Judo Bank launches new 2.35% p.a. six-month term deposit

Photo by Kyle Ryan on Unsplash

New neobank Judo Bank has added another competitive term deposit to its product suite, now offering a 2.35% p.a. term deposit for six months.

Judo – a bank that primarily focused on lending to small to medium-sized enterprises (SMEs) was already well ahead of the rest of the market for term deposit rates.

While most banks fail to offer rates above or even near 2.00% p.a. now, Judo Bank doesn’t have a single term deposit rate below this amount.

Judo Bank’s new product at 2.35% p.a. for six months is comfortably the highest six-month interest rate on the market at the moment among publically available term deposits.

The next closest that Savings.com.au could find is 1.90% p.a, offered by Arab Bank, while both Nexus Mutual and ME Bank offer 1.85% p.a.

For a $50,000 deposit, the extra 45 basis points could lead to more than $100 extra based a $50,000 deposit.

The table below displays some of the highest-rate six-month term deposits on the market.

Judo Bank also offers highly competitive to market-leading rates for the following popular term deposit terms:

• 9 months: 2.15% p.a.
• 1 year: 2.15% p.a.
• 2 year: 2.15% p.a.
• 3 year: 2.25% p.a.
• 4 year: 2.10% p.a.
• 5 year: 2.10% p.a.

Savings.com.au has contacted Judo Bank for comment on this new product.

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