JPEG and PSD are known to be two of the formats that are connected to various applications. Between the two, JPEG is considered to be the more versatile one because it is not connected or tied to specific applications.
PSD is known to be the native file format for Photoshop. Photoshop is known to be one of the more popular editing software that is being used by people from all over the world. This is specifically used by different professionals coming from varying industries.
If you would use PSD, you can only use Photoshop in order to open the file. If would be saving the files in JPEG, you can be sure that you can use different apps to open it.