There are various goals for saving money, such as building emergency funds, buying new gadgets, healing with friends or family, going for Umrah, pursuing a master’s degree abroad, building your child's education funds, and many more.
Whatever your goal is, with Jago you can choose from several available features. You can save in the Saving Pocket. But, if you want to avoid the temptation to use money at any time, you can choose to save your money in the Deposit or Locked Pocket. Both Deposit and Locked Pocket will “lock” your money for a certain period.
Despite their similarity, the Deposit and Locked Pocket also have many differences.
Differences Between Bank Jago's Term Deposit and Locked Pocket
1. Different interest rates
Saving money in a Locked Pocket earns you a different interest rate from saving money in a Term Deposit. If you want to get higher interest, you can choose to save in a Term Deposit.
The latest Locked Pocket and Deposit interest rates can always be seen on this page.
2. Different minimum amount of money to be saved
The Deposit and Locked Pocket do not require large amount of money to start with. With the Deposit, you can invest money starting from Rp1,000,000. Meanwhile, the Locked Pocket requires an even smaller balance. You can lock money from Rp100,000 only.
Looking at the minimum requirements, the Deposit is perfect for novice investors and the Locked Pocket is the right choice for those who want to start saving or still find it difficult to commit to saving.
3. Different saving money period
When you have chosen a period, it would be nice if you could commit until the maturity date. By not withdrawing your Deposit early or not unlocking the Locked Pocket early, you ensure that the money is used to meet the financial goals that you have set.
The Deposit offers fixed periods ranging from 1, 3, 6 to 12 months. Meanwhile, the Locked Pocket can lock your money from as short as 14 days to a maximum of 6 months. If you want custom, you can. For example, you can lock money for 25 days in a Locked Pocket. Those of you who really like flexibility can choose the Locked Pocket.
Judging from the period offered, the Deposit is very suitable as a long-term investment instrument. If you are saving for short term financial goals, the Locked Pockets is the ideal solution.
4. Different flexibility when adding money (top-up)
If you have idle money, it's better to save instead of spending it, don't you think? Financial goals can be achieved more quickly.
For the Deposit, you can't add money to the same Pocket. The solution is to create a New Pocket to increase your Deposit amount. You can have up to 20 Deposits in 1 application.
However, if you choose to save in a Locked Pocket, you can top up at any time. The amount of interest you receive will be adjusted accordingly. So as soon as you get a bonus or THR, you can immediately save some of it in a Locked Pocket.
5. Different conditions when withdrawn or opened earlier
So that it can't be withdrawn at any time, savings that are important in nature such as an emergency fund are best placed in a locked savings account. However, many people think twice before locking their emergency fund savings. What if something comes up and it must be handled immediately while the money cannot be taken right away?
Relax Jagoan, that is why the Deposit exists. By saving your emergency fund in the Deposit, you can withdraw the funds at any time. There is no penalty to pay when you withdraw your deposit before its maturity date.
It's a different case with the Locked Pocket. There is a small fee that you will have to pay if you unlock the Pocket early. With the fee of unlocking a pocket, you will be fully committed to saving to achieve your dreams. Agree?
Choose the Savings and Investment Options That Suit Your Needs
So, Jagoans, which one catches your eye: Term Deposits, Locked Pockets, or perhaps a combination of both? With Bank Jago, you have total freedom to decide on the savings strategy that best fits your financial goals.
For those who prioritize security, the Term Deposits and Locked Pockets are ideal choices for low-risk investment. The value of your savings stays stable and secure, as it isn't affected by market fluctuations.
The Perks of Bank Jago’s Term Deposits and Locked Pockets
Both features are powered by digital innovation to make your banking simpler and more efficient:
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Total Control at Your Fingertips (100% Digital): No more wasting time visiting branches or waiting in long queues. From opening to withdrawing your Term Deposit or Locked Pocket, you can do it all directly within the Jago application
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Personalized Your Way: You can rename every Term Deposit or Locked Pocket to match the dreams you’re chasing. For instance, rename a Pocket to "Child’s Education Fund" or "Future Home Down Payment" to keep you motivated as you track your progress.
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One Goal, One Pocket: You’re free to create as many Term Deposits and Locked Pockets as you need. Jago offers the flexibility to have multiple Locked Pockets and Term Deposits, depending on how many goals or dreams you want to achieve. Your money gains purpose, and saving becomes truly meaningful.
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Instant Withdrawal: If you need your funds before the maturity date, you can withdraw them yourself instantly through the application.
With all these conveniences, managing your finances and assets becomes much more enjoyable and organized. Whatever your financial goals are, make sure you put your money in the right place. Because at Bank Jago, For Every Story, There’s a Pocket.
