Jagoans who already have Jago accounts and explore various features in the Jago application, of course, have seen the Saving Pocket and Locked Pocket. However, maybe there are some Jagoans who are still confused about whether to save money in the Saving Pocket or Locked Pocket or even in both.
Jago offers flexible options to encourage you to save money. So that you can decide where to save your money, here are the differences between the Saving Pocket and Locked Pocket.
Differences Between the Saving Pocket and Locked Pocket Features
1. Different interest rates
Talking about savings, there must be interest. Well, the first difference between the Saving Pocket and Locked Pocket is the amount of interest given. If you save money in the Saving Pocket, you can earn interest up to 3.25% p.a.*. Meanwhile, the Locked Pocket offers a higher interest rate, which is up to 4% p.a.*
2. Flexibility to use money
Because it offers a higher interest rate, the Locked Pocket, as the name implies, requires you to lock your money for some time. In other words, as long as the money is locked, you can't use it. This is the second difference.
However, unlike time deposits, the lock duration of the Locked Pocket is more flexible. By locking your money for as short as 14 days, you can already enjoy 4% interest p.a.* What if you want to lock your money for more than 14 days, for example for 6 full months? You certainly can. After 6 months, you can also continue to extend the lock period.
What about the Saving Pocket? You are free to use the money in the Saving Pocket at any time, Jagoans.
3. Meeting different financial goals
In your opinion, which financial goals are more suitable for the Saving Pocket—short-term ones? What about the Locked Pocket?
The Savings Pocket is the ideal choice for saving flexible funds that can be accessed anytime.
On the other hand, Locked Pockets are intended for short-to-medium-term financial goals that require commitment because the funds placed in them cannot be withdrawn during the specified period.
Therefore, the Locked Pocket is highly suitable for saving towards specific targets that you don't need to access in the near future, such as vacation funds or a down payment for a vehicle, while earning a more optimal return.
Jagomin wants to give one more example, because this example is important. How about an emergency fund? Should it be in a Saving Pocket or in a Locked Pocket? Can be in both, Jagoans.
Because we never know when an emergency will take place, it's a good idea to save some money for emergencies in the Saving Pocket. But, although unpredictable, emergencies don't happen every day.
Remember, not all events that come your way are categorized as emergencies. If a pair of shoes is worn out but you still have another pair of shoes, then this is not an emergency.
You can read this article: Having an Emergency Fund is Important: Before Using It, Ask Yourself These 3 Questions with regard to the use of emergency funds.
So, you can also save your emergency fund in a Locked Pocket for a short period. When it’s time to unlock the Pocket and there is no emergency, you can lock it again.
In fact, keeping your emergency fund in a Locked Pocket is meant to avoid improper use, i.e. when an emergency happens, you don't have any savings, because it's been used for non-emergencies.
Now, you know the difference between the Saving Pocket and Locked Pocket clearly and can start making use of both Pockets.
Similarities Between Jago’s Saving and Locked Pockets
While they differ in interest rates and withdrawal flexibility, both Pockets share many features designed to make your life easier:
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Open them right from your fingertips: No need to visit a branch or wait in long queues. You can create and activate both Saving and Locked Pockets directly from the Jago application in seconds.
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Fully personalized: You’re in total control! You can name each Pocket based on its goal (e.g., "Graduation Fund" or "Hajj Savings"), change the cover photo to match your aesthetic, and set savings targets to keep you motivated.
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Auto-budgeting: Don't feel like moving money manually? You can set up the Auto-Budgeting feature. Money will move automatically according to your schedule, so your savings grow on "autopilot" without you having to remember.
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Create up to 20 Pockets: Need multiple savings pots? No worries. You can create up to 20 Pockets (a mix of the Saving and Locked Pockets). There’s no more excuse for mixed-up funds because every goal has its own home. At Bank Jago, Everything Has Its Pocket.
Use the Jago Pockets to Manage Money the Way You Want, Not the Other Way Around
What sets the Jago Pockets apart is that they are adaptive, not rigid. Bank Jago understands that life plans can change at any moment, so the system won't dictate how you should save.
For example, if a sudden need arises and your savings plan has to change mid-way, you don't need to stress. You have full control to adjust your targets and change your auto-budgeting schedule directly in the application.
Common Questions about Saving Money in the Saving Pockets and Locked Pockets
1. What is the interest rate for saving with Bank Jago?
Bank Jago offers competitive interest rates on various types of savings to help you achieve your financial goals. As mentioned above, for savings in a Saving Pocket, Bank Jago provides an interest rate of 3.25% p.a., which is calculated daily and paid monthly on the 28th.
For customers who want to save more regularly and have a specific target, the Locked Pocket feature offers a higher interest rate of 4% p.a. with a flexible lock-in period.
For those looking for a long-term investment instrument, Bank Jago also provides the Term Deposit feature with various interest rates, which can reach 6% p.a., with various tenor options and no penalty for early withdrawal. However, it's important to note that these interest rates can change at any time according to bank policy, and you are advised to always check the latest Bank Jago interest rate information on this page.
2. What can I use my Bank Jago savings for?
Saving with Bank Jago is more than just storing money; it's an effective tool for achieving various financial goals. With the Pockets feature, you can give meaning to every rupiah you save.
The Pockets feature makes it easy for you to separate funds for different needs, such as a savings for an emergency fund, a vacation fund, children's education costs, or even an allocation for a hobby. These Pockets can be customized with names, given a target, and set to save automatically to help you stay disciplined.
3. Why does saving often feel so difficult?
Saving is often difficult due to a lack of clear goals and fund separation, which makes saving feel bland. Income mixed into a single main account makes us prone to overspending because we don't know exactly what our spending limits are. Daily needs, shopping desires, and long-term goals all get mixed up, so funds are often spent without us realizing it.
However, Bank Jago offers a solution for effortless financial management through the Pockets feature. You can create many pockets for various purposes, such as a "Monthly Needs Pocket," a "Vacation Pocket," or an "Emergency Fund Pocket." By dividing your money into these Pockets from the start, every rupiah has its own purpose. As a result, you become more disciplined and can easily control your spending because your saving limits and goals are clear.
*Interest rate can change at any time according to bank policy
