Can’t decide? Want to get more information about opening a passbook account in BPI? Requirements? Perks? If yes, read on.
I only have a payroll account in BPI [Bank of the Philippine Islands] until recently. I decided to open a passbook account with them and to transfer all my savings from UnionBank because I’m already fed up of UB’s lame service.
The application went just fine. Hence, I published this guide or review to share my experience and to help those who want to learn more about BPI passbook.
I’ll start this post by comparing the passbook account that is offered by BPI and one of its subsidiaries.
BPI vs BPI FAMILY SAVINGS BANK
What’s the difference? Where to open an account?
BPI, and its subsidiary, BPI Family Savings Bank, offer the same service or product with a difference in interest rate and monthly service fee which is charged on accounts with below the required minimum Average Daily Balance [ADB].
BPI offers 0.250% interest rate per annum, while BPI Family Savings Bank offers 0.500%.
The required minimum ADB [Average Daily Balance] of the said two banks is just the same which is PHP10,000.00.
An account’s ADB is equivalent to the sum of its daily balance in a month divided by the total number of days in that specific month.
If an account is below the required minimum ADB in two consecutive months, BPI deducts PHP300.00 monthly service fee, while BPI Family Savings Bank charges PHP250.00.
They both charge PHP200.00 monthly if an account is dormant [defined by BPI as no client-initiated transaction] within two years.
Earned interest is being credited to an account quarterly as long as the required end-of-day balance of PHP25,000.00 and above is being maintained.
Note: BPI and BPI Family Savings Bank offer different passbook accounts, but in this post, I’ll just focus on Peso Savings/Deposit.
DOES A PASSBOOK ACCOUNT COME WITH AN ATM CARD?
Nope. For me, it’s an advantage because I can avoid withdrawing fund easily compared to an ATM card. Also, I can focus on saving money.
The only way to withdraw money from a passbook account is to go to a BPI branch directly [over-the-counter transaction]. It is recommended to bring a passbook for updating.
I am not sure if it is possible to withdraw money in a BPI branch if an account was opened in a BPI Family Savings Bank or vice versa. I haven’t tried it yet. Usually, I just transact with any BPI branch near my place or office.
LINKING PASSBOOK ACCOUNT TO A BPI EXPRESS ONLINE ACCOUNT
It is possible to enroll or add a passbook account as a third-party to an existing Express Online [EOL] account with an active ATM-based account linked to it. Just like what I did!
I requested during my application to have my passbook account enrolled to my EOL account where my active payroll is linked to. With that, I can conveniently transfer money from my payroll account going to my passbook account with just a few clicks.
How to request it? I’ll discuss that later.
Note: A passbook account will not be included in the accounts list if enrolled as a third-party. Its transaction history will not be viewable online as well. It will be included only in the list of third-party accounts under Fund Transfer.
It is not yet possible to transfer fund from a passbook account to another savings account online.
Proceed to the next page.