Why I Closed my BPI Save-Up Automatic Savings + Insurance Account and How To Do ItNovember 23, 2016
- Save without any initial deposit.
- Easy enrollment via BPI Express Online. No need to go to nearest BPI branch and present your IDs.
- Enable automatic deposit to your Save-Up account. Decide how much you want to save per payday or every month and it will be transferred from your savings account to your Save-Up account automatically.
- Secure your savings without the ability to withdraw on your account. Instead of a Debit or ATM you will be given an Info Card which serves as your proof identification in case you'll be needing the insurance.
- Earn interest rate of .500% per annum.
- Monitor your BPI Save-Up Automatic Savings + Insurance online at www.bpiexpressonline.com. You will see your account real-time together with the rest of you BPI accounts.
- Get FREE Life Insurance. As I mentioned in my BPI-Direct Save-Up + Insurance First Impression Review this is the main reason why I enrolled for the account. The insurance makes your savings more than just the usual savings account. The amount of your coverage is equal to as much as 10x your account balance.
|Bye BPI Save-Up!!! 🙁|
Reason #1. Switch of payroll account
When I opened my BPI Save-Up Automatic Savings + Insurance account I was still working as a SEO Content Writer (January 2014). My ex-company use BPI for payroll account so opening the account is very easy as well as managing how much and how frequent I want to save. Now in my current job (got hired February 2014) we use Metrobank for payroll account so if I need to deposit monthly to my BPI in order to fund my BPI Save-Up Automatic Savings + Insurance account. It was too much of a hassle for me to be honest.
Reason #2. Lack of fund to sustain the account
Reason #3. Too much bank accounts
Reason #4. Investing my money is my current priority
|Pic I took when I received my BPI Save-Up Info Card|
- Call the BPI Hotline 89-100. After the voice message press "0" so you'll be directed to a phone banker.
- The phone banker will ask your personal information as well as your BPI Save-Up Automatic Savings + Insurance account number. He/She will also ask you how much your current money on the account is for further verification.
Now tell the phone banker that you wish to close your BPI Save-Up Automatic Savings + Insurance account. He/She will then explain to you how the process goes.
- It will take five working days for your Save-Up account to be closed. In my experience I called on a Friday and my account is already closed the following Monday. Your Save-Up account will disappear in your BPI Express Online dashboard.
- Before they cancel your account you need to transfer whatever amount you have in your BPI Save-Up Automatic Savings + Insurance to your regular BPI Savings Account. This means you have to zero out your Save-Up account. Note: Whatever money you have in your BPI Save-Up Automatic Savings + Insurance will be automatically transferred to the BPI Savings Account you used in opening your Save-Up account upon cancellation.
- Every month your BPI Save-Up Automatic Savings + Insurance is not within the minimum balance you will be deducted an amount of 200pesos. Minimum maintaining balance is 1,000pesos.
- You can still apply for a BPI Save-Up Automatic Savings + Insurance even if you closed your first account. I'm not closing my doors to the account at all. Maybe in the future I will open a new one.
- You can also do the same step-by-step process in case you wish to change only the amount of automatic savings you input or the frequency of automation. For example upon opening the account you decided to automatically transfer 1,000pesos every 25th of the month. Now you want to you want to increase or to decrease the amount of money you save or the date when your savings is automatically deducted. All you have to do is call the BPI Hotline and talk to the phone banker.
- You don't have to go to BPI branch for closing your account and no need to prepare any other document.
Izza of SavingsPinay helps Filipinos bridge the financial literacy gap one content at a time by providing insights and tips on budgeting, saving, investing, side hustle and growing your net worth. Aside from this blog she also writes at www.izzaglinofull.com, a beauty and lifestyle blog for frugal Pinays and manages, www.izzagevents.com, a wedding and event business since 2011. For inquiries, topic suggestions or future collaborations email her at firstname.lastname@example.org