Open a Savings account with BDO

Now that we know why and how much you should save, let’s talk about the where:

Banco De Oro, formally known as BDO Unibank Inc., is the largest bank in the Philippines. With over 1000 branches nationwide, 3000 accessible ATMs–the financial institution has more than twice the assets of the PNB and is way ahead of Metrobank, Landbank and BPI. In fact: PNB, Security Bank and DPB can put all their assets together and BDO would still tower over them. This is based on PhilStar’s survey from July 2016. That’s substantial development from their start back in 1968, where they were formerly know as Acme Savings Bank. (Looney Tunes, anyone?)

BDO seems to be the choice of the younger demographic. Mainly because the bank is synonymous to SM, the biggest shopping center in the country. You’d find a BDO ATM at every corner of the mall, when you’re doing groceries and at every entrance of their department stores. That’s a big thing in terms of availability.

Another great thing about BDO is their intuitive online access. It’s clean and easy to use. The only bill that is a hassle to pay is Meralco–but since they also have e-bill services it’s not that much of a pain to pay them–at least, not as much as before.

What I really like about how BDO handles their business is that they started giving out chip-based cards instead of the old mag-stripe ones. I’m not into technicalities, but I find it a faster way of transacting with business because I used to key in my PIN whenever I use my debit–now, it’s as easy as tapping the plastic over the merchant’s point-of-sale. Very convenient.

Though a lot of people would argue that putting in your PIN provides an added layer of security–I’ve also learned that people can easily get your PIN by tracing your heat signature. Thus, putting in your code each time doesn’t necessarily protect you from the seasoned professional.

In terms of disputing transactions though, BDO seems to have that all in check. You can contact them via phone, email or by hopping by your nearest branch to report unauthorized charges that should be solved in no later than 40 banking days. Of course, if you’re opening a debit card–you’ll instantaneously feel the blow. Though, this is a topic left for another day. For now, just keep your numbers safe.

So to sum it up, here’s what BDO has to offer:

Now let’s talk about opening your own Savings account, you’ll need these:

• 2 government issued IDs
• Proof of address (Bills are OK even if it’s not under your name)
• 1×1 photo (bring at least 2 just in case)

1. Go to the nearest BDO branch. 
   BDO would only process your application if it’s reasonably near your work/home address. So be smart on the proof of address you’ll submit. Good rule of thumb though, if you’re thinking of opening an account inside the mall and managing your account while shopping–you’re probably going to spend most of your time waiting your turn.
   Best advice: don’t.
2. Fill out the form.
   You’re going to spend a lot of time on this just writing your information over and over. If you have any questions to the staff, it’s best to do while completing this task.
3. Provide the initial deposit.
   You can open an ATM or Passbook account. Both of which would have a debit card released. If you’re the casual saver, I recommend the ATM account. But if you’re looking forward to show your savings as show money or would just want to have a physical copy of your statement–you’d best go for passbook. The minimum deposits are also the maintaining balance. Be sure to keep it above that mark to avoid fees.
   • ATM = Php 2000
   • Passbook = Php 5000
4. Pick up the card/passbook. 
   After creating the account, the teller will give your first deposit slip. This will contain your account number. You will need a copy of that and one of your IDs to claim your card/passbook. Normally, these are available within 3-5 business days. 

After getting your card, you may now enroll your account online! Happy saving~

If you want to check out one of BDO’s biggest competitor, click on the image below: