It is the ultimate goal of Pesocademy to provide you with the most reliable guide when opening a bank account or getting a government-issued ID for your future transactions. Today, we will bring you the most detailed article that will lessen your burden on how to open a savings account in BDO.
This article focuses on the essential details upon opening a BDO savings account. Also, it aims to discuss important information not only on how to open a savings account in BDO but for you to have additional knowledge as a future BDO partner.
Why Choose BDO Savings Account?
As much as Pesocademy does not want to make any comparison among Philippine banks, it is essential to discuss the best reasons why you should choose BDO.
With as much as one thousand (1,000) branches all over the country and almost four thousand (4,000) ATMs, BDO offers convenience and accessibility, especially their branches located in malls. These branches which are in SM malls provide services even during weekends and longer service hours during weekdays.
It is essential to know that the BDO brand is owned by SM Group, which ensures the bank’s stability and competitiveness.
BDO’s awards and achievements throughout the years are all the more reasons why you should consider it as your bank. For numerous times, it consistently garnered the “Best Bank in the Philippines” award which was evaluated and given by Finance Asia. Thus, assuring you that BDO has a strong business franchise and high-end assets as well as a wide-ranging network distribution which is paired by low-cost funding.
List of Available BDO Savings Accounts
BDO offers several savings accounts or types. Thus, you need to determine which one is suited to your preferences and financial goals.
Peso Passbook Savings
The BDO Peso Passbook Savings account gives you an option to avail of such types of savings with or without an ATM. Thus, it allows you to fit your decision towards your short- and long-term financial goals.
One of the best things about having a passbook savings account is it allows you to keep track on your banking transactions recorded in your passbook. Plus, if you choose the no-ATM passbook savings account, it prevents you from splurging your money and away from impulsive buying. Also, this kind of account ensures safety as ATM cards expose you to identity theft and other fraudulent activities.
- With or without ATM
- Initial Deposit is at least P 2,000.00
- The Monthly Average Daily Balance (MADB) minimum amount is P10,000.00
- Minimum amount balance to earn the BDO annual interest is P 10,000.00
- Gross Annual Interest is 0.25%
BDO ATM Savings Account
When it comes to convenience and accessibility, the BDO ATM Savings is the best choice. It allows you to have to-go money like carrying your bank anywhere since you have easy access to your finances through the ATMs all over the country. It also allows you to shop online, receive, and send money anytime, pay bills. You have access and control of your money 24/7 through the BDO online banking facilities. It enables you to experience cashless shopping.
- Initial deposit is at least P 2,000.00
- Minimum Monthly Average Daily Balance (MADB) is P 2,000.00
- Minimum P 5,000.00 balance to earn interest.
- Gross Interest Rate Annually is 0.25%
BDO Optimum Savings
Optimum Savings offers the highest interest rates out of all BDO savings account type. It’s perfect for entrepreneurs and those who prefer long-term financial commitment with the bank without being obliged to enter into time deposits.
- The initial deposit and Monthly Average Daily Balance, as well as the minimum balance to earn interest for Personal Optimum Savings, is P30,000 while P50,000.00 for Business Optimum Accounts.
- Gross interest rates annually is up to 1.25%. You may check the nearest BDO branch to check their latest interest rate.
BDO Dollar Savings
Aside from being a savings account, this one is also an investment program as it allows you to keep your US dollars and earn interest in dollars too. It is for those who target to grow their overseas remittances passively. It comes with a passbook to help you track your transactions and growth.
- The initial deposit is at least USD 200.
- The Monthly Average Daily Balance and the minimum amount to earn interest is USD 500.
- 25% gross annual interest rate.
The abovementioned savings account types are the primary financial offers of BDO. Know that there are three other savings account types for specific classes. Kindly see the below;
Other BDO Savings Accounts
Junior Savers Account is intended for kids and young students. This will allow them to learn the importance of saving at an early stage.
BDO Prime Savers Dollar is intended for senior citizens.
BDO Direct Deposit Dollar is the most convenient dollar savings account that allows you to receive your US pension without any hassles.
BDO Savings Account Requirements
The good news is, banks nowadays require lesser documents in the past. Thus, it is easier to open an account. Check them out below;
Two Valid IDs
Kindly bring both the original and the photocopy at the nearest BDO branch in your area. You can refer to the list below to see the acceptable ids.
List of Valid and Acceptable IDs for BDO:
- Foreign passports are acceptable provided that it is written or translated in English and the passport holder has a permanent Philippine address.
- Voter’s ID
- Philippine Postal ID
- NBI Clearance
- Police Clearance with PNP Dry Seal
- Driver’s License
- PRC ID
- Tax Identification Number (TIN) ID.
- Barangay Certification with dry seal
- Health Insurance Card ng Bayan issued by PhilHealth Insurance Corporation.
- SSS ID
- GSIS e-card
- Overseas Filipino Workers (OFW) ID.
- Senior Citizen ID/Card.
- Overseas Workers Welfare Administration (OWWA) ID.
- Seaman’s Book.
- Government Office and GOCC ID such as Armed Forces of the Philippines and Home Development Mutual Fund IDs.
- Alien Certificate of Registration / Immigrant Certificate of Registration
- Department of Social Welfare and Development (DSWD) Certification.
- Integrated Bar of the Philippines (IBP) ID.
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP) or Person with Disability Identification Card issued by the National Council on Disability Affairs (NCDA).
- Company ID issued by institutions registered with or regulated/supervised by BSP, SEC, or Insurance Commission.
- Student IDs
You can refer here for the minimum initial deposits for every BDO savings account type.
|Type of Savings Account||Minimum Initial Deposit|
|1. Peso Passbook Savings (with or without ATM)||P 5,000.00|
|2. Peso ATM Debit Card||P 2,000.00|
|3. Optimum Savings||P 30,000 for personal;
P 50,000 for business
|4. BDO Dollar Savings||USD 200|
|5. Junior Savers||P 100|
|6. Prime Savers||P 2,000.00|
|7. Dollar Savings||USD 200|
Visit the Nearest BDO Branch toFill Out the Forms Provided in the New Accounts Section
Once you have determined the kind of savings account you want to open, provide the teller the three forms which you need to accomplish carefully. Also, you will be asked to provide three signature specimens for the validation and security of your account.
Upon accomplishing all the papers, and processing your initial deposit, you will be informed by the teller the date when you can claim your ATM card or passbook.
Wait for your Account Activation
Most of the time, BDO notifies you when your account is already active and that you can already claim your ATM card or passbook. So, keep your lines open for convenience and more comfortable communication.
Usually, account activation takes 1-2 days upon application. Also, the availability of your passbook or ATM cards takes 5 to 7 days.
Enroll your Account in Online Banking
Once activated, you can opt to enroll your account for online banking which will give you 24/7 access to your account.
Our Two Cents
You must be aware of these essential things before you go to the nearest BDO branch. It allows you to be informed and to save time by bringing all the requirements upon application.
Overall, this article intends to provide you all the essential knowledge on how to open a savings account in BDO. Feel free to drop your comments below for your feedback and additional suggestions. Let us make this interactive by giving us your comments and reactions. Happy banking!