Judo Bank is an online challenger bank that offers lending solutions for Australian businesses. It currently offers a range of financing options for businesses, with its products enabled by new technology and backed by traditional relationship banking. This guide will outline the products and services Judo Bank offers, the features and interest rates nd charges of those products, and how to decide if Judo Bank is right for you.
Congratulations, Judo!
Judo Bank 12-month term deposit won the award for 'Term Deposit (12 month)' in the 2024 Banking Product Awards.
Judo Bank is a new challenger bank that specialises in business lending for small to medium sized local businesses. Judo Bank has a full Australian Deposit-Taking Institution (ADI) license, so deposits up to $250,000 with Judo are guaranteed by the Australian government.
While it's a technology-led bank, Judo also has a focus on offering traditional relationship banking and aims to deliver its products with "certainty and speed".
What products does Judo Bank offer?
Judo Bank offers a range of business finance solutions. It currently only offers the one personal deposit product, however it does plan to launch an SMSF and business term deposit in the future, too.
The Judo Bank term deposit is for personal customers with deposits of $1000 or more. It offers market-leading fixed interest rates on term lengths from six months to five years at a time, with a 0.10% loyalty bonus if you roll over your maturing term into a new one.
Business loan of up to $10 million. Repaid over a set term and comes with a fixed or variable interest rate. The loan is secured by various forms of security but repayments are flexible and the term can be matched to your business's needs.
Line of credit up to $10 million. Variable interest rate and no set repayment terms.
Equipment loan or finance lease. The equipment loan offers flexible repayments and a balloon payment option. The finance lease can help your business fund equipment or vehicle purchases on a lease agreement.
What features and benefits does Judo offer?
Market-leading term deposit rates. The fixed interest rates offered on the Judo Bank personal term deposit are among the best in the market.
Dedicated relationship managers. Judo prioritises "relationship banking". Because of this, every business with a Judo Bank business product will have a dedicated relationship manager that they will have direct, regular contact with.
Tailored solutions. Judo's solutions are flexible so that relationship managers are able to tailor them to individual business's needs.
A range of financing solutions. There a range of financing solutions currently available including a term loan, a line of credit and equipment financing.
Transparent costs. Judo displays its Base Rate (the variable indicator rate for the business loan and line of credit) clearly on its website. This rate is repriced on the first of each month.
Pros and cons
Pros
Flexible, tailored products
Dedicated relationship managers
Transparent costs
Competitive term deposit rates
cons
People looking for a savings account or everyday transaction account
Businesses looking to borrow less than $250,000 or over $10 million
Is Judo Bank safe?
Judo Bank has been granted a full banking licence by industry regulator APRA. This means Judo is approved to hold consumer and business deposits, and deposits up to $250,000 per customer are protected under the Australian Government Guarantee Scheme.
When you apply for a product such as a loan with Judo Capital, you will have a dedicated relationship manager that you can easily contact whenever you need to.
Elizabeth Barry is the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review.
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Can you give me details of banks that offer a cash bonus for signing up?
Hi Ben,
These offers change frequently, but here is our current list:
https://www.finder.com.au/savings-accounts/cashback
Hope this helps!