BPI's Maxi Saver?

[honeybunny]

i enrolled sa BPI Family Maxi Saver account, 25k minimum balance - this is for my savings account since hindi ko naman balak withdrawhan dahil may ibang bank accounts pa ako. i wanna take advantage of the interest na 1% per annum

also, i opened an account sa BPI (not family), i opened yung savings account nila na minimum 1k maintaning balance, then from there i enrolled BPI Direct SaveUp Automatic Savings Account + Insurance through my BPI online account.
--this naman for my insurance na balak ko hulugan atleast 1k a month, also for savings na rin plus taking advantage of the insurance.

question:

1. i read sa previous post na this is only until BPI has the promo. so pwede pala magbao isip nila at wala nang insurance ganun?

2. meron bang age limit ang insurance?

3. ok lang ba na i have 2 accounts na ganito? or parang sobra na?

thanks sa sasagot

[smile22]

^sis i have 5 accounts in BPI

1. payroll.
2. daughters acct
3. travel/expenses acct
4. BPI maxi savers - Savings
5. Direct Save up - Savings din

Once na pumasok ang pay ko, i divide it and transfer funds to#2 #3 #4 and #5 accordingly.
Yung daughters acct is mga panggastos nya, milk, gamot etc... travel expenses acct... if in case gusto namin magtravel some time... may makukuha kami. BPI maxi savers -> emergency fund. Direct save up. half ng savings account. kasi may insurance to.

So i dont think 2 accounts is too much i also have account sa bdo, and UITFs sa bdo... so as long as alam mo kung para san yung acct na yun, i think go lang.

[ikaela]

^^

1. Technically, yes. BPI can stop offering the savings + insurance deposit product and pull out the group insurance master policy anytime they want to. I don't know how they would deal with or even risk losing all those clients, though...

2. The insurance with BPI Direct Save-Up has an age limit of 15-60 years old. The one with BPI Get Started is 15-70 years old.

3. Nasagot na ni sis smile22.

[honeybunny]

^^thanks sis

^thank you   i wanna open yung BPI Get Started for my parents, may insurance ba yan? and pwede sa online banking iopen yung account?

[ikaela]

^I guess nakita mo na yung answer ko dun sa isang thread. Yes, may insurance pareho yung Save-Up and Get Started. I'll post the links to the master policies here for those who are also looking for it:

Here's the one for Save-Up: https://www.bpiexpressonline.com/others/SaveUp_Prov.htm

And the one for Get Started: https://www.mybpimag.com/index.php?option=com_content&view=article&id=896&Itemid=1052

I don't see Get Started among the accounts you can open online, so it looks like you have to bring your parents to a branch to open one for them.

About your Save-Up enrollment: I remember my Save-Up account number just showed up on my BPI online account one day. Then the info card came after about a month. Insurance coverage starts as soon as account is confirmed opened, subject to the terms and conditions in the policy. No need to manually add anything to your online banking yourself.

[shobe17]

Kame di namin nakuha insurance para sa tatay ko, 2months pa lang account nya when he died. may 1 year contestability period daw yung insurance. so di na namin pinush. please clear this out with your branch na lang mga sis.

[honeybunny]

^^thanks sis

^what do u mean contestability sis? dapat at least 1 year nyang account yun before maclaim yung insurance?

[shobe17]

^sabi ng branch sa amin itinawag daw nila sa philam (tie-up insurance) if makaclaim kame.
sabi daw hindi dahil wala pa 1 yr yung account.
so I guess, yes, dapat 1 yr na ang account. should anything happen within that 1 year, hindi nila ibibigay.
para sure, check the fineprint mga sis at pa-explain maigi sa branch.

para di OT: in-offer sa akin ang Maxi Saver when I went to get a bank cert, since medyo malaki na ang asa savings account ko. compounding daw at every month ang payout ng interest. still thinking about it, para di lahat asa MF at UITF ang pera namin.

[ikaela]

Within the first year, sis, kung mamatay si account holder, BPI-Philam reserves the right to investigate the cause of death. If they find out na  mga tipong pre-existing illness/terminal illness ang cause, they won't pay out. Kasi pwede nila sabihin na kinuha lang yung insurance product kasi alam na malapit na mamatay yung account holder.

Pero kung malinis naman yung cause -- say an accident or what -- they'll still pay out even if the account is less than a year old.

After the first year, kahit suicide pa yan, covered na nila yan.

In individual insurance policies, the contestability period is usually 2 years, kaya okay na yung 1 year sa group life insurance ng BPI-Philam.

[shobe17]

^ i agree sis, dapat may investigation talaga.
I guess tamad lang yung branch/insurance na naghandle sa account ng tatay ko

[honeybunny]

 I have BPI regular savings account na gagamitin ko to withdraw and transfer money to my other accounts.. From that account, nag open ako ng BPI direct saveup + insurance. Current balance nya is 5k. Balak ko hulugan to ng 1.5k a month.

yung may tutubuan ba ng interest is yung money from BPI direct saveup + insurance or yung main BPI account ko?

[ikaela]

^both types of accounts earn regular interest rates.

[ann08]

Question, may nakaexperince na po na nag open ng new maxi saver account then after 2 or 3 weeks nabawasan ng 400 pesos yung total amount. Walang withdrawals nagawa since alam naman na dapat no withdrawal for a month para sa interest. Any

[minnie99]

^Sis baka below maintaining ka...

[fionaapple]

Question, may nakaexperince na po na nag open ng new maxi saver account then after 2 or 3 weeks nabawasan ng 400 pesos yung total amount. Walang withdrawals nagawa since alam naman na dapat no withdrawal for a month para sa interest. Any

May maxi saver ako. 25k ang maintaining balance so check mo if within maintaining balance. another thing is, ganyan din nangyari sa akin nung bagong open yung maxi saver ko. nabawasan ng 500. i immediately checked with the bank kung anong nangyari kasi baka may kinuha silang fee erroneously or something like that, pero ang sabi sa akin, ibabalik din daw yun. SOP daw nila, i hold muna yung 500 pesos. nabalik naman din sa account ko after a few weeks.

[xyrez1]

I have SDA account sa BPI before. But since that pababa ng pababa na ang interest nito dahil plano na syang i-dissolve ng BSP, nilipat ko na lang yung pera ko from SDA to BPI Maxi Saver. 2 years na yung BPI Maxi ko, and so far so good naman. Hindi gaanong kalahihan ang interest, but still much better na rin compare sa ibang savings account. Half of my emergency fund dito nakalagay..

[crzysxycl]

^i agree, liit ng interest. magkano na ngayon sis ang minimum?

[smile22]

^^sis what's your primary reason for depositing in Maxi Saver? If it is just to retain/preserve capital. Ok ito. But if your goal is to invest, hindi ito ang vehicle. MFs/stocks are the way to go. I have a certain amount na nakalagak dito for emergency fund. hinahayaan ko lang sya. at least i can liquidate it easily, unlike MF/stocks. SO i suggest, build your EF, you can put it here. Then the rest, invest in stocks/MFs. Dont rely sa mga savings account for growth/interest. mas mababa pa to sa inflation rate.