If you’re looking for a competitive return on your savings, newcomer Judo Bank's term deposit is worth considering. Whether you’re looking to lock away your funds for three months or five years, your investment will earn interest at some of the most competitive rates in the market right now. You will also get the same protections as other Australian banks as eligible deposits of up to $250,000 with Judo Bank are covered under the Australian Government Deposit Claims Scheme.
It's perhaps little surprise then that the Judo Bank Term Deposit took out a 2020 Mozo Experts Choice Award in the Best Term Deposit category.
With the Judo Bank Term Deposit, Aussie savers will be able earn competitive interest rates (paid out at maturity) for a range of terms:
0.81% for a 3 month term
0.83% for a 9 month term
0.89% for a one year term
1.30% for a two year term
1.30% for a three year term
1.20% for a four year term
1.30% for a five year term
On top of the these rates, savers will also earn a 0.10% loyalty bonus on top of the standard rate if you choose to reinvest your balance in another term deposit once it’s reached maturity.
You’ll also be able to have interest paid when it suits you best - either monthly, yearly or at maturity. And unlike many other term deposits, the Judo Bank Term Deposit allows you to have your interest paid to another bank.
Just keep in mind that if you do wish to withdraw your funds before the maturity date, you will need to provide Judo Bank with 31 days notice.
The Judo Bank Term Deposit is a great option for Aussie savers looking to earn a competitive term deposit rate by locking away their funds for a long term.
Though it’s not encouraged to withdraw funds from a term deposit before its maturity date, if you wish to do so, you will need to let Judo Bank know 31 days in advance.
Different interest rates apply to different amounts or different interest payment frequencies.