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CELEBRATING EXISTENCE| SHARING MY STORIES SINCE 2012 | INFINITELY GRATEFUL

BPI Easy Saver (BPI Family Savings Bank)

The savings account with no maintaining balance required.


I used the money from my accidental picky coin bank to open a new savings account, after a lot of researching about which type of account would fit my banking needs best, I chose BPI Easy Saver.


Bakit kailangan magbukas ng Savings Account? link: here.
Activate Online Fund Transfer to Anyone (BPI Mobile App) link: here.




JUST READ THE WORDS IN BOLD FONTS PARA HINDI MAGULO. TSKTSK


My reasons why:
1. You can create an account with only P 200.00
2. NO MAINTAINING BALANCE - I used to have a regular Express Teller Savings Account in BPI Islands but with its P 3000.00 maintaining balance, my money just went to the monthly charges and my account was eventually closed.
3. With P 1000.00 in your account, your money would already start earning interest. 
I researched the difference of BPI Family and BPI Islands and found out that Family Savings gives bigger interest of 0.500% Per Annum compared to the latter with 0.250% Per Annum. I know that the interest rate is so small but it's better than just hiding your money in some place where it won't earn interest at all, right? And luckily for me, a branch is just walking distance from our home; saves me fare and time. 

4. Can also be used as Debit Card using BPI's E.P.S (Express Payment System) in more than 13,000 participating establishments.
THOUGH, as much as possible, I won't make use of the fourth reason soon. Why? 'cause the main goal why I opened an account is to save and not to use it for purchasing wants.

Fees:
1. P 50.00 for the Expressteller Card
Easy Saver's Card is just like the regular ET card.
2. There's a fee of P 5.00 for every ATM withdrawal (maybe 11.00 if using different bank's ATM) and P 100.00 for over-the-counter withdrawals.
Well, I don't really care.
First of all, more often than not, I actually withdraw in Family Savings Bank's ATM (being the closest to our home) eventhough my other bank account is in BDO. Being charged P 11.00 is cheaper than the fare I'd have to pay in going to the nearest BDO branch.
Second, it's not like I'm withdrawing everyday so paying P 5.00 for a withdrawal fee is small compared to the charge of having less balance than the maintaining, right?
Third, it's not like I'm withdrawing a lot of times from it pala. HAHAHAHAHA.  My gassssh, sana, sana talaga, maka-ipon. Kinakabahan ako with my spending habits, I know how impulsive and big spender I can be. Hello, just look at this blog and, grabe din. Be more thrift, Tin. I know you can! :)))

EDIT: 3. ALL customer- initiated debits are subject to P 5.00 service charge.


4. Be aware of 05SI charge at the end of the month. 
05SI is the accumulated cost of withdrawing from a non-BPI Family ATM and it's P 15.00/transaction. Now disregarding what I have written above, a withdrawal using another bank ATM would cost you P 20.00.

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All in all, BPI Easy Saver is easy to open and easy to maintain. It's best for those people who are just starting to save (like moi), those who hate the thoughts of losing money because of monthly charges and those who don't have big income (encore moi).

EDIT: I therefore conclude that they don't allow you an account with no maintaining balance for nothing. They really have to make money, you know. :)) I was taken aback by the various charges of this saving acct. that I have discovered in the two months that I had it. Medyo mabigat na rin kasi 'yung five pesos na charge for every debit lalo na sa'kin, madalas ako mag-POS transactions. Hanggang ATM transaction fees lang pala tanggap ko kasi bihira ko lang gawin un. haha! But then, it all boils down to the fact that I wasn't able to use this S.A. as planned so I was bombarded with the charges I incurred. For savings kasi talaga dapat 'to eh. Pero magiging for savings na siya ulit, tiwala lungzzzz. 

Requirements:
ID
Picture
P 200.00

P 50.00



Note: Enroll your account in both BPI express online and mobile for more efficient banking... oo enroll lang, kahit paminsan mawalan ng laman ang account. MALAY NATIN!! 



It's not the all about the money you've earned but the money you've saved. ;) 
Kamusta naman 'yang motto ko. Hahaha. Motto credits to whoever said that first. 



To those who prefer the convenience of cashless transactions/spendings/payments that's why you're searching for a suitable savings account. Here's another bank product you can compare this S.A. with: Eastwest Bank Basic Savings Account



How do you manage your bank accounts? Want to know the differences among Debit Card, Prepaid Card and Credit Card? Click: here.

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