While most banks have decreased their interest rates on savings accounts, Judo Bank has taken the opposite approach.
It is this approach that is just one of the reasons that led Judo to take out the InfoChoice 2021 Term Deposit Institution of the Year in the Bank category, winning several awards, including:
- Term Deposit 1 Year
- Term Deposit 2 Years
- Term Deposit 3 Years
- Term Deposit 4 Years
- Term Deposit 3 months
- Term Deposit 6 months
In 2021 Judo Bank has increased its term deposit rate nine times, ranging from 4 to 5 basis points each time. Its market-leading longer-term interest rates, four years and above, offer rates of more than 1.20%p.a. and provide excellent value. Judo Bank's short-term time frames rates are also highly competitive.
Judo has many of the top term deposit rates of any institution in this space, which you can find here.
"We are honoured to be awarded the InfoChoice 2021 Term Deposit Institution of the Year," said Patrick Nolan, Judo Bank's GM Deposits.
"The award highlights the competitiveness of our term deposit products and the great value they represent for customers. It is especially rewarding to be acknowledged across so many categories."
In all categories that Judo has won, several stand-out features are highlighted, including:
- Market-leading and award-winning rates
- Terms available of between three months and five years
- Loyalty bonus when you roll to a new Term Deposit
- No ongoing fees on any Term Deposit account
- All eligible deposits up to $250,000 per account holder are covered by the FCS government-backed safety net
Let's break a few of those features down beyond the award-winning rates:
Judo's loyalty bonus
When you roll over your maturing Term Deposit into a new Term Deposit with Judo, you can earn an additional 0.10% bonus interest rate on top of its standard Term Deposit rates for the new term, subject to eligibility requirements.
No ongoing fees
There are no fees on the amount you deposit, and so no interest you earn is being sacrificed to fees, although in line with many other banks, a prepayment adjustment may apply if you withdraw your Term Deposit before maturity.
All eligible account holders with Judo Bank have the benefit of the Australian Government-backed safety net for up to $250,000 per account holder under the Financial Claims Scheme. This means that in the unlikely event that if something should happen to the bank, your money is protected (up to $250,000).
Helping savers and businesses build a better future
Judo Bank's approach to term deposits can be attributed to the fact that not only does it want to offer customers competitive term deposit rates, but Judo Bank is purpose built to support Australian small and medium enterprise (SME) businesses with the lending they need and the service they deserve.
According to Nolan, over 90% of the funding raised via deposits goes directly into lending to support Australian SMEs grow their businesses.
"We keep our interest rates competitive so that deposit customers not only secure a great rate and return on their deposits, but can also do so with the satisfaction of knowing that their funds are being used to support businesses that support the wider Australian economy. It's a win-win situation for all."
For more information on visit Judo Bank.