Judo Bank - The bank you’ve never heard of that’s hitting term deposits out of the park
21 Nov 2019
They’re the newest kid 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 back-to-back RBA rate cuts in June and July, Judo Bank have burst onto the scene with some of the most competitive term deposit rates around.
The neobank is currently* offering the highest rates in the Mozo database for 6 month, 1 year, 2 year, 3 year, 4 year and 5 year terms, with the Judo Bank 5 year rate offer of 2.40% sitting 0.70% above the nearest competitor.
Promoted
Judo Bank Term Deposit
2.40% rate for 5 year terms
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 2.40% for a 5 year term and between 1.90% and 2.30% for other 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.
“Term deposit rates have been in free fall for months now, so it’s great to see another bank come into the market promising to offer some of the best rates around,” said Mozo Banking Expert, Peter Marshall.
“We’ll have to see how long they stick around for, but they're a new business looking to attract funds to be able to lend to borrowers, so I’m expecting that they’ll remain really competitive for a while to come.”
Interested in seeing just how well Judo Bank’s term deposits stack up against other deals on the market? Head over to the Mozo term deposit comparison hub to compare offers from 70 other banks.
*As of January 16, 2020
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