The latest Australian Prudential Regulation Authority (APRA) figures saw Judo Bank leading the way, with $470 million worth of household deposits in January, up from $345 million in December.
Judo is primarily focused on small to medium enterprise (SME) lending, and after including business deposits, Judo now has more than $1 billion on its books.
The neobank currently offers some of the most competitive term-deposit rates on the market, with terms from three months to five years.
Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for a six-month term.
Provider | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
| FEATURED | Term Deposit - 6 months
| ||||||||||||
Term Deposit - 6 months
| |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | 8 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Online Term Deposit - 12 months | |||||||||||||
| Annually, At Maturity, Monthly | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 10000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit ($10000+) - 12 months | |||||||||||||
| Annually, At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit (Platinum Plus Club Members) - 12 months | |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 500 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit ($500 - $1mn) - 12 months | |||||||||||||
| Annually, At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit ($1000-$499999) - 12 months | |||||||||||||
| At Maturity, Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | 1 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit ($5k-$25k) - 12 months | |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | 7 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Savings ($1000-$500000) - 12 months | |||||||||||||
| Annually, At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 10000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit - 12 months | |||||||||||||
| Annually, At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 10000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit ($10k-$500k) - 6 months | |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 100000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Investment ($100k-$200k) - 6 months | |||||||||||||
| At Maturity, Monthly | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 25000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit - 12 months ($5000-$25000) | |||||||||||||
| Annually, At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 10000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit ($10k-$500k) - 12 months | |||||||||||||
| At Maturity, Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit ($1000+) - 9 month | |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit - 12 months | |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit ($1000+) - 12 months | |||||||||||||
- Easy online application
- Interest can be paid to other institutions
- Maturity alert by email and phone
86 400 also saw an increase in deposits, with $120 million of deposits in January, up from $99 million in December.
Xinja and Volt Bank made their first appearances in the APRA statistics, with $75 million and $8 million of deposits respectively.
According to Savings.com.au research, 86 400 and Xinja currently offer the joint most competitive savings account rates on the market, at 2.25% p.a.
86 400 has a base rate of 0.40% p.a. with customers needing to deposit at least $1,000 a month into their Save Account to access the 1.85% p.a. bonus rate.
Xinja is one of very few players that has an unconditional rate, with balances up to $245,000 earning the market leading rate.
Volt Bank is another neobank offering an unconditional rate, again on balances up to $245,000.
Volt was only launched as a beta-version in December to its 40,000 strong waitlist and is expected to make a public launch in early 2020.
The APRA statistics may be further proof that neobanks are here to stay, upsetting the big four's monopoly on banking in Australia.
| Household deposits ($m) | Oct '19 | Nov '19 | Dec '19 | Jan '20 |
| Judo Bank | 105 | 214 | 345 | 470 |
| 86 400 | 47 | 74 | 99 | 120 |
| Xinja | 1 | 75 | ||
| Volt Bank | 8 |
Source: APRA
Big four post soft retail deposit growth
The APRA statistics also revealed that retail deposits grew by 5.7% over the year to January.
Across the big four banks, ANZ's retail deposits grew by 3.9%, NAB's by 1.8%, Westpac by 1.0% and Commonwealth Bank's by 0.1%.
Other institutions reporting strong growth over the 12 months to January included Macquarie Bank (up 30.7%), AMP Bank (up 31.6%), Arab Bank (up 23.4%) and HSBC Bank Australia (up 19.5%).
The table below displays a snapshot of some of the highest non-introductory interest rates on the market.
Provider | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 200 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
| No monthly fees | Save Account
| ||||||||||||
Save Account
| |||||||||||||
| 0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
| FEATURED | Savings Maximiser (<$100k)
| ||||||||||||
Savings Maximiser (<$100k)
| |||||||||||||
| 0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Boost Saver | |||||||||||||
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