Blog Post --- Published on August 09, 2023 | Last Updated on June 12, 2024

Saving Money in Deposit: When is the Right Time to Do It?

Menabung di Deposito Bank Jago dimulai dari 1 juta dengan bunga 5 persen per tahun dan bebas penalti pencairan awal Saving Money in Deposit: When is the Right Time to Do It?

Deposits are one of the instruments for people to save or invest their money. Not only low risk, deposits are also chosen by many because the interest is relatively high compared to saving money in a savings account. The question is, when should you start saving money in a deposit?

Term Deposit Can Really Help You When…

1. You want to spend less money

If you feel that all this time you have often used the money in your savings account for things you do not need and thus make it difficult for you to achieve your financial goals, one of the best ways to resist the urge to splurge is to train yourself to be disciplined.

Maybe saving for you is not difficult. The problem lies more in the temptation to dip into your savings. Luckily, a term deposit can help you be disciplined. By saving in a deposit, you secure money from improper use. Why? Because when you create a deposit, you will be asked to choose a deposit period.

Opening a Term Deposit at Bank Jago is very easy and fast as it can be done directly through the Jago application. The time period varies and you can choose according to your needs: 1, 3, 6 or 12 months.

In addition, by investing money in the Jago Deposit you will get up to 5.25% interest per annum. So, besides that money isn't spent on something unnecessary, you reach your goal to spend less money and you actually get extra money from interest. Not bad right?

2. You want to save money in a deposit but this is your first time and you don't feel like committing too much

Some people are reluctant to save in deposits because deposits generally require a relatively large minimum amount.

But, the Jago Deposit is different as it can actually help you save even though you don't want to commit much in the beginning. You can save money starting from just Rp1,000,000 and choose a 1 month period in the Jago Deposit.

After you get used to it and can commit to saving more, you can add the amount of money saved in your Term Deposit and choose a longer period.

3. You want to stay calm during an emergency

Emergencies can happen to anyone and we cannot predict them in advance. In general, emergencies also require large funds. Common examples of emergencies include losing a job so that there is no longer a main source of income, a family member is seriously ill, an accident occurs and your house needs major renovations, for example because it is eaten by termites.

Preparing an emergency fund in the form of Jago Deposit can be very helpful if needed at any time. Why? Because you can withdraw Jago Deposit at any time without penalty fees. This applies even if the deposit withdrawal is made before the maturity date. Deposit disbursement is also instant as it is done via the Jago application and the money goes directly to the Main Pocket.

So, you don't need to worry if you choose a 6-month Deposit period but halfway through, for example in the 3rd month, you experience an emergency. Just withdraw your Deposit.

Don't forget you can choose monthly interest payment. If you choose this option, the interest will be transferred to the Main Pocket according to the opening date of the Deposit. So, if you open a Jago Deposit on September 1, interest will be paid every 1st of the following month.

4. You want to buy your dream house

Your dream home, house or apartment, could take years to actually be yours. It's not just the DP that should be paid off, but all the costs of buying a house or apartment must be prepared.

For this, deposit is the right choice. Deposit interest can help, as well as the deposit itself helps reduce the temptation to dip into house savings.

5. You want to prepare your child’s education funds

For the sake of your child’s future, you must provide the best education. Preparing child's education funds takes quite a long time, maybe up to years. This is because the funds prepared are not only until the children graduate from high school, but also up to university.

Therefore, putting money in a Term Deposit to fund your child's education in the future is the ideal solution. In this way, you already know that your child's school fees have been saved in a secure place. You already know too how much interest you will get. When your deposit matures, you can save the principal funds along with the deposit interest again by choosing automatic roll over (ARO). This is where you take advantage of the power of compound interest.

6. You want to have peace of mind when you retire later because there is a steady source of income

By starting to save in the Jago Deposit from now on, when you are still far from retirement, imagine how much money would have been saved if you had not dipped into your retirement savings.

You don't need to worry if you don't work when you retire. You can continue to get a steady source of income from deposit interest. The bigger the money in the Deposit, the bigger the interest you can get. Having retirement savings in the Deposit, you can choose monthly interest payment. By doing so, every month there is always a regular interest payment to the Main Pocket.

How Much Interest Will You Get When Saving Rp100 Million in Jago Deposit?

This is just an example, Jagoan. If you save Rp100,000,000 in the Jago Deposit, how much interest will you get in 3 months? Here is a simulation of the interest calculation that you will get when the deposit matures.

nabung deposito Rp 100 juta di bank jago 3 bulan memberikan bunga Rp 1 juta saat jatuh tempo

How Much Interest Will You Get When Saving Rp10 Million in Jago Deposit?

What if you want to start saving from Rp10,000,000 first? How much interest will you get? You can calculate the interest yourself using the Jago Deposit interest calculation formula in the visual above. The Deposit interest rate per year depends on the amount saved (check here to find out the latest interest rates).

How to Save Money in Jago Deposit

To start saving in Bank Jago Deposit, you can log in to the Jago application and follow these steps to open a Deposit:

1. Go to Pocket, then tap Create Pocket.

2. Select Deposit.

3. Enter the amount you want to save in the Deposit (minimum Rp1,000,000) and select the duration.

4. Choose what you want to do when the Deposit is due, whether to extend the Deposit automatically or not.

5. Choose the time of interest payment: every month or when the deposit is due.

6. Check the Deposit details and if they are correct, confirm by clicking Create Deposit.

7. The Deposit has been successfully created. You can personalize it, for example by changing the name of the Deposit according to your financial goal.

Disbursement of Jago Deposit at Maturity

UI pengaturan Deposito

If you choose not to renew your Deposit automatically, what do you need to do once the Deposit matures? You can just relax, no need to spend time visiting a Bank Jago branch.

As soon as it reaches maturity, the money in the Deposit will go straight into the Main Pocket. The Deposit will close automatically. So, write it down or remember the due date and when the time comes, log in to the Jago application and check your Main Pocket. The balance must have grown because the money from your Deposit had been added.

Let’s start saving in Deposit based on the goals that you want to achieve.

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Time to Manage Your Money
the Way You Want

Create up to 60 Jago Pockets (bank accounts) without monthly admin fees to start saving, transacting, and managing expenses.

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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Grab your smartphone, click the button or scan the QR code below to download and register Jago from anywhere and anytime.

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