They’re one of the newest kids on the block in the world of Australian term deposits, but Judo Bank certainly aren’t content with just blending in.
Despite term deposit rates falling left, right and centre in the wake of six RBA rate cuts in 2019 and 2020, Judo Bank has burst onto the scene with some of the most competitive term deposit rates around.
The neobank is currently (at time of publishing) offering the highest rates in the Mozo database for 3 month, 6 month, 9 month, 1 year, 2 year, 3 year, 4 year and 5 year terms - essentially every term it has a rate on offer in.
Interest rates with Judo Bank’s Term Deposit account go as high as 1.60% on 5-year terms, plus customers who roll over their principal after it reaches maturity to another Judo Bank term deposit will be able to grab a 0.10% loyalty bonus.
“Term deposit rates have been in free fall for years now, so it’s great to see a new bank come into the market promising to offer some of the best rates around,” said Mozo Banking Expert, Peter Marshall.
“So far Judo have stuck to their guns, as they've consistently been offering some of the highest rates in our database for a number of terms since their launch.”
Judo was even recognised by Mozo's experts in the 2021 Mozo Experts Choice Term Deposit Awards^, becoming one of only a handful of banks to take out an Award for Best Term Deposit.
While interest rates aren’t much to write home about at present, Judo isn't alone in offering competitive rates to Aussie savers. So if you’re looking for a more rewarding account to stash your cash in, you might be interested in looking at Judo's term deposit and some of the savings accounts we’ve wrapped up below.