Judo Bank scoops up best term deposit award for 2021
In light of the avalanche of rate cuts over the past year, term deposits have become an increasingly attractive option to savers wanting more certainty over their interest earnings.
If you’re one such Australian and you’re eager to secure a competitive rate over the next few months or years, Mozo has some exciting news. Today we revealed the best term deposits for this year in the 2021 Mozo Experts Choice Awards.
As part of these awards, Mozo’s expert judges analysed 73 term deposits across a range of investment terms from one month up to five years, in order to determine the best of the bunch.
Neobank Judo Bank was a standout winner, taking home a Mozo Experts Choice Award for best Term Deposit for the second year in a row. It carries this dual honor alongside customer-owned banks like UniBank, Firefighters Mutual Bank and Teachers Mutual bank.
Why Judo Bank has won
Mozo’s Expert Judge, Peter Marshall said that in a low-interest environment where many banks have left savers out in the cold, Judo has gone against the grain and continuously offered its customers great rates.
“Since launching its term deposit product in 2019, Judo has always maintained an extremely competitive if not leading position in the term deposits rate market,” he said.
In fact, as of 5 February 2021, Judo is offering the top term deposit rates in the Mozo database for almost all of its terms: three months, six months, nine months, two years, three years, four years and five years.
“Judo is still very keen to get deposits in the door to help fund their business lending program,” Marshall explained. “So they’re a great option for people who want to help a bank that’s supporting local businesses and also want to get a large return on their deposits.”
Judo’s general manager of deposits, Patrick Nolan said its top rates, combined with the fact that its deposits of up to $250,000 per customer are covered under the government’s Financial Claims Scheme, have given many Australians the confidence to bank with Judo.
“In less than two years, Judo Bank has grown its deposit portfolio to over $2bn, and this is primarily driven by the return our customers get from saving with Judo Bank,” he said.
Judo's award-winning term deposit
Judo Bank Term Deposit
- 2021 Mozo Experts Choice Award for best Term Deposit^
- 1.20% rate for 2, 3, 4, and 5-year terms
- 0.10% loyalty bonus
Whether you’re looking for a short term or longer term home for your money, Judo Bank leaves no one out of its seriously competitive term deposit rates. Savers looking to lock funds away for two to five years can earn 1.20% interest, while for other terms, rates between 0.96% to 1.01% are up for grabs. What’s more, if you roll over your principal after it reaches maturity to another Judo Bank term deposit, you’ll receive a 0.10% bonus! You’ll also have the flexibility to nominate which bank Judo pays your interest to.
^Wondering who else has snagged an award this year? Catch the full list of winners over at our Mozo Experts Choice Term Deposits Awards page.
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