Judo Bank term deposits

Looking for a good value term deposit to stash your money in for a while? Have a look at some of the term deposits Judo Bank offers.

judobank brand

Judo Bank term deposit interest rates

About Judo Bank

Judo Bank is one of Australia’s newest banks, having been granted a banking license in April 2019. Judo primarily lends to small to medium-sized enterprises (SMEs), providing loans to businesses starting from $250,000.

In January 2020, Judo hit $1 billion in customer deposits, just nine months on from when it first became a bank. Because business loans tend to carry higher interest rates than loans to individuals, Judo claims it is able to offer better rates on its term deposits.

What term deposits does Judo Bank offer?

Judo bank offers numerous different term deposits that vary based on the interest rate, the term and the interest payment frequency.

Judo bank term deposit terms

Judo offers the following terms at the time of writing:

  • 3 months
  • 6 months
  • 9 months
  • 1 year
  • 2 years
  • 3 years
  • 4 years
  • 5 years

Read our article on the different term deposit terms to see how these can affect your returns.

When is interest paid on Judo Bank term deposits?

Per Judo’s website, it pays interest on its term deposits:

  • Monthly
  • Annually
  • At maturity

Per Judo’s terms and conditions, interest is calculated daily. Read our article on the different factors affecting your term deposit investment to see what difference this can make.

Does Judo charge any term deposit fees?

If you choose to terminate your term deposit prior to the term’s expiry, Judo can charge a break cost at their own discretion. This won’t be charged to people experiencing financial hardship or if the deposit is terminated during a grace period.

Does Judo charge a penalty for early withdrawal?

Judo does charge an interest rate reduction relative to the length of your term that has expired. You will also need to provide a written request to withdraw at least 31 days beforehand unless you’re experiencing financial hardship.

Call 13JUDO to discuss an early withdrawal.

How to apply for a Judo Bank term deposit

To apply for a Judo term deposit, you can hit the ‘more details button’ on Savings.com.au’s term deposit comparison tables and visit its website where you can hit ‘apply now’. You can also call 13 58 36 to speak to a Judo representative.

You need to meet the following criteria to be approved for a Judo term deposit:

  • You must be over 18;
  • You must be an Australian resident;
  • You must live in an Australian residential address;
  • You must deposit at least $1,000

Judo does not need to check your financial status before providing you with a term deposit. Once approved you have 10 calendar days from the opening of your account to deposit funds to complete the application.

Documents needed

To open an account with Judo, you’ll need the following documents and personal information:

  • A minimum of two of the following: Australian drivers license, passport and Medicare card
  • The details of your nominated bank account (BSB, account number etc.)
  • Your tax file number (TFN)
  • Your mobile number and email address

What to do when your Judo term deposit ends

When your Judo term deposit reaches maturity, one of two things will happen:

  • You will be paid the entire balance into your bank account at the maturity date; or
  • The entire amount will default into a new term deposit of the same term (but not necessarily the same interest rate)

If you don’t provide Judo with any instructions before you reach maturity, it will default to the second option and you’ll face automatic rollover, which you may or may not want, so it’s best to check. Judo term deposits have a grace period of 10 days where you can withdraw or top up the money without penalty.

Click the link here to access Judo’s full terms and conditions for its term deposit product.