In building a solid financial foundation, it is important to build from ground up. We start first in protecting ourselves through healthcare and life insurance. We must make sure to eliminate our debt. Then we need to build an emergency funds before investing.
In building an emergency fund, the best way to do it is opening a bank savings account. If you noticed, the interest rates of the banks are very minimal because, the bank knows that anytime you can withdraw money (as in the case of ATM card and/or checking accounts).
Thus, having a bank account is perfect for building an emergency fund. Today, let me share to you a step-by-step guide how to open an account in BDO.
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| Bank accounts are perfect for emergency funds |
Banco de Oro (BDO) is one of the major banks in the Philippines. A pretty stable company and a part of the SM group of companies (Henry Sy's companies - the richest man in the Philippines).
I personally am a client of BDO and I love their online banking facility especially their funds transfer and bills payment.
Thus opening a bank account in BDO for emergency funds is a perfect choice. Below is the requirements and the step-by-step guide in opening a savings account in BDO.
BDO Savings Account Requirements:
1. Two Valid IDs - Examples: Police Clearance, Passport, Barangay Clearance, Voter’s ID, NBI Clearance, Senior Citizen Card, PRC, Postal ID, Philhealth, Driver’s License, and etc.
2. Proof of Billing - This will be used to verify your address. Examples: Phone bills, electric bill, water bill, credit card bill, etc.
3. Two copies of latest photo - you might want to bring a 1x1 and/or 2x2 photo.
4. Initial deposit requirement - bring cash. Different account types have different initial deposit. Might as well bring a substantial amount of cash.
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