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, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
  • Guaranteed rate of return
  • Manage your term deposit online
  • Choose your own term - Options range from one month to five years

Term Deposit - 6 months

  • Guaranteed rate of return
  • Manage your term deposit online
  • Choose your own term - Options range from one month to five years
At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

Term Deposit - 6 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-$500001) - 6 months

      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

      Online Term Deposit - 6 months

        At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit ($25k-$5m) - 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$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit ($500 - $1mn) - 6 months

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

              Term Deposit - 6 months

                At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                Term Deposit ($5k-$25k) - 6 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+) - 6 months

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

                    Term Investment ($5k-$25k) - 6 months

                      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                      Term Deposit ($5k-$500k) - 6 months

                        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000031$product[$field["value"]]$product[$field["value"]]More details

                        Term Deposit ($250k+) - 6 Months

                          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                          Term Deposit ($5000-$999999) - 6 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) - 6 months

                              At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                              TDs Premier Investment ($5k - $250k) - 6 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+) - 6 months

                                  At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                  Term Deposit - 6 months

                                    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10007$product[$field["value"]]$product[$field["value"]]More details

                                    Term Savings ($1000-$500000) - 6 months

                                      Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details

                                      Term Deposit ($10000+) - 6 months

                                        Important Information and Comparison Rate Warning

                                        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 13, 2024. View disclaimer.

                                        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

                                        000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                                        *Rate varies on savings amount
                                        • Deposit $500 per month to get bonus interest
                                        • No balance growth needed or card transactions necessary.
                                        • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
                                        • 5.50% p.a. available on total savings up to $100K.
                                        • 5.00% p.a. applies to savings between $100K-250K.
                                        *Rate varies on savings amount

                                        Save Account (>$100,000)

                                        • Deposit $500 per month to get bonus interest
                                        • No balance growth needed or card transactions necessary.
                                        • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
                                        • 5.50% p.a. available on total savings up to $100K.
                                        • 5.00% p.a. applies to savings between $100K-250K.
                                        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                                        • Deposit at least $1,000+ each month from an external source
                                        • Make 5 or more eligible transactions
                                        • Grow your savings balance each month

                                        Savings Maximiser (<$100k)

                                        • Deposit at least $1,000+ each month from an external source
                                        • Make 5 or more eligible transactions
                                        • Grow your savings balance each month
                                        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                        Boost Saver

                                          Important Information and Comparison Rate Warning

                                          All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 13, 2024. View disclaimer.