goal or setting aside money for upcoming commitments, there’s an option for you. This type of time deposit is ideal for short-term peso investment, is low-risk, and comes with a higher interest rate than a regular BDO peso savings account. You can choose your terms of placement, whether it’s 30, 60, 90, 180, or 360 days and enjoy the interest rate (per annum as seen below).

BDO Savings Account Requirements:

1. Two Valid IDs – Examples: Police Clearance, Passport, Barangay Clearance, Voter’s ID, NBI Clearance, Senior Citizen Card, PRC, Postal ID, Philhealth, Driver’s License, and etc.

2. Proof of Billing – This will be used to verify your address. Examples: Phone bills, electric bill, water bill, credit card bill, etc.

3. Two copies of latest photo – you might want to bring a 1×1 and/or 2×2 photo.

4. Initial deposit requirement – bring cash. Different account types have different initial deposit. Might as well bring a substantial amount of cash.

Steps in opening a BDO savings account:

Step 1: Go to the nearest BDO branch in your area. One great thing with BDO is that, there are tons of branches inside SM malls. Thus, it is one of the most convenient banks to get access to.

Unfortunately, due to convenience, BDO branches inside the malls can be quite crowded.

Bdo Savings Account Interest Rates Philippines

Step 2: Go to the new accounts counter (or ask the guard where to open an account) and ask the teller for the application form for opening a savings account.

Fill out application form correctly. Double check all information. Provide the necessary signatures and submit to the bank teller.

Step 3: Provide the initial deposit requirement

For BDO Passbook Savings Account: P5,000
For BDO ATM Savings Account: P2,000

Step 4: Wait for 1 – 2 banking days for your account to be activated. Your ATM card and/or passbook will be made available around 5 – 7 days. Just communicate with your bank teller for inquiries and updates.

Step 5:(optional) Enroll your account to BDO online banking for convenience.

Other Important Information regarding your BDO savings account:

For ATM accounts:

Minimum monthly Average Daily Balance (ADB) requirement: P2,000
Minimum balance to earn interest: P5,000
Interest rate per year: 0.25%

Service Fees and Charges:

Account Closure within 30 days: P300
Below minimum balance: P300
Withholding tax for interest earned: 20%

For Passbook savings accounts:

Minimum monthly Average Daily Balance (ADB) requirement: P10,000
Minimum balance to earn interest: P10,000
Interest rate per year: 0.25%

Service Fees and Charges:

Account Closure within 30 days: P300
Below minimum balance: P300
Withholding tax for interest earned: 20%

Other account types can be seen here – source: Official BDO website

That’s it! Start building your emergency funds now by opening your BDO savings account!

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Savings Interest Rates Today

Updated December 13, 2015:

Earn more from your savings accounts; deposit them in higher-interest accounts.
You can earn more from time deposits or mutual funds, but if you don’t want to use these at present because of certain reasons, you can deposit your money in savings accounts with higher interest rates.

Nevertheless, when we say high interest, it’s NOT really HIGH. It only means that the interest rates are a bit higher than the the interest rate for regular savings accounts, which is usually 0.25 %.

Here are higher-interest savings accounts offered by 2 of the top 3 banks in the Philippines:

BDO

BDO Optimum Savings Account

– monthly average daily balance is 30k
– for individuals and non-stock, non-profit entities
– you can withdraw or debit 3 times a month without charge
– available with passbook and ATM card for personal accounts
– service charge is 300 pesos if monthly average daily balance falls below 30k
– dormancy fee is 300
– Update: Interest rates are no longer published. Rates change frequently, so inquire about rates when you visit your branch.

BDO Super Savings Account
Update: This account is no longer in BDO’s list of accounts offered.

BPI and BPI FAMILY SAVINGS BANK

BPI Maxi-Saver Savings

BPI ATM-based Maxi-saver Savings
– monthly average daily balance is 50k
– interest rates:
50,000 to 499,999 — 0.25%
500,000 to 999,999 — 0.375%
1 million and above — 1%
– bonus annual rate of 0.5% if no withdrawal within a month

BPI Passbook-Based Maxi-Saver Savings Account

– monthly average daily balance is 75k
– interest rates:
75,000 to 499,999 — 0.25%
for other amounts, it’s the same as above ATM-based Maxi-Saver

Note: If you do not withdraw within a month, you get a bonus annual interest rate of 0.5% for the month.
Interest is credited monthly.

BPI Get Started Savings Account with Life Insurance

ATM-based:
– monthly average maintaining balance = 25,000
– annual interest rate = 0.25%

Passbook-based:
– monthly average maintaining balance = 75,000
– annual interest rate = 0.25%

Note on Life Insurance:
Insurance coverage is equivalent to 5 times your account’s Average Daily Balance,
up to 2 million or $40,000, for dollar accounts.
Average Daily Balance here means the Average Daily Balance of the past three calendar months prior to the account owner’s demise.

Bdo Atm Savings Account Requirements

BPI Save-Up Automatic Savings with Free Accident and Life Insurance

Bdo Savings Account Interest Rate Calculator

– monthly average daily balance = 1,000
– monthly average daily balance to earn interest = 5,000
– free accident and life insurance from BPI-Philam Life Insurance
– amount of life insurance equals 5 times your account’s average month-to-date average daily balance up to 2 million pesos and an additional accident insurance of 5 times your account’s average daily balance up to 2 million
– interest is credited quarterly
– annual interest rate: 0.25%

Bdo Optimum Savings Account Interest Rate

BPI Save-Up Automatic Savings With Higher Interest but No Free Insurance

– no initial deposit required if you have an ATM savings account
– monthly average daily balance = 1k
– monthly average daily balance to earn interest = 3k
– automatic transfer of a certain amount of money weekly or monthly from your ATM savings account to your Save-Up account
– you can enroll in BPI Express Online banking
– interest is credited quarterly
– annual interest rates:
5,000 to 49,999 — 0.25 %
50,000 to 499,999 — 0.5 %
500,000 and above — 0.625 %

Above rates are for BPI accounts.
BPI Family accounts offer a bit higher interest rates.

Bdo Savings Account Interest Rates

TAX on Interest: 20 % Withholding tax

If you want to earn more from your savings within a 5-year period, check this:
PAG-IBIG II Savings Program.