Our company switched from BDO to BPI for our payroll account. I don’t know the reason. After BPI gave us the ATM card, they introduced us to BPI Direct Save Up.
After understanding what it is, I opened a BPI Direct Save Up account immediately. I even transferred some of my savings from BDO to my BPI Direct Save Up account. Why? Let me share you what it is based on my understanding.
BPI Direct Save Up account is a special BPI account that automatically takes a predefined amount of money from your payroll account every payday. So, you are forced to save some money from your salary. You cannot easily withdraw the money from a BPI Direct Save Up account since it is not provided with an ATM card or a passbook. The only way to withdraw the money is to transfer it to your ATM account via phone banking or online banking, you cannot do it over-the-counter. Because of this, you are really forced to save the money and use it only when you really need it.
Aside from that, you are given a free Ayala Life Insurance which is equal to as much as 10x your account balance. Well, it actually depends on what happened to you. For basic life, you get 5x your account’s month-to-date average daily balance of the past 3 months before you die. If you die by accident, you get additional 5x your account’s average. This means that the higher your savings, the higher your insurance coverage, the happier your loved-ones when you die. Hahaha! 🙂
Seriously, I transferred my money on BPI Direct Save Up because of that insurance coverage. I can always save money to a bank account. I don’t have any insurance coverage before. With this, I can save and be insured at the same time. Forced savings + insurance = win.
To read more about BPI Direct Save Up, click here.
Note: This is not a paid post.