The application only costs P200 but you have to pay P50 for the ATM card. It's easy to apply. Just go to BPI and present these:
-Two pieces of 1x1 or 2x2 ID pic-Original and Photocopy of Billing Statement (Your PLDT, Meralco, or Water Bill is okay)-Two valid ID's-Payment
I got mine after three banking days. Here's how the Easy Savers card looks like:
The only downside is that there's Php5 deduction every time you withdraw cash. But as long as you schedule when to get your money, that's no big deal. And it's a motivation for you to save because you'll not be tempted to withdraw every time. I can also view my balance thru BPI Express Online. That's convenient for me as a contractor at oDesk because I won't have to go out anymore and see if my money already arrived on my savings account.