Opening a BDO Savings Account Costs Nothing, but You Need an Opening Deposit

BDO (Banco de Oro) does not charge a fee to open a savings account. However, you must deposit money when you open it — the bank will not let you create an empty account. The opening deposit amount depends on which type of savings account you choose, and BDO offers several options with different minimums.

The most common choice for everyday savers is the BDO Savings Account, which requires a minimum opening deposit of 1,000 Philippine pesos. Some BDO branches may accept lower amounts during promotional periods, but 1,000 pesos is the standard figure. Once the account is open, you must keep a minimum balance — usually 1,000 pesos as well — to avoid monthly maintenance fees.

Key Takeaways

  • BDO charges no account opening fee, but you must deposit at least 1,000 pesos when you open a regular savings account.
  • A monthly maintenance fee of 150 pesos applies if your balance falls below 1,000 pesos, so the opening deposit is also your minimum balance.
  • BDO offers higher-tier accounts like the BDO Savings Account with higher minimums (10,000 to 50,000 pesos) that come with more features and better interest rates.
  • You can open an account in person at any BDO branch with a valid ID and proof of address, or online through the BDO website if you already have a BDO account.
  • Interest rates on BDO savings accounts are set by the bank and change over time, so ask your branch for the current rate when you open.

Different BDO Savings Account Types and Their Opening Deposits

BDO offers more than one savings product. The BDO Savings Account (the basic version) requires 1,000 pesos to open. This account earns interest, though the rate varies and is typically lower than higher-tier accounts. It is designed for people who want a straightforward place to save without a large upfront commitment.

The BDO Savings Account Premium requires a higher opening deposit — usually 10,000 pesos — and offers a better interest rate in return. If you have more money to deposit initially, this account may earn you more over time. The monthly maintenance fee is also waived if you keep the higher balance.

BDO also offers the BDO Savings Account Max, which requires 50,000 pesos to open and is aimed at people with larger savings. This account typically offers the highest interest rate among BDO's standard savings products.

Ask your BDO branch which accounts are currently available, as the bank sometimes adjusts its product lineup or introduces new options. The opening deposit and interest rate are the main differences between tiers.

Monthly Maintenance Fees and How to Avoid Them

Once your account is open, BDO charges a monthly maintenance fee if your balance drops below the minimum. For the basic BDO Savings Account, that minimum is 1,000 pesos, and the fee is 150 pesos per month. This means if you let your balance fall below 1,000 pesos, the bank will deduct 150 pesos every month until you bring it back up.

The easiest way to avoid this fee is to keep at least 1,000 pesos in the account at all times. Even if you do not add money regularly, as long as the balance stays above the minimum, you will not be charged. Interest earned on your balance also counts toward the minimum, so a small amount of interest can help you stay above the threshold.

Higher-tier accounts (Premium and Max) have higher minimums but also higher fee waivers, so if you open one of those accounts and maintain the required balance, you will not pay a monthly fee either.

What You Need to Bring When You Open an Account in Person

To open a BDO savings account at a branch, bring a valid government-issued ID (passport, driver's license, or national ID) and proof of your current address. Proof of address can be a utility bill, lease agreement, or bank statement dated within the last three months. Some branches may ask for additional documents, so call ahead to confirm what your local branch requires.

You will also need to bring your opening deposit in cash or via debit card. The teller will help you complete the account opening form, which takes about 15 to 20 minutes. You will receive a passbook and debit card (if you request one) on the same day or within a few days, depending on the branch.

Bring your documents in person — BDO does not open savings accounts by mail or phone for new customers. You must visit a branch to complete the process.

Opening a BDO Account Online If You Already Bank With BDO

If you already have a BDO account, you may be able to open an additional savings account through BDO's online banking platform or mobile app. The process is faster than opening in person because you skip the branch visit. However, you still need to fund the account with your opening deposit, which BDO will transfer from your existing account.

Not all BDO branches or account types support online opening, so log into your BDO account or call the customer service line to ask whether you can open a savings account this way. If your branch does not offer it, you will need to visit in person.

Interest Rates and How They Affect Your Savings

BDO pays interest on savings accounts, but the rate is not fixed — it changes based on the bank's policies and economic conditions. Interest rates on BDO savings accounts are typically very low, often less than 1 percent per year. This means if you deposit 1,000 pesos, you might earn only a few pesos in interest over a year.

Ask your branch for the current interest rate when you open your account. The rate you receive may depend on which account type you choose — higher-tier accounts usually offer slightly better rates. Interest is usually credited to your account monthly or quarterly, depending on the account.

Do not open a BDO savings account expecting to earn significant interest. These accounts are meant for safe storage and straightforward access to your money, not for growth. If you want higher returns, you would need to explore other products like time deposits or investment accounts, which have different terms and minimums.

Frequently Asked Questions

Can I open a BDO savings account with less than 1,000 pesos?

The standard minimum is 1,000 pesos. During promotional periods, some branches may accept lower amounts, but this is not may provide. Call your local BDO branch to ask whether they are currently running a promotion that allows a lower opening deposit.

What happens if my balance falls below 1,000 pesos?

BDO will charge you a monthly maintenance fee of 150 pesos. The fee is deducted automatically, which can push your balance even lower. To stop the fee, bring your balance back above 1,000 pesos.

Do I get a debit card when I open a BDO savings account?

You can request a debit card when you open your account, but it is not automatic. Ask the teller whether you want one. The card is usually issued within a few days and allows you to withdraw money from ATMs and make purchases without visiting a branch.

Can I open a BDO savings account if I do not have a permanent address?

BDO requires proof of address, which typically means a document showing your current residence. If you do not have a utility bill or lease, ask your branch what alternative documents they will accept — some branches may accept a letter from your landlord or a government-issued ID with an address.

Is there a limit to how much I can deposit when I open the account?

No, there is no upper limit on your opening deposit. You can deposit as much as you want. However, deposits over a certain amount may trigger additional documentation for anti-money-laundering purposes, so the teller may ask you to explain the source of large deposits.