BPI Easy Saver Savings Account
On Banking
BPI Easy Saver Savings Account
What do Philippine Bank's savings account products all have in common?
You are right if you think interest. The average interest a depositor
earns from his savings account deposit is a mere .250% per year.
Aside from this .250% yearly interest, a depositors deposit earns
once a year or compounded yearly.
The very small interest a depositor earns in one year will further be
subjected to a 20% withholding tax.
If you are a prospective depositor looking for a bank to put your hard
earned money for safekeeping, What will you look for in a bank?
I will look for a bank that offers the following features.
1. Very low initial deposit to open a savings account.
2. Very low fee for withdrawal
3. Very low or no maintaining balance
4. Abundance of ATM machine without need of withdrawing from other
bank's ATM.
5. Very low required average daily balance to earn interest
6. Interest above .250% per annum/year
7. Very stable based on length of existence.
BPI Easy Saver Savings Account of the BPI (Bank of the Philippine Island)
meets all of the above except perhaps the .250% interest.
1. Very low initial deposit - only P200
2. Very low fee for withdrawal - only P5/per withdrawal
3. No maintaining balance
4. Top 3 bank in the Philippines so expect to have many ATM machine
5. The Average daily balance required to earn interest is P1000
6. Interest rate is the same as most Top banks which is .250%/annum
7. Aside from the fact that savings deposit in banks is secured by
insurance, BPI has proved itself to be a credible and strong bank.
When I opened a BPI Easy Saver Savings Account though, I was
required to pay P50 for the ATM card, which to me is reasonable
considering the cards feature of security. Its very hard to
clone it.
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Bigwas
Bigwas blog about Criminal law and Procedure, Criminology and Crimes, Philippine Banking and Finance, Insurance and Investment.