Opening a BDO savings account is as easy as buying a new phone. All you need to do is go to the nearest branch, present the requirements, sign a few documents, and call it a day. And yet, people still make a lot of excuses why they haven’t opened one yet. The latest Financial Inclusion Survey by the Central Bank revealed that many Filipinos still have no bank accounts 1 . Surprisingly, aside from insufficient funds, respondents also mentioned a lack of requirements (40%) and knowledge in opening an account (22%) as the reasons why they’re still not saving for a rainy day through a savings account. Let this guide teach you the essential requirements and procedures for opening BDO savings account to stop you from making the same excuses.
One word: Convenience. Almost every town, city, and shopping mall in the country has a BDO branch. SM Group owns BDO, so you’ll always see a BDO branch in almost any SM mall you visit. This gives BDO the competitive advantage of weekend banking and longer banking hours than other banks outside SM malls. As of this writing 2 , BDO has 1,600 branches and more than 4,500 ATMs and electronic channels nationwide 3 ready to meet its customers’ various banking needs. Furthermore, BDO has 16 international offices in Asia, North America, Europe, and the Middle East. In terms of overall performance, BDO isn’t trailing behind, either. BDO Unibank Inc. has consistently won the “Best Bank in the Philippines” award by FinanceAsia 4 for several years now due to its “strong business franchise, low-cost funding, quality assets, and extensive distribution network.”
Whether you’re withdrawing or depositing money into the bank, you’ll always be required to fill out a form to complete the transaction. On this form, the first question usually asked is the type of account you have–Savings or Current. Before this, the naive, younger version of myself would usually check the box corresponding to the “Current” account without any idea what it meant. It was only later that I realized that I had a savings account! Let’s briefly discuss the difference between these two deposit accounts to avoid confusion.
The following are some of the perks of getting your savings account in the Philippines:
Of course, with all advantages also come a few disadvantages:
Before going to the BDO branch, make sure you already have all the following requirements:
According to BDO 5 , one valid ID is accepted if you present any of the following:
If you do not have any of the valid IDs above, you need to prepare at least two of the valid IDs listed below:
Note:
The table below shows the minimum initial deposit required for each type of savings account.
| Type of BDO Savings Account | Minimum Initial Deposit |
| Peso Passbook Savings (with or without ATM) | ₱5,000 |
| Peso ATM Debit Card (without passbook) | ₱2,000 |
| Optimum Savings | ₱30,000 (Personal) and ₱50,000 (Business) |
| Junior Savers | ₱100 |
| Prime Savers | ₱2,000 |
| Direct Deposit | ₱0 |
| Dollar Savings | $200 |
| Prime Savers Dollar | $200 |
| Direct Deposit Dollar | $0 |
| Australian Dollar Savings Account | $500 |
| Canadian Dollar Savings Account | $1,000 |
| Chinese Yuan Savings Account | ¥2,500 |
| Euro Savings Account | €500 |
| Great Britain Pound Savings Account | £500 |
| Hongkong Dollar Savings Account | $500 |
| Singapore Dollar Savings Account | $500 |
| Yen Savings Account | ¥50,000 |
| Peso Time Deposit | ₱1,000 |
| Premium Flexi Earner | ₱10,000 |
| Dollar Time Deposit | $1,000 |
| Dollar PRS (Philippine Retirement Authority)Time Deposit | as advised by PRA |
| Two-Year Dollar Time Deposit | $50,000 |
| Three-Year Dollar Time Deposit | $50,000 |
| Five-Year Dollar Time Deposit | $50,000 |
Here are BDO savings accounts that you can choose from depending on your financial goal:
The Peso Passbook Savings can be availed with or without an ATM. You won’t be tempted to splurge on unnecessary stuff if you choose the no-ATM option. This makes the passbook savings account ideal for those who want to save money to achieve short- or long-term financial goals.
Whereas Peso Passbook Savings ensures all your financial transactions are safely recorded in a bank-issued notebook or passbook, an ATM/debit card makes you more vulnerable to identity theft and other fraudulent activities.
If safety is a significant concern, choose a passbook savings account and consider having an ATM only if you’re ready to handle the risks.
Key Features:
A bank account you can carry anywhere you go, the BDO ATM Savings enables you to receive payments, pay bills, withdraw cash, transfer funds, shop online, and experience a host of other conveniences made possible by the BDO online banking facility.
Choose this account if you prefer to spend money without bringing cash.
Key Features:
Optimum Savings offers the highest interest rates among BDO savings accounts. It is ideal for entrepreneurs who want the highest return for their money or anyone with long-term financial goals but don’t want to be tied down with a time deposit account.
In addition to its high-interest rates, Optimum Savings also allows you to debit or withdraw money from your account for free up to three times a month.
Key Features:
A vital tool to teach financial literacy to youngsters 12 years old and below, the BDO Junior Savers is every responsible parent’s dream come true.
By giving your kids their savings accounts early, you’re instilling in them the value of saving money and handling it well.
Key Features:
Additional Information 6
This is the best savings account to keep your US dollars and earn interest in the same currency. It also comes with a passbook.
Key Features:
Intended for senior citizens (60 years old and up), a Prime Savers Dollar account offers perks like special forex rates and access to priority lanes during bank transactions.
Key Features:
Now that you know the basics, let me walk you through every step to open a BDO savings account in the Philippines.
BDO offers a wide range of savings accounts to suit your particular needs. However, the only types of BDO savings account you can open online are the PESO savings accounts (Passbook and ATM), US Dollar Savings Account, and the BDO Kabayan Savings Account (Peso and Dollar), which is dedicated to OFWs.
If you want to open an Optimum Savings or a Junior Savers account, go to a BDO branch instead.
Here are the steps to complete the BDO online application form:
Once you have completed the online form, you will receive an email notification regarding your account application. You will also receive information regarding your upcoming KYC interview with a BDO representative to complete your application.
Note that the interview is done virtually through Zoom. Make sure to have a stable internet connection, and you’re in a well-lit area. Bring also at least two valid IDs and a black ink pen and a piece of paper.
If your online application and interview are successful, your application will be endorsed for approval. You will receive a confirmation email stating that your application is approved and your savings account is ready. You can now also open your account in BDO online banking app.
However, you need to fund your account within seven days after your account approval to continue your savings account’s validity.
If you prefer to open an account at a BDO branch, you must download, print, and fill out the required personal account form and submit it to the nearest BDO branch with other requirements and the initial amount of deposit needed.
Ideally, you should open a savings account near your BDO branch.
You can use the BDO branch locator to determine if branches are near you.
For most branches, banking hours are from 8:30 AM to 4:00 PM 7 . They are open from Monday to Friday, but some operate on Saturdays. These BDO branches are also open every Saturday until 4 PM.
BDO branches open on weekends (including Sundays) are located inside SM malls. Their banking hours are until 4:00 PM.
There is no need to fill out another form upon arrival at your preferred branch because you have already completed the online application form (see step #3).
You will be asked to provide three identical signature specimens.
There is no need to submit ID pictures because most BDO branches already have cameras for image capturing.
After submitting the requirements, including the initial deposit, the bank officer will inform you when your account will be activated and when you can return to claim the passbook, ATM, or both.
Account activation usually takes at least 1 to 2 days from the date of application.
On the other hand, the passbook and ATM are issued after 5 to 7 banking days.
Once you’ve been issued the ATM card, follow the steps below to activate it:
If you have any questions concerning account activation, please call BDO Customer Contact Center at 631-8000 or visit the BDO branch where you opened your savings account.
After your BDO savings account is activated, you can access your BDO online banking. As you can remember, you already enrolled in online banking via the online application form you accomplished earlier.
Although it’s optional, getting into online banking can give you access to many features that can benefit you in the long run.
The following are some of the transactions you can do via BDO online banking:
The minimum initial deposit is required to open an account with BDO. As you can see in the table below (second column from left), the minimum initial deposit varies depending on the type of savings account.
The higher the interest rate (as in the case of Optimum Savings), the higher the required initial deposit.
Remember that the initial deposit is part of your savings, not a payment to BDO, so that you can open a savings account with them.
The monthly average daily balance (MADB) is the money you must maintain in your savings account to avoid a penalty fee.
To understand it clearly, emphasis should be given to “average.” Therefore, if the MADB of a savings account is Php 2,000 (as in the case of BDO ATM Savings), it doesn’t mean you should maintain a balance of Php 2,000 in your account every day of the month. Again, we’re talking about the average.
In this case, MADB can be computed by adding the remaining balance in your account for each day in the month and dividing the total by the number of days in the month. For example, from November 1 to 15, your ATM Savings had a Php 2,000 balance left untouched throughout that time frame. Then, come November 16, you withdrew Php 300 from your account and failed to make any deposit throughout the month (i.e., 15 days–from November 16 to November 30). At the end of November, your monthly average daily balance would be:
(Php 2,000 x 15) + (Php 1,700 x 15) = 55,000
55,000/ 30 = Php 1,850
As the table below suggests, you fall short of the required minimum average daily balance (i.e., Php 2,000) for ATM Savings.
However, failing to meet the MADB once is insufficient for you to incur fees. Only if you don’t meet the required MADB for two consecutive months will you be charged Php 300, also known as the “Falling Below Minimum Balance Fee.” In the case of BDO Passbook Savings, where the MADB is twice the minimum initial deposit (see table above), account holders must deposit an additional Php 5,000 within the month of opening the account to meet the required MADB of Php 10,000.
As its name already suggests, it is the minimum amount of money you need to keep or maintain in your savings account for it to earn interest. Save for Optimum Savings and Junior Savers, all BDO savings accounts enable you to earn a gross interest rate of 0.0625% every year. This earning is spread out over 12 months, which means:
0.0625% / 12 = 0.0052083% per month
Again, to consistently earn interest every month, you need to ensure your balance doesn’t end up less than the minimum balance to earn interest (see the fourth column of the table below).
As for Optimum Savings, interest rates may vary depending on how much your money is and the BDO branch where you opened the account. Account holders can expect between 0.50% to 1.25% gross interest rate per annum.
Keep in mind, however, that interests earned from the BDO savings account are taxable. A 20% withholding tax is imposed on every interest you earn monthly. Therefore, if you make Php 100 in interest this month, Php 20 (20%) will be deducted from it as withholding tax, trimming down your earnings to only Php 80 per month.
For parents who want to instill in their children the value of money and the importance of saving up for rainy days, the BDO Junior Savers is the perfect tool. Available for young Filipinos aged 0 to 12 years old, this BDO kiddie savings account is your child’s key to early financial independence.
As with the regular savings account, BDO Junior Savers allows you to choose between a passbook, an ATM/BDO EMV Debit Card, or both. However, the card is only available for kids 7 to 12.
Also, kids under seven years old are only allowed to open an account under the name of a parent/guardian.
Another excellent feature of BDO Junior Savers is the ability to transfer money from the parent’s bank account to the child’s BDO Junior Savers account. Money transfers can be done either through online banking or Easy Saver.
To open a BDO Junior Savers account, you can follow the same procedure written above, albeit with the addition of a few more requirements:
List of BDO Junior Savings Account Requirements
a. For Kids 7 to 12 Years Old
*Original copies of the following:
*Passport.
*Birth Certificate issued by PSA or Local Civil Registry.
*School ID signed by the school head or principal.
*School registration/Certificate of enrollment.
b. For Kids Under 7 Years Old
*Original copies of the following:
*At least two valid IDs of the parent/guardian.
*Any child’s ID or document listed in the previous section (i.e., passport, birth certificate, or school ID).
*Adoption documents, if applicable (if the account will be opened by or named under the adoptive parent).
*Guardianship documents, if applicable (if the account is to be opened by the legal guardian).
c. Proof of Income
Since the parent is the one who will deposit the money, BDO may ask you for your latest payslips or certificate of employment (employed).
For self-employed parents, you may present a business permit from DTI and your barangay to prove that your income comes from a legitimate business.
d. Initial Deposit
Aside from the documentary requirements, don’t forget to bring Php 100 as an initial deposit.
The BDO Kabayan Savings Account was developed with Overseas Filipino Workers (OFWs) and their families in mind. It can be an indispensable tool for OFWs struggling to develop the self-discipline of saving money, especially those who regularly send remittances via BDO Remit.
This OFW-friendly savings account offers the following features and benefits:
*A low initial deposit of Php 100 for Kabayan Peso Savings Account and USD 100 for Kabayan Dollar Savings Account.
*Gross interest rate per annum: 0.05%.
*Minimum balance to earn interest: Php 5,000 (Kabayan Peso Savings Account) and USD 200 (Kabayan Dollar Savings Account).
*Passbook and ATM debit card.
*Zero maintaining balance, provided you remit at least once within two years. Otherwise, your account will be converted to a regular one with a maintaining balance of Php 2,000.
*Opportunity to qualify for BDO Rewards points and free life and accident insurance.
*A great tool to build a good credit score to leverage to qualify for housing, car, or personal loans.
If the above reasons convince you to open a BDO Kabayan Savings account, go to any BDO branch in the Philippines and complete the application.
Bring the following requirements to apply for a Kabayan Savings account:
a. Minimum initial deposit: Php 100 for a peso account and USD 100 for a dollar account.
b. One (1) valid ID.
According to BDO, OFWs applying for the Kabayan Savings account may bring any one of the following valid IDs:
*Passport, preferably a Philippine passport. Should you present a foreign passport, it must be written in or translated into English, and you must have a Philippine residence.
*Driver’s license issued by the Land Transportation Office
*UMID
*PhilSys ID
*Professional Regulations Commission (PRC) ID
*National Bureau of Investigation (NBI) clearance
*Police clearance with the dry seal of PNP
*Philippine Postal ID
*Voter’s ID
*Barangay certification with the dry seal from the barangay where it was issued
*Government Service and Insurance System (GSIS) eCard
*New Social Security System (SSS) ID
*Senior citizen ID
*Overseas Workers Welfare Administration (OWWA) ID
*Overseas Filipino Workers (OFW) ID
*Seaman’s book
*Alien Certificate of Registration (ACR) / Immigrant Certificate of Registration (ICR)
*Government office and GOCC ID (e.g., Armed Forces of the Philippines [AFP], Home Development Mutual Fund [HDMF])
*Integrated Bar of the Philippines (IBP) ID
*Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
*Department of Social Welfare and Development (DSWD) Certification
*Company IDs (issued by private entities or institutions registered, supervised, or regulated by BSP, SEC, or IC)
*Green card (issued by US Immigration and Naturalization Service)
*Foreign IDs with picture (issued by the government of the country of origin)
*Locally issued credit cards (current with picture)
*Firearms License with picture
*Tax Identification Number (TIN) card (card type with picture)
*Investment ID card signed by the Department of Foreign Affairs (DFA)
*For students who are not yet of voting age – school ID (duly signed by the principal/head of school together with the registration form for the current semester/school year)
Meanwhile, OFWs applying for a Kabayan Shipping Dollar Savings account may present any one of the following:
*Seaman’s Book
*PRC ID (issued to Seafarers)
*Marina ID
Submit the above requirements and wait for bank personnel to process your application. BDO Kabayan Savings comes with a passbook and an ATM debit card which you can use internationally.
You can also open a Kabayan Savings Account (Peso or Dollar) online.
Access the BDO Kabayan Savings account page and select what type of Kabayan Savings account you want to open.
Afterward, complete the online application form and the required photos of your valid ID. Once done, you will be in the queue for a Zoom interview with a BDO representative. If your interview succeeds, you can now deposit online or in-branch.
Additional Information: A Kabayan Savings Account with no remittances for one year will be converted into a Regular Savings account
Foreigners staying in the Philippines for less than 180 days can easily apply for a dollar/foreign currency savings account since the requirements aren’t as rigid.
However, to open a regular peso account, you should prove to BDO that you’ve been staying in the Philippines for at least 180 days. This is the reason why BDO and other Philippine banks require foreigners to present two valid IDs (photocopy and original) upon application:
*Foreign passport with characters that are written in or translated into English.
*Alien Certificate of Registration ID Card (ACR I-Card) / Immigrant Certificate of Registration (ICR).
Save for the two valid IDs above, the requirements and application procedures are the same for foreigners. The ACR I-Card is the most difficult to obtain among the requirements since it’s only issued to those with long-term visas. However, the Bureau of Immigration can also give you an ACR I-Card for tourists, provided that you apply for a visa extension to show your intention to stay in the Philippines for more than 59 days.
A BDO joint savings account is like your regular one, except you share it with one or more people.
Contrary to popular belief, a joint savings account is not only designed for married couples. Associations, business partners, organizations, friends, and families can also open one to keep their funds under one account.
A joint account can be savings, checking, or time deposit account. However, this article will focus on the most common type–a joint savings account.
Here’s how to open a BDO joint savings account in two simple steps:
1. Complete All the BDO Joint Savings Account Requirements
Application requirements for BDO joint savings account are the same as when applying for a regular one (i.e., two valid IDs and minimum initial deposit). But since more than one person is applying for a joint account, each applicant must bring his/her two valid IDs (photocopy and original). You can see the complete list of valid government-issued IDs here.
The minimum initial deposit for a BDO joint savings account is the same as a regular one. Therefore, if the minimum initial deposit for the ATM Savings account is Php 2,000, the required initial deposit for Joint ATM Savings account is also Php 2,000.
There is no need to bring ID pictures since BDO is already equipped with cameras to capture the image.
2. Submit Your Application at the Nearest BDO Branch
It’s essential to file your application at the nearest BDO branch. You may get rejected if your place of residence is too far. Upon arrival, go to the “New Account” section and wait for the bank officer to issue you the BDO Joint Account Opening Form/s. All applicants who will be part of the joint account must fill out an application form.
The bank officer will also ask you for the type of BDO joint savings account you prefer. Choose from either “OR” or “AND” joint account:
a. If it’s “OR” joint account, each account holder will have an ATM card, and either of you can withdraw cash from the account without the other’s consent.
If it’s “AND” joint account, you will only be issued a passbook, and every time you want to withdraw cash, both account holders must personally go to the bank and affix their signatures.
Submit the minimum initial deposit and wait for your pictures to be captured.
The bank officer will then discuss with you the terms and conditions of the bank as well as when the BDO joint savings account will be activated.
You cannot “completely” open BDO savings account without providing an initial deposit.
If you apply for a savings account online, you are not required to give the initial deposit during the online application and interview. Once your application is approved and you already have a savings account, you must fund it within seven days after its approval.
Luisito E. Batongbakal Jr. is the founder, editor, and chief content strategist of FilipiKnow, a leading online portal for free educational, Filipino-centric content. His curiosity and passion for learning have helped millions of Filipinos around the world get access to free insightful and practical information at the touch of their fingertips. With him at the helm, FilipiKnow has won numerous awards including the Top 10 Emerging Influential Blogs 2013, the 2015 Globe Tatt Awards, and the 2015 Philippine Bloggys Awards.
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