Neo Bank and Jago Bank are two of the most well-known mobile banking applications today. What is the difference between these two digital banking and which one is the best? To find out, we assigned one of the authors to review the advantages and disadvantages of both and write down the results in this article. Neo Bank's advantages are high interest in savings and deposits, with free admin and transfer fees, but Neo's weakness is in features that are still basic, such as not being able to pay via QR. Meanwhile, Bank Jago excels as part of the Gojek, GoPay, Tokped ecosystem, with free admin fees and no minimum balance, but Jago's weakness in features is also still limited. Both, Neo and Jago, have the same weakness, namely the limitations of ATMs for cash withdrawals. Although you can withdraw cash at other bank ATMs, there are fees and they are not free. Neo Bank is an option for those who want high interest on savings and deposits, but are ready with the limited features of the Neo app.
Which digital bank application is more profitable and convenient for all people to use?
Jago bank is suitable for those who use the Gopay, Gojek, Tokped ecosystem a lot. We will briefly discuss the differences between Neo Bank vs Jago Bank. Which digital bank application is more profitable and convenient for all people to use? The Neo Bank application which is also often called the Neo Commerce Bank application is a digital bank founded by a banking company called PT. Yudha Bhakti Bank. Bank Neo Commerce has been established since 2020, meanwhile Bank Yudha Bhakti as a banking company in Indonesia, has been established for 30 years. By becoming a Neo Bank customer, these are the advantages that you can enjoy. Neo Wow Savings. This feature is a feature where customers can save their money at Bank Neo by means of cash deposits or transfers. By using this feature, customers can get an interest of 6% paUniquely, unlike other savings accounts that will deposit interest every month, at Bank Neo, customers will get interest on their savings every day which can be monitored through the application. NEO WOW deposits. This feature will be very useful for Bank Neo customers to save in the long term. By selecting NEO WOW Deposit in the application, customers can get an interest of 8% per year. In addition, unlike other deposit products, Bank Neo customers can make initial deposits with small funds starting from IDR 200,000, with flexible deposit tenors ranging from 7 days to 1 year. Generally, interbank transfer transactions are quite often complained of by the public because they are subject to large fees.
Fortunately, Neo Bank provides a free transfer feature to all accounts, both personal and virtual accounts without any quota restrictions. Have you ever come to a restaurant that does not serve separate payments even though one table is attended by many guests, then have difficulty collecting the cost of the meal per person afterwards? Don't worry, with the instant messenger feature in the Neo Bank application, you can calmly charge your friends to pay for the joint venture. Not only that, Instant Messenger can also be used for daily chats. Neo Journal can be a feature that customers like because it functions to record all transactions that occur in this application. With transaction records, customers do not need to bother manually recording finances because they are all stored in this application. So, this feature can help you to manage your finances better. The referral code is a combination code of numbers and letters as a reference identity for Bank Neo users to attract more customers. The Neo Bank application provides a bonus of IDR 25. 000,- for every use of a referral code by a new customer. Sometimes, conventional banks set a minimum initial deposit balance of hundreds of thousands of rupiah. By using the Neo Bank application, you can deposit any amount to top up the Neo WOW Savings. As a digital bank, Neobank offers the experience of opening a savings account online without being face-to-face. Just need to download the app and file it. There is no need for a Video Call, which is still being done by a number of other digital banks, in the process of opening an account at Bank Neo.
Weaknesses in the Neo Bank application. Customers can top up balances from other bank accounts, as well as to e-money without a time limit. Unfortunately, there are many complaints on social media about the slow entry of funds when top up, be it from other accounts or top up e money. This weakness makes customers unable to rely on this application to make and receive top up balances in times of emergency. Indeed, currently Bank Neo is designed as a digital bank. That is, all types of transactions can be done only with the help of the application. However, when customers need direct assistance and visit service offices, Bank Neo does not open many branch offices to be able to reach customers throughout Indonesia. Currently, Bank Neo only serves cash withdrawals by intermediary sending funds to other bank accounts that have ATM facilities, which is a hassle for most of its users. The Neobank app doesn't offer digital loans yet. Customers cannot apply for credit through this application. This is certainly different from mobile banking applications at other banks that already offer online loans in their applications. The plan is that in 2022, Neo bank will launch a digital credit feature in the application. Moreover, with Akulaku signed in as a shareholder, it is very likely that the online loan feature will soon appear on Neobank.
This is because the account type is currently only in Rupiah.
Currently, the Neobank application does not provide payment facilities using QRIS or QR Code. Customers can only make payments by transfer. The Neobank application has not been able to make online foreign exchange transfers in its application. This is because the account type is currently only in Rupiah. Jago is a mobile banking application made by Bank Jago, one of the pioneers of digital banking in Indonesia. Unlike banks in general, customers do not need to go to a branch office to be able to open a savings account at Jago. Jago promises a 100% online bank account opening process. Only through the application on the phone. Customers simply download the Jago application on the Google Play Store, fill in the data, then upload the requested documents. After that, to activate, customers need to contact Jago via video call. One of the most interesting features of Jago Digital is the admin fee and other fees which are free. The customer does not have to pay all the details of the admin fee, which is usually charged by the bank. Millennials complain about savings accounts at banks are the high fees and minimum balance obligations, which make it difficult for those with limited finances. Initial balance when opening an account is Zero. Dorm account fee (no transaction under 6 months) Zero. There is no requirement for a minimum balance. No cost at Jago is perfect for millennials or first time jobbers who have limited finances, but want to have a debit card to manage finances.
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In other banks, that I know of, there is hardly anyone that doesn't charge an admin fee. Even if there is, there is a free admin fee, the conditions are many, as most often, you must have a large minimum savings balance. Jago provides free transfer fees and e-money top-up fees. This free fee is limited to a month. Bank transfer fees at Jago are much cheaper than transfer fees at other banks, which is IDR 7,500 per each transfer between bank accounts. Free Go Pay top-up fee from Jago there is no limit. Jago customers can always enjoy free Go Pay top-up fees, without being limited to the maximum number of times a month. We know that GoJek is one of the owners of Bank Jago, so Jago's customers can enjoy the free Go Pay top-up fee facility. Currently, Go Pay top-up fees at other banks range from IDR 3 thousand to IDR 6 thousand. This amount is quite good, especially for the millennial market, which often uses Go Pay for various transactions.