In the article today, we will be discussing the difference between Savings Account and Current Account of BDO. You can open a BDO savings account the same way you purchase a new phone.
What you really need to do to open an account is visit the nearest branch, present the requirements, sign a few documents, and you’re done.
Many people still have excuses for not opening one.
One-fourth of Filipinos still have no bank accounts according to the latest Financial Inclusion Survey from the Central Bank.
Along with not having enough funds, respondents have said that the lack of requirements (18%), the lack of knowledge in opening a bank account (9%) and lack of awareness (8%) as reasons why they have not opened a savings account.
If you don’t want to make the same excuses again, let this guide teach you how to open a BDO savings account.
Every place in the country has a BDO branch, including towns, cities and shopping malls.
There’s usually a BDO branch within a SM mall, since BDO is owned by the SM Group. BDO is therefore able to offer weekend banking and longer banking hours than other banks outside of SM malls.
Aside from its branches, BDO also has more than 4,400 ATMs and electronic channels nationwide, available to meet its customers’ various banking needs as of September 2020.
On the other hand, BDO’s overall performance isn’t far behind either.
FinanceAsia3 has consistently recognized BDO Unibank Inc. as one of Asia’s top banks for many years now because of its excellence in business, low-cost funding, high quality assets, and extensive distribution network.
What is the difference between a current account and a savings account?
A form is always required for any withdrawal or deposit into a bank.
First, you are asked what kind of account you have-savings or current.
I used to check the box that corresponded to “Current” when I was younger, unaware of its significance. My savings account is only revealed later, when I realize it really exists!
Here is a very quick and easy rundown of the differences of the 2 types of account two deposit accounts to avoid confusion.
This type of deposit account ideal for those who have a steady income. The money is used to meet the short- or the long-term financial goals of a person like financing a wedding, buying a car, saving for an emergency fund, and other future purchases.
0.10% – 1.75 % interest rates.
In a given month these days, there is a limit on the number of transactions that can be carried out by the account holder.
Often called a checking account, this type of deposit account is intended for frequent or regular financial transactions such as paying bills, loans, tuition, and rent. Business, firm, company, organization, and public enterprise can utilize this.
Fluidity prevents it from earning interest.
A user can conduct an unlimited number of transactions.
Increased minimum balance/initial deposit.
Savings accounts offer a variety of benefits.
The following actually are some of the benefits of having your own savings account in the Philippines:
Each year, your savings account grows in value. Depending on the bank you are enrolled with, the interest rates could vary.
Opening a savings account costs less money.
Maintaining it is easier. BDO ATM accounts, for example, can be kept active with as little as Php 2000.
With all the advantages, there are also a few disadvantages:
The interest rate is lower than what you could earn from other financial products like stocks and mutual funds. Pag IBIG Fund also offers a higher interest rate to its account holders.
The majority of Philippine banks limit how many transactions you can make each day and how much money you can withdraw per transaction.
If BDO’s ATMs are unavailable, you will be charged Php 100 regardless of whether you withdraw money at the counter. A ridiculous fee is charged for almost every transaction as well. If you’re transferring money from a BDO branch that isn’t your opening branch, you’ll be charged a deposit fee of at least Php 50.