Judo Bank Term Deposits

Judo Bank

If you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested in learning more about Judo Bank’s term deposits.

What term deposits does Judo Bank offer?

Judo Bank offers a Personal Term Deposit product. It has a minimum deposit amount of $1,000.

What terms are available on Judo Bank term deposits?

Judo Bank offers term deposits with terms (the length of time your money is deposited) of:

  • 3 months
  • 6 months
  • 9 months
  • 1 year
  • 2 years
  • 3 years
  • 4 years
  • 5 years

You can use Canstar’s term deposit calculator to help work out the term length that might be suitable for you. One factor to consider is that longer terms typically come with higher interest rates, but you would have to wait longer to benefit from the highest interest rate that can come with reaching the maturity date (the date the term deposit period ends).

When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.

When is interest paid on Judo Bank term deposits?

Judo Bank’s term deposits offer customers the choice of receiving interest payments at the following frequencies:

  • At maturity
  • Annually
  • Monthly

It’s worth remembering that the option you choose may have an impact on the rate of interest you earn.

You can use Canstar’s term deposit calculator to help you decide how you can maximise the interest paid on your term deposit.

Does Judo Bank have a notice period and charge an early withdrawal fee for withdrawals?

Judo Bank says you may be able to withdraw your money early, provided you send it a written request at least 31 calendar days prior. If your term deposit has less than 31 calendar days until it matures, Judo Bank says you will not be able to access the funds until the maturity date (unless financial hardship applies).

If you withdraw part or all of your money early, Judo Bank says you may also incur break costs. The break cost is determined by the cost associated with future cash flow losses incurred by Judo Bank, it says.

Does Judo Bank charge any other fees for term deposits?

Judo Bank says it does not charge any ongoing fees on its term deposits. For more information on fees and how they apply, please contact Judo Bank

How to apply for a Judo Bank term deposit

Before applying for a Judo Bank term deposit, you may want to compare it against other term deposits on the market to make sure it is the right one for you.

Compare Term Deposits

If you decide to open a Judo Bank term deposit account, you can do so online. Judo Bank says you will need to have the following information at hand:

  • At least two of the following documents – current drivers’ licence, Australian passport and Medicare Card
  • Your nominated bank account details
  • Your Australian Tax File Number or exemption code
  • Your mobile number and email address
  • An additional email address for joint applications

Eligibility criteria

To apply for a Judo Bank term deposit, you will also need to meet the following eligibility criteria:

  • Be over 18
  • Be an Australian resident
  • Be living at an Australian residential address

What happens to a Judo Bank term deposit when it reaches maturity?

There are a few different options you can choose. But, according to Judo Bank, the most common include:

  • Transferring all of your funds to your nominated account
  • Re-investing the principal amount and paying the interest earned to your nominated account
  • Re-investing the entire account balance into a new term deposit

If you don’t let Judo Bank know your preferences beforehand, your account will default to the third option. If you choose to reinvest your current funds (or more), you could be eligible for Judo Bank’s Term Deposit Loyalty Bonus rate. This is currently an additional 0.10% bonus interest on top of the standard term deposit rates for the new term.

About Judo Bank

Judo Bank was founded in 2016 and primarily provides finance to Australian businesses and SMEs, such as business loans, lines of credit and equipment loans. In addition to this, Judo Bank offers a personal term deposit product. Judo Bank is headquartered in Melbourne as has locations in Sydney, Brisbane, Adelaide and Perth.

Compare Term Deposits

Written by: Tamika Seeto | Last updated: April 20, 2021