Judo Bank - The bank you’ve never heard of that’s hitting term deposits out of the park
04 Aug 2021
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.
Judo Bank Term Deposit
1.60% rate for a 5-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 1.60% for a 5-year term and between 0.90% and 1.40% 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.
MyState Bank Bonus Saver Account
2021 Mozo Experts Choice Award^^
1.20% p.a. maximum rate
Highest rate applies to balances up to $250,000
If you’re looking to earn a competitive ongoing interest rate on your savings then the 2021 Mozo Experts Choice Award winning Bonus Saver Account from MyState Bank might just have your name on it. The account features a maximum rate of 1.20% p.a. for savers who make a monthly deposit of $20 or more and make at least five debit card transactions with a linked MyState transaction account each month. Plus there’s no monthly fee attached to the account, the maximum rate of 1.20% p.a. applies on balances of up to $250,000. Just bear in mind, balances over that amount will only earn the base rate of 0.10% p.a. though.
Virgin Money Boost Saver with Go Account
1.20% p.a. maximum rate
Create savings goals
5,000 bonus Virgin Money Points (conditions apply)
The Boost Saver with Go Account is one of the newest savings accounts around, but it's already made a real impression with a maximum rate of 1.20% p.a. and some handy extras. Savers will need to meet some monthly requirements to earn that maximum rate though: for over 25’s these include depositing $2,000+ from an external account and making five settled purchases or direct debits with the linked Go transaction account (requirements are lower for younger customers). Aside from the rate, savers can create up to 9 different savings goals in the Virgin Money app, plus new customers will receive 5,000 Virgin Money Points when they open an account by 31 October, 2021. Just remember, the base rate is a much lower 0.10% p.a.
Citi Online Saver
4-month introductory rate of 1.10% p.a.
No account fees
Earn the highest rate on balances up to $500,000
Ready to give your savings balance a short term shot in the arm? Well, the Online Saver account from Citi might be an option worth considering, as it comes with a 4-month introductory rate of 1.10% p.a. - one of the highest introductory rates available in the Mozo database at present. Aside from a lack of account fees, the other piece of good news for savers (especially those with a hefty savings stash) is that the 1.10% p.a. rate applies on balances of up to $500,000. Bear in mind that after the introductory period, a base rate of 0.35% will apply though.
Bank of Queensland Fast Track Saver Account
1.05% p.a. maximum rate
No monthly fee
Maximum rate applies on balances up to $250,000
Up there with the highest ongoing bonus rates in the Mozo database, Bank of Queensland’s Fast Track Saver Account could be a competitive option for Aussie savers looking to give their savings a boost. The account offers a maximum rate of 1.05% p.a. for savers who meet the following conditions: a deposit of $1,000+ into a linked Day2Day Plus account in the previous month and five eligible transactions made by the linked account. That maximum rate applies to balances between $1 and $250,000, though it’s worth noting that a base rate of 0.05% will apply on amounts over $250,000 and if the monthly conditions aren’t met.
^See information about the Mozo Experts Choice Term deposits Awards
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.
^^Find out more about the 2021 Mozo Experts Choice Savings Account Awards, including the full winners list and a copy of the awards methodology.
