Term deposit rates hit 3% as Judo Bank increases

Term deposit rates hit 3% as Judo Bank increases

Judo Bank increased term deposit rates by sizeable margins, with a few flirting with the 3% mark.

It's been a while since savers would have seen any deposit product hit the 3% mark, but on Thursday Judo made some changes including:

  • 5 Years, End of Term Interest Payment: 100 basis point increase to 3.00% p.a. 
  • 5 Years, Annual Interest Payment: 100 basis point increase to 2.95% p.a.
  • 5 Years, Monthly Interest Payment: 100 basis point increase to 2.90% p.a. 

Term deposits with shorter timeframes were also increased by between 25 and 85 basis points.

The following rate increases apply to end of term products:

  • 1 Year: 25 basis point increase to 1.50% p.a.
  • 2 Years: 65 basis point increase to 2.15% p.a. 
  • 3 Years: 100 basis point increase to 2.60% p.a. 
  • 4 Years: 85 basis point increase to 2.75% p.a. 

Patrick Nolan, Judo's GM for products, deposits, told Savings.com.au these are some of the highest rates offered since the bank's launch in May 2019.

"Three per cent for five years is a great investment return in the current market. We’re really proud to continue to boldly back our customers at a time when they need it most," Mr Nolan said.


Elsewhere, Macquarie Bank also increased term deposit rates. The breakdown is as follows:

  • 3 Months: 5 basis point increase to 0.60% p.a. 
  • 6 Months: 10 basis point increase to 0.90% p.a. 
  • 9 Months: 30 basis point increase to 1.00% p.a. 
  • 1 Year: 10 basis point increase to 1.30% p.a. 

This follows the bank increasing rates to deposit products with longer terms last week.

Even with term deposit rates breaching the 3% mark, amid annual headline inflation of 3.5% consumers are realistically losing 50 basis points of purchasing power.

However underlying inflation is 2.6%, implying a 'real' gain of 0.4%. 


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Lender

Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

Personal Term Deposit - 60 months (Annually)

    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

    Term Deposit ($1000+) - 60 months

      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

      Term Deposit (> $1000) - 60 months

        At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit ($1000+) - 60 months

          At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit - 60 months

            Monthly, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit ($5000-$49999) - 60 months

              Rates based on a $50,000 deposit for 5 years. Rates correct as of May 26, 2022. View disclaimer.


              Photo by Becca Tapert on Unsplash

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