Ever wished you had better control over your savings? Now you can.
BPI offers a savings scheme that allows you to transfer a set amount of money from one account to another on a regular basis. The product is called BPI Direct Save Up Account – it works as an automatic savings program and offers insurance coverage as well.
How BPI Direct Save-Up works
To open a Direct Save-Up Account, you will need to have a BPI Peso account (savings or checking). Once you’ve enrolled your account, you only have to set the amount you wish to be withdrawn from your source account (referred to as the settlement account) and the frequency with which you choose to save funds. You can decide how much you want to save regularly, although the minimum amount is set at PhP 250.00. The frequency can range from weekly to bimonthly transfers.
BPI Direct Save Up also allows for fund transfers at any time. If you just received a bonus, a commission on sales or money from another source of income that you don’t want to touch, you can put them all in your Save-Up account.
Since the BPI Direct Save-Up Account is intended to build up your nest egg, it doesn’t make withdrawals convenient. You won’t be issued an ATM card to perform transactions, which helps minimize any withdrawals you might wish to make. You will, however, be issued an Info card that contains all pertinent information about your account.
BPI Direct Save-Up also offers the convenience of Internet, phone or mobile banking. Transfers and withdrawals will be performed through any of these channels.
Open a BPI Direct Save Up and you’ll receive insurance coverage from Ayala Life, including basic life, accidental death and accidental dismemberment. The amount is calculated based on your current account balance, which means that the bigger your savings become, the better your insurance coverage.