- Judo Bank launched its Personal Savings Account product in February 2026
- Its top savings interest rate has remained among the highest on the market since that time
- The account has one relatively simple bonus interest condition of depositing $300 a month with no withdrawal restrictions
Judo Bank was founded in 2016, aiming to combine high tech with old-school relationship banking to service Australia's small- to medium-sized business sector.
The challenger outfit was authorised as a bank in 2019 and began offering term deposit products later that year, guaranteed under the federal government's Financial Claims Scheme.
Since that time, Judo's term deposit products have gained a reputation in the marketplace for their highly competitive rates, regularly among the highest on offer.
Then in February 2026, Judo Bank made a splash with a new Personal Savings Account product, launched with the same high interest rate strategy.
Judo Bank savings account interest rates
Here's a look at Judo Bank's current Personal and SMSF Savings Account rates:
Bank Savings Account Base Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Linked Account Required Minimum Monthly Deposit Minimum Opening Deposit Account Keeping Fee ATM Access Joint Application Tags Features Link Compare Promoted Product Disclosure
Rate varies on savings amount.
Promoted
Disclosure
Rate varies on savings amount.
Rate varies on savings amount.
Rate varies on savings amount.
Judo Bank savings account features
As well as offering the highest top savings rate on the market at the time of writing (introductory rates aside), Judo's savings account also features:
- no monthly account-keeping fees
- government guarantee on balances up to $250,000
- a relatively simple bonus interest requirement of depositing $300 a month into the account with no withdrawal restrictions
- Australian-based support staff
- online account opening in less than 10 minutes
Minimum opening balance requirement
Judo Bank requires a minimum opening balance of $1,000 for new Judo Savings Accounts.
"Judo does not offer home loans or personal loans, instead focusing on business lending, which typically has higher margins. These higher margins appear to translate into highly competitive rates across its range of term deposits and now a savings account too. The savings account might not be ‘condition-free' like the popular offerings from Macquarie and AMP Bank Go, but it does offer a higher rate. Its one condition of depositing $300 per month is comparatively minimal, and given there’s no requirement to grow the balance or avoid withdrawals, you could even withdraw that money in the same month without missing out on the bonus rate. A downside to Judo’s savings account is that it doesn’t support OSKO or PayID, so money transfers in and out of the account aren’t instant - instead taking one or two business days to process. However, given it’s a savings account, this may actually benefit those of us oft-tempted to dip into savings at a moment’s notice. Also, beginner savers might baulk at the account's relatively high minimum balance of $1,000. And being a pure savings account without a linked transaction account - it also doesn’t offer the bells and whistles that accounts with other banks might come with - e.g. debit cards, ATM access, budgeting tools, spending insights, round-ups, or cash-back rewards. All up, Judo Bank’s savings account is a considerable option for diligent savers seeking a secure no-frills account with a competitive ongoing bonus rate and few hoops.”
Judo Bank Personal Savings Account Review
Pros & Cons of Judo Bank savings account
Pros
- Consistently the highest, or among the highest, savings account interest rate on the market
- No withdrawal restrictions to receiving the top interest rate
- No account-keeping fees
- No linked accounts required (see also: What's the difference between savings accounts and transaction accounts?)
- Deposits up to $250,000 guaranteed by the federal government's Financial Claims Scheme
- Judo Bank does not use offshore call centres
Cons
- Minimum opening balance of $1,000 required
- $300 per month deposit requirement to receive the top rate (although this is not a balance growth requirement)
- Low base rate (0.05% p.a. at the time of writing) for failing to meet the monthly bonus rate requirement
- Transfers in an out of the account can be slow (from several hours to a day or two)
- No branch access for those seeking face-to-face services
- Does not provide a transaction account for those looking for everyday transaction banking
How does Judo Bank calculate savings account interest?
The savings account has a tiered interest rate structure, paying a higher rate for balance amounts up to $249,999 and a lower rate for balance portions between $250,000 up to $2 million.
Balances amounts over $2 million earn the base rate of interest.
Interest is calculated by applying the relevant interest rate to that portion of the account balance on a daily basis.
Interest calculation example
On an account balance of $300,000, the first $250,000 will earn the highest rate of interest.
The remaining $50,000 will have interest calculated at the lower rate.
Interest is calculated on each day's closing balance, using the following formula:
Daily closing balance X (applicable interest rate/365)
Interest is paid monthly.
How to deposit money into Judo Bank's online Savings Account?
You can deposit funds through a 'Pay Anyone' transaction from another bank account using Judo's BSB 725-888 and your Judo Bank account number.
Judo Bank warns some 'Pay Anyone' transfers may take one to two business days to be available.