Judo Bank tops three and six month term deposits

By Tara McCabe ·

With MOVE Bank cutting interest rates by as much as 40 basis points today, term deposits have once again been shaken up. 

MOVE’s previously market-leading term deposits have dropped, leaving room for competitor Judo Bank to take out the top spots for three and six month terms in the Mozo database*. The 1.36% p.a. interest rate that comes with Judo Bank’s three and six month terms is now the most competitive in our database (for each respective term). This is closely followed by interest rates from Australian Unity and Rabobank.

Judo Bank, which came onto the scene in 2016, has consistently offered more competitive rates for longer terms but has struggled to claim the top spots for shorter terms. All that has changed with this most recent cut. 

Judo Bank’s top interest rates in the Mozo database are as follows:

  • 3 month TD - 1.36% p.a.
  • 6 month TD - 1.41% p.a.
  • 2 year TD - 1.50% p.a.
  • 3 year TD - 1.55% p.a.
  • 4 year TD - 1.55% p.a
  • 5 year TD - 1.65% p.a.

Term deposit advantages 

Although term deposit rates are on a downward spiral, there are still advantages to locking your money away in one. 

Unlike a savings account, a term deposit rate is fixed for whatever term period you choose. For instance, if you choose to lock your money away for one year, then the rate you get on signing up will apply for the full twelve months. On the other hand, if you put your money in a savings account, then your interest rate could go down at any time. It’s variable. 

The only thing to keep in mind with a term deposit is that you won’t be able to access your funds for the period you lock them away. 

Check out the deals on offer below to see what other term deposits are available. Once you’ve settled on one you think will suit you best, you can even use Mozo’s term deposits calculator to figure out how much interest you’ll make during the term.

Compare 6 month term deposits - last updated November 27, 2020

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure.

  • mozo-experts-choice-2020
    Term Deposit

    0.70% p.a.
    6 months

    $25,000

    Yes up to $250,000

      Compare
    Details
  • Online Term Deposit

    0.70% p.a.
    6 months

    $5,000

    Yes up to $250,000

      Compare
    Details
  • Term Deposit

    -

    -

    Yes up to $250,000

      Compare
    Details

**As stated the 'top spots' referred to are in the Mozo database. Interest rates correct as of 23 July 2020.

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

^See information about the Mozo Experts Choice Term Deposits 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.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Tara McCabe
Money writer

Tara McCabe writes across all areas of personal finance here at Mozo from banking through to insurance. Tara is expert at practical money tips, showing readers ways to live richer and be socially conscious while doing it. She earned a BA (Hons) in English Literature from Canterbury Christ Church University.