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Judo Bank Term Deposit

Name: Judo Bank Term Deposit
Rating: 3.0

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

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.

3.0 ★★★★★ (2 reviews) Write a review

Alison Banney

Last Updated Jan 5, 2021

Up to 4.25% p.a.

Interest rate

60 months interest rate

$1,000

Minimum opening deposit

Account keeping fee

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Details

Product Name	Judo Bank Term Deposit
3 month interest rate	1.15%
6 month interest rate	1.85%
9 month interest rate	2.10%
12 month interest rate	2.95%
24 month interest rate	3.64%
36 month interest rate	4.00%
48 month interest rate	4.15%
60 month interest rate	4.25%
Minimum Opening Deposit	$1,000
Minimum Age Requirement	18

The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Pros

Competitive rate of 1.85% 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.

Alison Banney

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Alison Banney is the banking and superannuation editor at Finder. She has written about finance for almost 10 years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks and super funds. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.

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.

Earn 1.85% p.a. on a 6-month term deposit

You'll earn a competitive, fixed interest rate of 1.85% 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.

Early withdrawal before the maturity date

If you need to withdraw your funds before maturity, you must give Judo Bank at least 31 days prior notice. Because your funds are only invested for a portion of the agreed term, the interest rate to the "Prepayment date" may be adjusted by a certain percentage. Please refer to the table below.

Percentage of the term elapsed as at the Prepayment date	Adjustment to be applied as a percentage of your Term Deposit interest rate
0% to less than 20%	90%
20% to less than 40%	80%
40% to less than 60%	60%
60% to less than 80%	40%
80% to less than 100%	20%

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.

Documentation needed

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.

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12 Comments

sunil
June 15, 2022

how do i open a term deposit account

Reply
- finder Customer Care
  
  Alison
  July 1, 2022
  
  Hi Sunil,
  
  To open a Judo Bank Term Deposit all you need to do is complete the application form available on their website. Note that you need to be an Australian citizen or permanent resident over the age of 18. You’ll also need to show your ID when applying.
  
  Thanks,
  Alison
  
  Reply
Steve
April 15, 2022

Hi Alison. Can both my wife and I take out individual term deposits of $250k and be covered by the Australian Government Deposit Guarantee Scheme?

Reply
- finder Customer Care
  
  Alison
  April 25, 2022
  
  Hi Steve,
  
  Yes. In general, the Australian bank Government Guarantee protects your deposit up to the value of $250,000. This cap applies per person and per Authorised Deposit-taking Institution (ADI). For joint accounts, each person is entitled to an individual guarantee. For example, for a joint account holding two people, the account is covered up to $500,000.
  
  Regards,
  Alison
  
  Reply
Ben
February 3, 2022

Is a deposit with Judo bank of $2m Guaranteed by the Government deposit Guarantee Scheme?

Reply
- finder Customer Care
  
  Alison
  February 15, 2022
  
  Hi Ben,
  
  While Judo bank is covered by the Australian Government Deposit Guarantee Scheme, only deposits of up to $250,000 are protected. This is the case for all banks.
  
  You can visit our guide on this scheme for more details on how it works.
  
  Thanks,
  Alison
  
  Reply
Mr
January 15, 2022

Are fixed deposits with Judo Government backed or guaranteed? What conditions?

Reply
- finder Customer Care
  
  Alison
  January 29, 2022
  
  Hi,
  
  Yes, authorised deposit-taking institutions (ADI) such as Judo bank (including all deposit accounts held in this bank) are covered by the Australian Government Deposit Guarantee Scheme. This means your deposit of up to $250,000 is protected.
  
  Please feel free to check out the complete list of covered banks on APRA’s website.
  
  Thanks,
  Alison
  
  Reply
Eddie
January 12, 2022

Is Judo bank covered by the Australian Government guarantee for up to $250,000?

Reply
- finder Customer Care
  
  Alison
  January 30, 2022
  
  Hi Eddie,
  
  That’s a good question and the answer is yes. Under the Financial Claims Scheme, deposits are protected up to a limit of $250,000 for each account holder at Judo Bank. For more information please visit http://www.fcs.gov.au.
  
  I hope this helps.
  
  Regards,
  Alison
  
  Reply

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