In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Judo Bank Term Deposit

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Judo Bank Term Deposit
Interest rate 6 months interest rate
Up to 5.1% p.a.
Minimum opening deposit
$1,000
Account keeping fee
$0

Summary

Earn a competitive, fixed interest rate on your deposit with Judo Bank.

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The Judo Bank Term Deposit offers a range of term lengths to choose from, between three months and five years. The minimum opening deposit is just $1,000 and there are no account-keeping or set-up fees to pay.

Pros

  • Competitive rate of 5.1% p.a. for 6 months
  • Loyalty bonus interest available
  • Interest paid into any Australian bank account
  • Small opening deposit

Cons

  • 31 days’ advance notice required in case of withdrawing funds before maturity
  • A prepayment cost applies (in the form of interest adjustment) if you break the term deposit before it matures. The cost will be determined by Judo Bank.

In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name Judo Bank Term Deposit
3 month interest rate 4.85%
6 month interest rate 5.10%
9 month interest rate 5.10%
12 month interest rate 5.10%
24 month interest rate 4.85%
36 month interest rate 4.85%
48 month interest rate 4.85%
60 month interest rate 4.85%
Minimum Opening Deposit $1,000
Minimum age requirement 18
Government guarantee Yes

Eligibility

Minimum Age Requirement 18
Joint account availability Yes
Min Deposit $1,000
Available to children Not available for children

Best Term Deposit (12 months)

The Judo Bank 12-month term deposit has offered one of the highest rates in the market consistently. Currently you can earn 5.1% on a 12-month term with this account. You can open this term deposit with a low minimum balance of just $1000, and there's also a 0.10% p.a. loyalty bonus available if you roll over your term.

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Key features

No account fees

There are no set-up fees to get started with this account and there are no ongoing account-keeping fees to worry about.

Range of term lengths

You can choose from a range of term lengths, depending on how long you want to lock your money into the term deposit. Available term lengths include 3, 6, 9, 12, 24, 36, 48 and 60 months.


How to apply

Eligibility

You can apply for a term deposit with Judo Bank online in a few minutes. Before you start the application, make sure you meet the eligibility requirements and have the following documents ready.

  • Age. You must be over 18 years old to open this account.
  • Residency. You're an Australian resident with an Australian residential address.

Your reviews

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Alison Finder

Editor

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Carol

January 24, 2024

If I deposit $250,000for 3 months how much interest will I receive in total and what bonus interest is there if it goes the full term of 3 months

Please


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Jason Loewenthal Finder

February 02, 2024

Hi Carol,


The 3-month rate is 4.9% as of 3 February 2024. $250,000 would generate over $3,000 in 3 months in a term deposit at that rate.


You can calculate potential earnings with our calculator.


I hope that helps.


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Karen

January 20, 2024

Hi, If I deposit $1,000,000 into a 6 month term deposit.. I understand that only $250,000 is guaranteed. However is it then possible to be able to open 4 x long term (6mth) accounts to guarantee each $250,000 investment?


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Richard Whitten Finder

January 22, 2024

Hi Karen,


The government guarantee is $250,000 per ADI (bank) per person. So if you had 4 term deposits with the same bank, each with $250,000 only one would be protected.


If you had one term deposit each at 4 separate banks (as long as they are truly separate banks and not operating under the same license like St.George and Bank of Melbourne) then each would be covered.


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JJ

January 11, 2024

If I place funds in a 6 month term deposit are there any exceptional circumstances where Judo bank will allow access to funds within the 31 days notice? ie property purchase, emergency health. I realise there will be a prepayment fee and economic cost taken into account. Thanks, JJ


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Sarah Megginson Finder

January 12, 2024

Generally no, you will need to wait the full 31 days to access your money. If you think you will require flexible access to your funds, a high interest savings account might be a better option, or a split of 50/50 in savings and term deposit.


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Phil

December 11, 2023

Who owns Judo Bank? Where is the head office and is it covered by Australian banking laws?


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Jason Loewenthal Finder

December 12, 2023

Hi Phil,


Judo Bank is listed on the ASX. Its headquarters are in Melbourne. It holds an Australian credit licence and Australian financial services licence. Deposits under $250,000 are covered by the Financial Claims Scheme.


I hope that helps.


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Suejcmc

December 09, 2023

Can you deposit on a fortnightly basis into term deposits


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Jason Loewenthal Finder

January 08, 2024

Hi Sue,


A term deposit is single deposit for a specified amount of time. A high interest savings account allows for regular deposits.


I hope that helps.


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