Judo Bank tops three and six month term deposits

Woman holding green mug, smiling and looking at term deposit rates on mobile phone.

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

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 93 term deposits.
Last updated 24 November 2024 Important disclosures
  • Term Deposit

    5.15% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.

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    Details
  • SMSF Term Deposit

    5.15% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.

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    Details
  • Term Deposit

    3.60% p.a.
    6 months

    $5,000

    Yes up to $250,000

    No set up, monthly service or management fees & choose to invest from $5,000 or more

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    Details
  • Advance Notice Term Deposit

    3.50% p.a.
    6 months

    $5,000

    Yes up to $250,000

    A higher competitive fixed interest rate than comparable ANZ Term Deposits. You will need to give ANZ 31 days notice if you wish to withdraw the money prior to maturity. With a minimum investment of $5,000 you can enjoy the certainty of fixed returns over your investment term

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    Details
  • Term Deposit

    2.60% p.a.
    6 months

    $25,000

    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 Deposit Awards

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