July 2, 2015

Emergency Fund: BPI Direct Save-Up + Insurance

Emergency Fund: BPI Direct Save-Up + Insurance

Finally! After going to 4 BPI branches, I was able to open my BPI Direct Save-Up + Insurance. I felt like it was a challenge for me if I can really open one. But I succeeded Ha Ha Ha. If there's a will there's a way. :p

I read about this product from the financial blogs that I am following, Savings Pinay and The Wise Living. BPI Direct Save-Up + Insurance can be enrolled online but currently its not available.

So I proceeded to one of their branches. I had to go to 4 branches just to enroll this. Mainly because the first branch (Eastwood) has a lot of people everyday and I waited for more than one hour but nothing happened. I really hate that branch. Even if its not payday there is a lot of people. Secondly, I went to BPI Masinag and was advised that I need to go to BPI (Bank of the Philippine Island not Family Savings) ang tanga lang! Ha Ha Ha. The next day I went to BPI Marcos Hway but didn't have all the requirements (sorry, I read mostly on the blogs that they enroll online so I thought that they will just connect it to my account). Finally, I was able to apply it to BPI Cherry Foodarama Antipolo today. Wow nag tour ng mga BPI branches. Yehey, success!

Before you enroll on this product, you should have an account with BPI. It was timely when our company had a new acquisition so we had to change our atm from BDO to BPI. 

The manager on the said branch is very nice to assist me with my concern. She let me fill up forms and asked for my government ID's. On the forms, you will indicate when is the initial fund transfer that is automated from your BPI Savings Account. The minimum amount is P250.00 and you can also choose the frequency if its weekly, bi-monthly or monthly. I chose 2 times a month every 15th and 30th because that's our payday. You will also fill up for your dependents on the form.

The good thing about this Save-Up is while you are saving there is an Insurance connected to it. Read below the image. 

Emergency Fund: BPI Direct Save-Up + Insurance

So awesome right? I am saving and at the same time I am already insured. It's really the best way to save for our emergency fund.

Then the manager handed me my acknowledgement receipt. Its indicated that I am enrolled to the Save-Up and Automatic Scheduled Transfer.

Emergency Fund: BPI Direct Save-Up + Insurance

Lastly, the manager gave me my Info Card. The Info Card is not an ATM, this serves as proof of my life insurance coverage. So you need to take care of this card. She said I can already enroll my Save-Up account online and they will just automatically deduct my savings from my account on July 15.

Emergency Fund: BPI Direct Save-Up + Insurance
Back image of my Info Card

As for withdrawing the money, it's a one click away to your savings account online. But I am not doing that anytime soon because the insurance that you will get will determine on the savings that you have on the account. 

I can't believe that saving excites me now. Ha Ha Ha. Let's get it on! :)

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