Product details
The Judo Bank Term Deposit offers a range of term lengths to choose from, between six months and five years. The minimum opening deposit is just $1,000 and there are no account-keeping or set-up fees to pay.
The interest rates offered on the Judo Bank Term Deposit are among the most competitive in the market.
- Product Name
- Judo Bank Term Deposit
- 3 month interest rate
- 1.90%
- 6 month interest rate
- 1.95%
- 9 month interest rate
- 1.95%
- 12 month interest rate
- 2.00%
- 24 month interest rate
- 2.05%
- 36 month interest rate
- 2.15%
- 48 month interest rate
- 2.25%
- 60 month interest rate
- 2.35%
- Min Deposit
- $1,000
- Minimum Age Requirement
- 18
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 6, 9, 12, 24, 36, 48 and 60 months.
Earn 1.95% p.a. on a 6-month term deposit
You'll earn a competitive, fixed interest rate of 1.95% p.a. on a 6-month term. Interest rates for alternative term lengths are shown in the table above.
Receive interest payments annually or at account maturity
You can select how often you want to receive your interest payments. Choose to receive your interest annually (for terms over one year) or in one lump sum when your term deposit reaches maturity. The interest will be paid to your nominated Australian bank account.
Earn a 0.10% p.a. loyalty bonus when you roll over your term
Once your term deposit reaches maturity, if you choose to roll over your initial deposit into a new term you'll earn a 0.10% loyalty bonus on top of the standard rate offered.
Deposits up to $250,000 are guaranteed by the Australian government
Your deposit up to $250,000 with Judo Bank is covered by the Financial Claims Scheme. This means that in the unlikely event that something were to happen to Judo Bank, your deposit up to this amount is protected.
Pros
- Competitive rate of 1.95% p.a. for 6 months
- Loyalty bonus interest available
- Interest paid into any Australian bank account
- Small opening deposit
Cons
- No terms less than 6 months
- A prepayment cost applies if you break the term deposit before it matures. The cost will be determined by Judo Bank.
How to apply
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.
Eligibility
- Age. You must be over 18 years old to open this account.
- Residency. You're an Australian resident with an Australian residential address.
Documentation
- Identification. To prove your identity, you'll need to provide your driver's license, Medicare or passport details.
- Bank account details. The details of your Australian bank account where you want your interest to be paid.
- Tax file number. This is to make sure you're taxed at the appropriate rate.
I have $125,000 that I would like to invest. I am 75 years old and my husband and I are receiving an aged pension. I also have $14,000 in First State Super that I would.ike to know if I could get better interest by putting that money into a term deposit.
I am confused as to where I would get the best return.
Hi Pat,
Thanks for your comment and I hope you are doing well.
There are different ways to earn interest in your investment. A high-interest savings account is a bank account that helps your savings grow faster. Generally, it offers a higher interest rate compared to other transaction accounts.
A term deposit is another savings account where your money is kept away for a fixed term at a fixed interest rate.
Choosing between these will highly depend on your circumstances and your cash flow needs.
You can find and compare term deposit rates on this page and and high interest savings on this page. On those pages, you will find a table where you can compare the features and benefits of each home loan provider such as loan amount, fees, interest and etc. Start by using the calculator on top of the table. Enter the information needed and click calculate. This will show your interest earned per provider. This way it will be easier for you to see which provider fits you best.
You can also click the compare box beside each loan option and compare up to 4 options side by side for easier comparison.
As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of the chosen account before applying. You may also contact the bank should you have any questions about their product.
Hope this helps and feel free to reach out to us again for further assistance.
Best,
Nikki