Judo takes down competition with leading term deposit rates

Rising interest rates have had at least one positive side effect: term deposit rates are looking better and better. And if you are looking for a secure place to stash your money for the short or long term, there’s one bank leading the pack on rates. 

Challenger Judo Bank currently leads the market for 1, 2, 3, 4 and 5 year term deposits, with near top-of-market rates other terms. Its 1 year rate at 5.25% is 50 basis points above the average rate of 4.75%, and its 3 year rate of 5.10% p.a. is an impressive 1.10% higher than the average rate of 4.00% in the Mozo database.

While some banks require large initial deposits, the minimum deposit required with Judo is just $1,000 across all terms.  As with other banks listed on Mozo, deposits with Judo Bank are covered under the Australian Government’s financial claims scheme up to $250,000.  

As a back to back winner in the Mozo Experts Choice Awards for Term Deposits^ since 2020, Judo is a consistent rate leader so it’s worthwhile comparing what it has to offer below.

Judo Bank Term Deposit
  • 5.25% p.a. rate for a 1 year term
  • 5.25% p.a. rate for a 2 year term
  • 5.10% p.a. rate for a 3 year term

Judo offers lots of flexibility in how long and how much you want to invest. Terms start from 3 months right through to 5 years. The minimum deposit is just $1,000 and interest can be paid out annually, at maturity or monthly (with a slightly lower interest rate) but you can deposit up to $1 million. If you decide to rollover your term deposit at maturity, you’ll get a 0.10% interest rate loyalty bonus on top of their standard rate for the term.

* 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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