I Finally Opened a BDO Savings Account

5:40 PM Cindy 4 Comments



Hello my dear readers, let’s go back to the normal programming of this blog which is about my financial independence. I wanted to share with you guys, my experience of opening a savings account from BDO. I have two reasons why I chose to have an account with them: First, their SM Bicutan and Makati branch is near from where I live and work so it’s easier for me to deposit cash, second, it’s easy for me to withdraw money from them in case of emergency which is of course I don’t want happen but it’s still better to be prepared for those unfortunate events.

I have my own payroll account on BPI but I notice that if I put my savings there I tend to spend the money and lose track of how much I save for a particular month and I also became lazy saving 20% of my salary that’s why I come up with the decision to open another savings account. FYI, I open my savings account at their SM Bicutan branch. Below are the requirements that I brought:

1.    2 government ID’s. I use my SSS national ID and Philhealth ID
2.    1 Company ID
3.    1 Utility Bill. I showed to them our electricity bill from Meralco and they photocopied it
4.    Initial Cash Deposit. You have two options for the savings account: 2,000php cash deposit is for ATM card account only while 10,000 cash deposit is for ATM card with passbook. I have 5,000php with me that day so I chose the first option.

I was given three forms that I needed to fill-out. The bank teller who assisted me is very friendly and she answers all my inquiries. She also informed me that I am not allowed to deposit a check on my savings account which is totally fine with me since I can use my BPI account for those kinds of transactions.

The good thing of opening an account with BDO is that I don’t need to give them a 1x1 or 2x2 photo of mine which are required to other banks. They just took a picture of me and it’s done! I was advice to wait for 5 days before I claimed my ATM card. After I got my card, the first thing that I did is to register my debit card on their online banking so that I can monitor how much money I saved. Here's the link of their online website click here.

Here's picture of the savings account BDO ATM card looks like.

The only drawbacks that I experience banking with BDO is when I created an account online, the amount of money has not been reflected on real time basis on my first registration. I freaked out and went to the nearest ATM to check if my money is there. I also find the One-Timed Password (OTP) a hassle every time I logged-in on my account which I understand it is for my own account security but I don’t get the point of it. 

It just eats time on the part of the end user to stay longer on their platform. Unlike in BPI, all transactions there are recorded real time and they don’t require OTP.

Anyhow overall, I will still recommend BDO because you can open a savings account with them for only 2,000php cash deposits. The said amount is also their maintaining balance to keep on your account so they won’t close your account. Amazing, isn’t it?!

How about you? Where did you put your savings? Is it in the bank or do you own a piggy bank? Share your comment below.

4 comments:

  1. Are you going to open a BDO Nomura account as well? Yan yung bago nilang service eh. It works like COL Financial. :)

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    1. Now ko pa lang narinig yan. Siguro in the near future baka mag-open din ako nyan. Hehe. Right now mas priority ko ang mag-ipon ng emergency funds kasi nagamit ko lahat nung sa akin last year nung nagpapaayos ako ng bahay namin.

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  2. Meron po akong ganian
    Pero galing sa work ko
    Then i resign kasi nagkasakit ako.
    Nasakin yung atm di naman nila kinuha
    Pwede ba ko mag savings sa atm na yun???

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    Replies
    1. Hi Jenifer, yup pwede mo yun gamitin as a savings account if active pa yung bank account mo na yun. You can ask bank teller about it. :)

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