Judo Bank launches new 1.90% 3-month term deposit

author-avatar By on February 20, 2020
Judo Bank launches new 1.90% 3-month term deposit

Photo by Uriel Soberanes on Unsplash

Judo has expanded its term deposit offering, releasing a new product with a three month term.

Judo's new three-month term deposit has a 1.90% p.a. interest rate, equivalent to a return of 0.475% for the length of the term. 

Judo, which also launched a six-month deposit product in October 2019, recently announced it had hit the $1 billion mark in deposits, just nine months after becoming an authorised deposit-taking institution (ADI)

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
Advertised
interest rate
Interest
frequency
 
1.33% Annually,
end of term
Go to site
Term Deposit
0.55% End of term Go to site
1.25% Monthly, end of term More details
1.21% End of term More details
1.20% End of term More details

*Rates correct as at 11 September 2020. Rates based on a $50,000 deposit for 6 months.

Judo's General Manager for Deposits Patrick Nolan told Savings.com.au the new term deposit was released based on customer demand.

"Our customers have provided us consistent feedback they want the option of a shorter term deposit so they have flexibility in their investment portfolio but still get a great return at 1.90%," Mr Nolan said. 

"We have also seen that for customers who have never held a Term Deposit before, the three-month term deposit is a good entry option for them to test out the product."

A quick scan of the market shows Judo's 1.90% p.a. rate is one of the highest available. Other close interest rates belong to:

  • Bank of Sydney (1.85% p.a.)
  • Nexus Mutual (1.80% p.a.)
  • RACQ (1.75% p.a.)
  • AMP (1.75% p.a.)

According to Savings.com.au's research, the average three-month term deposit rate across the market is around 1.50% p.a.

"The three-month term deposit is a great option to provide customers flexibility in their investment strategy at a market leading rate of 1.90%," Mr Nolan said.

Judo term deposit interest rates 

Term

Interest rate

3 Months

1.90% p.a.

6 Months

1.95% p.a.

9 Months

1.95% p.a.

1 Year

2.00% p.a.

2 Years

2.05% p.a.

3 Years

2.15% p.a.

4 Years

2.25% p.a.

5 Years

2.35% p.a.

Source: Judo

Looking for a longer term deposit? The table below displays some of the highest term deposit interest rates available for a one-year term.

Provider
Advertised
interest rate
Interest
frequency
 
1.28% Annually,
end of term
Go to site
1.25% Annually More details
1.15% End of term More details
1.15% End of term More details
1.10% End of term More details

*Rates correct as at 11 September 2020. Rates based on a $50,000 deposit.


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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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