Bank Savings Remain the Primary Choice for Customers in Maintaining Financial Stability

Jakarta, 24 November 2023 – There is an Indonesian proverb saying ‘little by little, over time becomes a hill’ ,' which means a constant of small efforts will eventually come with huge results. This proverb often serves as a belief for many people when it comes to saving. When you want to achieve something like owning a dream home or a car, or planning a vacation domestically or internationally, a good plan in saving becomes a key to realizing those dreams. In supporting this belief, recently PT Bank Danamon Indonesia Tbk (Danamon) collaborated with Jakpat to conduct research about 'Public Saving Preferences' and discovered an interesting fact that saving remains the primary choice for the public in maintaining financial stability.

Based on Danamon's research with Jakpat, focusing on three currently productive generations — Gen X, born between 1965-1980 (currently aged 40-55), Gen Y or Millennials born between 1981-1996 (currently aged 24-39), and Gen Z, born between 1997-2012 and currently aged 8-23 — it turns out that they still consider saving as as something important and interesting. So, what are the interesting findings from the research?

  1. All Generations Consider Saving is Important
    • 67% of Gen X, 64% of Gen Y, and 79% of Gen Z believe in the importance of saving as it can help realize their financial plans.
  2. Saving for Emergency Funds and Future Savings
    • 74% of respondents open savings accounts for emergency funds, indicating awareness of the importance of financial preparedness in times of urgency.
    • 71% of respondents open savings accounts for future savings, as a form of long-term financial planning for future needs.
  3. Bank Tetap Pilihan Utama
    • 84% of respondents choose banks as their preferred savings location. However, approximately 22% of respondents are still unsure about selecting a suitable savings institution, indicating a lack of information regarding available savings products among the public.
  4. Consistency and Discipline in Saving
    • 59% of respondents cut down on expenses in an effort to save money.
    • 56% of respondents consistently set aside money, indicating a discipline in financial management.
  5. High Interest in Prize Draw Programs
    • 85% of respondents express interest in prize drawing programs through savings accounts.
    • 76% of respondents are motivated to save due to prize draw programs.

Danamon Encourages Savings Motivation with Various Savings Programs and Products

The research findings align with Danamon's efforts to reintroduce the Danamon Hadiah Beruntun program for the second time as an enticing solution for both existing customers and potential new customers to enhance their discipline in saving. This program encourages the community's motivation to continue saving by providing opportunities to win attractive prizes repeatedly.

"Many of 71% of respondents express a strong interest in increasing the amount of money they save when participating in this program. Furthermore, 72% of respondents consider cash rewards in the form of savings balances, such as cashback, as the most sensible prizes to be won. Therefore, we believe that the Danamon Hadiah Beruntun serves as an additional incentive for individuals who already have an interest and intention to save. We hope that this program can assist the community in taking control of their financial goals and needs, through better financial management and an increasing number of easily attainable rewards," stated Ivan Jaya, Consumer Funding & Wealth Business Head of PT Bank Danamon Indonesia Tbk.

Meanwhile, the research also indicates that 43% of respondents find cars and motorcycles to be appealing prizes. This result suggests that non-monetary rewards still maintain significant allure. The preference for cashback and motor vehicles aligns with previous research findings on Danamon Hadiah Beruntun conducted by Danamon in collaboration with other independent research institutions. This supports the idea that Danamon Hadiah Beruntun can be an effective program in boosting public motivation to save.

Moving on to the discussion of savings product features, nearly 50% of the most favored features include free transfer fees, free e-wallet top-ups, free cash fee withdrawals from other ATMs, and no administrative fees. As a customer-centric organization, Danamon consistently strives to grow with its customers by listening to and understanding their needs. Consequently, Danamon offers a variety of flagship programs, including savings accounts that cater to various financial needs.

"Our research with Jakpat shows that saving in a bank remains a relevant choice for the Indonesian public. Bank savings, being more secure, can be used for both short and long-term needs due to their liquid nature. Moreover, everyone has different preferences and needs regarding savings products. That's why Danamon provides a range of savings product options," stated Ivan.

The diversity of Danamon's savings products reflects a response to the identified needs and expectations of the public regarding savings products, including:

  1. Tabungan Danamon LEBIH PRO is specifically designed for LEBIH (read: MORE)  transactions, catering to daily needs such as managing nine different currencies in a single account, facilitating transactions while abroad. With nine currencies available, including IDR, USD, AUD, NZD, SGD, EUR, GBP, JPY, and CNY, customers can easily manage funds acquired from transactions in different currencies. Moreover, there is no need to open additional foreign currency accounts. Additionally, foreign exchange transactions within the same account and cash withdrawal transactions are fee-free.
  2. Tabungan FlexiMAX is an interest-tiered savings account equivalent to a deposit, offering transaction convenience and financial benefits for customers who need to withdraw cash from ATMs abroad up to 25 times a month.
  3. Tabungan Danamon Save is a digital account designed for individual customers who want to open a savings account anytime and anywhere without visiting a branch. This account is also suitable for customers seeking the convenience of everyday digital banking transactions, offering benefits such as 20 free transfers, 20 free e-wallet top-ups, and 20 free cash withdrawals.

"Danamon offers a range of savings products designed to meet the needs and preferences of customers, including savings products for children, Shariah-compliant savings, and savings accounts that assist customers in managing different currencies. As a customer-centric organization, Danamon not only provides flagship programs but is also committed to delivering financial solutions tailored to each stage of a customer's life to ensure ongoing growth with Danamon," concluded Ivan.



For media inquiries, please contact:


Ni Luh Putu Utami Arsaningrum

Corporate Communications Manager

PT Bank Danamon Indonesia Tbk


Cindyani Lasmana

Corporate Communications Head

PT Bank Danamon Indonesia Tbk