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

William Jolly By on October 22, 2019
 
Small business

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.

Company Advertised
interest rate
Interest
frequency
 
Judo Bank 2.35% Monthly, end of term More details
Arab Bank 1.90% End of term More details
Nexus Mutual 1.85% Monthly More details
ME Bank 1.85% End of term More details
Advertised
interest rate
Interest
frequency
Judo Bank
2.35% Monthly, end of term
More details
Arab Bank
1.90% End of term
More details
Nexus Mutual
1.85% Monthly
More details
ME Bank
1.85% End of term
More details

*Rates correct as at 22 October, 2019. Rates based on a $50,000 deposit.

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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William Jolly
William Jolly joined Savings.com.au as a Financial Journalist in 2018, after spending two years at financial research firm Canstar. In William's articles, you're likely to find complex financial topics and products broken down into everyday language. He is deeply passionate about improving the financial literacy of Australians and providing them with resources on how to save money in their everyday lives.
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