Savings in the form of deposits is one popular type of savings. Indeed, saving money in deposits has many benefits. So, it's best if you already have deposit savings, you don't withdraw or close it unless it's an emergency.
The urgent situation in question is a situation where you are forced to use the money in your deposit to overcome the situation you are experiencing.
Reasons for Not Withdrawing or Closing Your Deposit Unless Facing a Critical, Emergency or Urgent Situation
There are many reasons if you have saved in a deposit, it is better to keep the money there. Following are various benefits that you can get by not withdrawing or closing a deposit before it has reached the end of its term.
1. Easier and faster to achieve financial goals (Moneyfesting)
When you save in a deposit, you already have a goal you want to achieve. For example, you want to buy a house or save money to build your child's education funds. That’s why you started saving in the first place.
However, if your deposit is withdrawn because you are tempted to use it for something that is not its purpose, for example to buy up lots of products that are on sale, then you have to start saving again from the start.
In fact, the best way to prepare emergency funds is to separate them into different savings. That way, you don't take money from other savings when something unexpected happens.
However, if it is really urgent or critical and your emergency fund savings are not sufficient, you can take money from other savings, for example by withdrawing an existing deposit.
2. Deposit interest that adds to the amount of savings
Another reason not to withdraw your deposit to meet needs that are not the initial purpose of opening the deposit is the interest you can get.
If the deposit interest offered is competitive, then the amount is quite enough to increase the amount of savings. In fact, with deposit interest, you can achieve your financial goals more quickly.
Related article: You can also live off deposit interest in the future, what should you do?
3. Benefits from compound interest if you continue to renew your deposit
By choosing to continue to extend the principal balance and interest earned from deposits at maturity, you will experience the great benefits of compound interest. So the profits will be doubled if you choose the automatic renewal (ARO) method for your deposit.
Read further explanation and an example of compound interest calculation in this article.
How to Open a Deposit Savings at Bank Jago
Opening a fast and easy deposit savings the way you want can be experienced at Bank Jago. If you already have a Jago account, all you have to do is log in to the Jago application and create a Deposit Pocket. Fill in the necessary details, such as the amount of money you want to save, the period and what you want to do when the deposit matures.
After confirming, the deposit is immediately created. You can monitor all the deposits you have at Bank Jago via the Jago application. Did you know that you can open or have more than 1 Jago Deposit without administration fees?
Withdrawing a Term Deposit at Bank Jago
If you really need to withdraw the deposit you opened at Bank Jago, continue reading to find out what you need to do.
What is the procedure for closing or withdrawing a Jago Term Deposit?
The procedure for closing or withdrawing your deposit is very easy. You can do it directly via the Jago application, just like when you open a deposit.
Select the deposit you want to withdraw and make confirmation. In other words, you don't need to come to a Bank Jago branch just to close your deposit.
How long or how many days does the Jago Term Deposit withdrawal process take?
Through the Jago application, the deposit withdrawal process doesn't take long. Once the principal funds that you saved in the Deposit are withdrawn, they will go straight into your Main Pocket. You can immediately use the funds to address urgent needs.
What is the penalty percentage for the Jago Term Deposit early withdrawal?
No need to worry, withdrawing the Jago Deposit prematurely does not impose a penalty. In other words, you can close your deposit without having to pay any fees.
What happens if the Jago Term Deposit is withdrawn before maturity?
As stated in the previous point, you do not need to pay fines or penalties if you withdraw your deposit before its maturity date. However, by withdrawing your deposit you will lose all the benefits of opening a Jago Term Deposit as stated above.
With Jago, you can save in a deposit with a flexible period that you can choose yourself and get competitive deposit interest. Withdrawal is also free of penalty fees. Just the way you want, right?
