BDO savings accounts have no opening deposit requirement
You can open a BDO savings account with zero pesos. BDO (Banco de Oro), one of the Philippines' largest banks, does not charge an opening fee and does not require a minimum deposit to start the account. You walk in, complete the paperwork, and the account opens immediately.
However, zero opening cost does not mean zero ongoing cost. BDO charges a monthly maintenance fee on most savings accounts, and that fee applies whether your account sits empty or holds a balance. The maintenance fee is where the real cost lives.
Key Takeaways
- BDO savings accounts require no opening deposit and charge no opening fee, so you can start an account for nothing upfront.
- Monthly maintenance fees range from 300 to 500 pesos depending on account type, and these fees apply even if your account balance is zero.
- Some BDO accounts waive the monthly fee if you maintain a minimum balance, typically 10,000 to 25,000 pesos depending on the product.
- You need a valid ID, proof of address, and your Social Security Number (SSN) or Tax Identification Number (TIN) to open an account in person at any BDO branch.
- BDO also offers online account opening for certain products, which may have different fee structures than branch accounts.
Monthly maintenance fees and how to avoid them
BDO charges a monthly maintenance fee on most savings accounts. The standard fee is 300 pesos per month for regular savings accounts, though some specialty accounts charge 500 pesos monthly. This fee is deducted from your account balance automatically each month, regardless of how much money you have in the account.
You can waive the monthly maintenance fee by maintaining a minimum average daily balance. For most BDO savings accounts, this threshold is 10,000 pesos. If your account balance stays at or above 10,000 pesos for the entire month, BDO will not charge the 300-peso fee that month. Some premium accounts require a higher minimum—up to 25,000 pesos—to waive the fee.
The balance requirement is an average daily balance, not a single-day snapshot. This means BDO looks at what you had in the account each day of the month and calculates the average. If you dip below 10,000 pesos for a few days but recover, you may still may have access to for the waiver depending on the overall average.
Different BDO savings account types and their costs
BDO offers several savings account products, and the fees and minimums vary by type. The most common is the BDO Savings Account, which charges 300 pesos monthly and waives the fee if you maintain 10,000 pesos average daily balance. This is the standard option for most customers.
BDO also offers specialty accounts like the BDO Online Savings Account, which may have lower fees or different balance requirements because it operates primarily through the app and website rather than in-branch. Some online-only accounts charge 100 to 150 pesos monthly or waive fees at lower balance thresholds. The exact terms change periodically, so confirm the current structure when you open.
Student accounts and youth accounts may have different fee structures as well. If you are under 18 or a full-time student, ask the branch whether a student savings account is available—these sometimes waive monthly fees entirely or charge reduced fees.
What you need to bring to open an account
Opening a BDO savings account in person requires three things: a valid government-issued ID, proof of your current address, and a tax identification number. Your valid ID can be a passport, driver's license, national ID (PhilID), or PRC license. BDO will not accept expired IDs.
Proof of address must be a recent document showing your name and current residential address. Utility bills (water, electricity, internet), bank statements, or lease agreements dated within the last three months all work. A photocopy is acceptable.
You will also need either a Social Security Number (SSN) or a Tax Identification Number (TIN). If you do not have a TIN, BDO can help you apply for one at the branch, though this adds time to the account opening process. Bring your birth certificate or any document showing your full legal name.
Opening an account online versus in a branch
BDO allows you to open certain savings accounts through their mobile app or website without visiting a branch. The online process is faster—usually 10 to 15 minutes—and you can do it from home. However, online accounts sometimes have different fee structures than branch accounts, and not all account types are available online.
When you open online, you will upload photos of your ID and proof of address instead of showing originals. BDO verifies these documents electronically. You will also need to set up online banking access and a PIN during the process. The account typically activates within one business day.
The trade-off is that online accounts sometimes have lower initial balance requirements but may charge slightly higher monthly fees, or they may waive fees only at higher balance thresholds. Compare the terms of the online account to the branch account before deciding which route to take.
Additional costs beyond the monthly fee
The monthly maintenance fee is the main cost, but BDO charges for other services as well. Withdrawals at BDO ATMs are free, but withdrawals at non-BDO ATMs typically cost 11 to 15 pesos per transaction depending on the ATM network. Over-the-counter withdrawals at a BDO branch are free.
If your account balance falls below the minimum required to waive the monthly fee, you will pay the maintenance fee. If your account sits dormant (no deposits or withdrawals) for more than one year, BDO may classify it as inactive and charge an inactivity fee of 100 to 200 pesos annually, depending on the account type.
Requesting a replacement debit card, stopping a payment, or asking for a bank certificate each carry small fees—typically 50 to 150 pesos. These are occasional costs, not monthly ones, but they add up if you use these services frequently.
How to minimize your total cost
The cheapest way to maintain a BDO savings account is to keep at least 10,000 pesos in the account at all times. This single step eliminates the 300-peso monthly maintenance fee, saving you 3,600 pesos per year. If you cannot maintain that balance consistently, you will pay the monthly fee, which costs 3,600 pesos annually.
If you have multiple accounts with BDO, ask whether they can be linked for balance calculation purposes. Some banks allow you to combine balances across accounts to meet a single minimum threshold, though BDO's policy on this varies by account type and branch. It is worth asking.
Use BDO ATMs and branches for all withdrawals to avoid the per-transaction fees at other ATM networks. If you need cash frequently, plan your withdrawals to minimize trips. Over-the-counter withdrawals at a branch are free and unlimited, so this is always the cheapest option if you have time to visit.
Frequently Asked Questions
Can I open a BDO savings account with no money at all?
Yes. BDO charges no opening fee and requires no opening deposit. You can open an account with a zero balance. However, if your balance stays below 10,000 pesos, you will pay a 300-peso monthly maintenance fee starting the first month.
What happens if I do not maintain the minimum balance?
BDO deducts the monthly maintenance fee (usually 300 pesos) from your account balance. If your balance is zero or very low, the fee will make your balance negative, and BDO may charge overdraft fees or close the account if it remains negative for an extended period.
Can I waive the monthly fee without keeping 10,000 pesos in the account?
For most standard BDO savings accounts, no—the 10,000-peso minimum is the primary way to waive the fee. However, some specialty accounts (like student accounts or online-only accounts) may have lower thresholds or waive fees entirely. Ask your branch what options are available for your situation.
Is there a cost to open a BDO account online?
No opening fee applies to online accounts either. However, online accounts may have different monthly maintenance fees or higher balance requirements to waive the fee. Confirm the exact terms before you complete the online application.
What if my account becomes inactive?
If you do not make any deposits or withdrawals for one year, BDO may classify your account as dormant and charge an inactivity fee of 100 to 200 pesos annually. Making even one transaction per year keeps the account active and avoids this fee.