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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 5.05% 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.

Details

Key details

Product Name	Judo Bank Term Deposit
3 month interest rate	4.90%
6 month interest rate	5.05%
9 month interest rate	5.20%
12 month interest rate	5.35%
24 month interest rate	5.35%
36 month interest rate	5.35%
48 month interest rate	5.30%
60 month interest rate	5.30%
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

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 5.05% p.a. on a 6-month term deposit

You'll earn a competitive, fixed interest rate of 5.05% 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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Alison Finder

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Anne

October 03, 2023

On a 12 month term deposit is interest 5.25% paid monthly or annually? If paid monthly does the rate (5.25%) reduce?

Shubham Pandey Finder

October 23, 2023

Hi Anne,

Thankyou for your question.

All term deposit interest rates mentioned in the guide are on a per annum (p.a.) basis.

Yes, if paid monthly, the interest rate stands at 5.05% p.a.

Please note: Interest rates are current and are subject to change. The rate may have changed by the time you apply.

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JANE

October 01, 2023

Can you please tell me if I was to access the funds within the year, does that mean the interest rate is calculated on the remainder of the money?

Shubham Pandey Finder

October 23, 2023

Hi Jane,

If you access the funds within the year and make an early withdrawal from your Judo Bank Term Deposit, the interest rate you receive will be adjusted based on the percentage of the term elapsed as of the prepayment date.

Here’s how it works:

0% to less than 20% of the term elapsed: You’ll receive 90% of the Term Deposit interest rate.

20% to less than 40% of the term elapsed: You’ll receive 80% of the Term Deposit interest rate.

40% to less than 60% of the term elapsed: You’ll receive 60% of the Term Deposit interest rate.

60% to less than 80% of the term elapsed: You’ll receive 40% of the Term Deposit interest rate.

80% to less than 100% of the term elapsed: You’ll receive 20% of the Term Deposit interest rate.

So, the earlier you access your funds within the year, the lower the interest rate you’ll receive based on the percentage of the term remaining.

Note that 31 days’ advance notice is required in case of withdrawing funds before maturity

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Richard

August 08, 2023

Can I invest superannuation money in a 2 year account if so what form do I fill in

Raj Lal Finder

September 18, 2023

Hi Richard,

Thanks for contacting Finder.

Judo Bank offer a 2 year term deposit; to set one up, you must apply through their website.

Thanks

Raj

July 13, 2023

I have a question regarding the interest rate columns for the Judo Bank Term Deposit. Could you please explain how the interest is calculated? For instance, do the interest rates apply on a monthly basis or are these annual rates? For example, if I look at the first three colums which are 3-month interest rate of 5.15%, 6-month interest rate 5.45%, 9-month interest rate 5,45%, does that mean I will receive these percentages of interest In each of these month?

Details

Key details

Product Name Judo Bank Term Deposit

3 month interest rate 5.15%

6 month interest rate 5.45%

9 month interest rate 5.45%

12 month interest rate 5.45%

24 month interest rate 5.35%

36 month interest rate 5.35%

48 month interest rate 5.15%

60 month interest rate 5.25%

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Alison Banney Finder

July 18, 2023

Hi, all term deposit interest rates are on a per annum (p.a.) basis.

Macca

June 06, 2023

Hello, if opening a Term Deposit in Joint names (husband and wife) does the government guarantee $250,000.00 or $500,000.00?

Alison Banney Finder

June 08, 2023

Hi Macca, the guarantee is per person not per account. So in this case, you’d be covered for $250,000 each (assuming you have no other deposits with this bank). Thanks, Alison.

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

Judo Bank Term Deposit

Pros

Cons

Key features

No account fees

Range of term lengths

Earn 5.05% p.a. on a 6-month term deposit

Receive interest payments annually or at account maturity

Earn a 0.10% p.a. loyalty bonus when you roll over your term

Deposits up to $250,000 are guaranteed by the Australian government

How to apply

Eligibility

Documentation needed

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