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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.
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March 12th, 2009 at 2:53 pm
it’s nice to try that banking product but there’s no bpi here in my place.
March 12th, 2009 at 6:11 pm
this is a win-win situation for you! galing naman ng bpi.
March 12th, 2009 at 11:13 pm
I’m also saving up on BPI save up for 3 months now. The insurance package is a pretty good deal but every transfer they will cut you Php 30. But, other than that it is pretty good!
March 13th, 2009 at 7:16 am
hehe.. oo nga.. happy ang love ones.. woooooot!
yay! mahirap din kunin sa BPI direct pag kelangan mo na sobra. Di daw agad na rerelease or na tatransfer sa ATM mo via phonebanker or express online. Marami pa daw pasikot sikot. ayun yun sa mga testimonial ng mga kakilala kong may BPI Direct. hehe
March 13th, 2009 at 8:23 am
Actually, di rin ganon ka-effective yung SaveUp. Kasi pwede ka magtransfer from SaveUp to Regular ATM online. Real-time yung transaction. So after 7 months ko sa Save Up, my saving is a whooping 78 pesos. hehe
March 13th, 2009 at 9:46 am
i also enrolled at bpi direct save up just this month. besides forced savings at least i have insurance in case something happens to me. insurance nowadays are expensive and insurance companies are affected by the global crisis. besides, i can look forward for some cash Christmas time, after saving for 12 months. thanks!
March 13th, 2009 at 7:23 pm
A lot of insurance companies offer this type of product actually, I have this type of “forced savings” from UCPB but since I don’t have a job (regular salary), they just charge it automatically on my credit card every month. I’ve been with them for almost three years now.
June 6th, 2009 at 5:59 am
[...] few months ago, blogger friend, Marhgil wrote about the BPI Direct Save Up plan that does this for him. Personally, I have a slightly similar UCPB Cocolife Insurance plan that [...]
June 7th, 2009 at 3:00 pm
This is a good product of BPI because of the insurance. However, I prefer other means of investing my money to provide higher returns and for my money to work for me. I’ve been investing in stocks and UITFs. When it comes to paying myself first, I always pay myself first. I set aside a fixed amount of my salary every payday. Whatever left will be splurge… Hehehe…
I also monitor my investments from time to time and I find ways to increase income not only limited in my job but also to other means such as blogging.
December 27th, 2009 at 7:27 am
[...] BPI Direct Save Up by Macuha.com [...]
February 1st, 2010 at 1:38 pm
This is the good product of BPI because of the insurance.
February 4th, 2010 at 12:01 pm
hi, paano ba magtransfer ng funds from save up to atm , ols reply,, hehehe or text me 09052680729