Judo Bank Term Deposit
- Interest rate 6 months interest rate
- Up to 5.05% p.a.
- Minimum opening deposit
- $1,000
- Account keeping fee
- $0
Summary
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.
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 | 4.95% |
| 6 month interest rate | 5.05% |
| 9 month interest rate | 5.05% |
| 12 month interest rate | 5.00% |
| 24 month interest rate | 4.70% |
| 36 month interest rate | 4.60% |
| 48 month interest rate | 4.45% |
| 60 month interest rate | 4.45% |
| 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 |
Congratulations, Judo!
Judo Bank 12-month term deposit won the award for 'Term Deposit (12 month)' in the 2024 Banking Product Awards.
Full list of 2024 winnersKey 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.
Compare other products from Judo Bank
Your reviews
Alison Finder
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Angus Kidman Finder
October 13, 2024
Hi Rama, The easiest fix in this situation is probably to transfer the funds into a separate Judo transaction account over a few days, then transfer the whole sum into the term deposit.
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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JJ
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.
Rama
October 10, 2024
If I open a term deposit account with Judo Bank, how do I transfer $250,000 on-line from another bank when maximum daily transfers is $100,000. Can I transfer over 3 days before 1year term starts?