Each year, the team at Mozo combs through hundreds of savings accounts and term deposits and recognises the ones that offer top-notch value as part of the Mozo Experts Choice Awards.
This year’s winners have just been announced, and it should come as no surprise that Judo Bank is among them.
“Mozo Experts Choice Awards showcase providers who outperformed their competitors in delivering a great product to customers,” said Mozo’s Kirsty Lamont.
“Judo scooped one of the top awards after being compared with 68 term deposit accounts, offering some of the best interest rates across short, medium and long term investments, which is no small feat.”
That’s been a major draw for savers over the past few months. With interest rates plummeting left and right, Judo Bank has promised Aussies some much-needed refuge. In fact, it’s currently the only term deposit provider in our database with interest rates above the 2% mark.
“There are three reasons why Judo Bank has the nation’s best term deposits products,” said Patrick Nolan, head of deposits at Judo Bank about the Mozo Experts Choice Award win.
“We offer market leading rates, all deposits up to $250,000 are backed by a Government guarantee, and we use those deposits to lend directly to small and medium-sized businesses.”
“In other words, our customers know that their deposits are used to support Australia’s small business community with vital funding.”
What does Judo Bank offer?
So just how high do Judo Bank’s interest rates go? If you sign up for a six month term you’ll be looking at an interest rate of 1.90% p.a. That’s impressive in its own right, but the long-term investment options represent much better value. For example, if you’re willing to part with your savings for five years you’ll receive a staggering 2.15% p.a.
To put that in perspective, let’s say you have a balance of $50,000. An interest rate of 2.15% p.a. will see you earning $1,075 each year, or $5,375 over the full five year term. In comparison, the current average five year term deposit rate (1.40% p.a.) will only get you $700 a year.
And while many banks require you to make a lump sum transferral when sending funds into your term deposit from another bank, Judo Bank gets around this problem by giving you ten days to deposit your specified amount. That should give you plenty of time to transfer large sums without worrying about exceeding daily transfer limits.
Below is a quick rundown of what the Judo Bank Term Deposit has to offer. For a look at more products, be sure to visit our term deposit comparison page, or see the full list of winners from this year’s Mozo Experts Choice Awards.