Judo Bank: the bank you’ve never heard of that’s hitting term deposits out of the park

They’re one of the smaller term deposits on the block, but Judo Bank certainly isn’t content with just blending in. This provider has consistently placed among the top five spots among term deposit providers we track.

Interest rates with Judo Bank’s Term Deposit account go as high as 5.10% p.a. on 1-year terms, while 4-year terms are the highest on our database at a 4.85% p.a. rate. 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.

“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 several terms since their launch.” 

Judo was even recognised by Mozo's experts in the 2024 Mozo Experts Choice Awards^ in savings & transactions, taking home a win in the term deposit, SMSF Term Deposit, and Small Business Term Deposit categories.

Judo isn't alone in offering competitive rates to Aussie savers though: you might also be interested in looking at some of Mozo’s favourite savings accounts and term deposits below.

Competitive term deposits

Judo Bank - Term Deposit
  • 5.25% p.a. interest rate for a 1-year term
  • 0.10% loyalty bonus
  • Interest paid to bank of your choice

Whether you’re looking for a short or long term place to stash your cash, Judo Bank has some seriously competitive term deposit interest rates on offer across a number of terms. Savers will be able to grab a rate of 5.25% p.a. for terms starting for a 1 year term, 5.15% p.a. for a 2 year term, and 5.10% p.a. from 3-year right up to a 5-year terms. That’s not all though, as 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, plus Judo lets customers nominate the bank they want their interest paid into.

Bank of Sydney - Term Deposit
  • 5.10% p.a. for 6-month term (minimum deposit of $1,000)
  • Deposit up to $1,000,000
  • Interest can’t be paid to an another bank account
Find out more

Bank of Sydney offers a competitive 5.10% p.a. interest rate for a 6-month term on their term deposit when interest is paid at maturity. Terms start at one month and go up to thirteen months for deposits from $1,000 to $1,000,000. Unfortunately, the interest earned cannot be paid to an external bank account. But Bank of Sydney does offer automatic rollovers if you wish to extend the term.

Competitive savings accounts

Macquarie Bank - Savings Account
  • Introductory rate of 5.50% p.a. for the first four months (on deposits up to $250,000)
  • Ongoing 4.75% p.a. rate

Macquarie Bank’s Savings Account offers an interest rate up to 5.50% p.a. for the first four months on balances up to $250,000, and then the rate reverts to a pretty good ongoing 4.70% p.a. rate. Keep in mind that balances above $250,000 receive a lower rate. It also comes with no account keeping fees, which is always a plus. To use this savings account, you must have a Macquarie Transaction Account.

ubank - Save Account
  • Maximum savings rate of 5.10% p.a. (conditions apply)
  • Open up to 10 Save Accounts
  • No monthly or account fees

ubank’s Save Account offers a generous bonus savings rate of 5.10% p.a. when you meet its conditions. To score the full rate you’ll need to make a deposit of $200 each month to either your Spend transaction account or Save Account. Plus if you meet the requirements, all the Save Accounts you open receive the 5.10% p.a. rate. This account comes with no pesky fees, and you can withdraw any amount without affecting the max rate. Be mindful that ubank is an online bank, which means there aren’t any branches where you can speak with staff face-to-face.

Interested in comparing even more savings options? Browse through an even wider range of options on Mozo’s savings account and term deposit comparison tables.

* Different interest rates apply to different amounts or different interest payment frequencies.

^See information about the Mozo Experts Choice Term Deposit Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.