Need Help?
Use Jago
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!
Use Jago
About interest in Jago Pockets
Require further assistance?
Contact Tanya Jago
