In my last post, I briefly talked about my plan of opening up a BPI Save Up account because of its life insurance aspect. I was surprised at the number of comments I got regarding that bit in my rambling post because it seems as if a lot of people are also interested or are already using BPI Save Up.

The information online regarding BPI Save Up is pretty straightforward:

  • It uses an automatic savings system where you transfer a set amount of cash every month or twice a month from an existing BPI savings or checking account.
  • There is no required minimum deposit but the required minimum average daily balance is Php1,000. It earns an ASTOUNDING 0.5% in interest per annum. (source)
  • The only way to top it up is through online transfer from another BPI account.
  • You will not get an ATM card (to prevent the temptation of withdrawing your savings!), but you will get an Info card as evidence of your account and which your heirs can use to claim the life insurance.
  • It comes with a free life insurance from Philam Life Insurance which is equivalent to 5x your average daily balance of the past three calendar months before you croaked, but not to exceed Php2,000,000. There is also additional coverage of up to Php2,000,000 in the event of accidental death or accidental dismemberment. Again, the amount will be based on 5x your month to date average daily balance for the past three calendar months before your death.

I had a few questions though that weren’t answered by the website, so I stopped by a BPI branch to interview a banker. She was able to answer most of my questions but didn’t seem quite confident about the insurance aspect and had to consult with some higher up who in turn checked out the product information in her computer (From where I was seated, I could see them consulting some slides).

Anyway, since the life insurance is tied up with a savings account, my question was when I die and my heir wants to claim the insurance proceeds, can he claim it right away or will it be frozen subject to the payment of estate taxes? I know that bank accounts are automatically frozen upon the account holder’s death and may only be released upon a go signal from the proper tax authority (local government unit ba?) that the estate taxes have been settled or that no estate tax is due. Since the life insurance is tied up with a savings account, will it be governed by those rules or will its being a life insurance prevail and be exempt from the freezing of assets (assuming that the beneficiary is irrevocable)? Maybe someone out there knows?

Also, how do I get to name my beneficiary? I just opened a BPI Save Up account using my BPI Express online account and there’s no option there on how you can name your beneficiary. Is it assumed that my beneficiary is my legal heir? What if I want to bequeath the insurance proceeds to some charity I’m supporting? And how can I give my beneficiary irrevocable status so that the insurance proceeds won’t be covered by estate taxes?

I hope these questions will be finally answered when I receive my information card.

Personally, I think it’s a good idea to park our emergency funds with BPI Save Up because it pretty much functions like a regular savings account so the money is relatively easy to access,* but at the same time, there’s a life insurance component that I can rely on as an additional source of protection.

The ideal is that your salary is remitted through a BPI account and so you just automate a transfer every two weeks or every month. By sweeping a set amount directly into your savings account on a regular basis, you build up your war chest without lifting a finger and before you know it, you already have a pretty sum tucked away!

In our case, I use my BPI account to house our emergency funds and since we are rebuilding it, I set the transfer to a very slow Php1,000 every month and will ramp it up when our emergency funds have substantially recovered. I don’t plan to transfer all our emergency funds to BPI Save Up though, maybe just put Php200,000.00 there to ensure a Php1,000,000 life insurance coverage and maintain the regular account with a month’s worth of expenses for easy access. But we are still very far away from our target amount for emergency funds, so in the meantime, ipon-ipon muna.

Hope you’re all doing well during this wet and stormy day!

*To withdraw money from BPI Save Up, you transfer the amount you need online to your BPI account and then withdraw it from there.

34 Comments on Chit Chat on BPI Save Up

  1. GRACE VERSION 4.0
    September 22, 2014 at 1:54 am (3 years ago)

    Hi ma'am Jill , parang interesting din tong BPI save up. Thanks po sa pag-post 🙂

    Reply
  2. Jillsabs
    September 22, 2014 at 2:08 am (3 years ago)

    You're welcome! Glad you liked it 🙂

    Reply
  3. edelweiza
    September 25, 2014 at 10:45 pm (3 years ago)

    Interesting! My husband has a BPI savings account, pag-applyin ko nga sa Save Up + Insurance na yan. Sayang ang 2M! 🙂

    Reply
  4. Startup Mommy
    September 25, 2014 at 10:45 pm (3 years ago)

    Hi Jill, i've been waiting for this post. hahaha 😉 i asked how to update the name of beneficiary and status (whether irrevocable or not) at the branch near us. The manager says we can sent a formal letter to them if we want some changes in this part of the insurance. Maybe i'll try this when i have opened my own save up account. Ang come-on naman nya sa akin ay ung hindi requirement ang magpa medical exam. 😉

    Reply
  5. Weng
    December 2, 2014 at 9:32 am (3 years ago)

    Hi. Were you able to get the answer on your questions reg the life insurance part of it like the irevocable status of the beneficiaries etc. Im also interested to open a Save-Up acct. Thanks. ��

    Reply
  6. Jillsabs
    December 2, 2014 at 9:42 am (3 years ago)

    I'm still waiting for my info. card but someone told me that she availed of a similar product from BPI Family and the insurance is treated separately from the savings account. So even if the savings account is frozen subject to the payment of estate taxes, the beneficiary will get the insurance proceeds right away.

    Reply
  7. Ann
    May 21, 2015 at 9:23 pm (2 years ago)

    Hi. By any chance, would you know if it's possible to open the SaveUp account in my mom's name even if it's tied to my regular BPI savings account?

    Reply
  8. Jillsabs
    May 21, 2015 at 9:27 pm (2 years ago)

    I don't think that's possible. The BPI Save Up account is vetted through your own personal account, so opening it in another person's name will not fly.

    Reply
  9. Neri Ann
    July 4, 2015 at 8:43 am (2 years ago)

    Hi, I've applied mine and there is a form that I've filled up for my dependent. I am not sure though for those who registered online.

    nhengswonderland.blogspot.com

    Reply
  10. Jillsabs
    July 4, 2015 at 8:53 am (2 years ago)

    There are default beneficiaries. If you want to assign someone outside of the default list (i.e. spouse, children, parents) then your application will have to go through the underwriters first.

    Reply
  11. Heherson Cabrera
    October 13, 2015 at 1:55 am (2 years ago)

    Just a question: can i still withdraw (from the bank, not atm of course), just like that in a regular savings account?

    Reply
  12. Jillsabs
    October 13, 2015 at 1:57 am (2 years ago)

    No, you can't withdraw your Save Up savings through the bank. What you can do is to transfer money online from your Save UP account to your regular BPI account and then withdraw from your regular BPI account.

    Reply
  13. Anonymous
    October 17, 2015 at 12:20 am (2 years ago)

    I just opened mine today and I was asked to choose between high interest or insurance. This means you can't have both. High interest fits me as I'd like my savings fluid. Just don't want to see it on my main account so would like it transferred immediately to another account thus lowering the chance of spending them all.

    Reply
  14. Jillsabs
    October 17, 2015 at 12:23 am (2 years ago)

    How high is high interest in a savings account? 1% p.a.? 0.75% p.a.? Net of withholding tax pa yan right?

    And I don't understand how the insured account under BPI Save Up is not "fluid", you can easily transfer funds from the insured account to your regular account using online banking, and then withdraw it from your regular bank account using an ATM or over the counter if the ATM is not available.

    Maybe you can explain some more? This seems to be a new feature of BPI Save Up.

    Reply
  15. kevin
    December 27, 2015 at 12:10 pm (2 years ago)

    Hi! is save-up allowed for joint-or/joint-and savings account?And can this be applied online with saving acct with BPI? Thanks

    Reply
    • Jillsabs
      December 29, 2015 at 2:46 am (2 years ago)

      Hi Kevin,

      I believe you can open a Save Up account for joint savings accounts, but please call the BPI hotline or visit a BPI branch to be sure. I applied for my Save Up account online but it took forever for my card to arrive and it only arrived after I personally followed it up at a BPI branch, almost a year after I applied for it online. So I suggest to just go to a BPI branch to save yourself the trouble and frustration of waiting.

      Reply
  16. JAYSONX96
    January 4, 2016 at 4:59 am (2 years ago)

    Hi po sa lahat,

    ask ko lang po pano e-cancel ang auto transfer to BPI SAVE-up or how to close the BPI Save-Up, D ko na ksi gagamitin save-up ko.

    Salamat Po in advence.

    -jaysonx96

    Reply
    • Jillsabs
      January 9, 2016 at 12:41 am (2 years ago)

      Hi Jayson,

      To cancel your BPI Save-up auto transfer or close the account, mas mabuti na pumunta ka na lang sa BPI branch at mag request sa customer service. Naitanong ko rin dati yan sa BPI phonebanker tapos yon ang sinabi sa akin, kasi may pipirmahan ka pa daw so mas mabuti na sa BPI branch na pumunta.

      Reply
  17. Abigail
    January 9, 2016 at 3:24 am (2 years ago)

    When I applied for BPI Save UP, they did ask me for my beneficiary and his name is on the paper card that they provided.
    Right now though, I am trying to transfer funds from BPI Save Up to my regular savings account and its not letting me do it. Error message says the funds are not available though I can see that I have more. Is there another step I need to take on this? Thanks

    Reply
    • Jillsabs
      January 11, 2016 at 2:11 am (2 years ago)

      Hi Abigail,

      There was probably just a system error with BPI’s online banking. I regularly transfer funds between my regular account and Save UP and have never had a problem.

      Reply
  18. Mille
    February 23, 2016 at 5:24 am (1 year ago)

    Hi! I enrolled for a BPI Save-up weeks ago. I was thinking if it will appear in my BPI Express online portfolio because I am planning to transfer some funds before the scheduled date, but I cannot see any other account than my previous BPI savings account.

    Reply
    • Gladys
      July 15, 2016 at 10:23 am (1 year ago)

      I did the same. Apparently you need to enroll it by yourself. The JAI is 00.

      Reply
    • Jillsabs
      July 17, 2016 at 6:55 am (1 year ago)

      Hi Mille,

      Sorry for the late reply. Your BPI Save Up should appear in your online portfolio. If it doesn’t you should call the hotline, I’m sure they’ll be able to fix it in no time.

      Reply
  19. Hanna
    August 30, 2016 at 12:27 pm (12 months ago)

    Hi,

    What was the answer to your question regarding the account being frozen when the depositor dies? Does it applies to the save-up account as well?

    Reply
    • Jillsabs
      September 3, 2016 at 2:02 am (12 months ago)

      Hi Hanna,

      Both the principal/source and Save-Up accounts will be frozen when the depositor dies, but the insurance proceeds from the Save-Up account will be released to the beneficiary.

      Reply
  20. Joanna
    September 15, 2016 at 10:09 am (11 months ago)

    Hi,

    I am a save-up account owner for almost 2 years… Would you know how can I change the amount to be transferred on my scheduled auto-debit? Or the schedule of transfer? I cannot find any answer over the net. I was trying to call the BPI hotline but to no avail.

    Reply
    • Gladys
      September 16, 2016 at 3:23 am (11 months ago)

      I think you can just add another scheduled transfer na lang. When I signed up, P500.00 lang yung nilagay ko sa form. So I just added another monthly scheduled transfer. Sa online account merong Funds Transfer then Scheduled Funds Transfer then Schedule Funds Transfer. 🙂

      Reply
      • Jillsabs
        September 16, 2016 at 9:49 pm (11 months ago)

        Hi Joanna!

        From what I remember, you have to call the BPI hotline and ask to change the auto-debit that you initially indicated when setting up your BPI Save Up account. But if you just want to add to the scheduled automatic debit, then Gladys is right: “Sa online account merong Funds Transfer then Scheduled Funds Transfer then Schedule Funds Transfer.”

        Reply
  21. Lulai
    October 19, 2016 at 6:47 am (10 months ago)

    Would you know if there is an SOA that will be sent by the bank to the account holder for an update at least? Coz what if it disappear (get hacked) cant be seen online one day and vanish the saving in a thin air.

    Reply
    • Jillsabs
      October 30, 2016 at 11:31 pm (10 months ago)

      Hi Lulai,

      I don’t receive a statement of account for my BPI Save Up account (or for any of my BPI accounts actually) since I just view all my account details online. Maybe you can request for an SOA if you want to.

      Reply
  22. reniel
    July 11, 2017 at 2:42 pm (1 month ago)

    hi po bakit po ung account ko wala akung makitang JAI niya po?saan ko po kaya iyon makikita po?

    Reply

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