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BPI Direct Save-Up Express Teller: Emergency Fund


Thursday, October 13, 2011

Recently, my family and I have experienced an emergency which was shocking. To some people, it might not be that massive, but an unplanned expense like that was truly unimaginable. Both my parents were abroad at that time, so I had to use my emergency fund to be able to cushion the fall. 

Currently, I made another account for my emergency fund. The past account I had was very restraining and I think it didn't provide me with much liquidity and monitoring of my funds. Also, the maintaining balance was a little bit over the moon, personally, and so I decided to change. 

Thinking about it, I feel a little bit excited! This is like starting anew, isn't it? I think God is trying to teach me a lesson here: remember that saving requires self-control, Lianne, you need more self-control. I agree completely, not just because He is God, but also because I know myself well, too. 

And so arises the topic of where to keep one's emergency fund! Well, here in the Philippines, I am very grateful for BPI Direct Savings Bank for providing me an awesome opportunity. Why? They have this cool product known as BPI Direct Save-Up.   

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Basically, it is an online savings account which automatically deducts money from your ATM-based savings account. You can decide how much to save (though the minimum is P250.00) and when to transfer it to your account. All this is done automatically. I love automatic transfers as I could just forget about it and only remember it when I have a real emergency. Saving is very convenient, too!

Process: 

1. You need to have a BPI Peso Account and this account should be enrolled in their online banking. This will be known as your settlement/source account. I use my Express Teller. 

2. After that, open a BPI Direct Save-Up account. Once it has been enrolled, you only need to specify a certain amount to be withdrawn from your settlement/source account to your BPI Direct Save-Up account. The minimum is P250.00. You can also choose the frequency of transfer. The frequency can range from weekly to bimonthly transfers.

3. You will receive an Info Card via mail. This will have your pertinent card information. This will also serve as a proof that you will be receiving an insurance coverage from Ayala Life. 



Get FREE life insurance coverage with your Save-Up acount.  No medical check-ups or premium payments required.  The amount of your coverage is equal to as much as 10x your account balance* up to PhP 4 million!
  • Basic Life: 5x your account's average MTD-ADB up to PhP 2 million.
     
  • Accidental Death: additional 5x your account's average MTD-ADB up to PhP 2 million.
     
  • Accidental Dismemberment: in accordance with the Schedule of Dismemberment Benefits, up to PhP 2 million.
4. As for the cases of real emergencies, you can simply transfer funds from your BPI Direct Save-Up to your nominated source account via Express Mobile, Express Banking or Express Phone. Once it is credited, then you can immediately withdraw your money through the ATM.

Automatic savings plus insurance coverage? I'm all up for it!




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