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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 5.1% 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.

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

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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.

Full list of 2024 winners

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 5.1% p.a. on a 6-month term deposit

You'll earn a competitive, fixed interest rate of 5.1% 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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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

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?

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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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

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.

Phil

December 11, 2023

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

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.

Suejcmc

December 09, 2023

Can you deposit on a fortnightly basis into term deposits

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.

Judo Bank Term Deposit

Pros

Cons

Best Term Deposit (12 months)

Key features

No account fees

Range of term lengths

Earn 5.1% 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

Sources

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