Blog Post --- Published on July 03, 2023 | Last Updated on June 12, 2024

Deposit vs Locked Pocket: What Are the Differences?

Sama-sama Buat Nabung, Apa Bedanya Deposito dan Kantong Terkunci? Deposit vs Locked Pocket: What Are the Differences?

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 child 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 Deposit and Locked Pocket

1. Different interest rate and interest disbursement time

Saving money in a Locked Pocket earns you an interest of 4.25% per annum. If you want to get higher interest, you can save in a Deposit with an interest of up to 5.25% per annum.

The latest Locked Pocket and Deposit interest rates can always be seen on this page.

If you save in the Deposit, you can choose to withdraw interest every month. If you choose this option, the interest will be transferred to the Main Pocket following the Deposit opening date. For example, if you open a Deposit on July 5, 2023 and choose a 3-month period, the interest will be transferred on August 5, September 5 and October 5 to the Main Pocket. However, if you save in the Locked Pocket, the money you have saved and the interest will be disbursed when it is due.

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. You will also still get interest that has been transferred to the Main Pocket.

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 Right Savings Instrument According to Your Need

So, which do you prefer, the Deposit, Locked Pocket or both? With Jago, you are free to choose where to save according to your needs.

Both the Deposit and Locked Pocket are also ideal choices for those who like low-risk investments as the rates are fixed.

You can open a Deposit and create a Locked Pocket right away from the Jago application. Likewise, when you want to withdraw a deposit, you don't need to stop by a Bank Jago branch.

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Time to Manage Your Money
the Way You Want

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Open a Term Deposit in minutes directly from the app and get competitive interest. Withdraw your Deposit early (if needed) without penalties. Plus, there is a free quota for inter-bank transfers and e-Wallet top-ups up to 150x according to Account Level.

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