Judo Bank now has a term deposit with a 2.00% p.a. interest rate

Neobank Judo Bank has announced new increases to some of its term deposit interest rates.

The new rates now are:

• 1.25% p.a. for a 1-year term
  
• 1.50% p.a. for a 2-year term
  
• 1.60% p.a. for a 3-year term
  
• 1.90% p.a. for a 4-year term
  
• 2.00% p.a. for a 5-year term

According to Mozo’s database, the last time there was a 2.00% term deposit rate was in June 2020.

“With five-year term deposit rates back around pre-pandemic levels, we’re seeing yet another indicator that the market is pricing in higher interest rates,” says Tom Godfrey, Mozo spokesperson. 

In the last month, there have been more than 140 term deposit increases in the Mozo database.

How does Judo Bank's new rates compare?

For starters, Judo currently offers the highest rates in the Mozo database for 1-year, 2-year, 3-year, 4-year and 5-year terms. This makes them one of the most competitive term deposits available in our database. 

However, it is important to keep in mind that the higher interest rates offered by Judo Bank are for term deposits where interest is paid at maturity. Accounts that have interest paid annually or monthly have slightly lower rates.

If you’re looking into term deposits check out Mozo’s term deposit guides to grow your knowledge before choosing your next term deposit account. Alternatively, check out our term deposit comparison table below.