Judo Bank vs NAB Term Deposits
When it comes to term deposits, Judo Bank and NAB take different approaches. Judo targets savers with competitive short-term rates, a low minimum deposit and a loyalty bonus that rewards reinvestment. NAB, meanwhile, asks for a higher starting balance but gives customers greater choice over interest payment frequency and a streamlined renewal process through its app. Here’s how the two compare.
Judo Bank and NAB term deposits side-by-side
The following table provides a direct comparison of the key features of the Judo Bank Personal Term Deposit and the NAB Term Deposit, allowing you to see how each product's features stack up against one another.
|
Feature |
Judo Bank Personal Term Deposit |
NAB Term Deposit |
|
Highest rate available |
4.40% for 5 months |
3.80% p.a. for 7 months |
|
Minimum deposit |
$1,000 |
$5,000 |
|
Maximum deposit |
$2,000,000 (for higher amounts you must contact the bank) |
$1,999,999 (for higher amounts you must contact the bank) |
|
Notice period for early withdrawal |
31 days |
31 days |
|
Early withdrawal cost |
Prepayment cost (interest reduction) applies. |
A prepayment cost may apply. |
|
Interest payment frequency |
At maturity, or monthly, or annually. |
At maturity for terms up to 12 months. For terms over 12 months, interest can be paid monthly, quarterly, half-yearly, or annually. |
|
Term durations |
You can choose a term from one month up to five years. |
You can choose a term from one month to five years. |
|
Loyalty bonus |
0.05% p.a. when you roll over your entire term deposit. |
No. |
|
What happens at maturity? |
A 10-calendar-day grace period is provided. If no instructions are given, the funds automatically roll over into a new term of the same length at the prevailing rate. You can also add funds to your principal during this period. |
You can reinvest your term deposit via the NAB app, making for a quick and easy renewal process without needing to visit a branch. Funds will be automatically reinvested after 7 days. |
|
Government guarantee |
Deposits up to $250,000 per account holder are protected by the Australian Government's Financial Claims Scheme. |
Deposits up to $250,000 per account holder are protected by the Australian Government's Financial Claims Scheme. |
What else to know?
- How to apply. Both banks offer online applications. For a Judo Bank Personal Term Deposit, you can apply directly as a new customer with identification documents and a nominated Australian bank account. NAB claims that you can apply for a term deposit online in under 10 minutes, but new customers must be a permanent Australian resident and at least 14 years old.
- No additional deposits. A key characteristic of most term deposits is that you cannot add more funds once the term has started. To add to your savings, you would need to open a separate term deposit or wait until the current one matures.
Judo Bank vs NAB: term deposit verdict
Both products are designed for savers who are comfortable with locking away their funds for a set period. The choice between them comes down to your individual circumstances and saving habits.
If you're starting with a smaller deposit ($1,000 minimum) and are interested in earning a loyalty bonus for reinvesting your savings, Judo Bank may be a good choice. If you have a larger sum to deposit ($5,000 minimum) and prefer a big, well-established bank with a wide range of term durations and interest payment frequencies, then NAB may be for you.
It's important to remember that rates and terms are subject to change. Always check the official bank websites or product disclosure statements for the most current information before making a decision.
Note: The information in this article is correct as at 17 September, 2025.