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About Interest Rate
Types of interest: Simple and Compound Interest
Simple interest
This type of interest is calculated based on the loan or savings principal you have in a bank. To calculate a simple interest, you just need to multiply the daily or annual interest rate with the principal amount. You can get simple interest from savings products or short-to-mid-term loans, such as vehicle loans.
Compound interest
The term "compound" refers to the interest you get from the principal and interest from the previous period. In short, whenever you get the interest, that amount will be added to your principal and will be the basis of the interest calculation in the next period. An example of compounding interest is through the Term Deposit, where the monthly or yearly disbursed interest will be part of the principal in the next deposit period.
In Jago, you can grow your savings quicker to get compound interest with the Term Deposit. So easy!
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About interest in Jago Pockets
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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.
Grab your smartphone, scan the QR code below to download and register Jago from anywhere and anytime.
