Judo Bank SMSF term deposit
- Interest rate 10 months interest rate
- Up to 5.65% p.a.
- Minimum opening deposit
- $1,000
- Account keeping fee
- $0
- Maximum deposit
- $2,000,000
Summary
Judo Bank's SMSF Term Deposit has competitive rates for people looking to grow their self-managed super funds.
Judo Bank's SMSF Term deposit offers SMSFs a low-risk way to earn a fixed return via a term deposit. Rates are competitive and you can apply online.
Your SMSF will need at least one corporate trustee or 2–4 individual trustees to be eligible for this product.
Pros
-
Competitive rates
-
Fast online application
-
No application or ongoing fees
Cons
-
Your SMSF will need to meet several criteria to qualify
Details
Key details
| Product Name | Judo Bank SMSF Term Deposit |
| 3 month interest rate | 4.90% |
| 4 month interest rate | 4.90% |
| 6 month interest rate | 4.95% |
| 7 month interest rate | 4.95% |
| 9 month interest rate | 5.05% |
| 11 month interest rate | 5.25% |
| 12 month interest rate | 5.45% |
| 24 month interest rate | 5.60% |
| 36 month interest rate | 5.60% |
| 48 month interest rate | 5.65% |
| 60 month interest rate | 5.65% |
| 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
Rates
This product offers fairly competitive rates compared to most term deposits on the market. For a 12 month term, you can earn 5.45% p.a.
Terms
Terms range from 3 months to 5 years.
Online application
You apply online through Judo Bank's website. Have your fund's details and each trustee's ID ready before you start. If you hold a Judo Bank term deposit through an investment platform instead, you deal with the platform operator, not Judo Bank.
Interest options
You can choose to get paid interest monthly or at maturity (when the term ends). Rates are slightly higher if you choose to be paid at maturity.
At maturity
Before your term ends, you can tell Judo Bank whether to reinvest the full balance, reinvest part and pay the rest to your fund's nominated account, or pay out the full balance. If you don't choose, Judo Bank reinvests the full balance into a new term deposit for the same term, at the rate on offer on the maturity date. After a rollover, there's a short grace period when you can withdraw, top up or change the term.
Early withdrawal
If you need the money before the term ends, you'll have to give Judo Bank notice, and a prepayment adjustment (break cost) will usually come out of your interest. Neither applies if your fund can show financial hardship. Call 13 JUDO (13 58 36) to start a request.
Your reviews
Richard Finder
Senior Money Editor
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