Term Deposit FAQs

Yes. We don’t have branches - Our Judo Bank Personal Term Deposits are offered online only.

If you have any questions or concerns regarding your Term Deposit application, please contact us on 13 JUDO (13 58 36) and one of our customer specialists will talk you through the online application form to set up your Term Deposit account with us. If you can’t get through straight away, we will call you back as soon as we can if you leave your details.

You will need to have the following handy before you commence your application for a personal Judo Term Deposit:

1. Any two of the following for identity verification:

• your current Australian driver licence
• your current Australian passport
• your current Medicare card

2. Your nominated bank account details
3. Your Australian Tax File Number (TFN) or exemption code (to avoid taxation at the highest marginal rate)
4. Your mobile phone number and email address for verification and correspondence purposes
5. For joint account applications, a unique email address and a unique mobile phone number for each applicant.

Please note that we cannot open a Term Deposit for you, or accept any deposit from you, until we have satisfactorily verified your identity or that of any signatory, as required by law. For jointly held personal Term Deposits, all account holders need to be verified. We have the discretion to decline to open an account or accept any funds in relation to an account if one or more of the proposed account holders, or any signatories to the proposed account, do not meet our identification requirements. Only Australian citizens over the age of 18 - or people who reside permanently in Australia and are Australian tax residents and are over the age of 18 - are eligible to apply for a Judo Term Deposit.

We don’t have branches - Our Judo Bank Personal Term Deposits are offered online only. So if you have any questions or concerns regarding your Term Deposit application, please contact us on 13 JUDO (13 58 36) and one of our customer specialists will talk you through the online application form to set up your Term Deposit account with us. If you can’t get through straight away, we will call you back as soon as we can if you leave your details.

In case you are unable to complete your Term Deposit application online, please call us on 13 JUDO (13 58 36) or click “contact” on our website to fill out our form with your name and contact details. One of our customer specialists will follow up with you, to assist with your Term Deposit application form.

If you are unable to verify your identification information online, we cannot complete this step over the phone on your behalf.

During the Term Deposit application process, you will be asked to provide information to verify your identity. You can only proceed with completing the application once your identity has been successfully verified.

If your identity cannot be satisfactorily verified during the application process, a prompt will appear on-screen. If this happens:

• you will be able to review and update your information and attempt the verification process up to three times in total.
• if, after the third attempt, we are still unable to verify your identity, you may save or cancel the application.
• if you decide to save your application, you will have one more opportunity to attempt the verification process when you return to it later. If we are still unable to verify your identity after this fourth attempt, your application will be cancelled.

Please note that Judo cannot open a Term Deposit account for you, or accept any deposit from you, until we have satisfactorily verified your identity. If you are unable to complete your verification online, we cannot complete this step over the phone on your behalf.

Even if your identity is successfully verified, we retain the discretion to decline to open an account or accept any funds in relation to an account, as authorised or required by law or by our terms and conditions.

There are a number of reasons why you might not be able to satisfactorily pass the identity verification process. These usually relate to the information you have provided, or differences between the information you have provided and the sources we are checking against. To successfully complete the identity verification process, make sure:

• you are correctly replicating the details on your identity documentation
• your documentation is current and meets Judo’s criteria
• you enter data for all three recommended types of identification, if possible.

If you're applying for a joint Term Deposit account, you must provide a unique email address for each applicant. We also strongly recommend providing a unique mobile phone number for each applicant. Both email addresses and both mobile phone numbers will be verified. Each applicant will need to complete their own portion of the application. Joint applications should never be completed by one individual on behalf of the other.

We cannot open a Term Deposit for you, or accept any deposit from you, until we have satisfactorily verified the identities of all prospective account holders.

All prospective joint account holders must read our Privacy Policy and terms and conditions to understand how Judo Bank will collect, use, disclose, manage and protect your personal information and how your joint account will operate.

To change your maturity instructions, log in to Internet Banking – then go to My Account > Accounts > Maturity Instructions (on the right), and click the Update Maturity Instructions green button on the lower right of the screen. This will take you to the maturity instructions screen, where you can update your maturity instructions.

• If you wish to pay out any funds, you will need to select the appropriate option from the What Should We Do at Maturity drop-down box. From the Payout Account (Nominated Account) drop-down box, you will need to select  the account you wish to pay the money out to.

• If you wish to add any money to your current deposit at maturity, click the Yes button under this question and specify how much you would like to add. You will have 10 calendar days from the maturity of your current Term Deposit to deposit any new funds, and you can only deposit up to the amount you nominate in this form. You should use the BSB and Account number for your existing Judo Term Deposit when depositing more funds at maturity.

• If you wish to roll over into a Term Deposit with a different term, click the final question and select the term you would like your Term Deposit to roll into at maturity. To confirm the interest rates for alternative terms, visit our Judo Bank Term Deposit page before you enter Internet Banking.

You will need to update your maturity instructions before your deposit matures, as any current instructions will be actioned on maturity. If you would like to change when your interest is paid, you will need to open a new Term Deposit with new instructions.

You will have nominated a commitment amount as part of your application. You have 10 calendar days from the date your account is opened to transfer funds into your nominated account. The minimum deposit amount is $1,000, or such other amount as we agree. You can fund your Term Deposit in multiple transfers up to the amount you indicated as your commitment amount in your application, subject to the minimum amount being met. If you wish to deposit more than this commitment amount, you cannot make any further deposits into your account after the deposit that results in you exceeding your commitment amount.

If you deposit less than the commitment amount you indicated on your application, the system will wait the full 10 days before locking whatever money you have deposited as your Term Deposit. If your account is unfunded after 10 calendar days it will automatically close. If this occurs, you can apply for a new account. Subject to satisfactory identity verification and our acceptance, this new account will be established under the new applicable interest rate.

If you do not meet the minimum amount during the funding period, we have the discretion to close your account and return your funds to you at any time, and any such funds will not accrue interest.

You cannot add more funds to your account once your Term Deposit has been fixed. If you attempt to make further deposits after this time, these payments will not be processed. At or before maturity, you can nominate to add additional funds if you roll over your Term Deposit. You will need to log in to Internet Banking and nominate the amount you wish to add to your Term Deposit so we know how much you are going to deposit. You have 10 calendar days from the date of maturity to add more funds. You can only nominate the amount you wish to add before the maturity date, in Internet Banking or by contacting us on 13 JUDO (13 58 36).

Although you cannot transfer funds into an existing Term Deposit during its term, you can always open an additional Term Deposit account. The minimum amount is $1,000. For any amount over $1 million, please call us on 13 JUDO (13 58 36).

There are two ways to fund your Judo Bank account:

1. Perform a ‘Pay Anyone’ via your bank account to Judo Bank, using BSB 725-888 and your Judo Bank account number.
2. Perform a BPAY to Judo Bank using Biller Code 274753, and your Judo Bank account number as the Biller Reference Code. You can transfer up to $500,000 per day via BPAY, subject to the daily BPAY limit on the account you are transferring from.

It is possible to transfer large amounts to your Judo Bank account, but banks have withdrawal limits that restrict the amount of money you can transfer between accounts on any given day. It is usually possible to adjust this limit, so please contact your bank and ask about its specific procedures.

Yes, the Australian Government guarantees all deposits with Judo Bank up to $250,000 per account holder, under the Financial Claims Scheme. For more information on the Financial Claims Scheme, click here.

During the application process you will be asked for the details of your nominated account. A nominated account is an external bank account with an Australian authorised deposit-taking institution, which Judo Bank will use to accept and transfer out any funds you request. If you already have an account and wish to change your nominated account, log in to Internet Banking then go to My Account>Saved Payees>Add Payee.

You can use Internet Banking to let us know what you would like to do with your Term Deposit funds before the end of the term. Log in to Internet Banking then go to My Account> Accounts >Maturity Instructions (on the right).

All information about your Term Deposit account, including opening date and maturity date, can be found in your Internet Banking profile by navigating to My Account>Maturity instructions (on the right). We will also send you a couple of reminders via email before your Term Deposit matures. Note that you will need to let us know what you would like to do with your funds before your Term Deposit matures, otherwise your maturity instructions will default to reinvestment of the entire account balance as at the maturity date into a new Term Deposit, subject to the 10 calendar day grace period that begins on the maturity date.

You qualify for the Loyalty Bonus when you reinvest your full initial deposit amount (the principal) or more into a new Judo Term Deposit immediately after the maturity of your original Term Deposit. The Loyalty Bonus is applied to the new term and will be added on top of the rate offered at the time of maturity. We may, but are not obliged to, offer you this bonus interest rate. You will not be eligible for the Loyalty Bonus if you withdraw or transfer the funds in your account before the maturity date of your new Term Deposit. The Loyalty Bonus is only offered for personal Term Deposits.

Judo Bank does not charge any ongoing fees on any of its Term Deposit accounts. If you wish to withdraw part or all of a Term Deposit before it reaches its maturity date, however, you may incur early withdrawal or prepayment break costs (which take the form of an interest reduction on the amount withdrawn, also known as a “Prepayment Adjustment”). Please see our terms and conditions for more information.

Unfortunately, we do not currently accept Term Deposit applications that have been executed by a power of attorney. However, if you have successfully opened a Term Deposit and later require a power of attorney to operate this account, please call us on 13 JUDO (13 58 36) and we can arrange the appropriate access.

Once you have opened your Term Deposit account with us, you can nominate an attorney to act on your behalf in relation to your Term Deposit account. Once your Term Deposit account is established, please call us on 13 JUDO (13 58 36) and we can arrange the appropriate access.

Any money that you have deposited within the first 10 days of your account opening will be locked in for the duration of the term, subject to your nominated amount and our required minimum deposit amount ($1,000).

Click the ‘login’ button at the top of the Internet Banking page and enter your Judo Bank login email and password. Social account login credentials (Google, LinkedIn or Microsoft)

You can access your Internet Banking from Australia and New Zealand.

No, to fund your Judo Bank deposit, you have two options:

1. Perform a “Pay Anyone” via your bank account to Judo Bank with BSB 725-888 and your Judo Bank Account Number.
2. Perform a BPAY to Judo Bank using Biller Code 274753 and your Judo Bank Account Number as the Biller Reference Code. You can transfer up to $500,000 per day via BPAY (subject to the daily BPAY limit applicable to the account you are transferring from).

No, Judo Bank does not accept or issue bank cheques.

To update your personal address, log in to Internet Banking then go to < My Details.

To update your contact email address, log in to Internet Banking and select >My Details. Your login and contact email addresses do not need to match, but we may send important information to your contact email address so make sure it’s correct and up to date.

Please log in to Internet Banking and provide your Australian Business Number (ABN), TFN or exemption code. We are authorised to collect your TFN under the Income Tax Assessment Act 1936 and will use your TFN to report details of interest earned to the Australian Taxation Office (ATO). It is not compulsory to provide your TFN nor an offence if you decline to do so. If you do not provide your TFN, Judo Bank may be obliged to deduct withholding tax at the maximum marginal tax rate (plus Medicare Levy) from any interest earned on your account.

Click the "login" button at the top of the page and then click >forgot your password. Follow the prompts to reset your password.

If the login box does not display, please refresh the page or change browsers. Double-check that the login email address and password that you've entered are correct and match those that you used to register your account. If you cannot remember your password, click the "login" button at the top of the page and click on the Forgot My Password link on the login page and follow the steps. If you need to reset your login credentials, click the "login" button at the top of the page and click Change Login Details.

1 to 2 business days, on average. Transfers completed on business days before 4pm Australian Eastern Standard Time (or Australian Eastern Daylight Time, when relevant) are usually processed overnight. In this case, funds are generally available in the external account the next business day. Funds sent after 4pm Australian Eastern Standard Time (or Australian Eastern Daylight Time, when relevant) will generally be available in the external account within 2 business days.

Interest begins to accrue on the day the opening deposit is made to the account. Interest is calculated daily, on each daily closing balance during the term (excluding the date of withdrawal, maturity or next interest payment), by using the interest rate that applied on the day we opened your account to the daily closing balance on that date, in accordance with the following formula: daily closing balance x (applicable interest rate/365). Note that an agreed fixed rate of return on funds on deposit for an agreed deposit term may be reduced by early withdrawal or prepayment break costs (which take the form of an interest reduction on the amount withdrawn, also known as a “Prepayment Adjustment”) if you choose to withdraw funds before maturity.

When you invest in a Term Deposit, you are investing a fixed amount, for a defined term at a fixed rate. If you withdraw (i.e. break) your Term Deposit prior to maturity, you will be required to provide us with at least 31 calendar days’ notice, unless a grace period applies or unless we determine that you are suffering financial hardship. Except for cases of proven financial hardship, you may be required to pay early withdrawal or prepayment break costs, also known as a “Prepayment Adjustment”, which take the form of an interest reduction on the funds withdrawn. (See our terms and conditions for further information). If your Term Deposit which you wish to break has less than 31 calendar days remaining until its maturity date, the earliest you may access the funds is at the maturity date, unless financial hardship applies.

Unless we otherwise permit at our absolute discretion, an early withdrawal request will be taken to relate to your entire Term Deposit balance. If a partial early withdrawal is permitted, you must maintain a minimum balance of $1,000, unless we otherwise agree, or your account may be closed. The notice period begins on the Business Day we receive a valid early withdrawal request. Contact us by calling 13 JUDO (13 58 36) during Business Hours Monday – Friday AEST 9am – 5pm (excluding public holidays in Victoria) to commence an early withdrawal request, which must be in writing in the current approved form.

If we allow you to break a Term Deposit prior to the maturity date, we will transfer the entire balance, less any outstanding fees, taxes, charges and prepayment break costs (also known as a “Prepayment Adjustment”) we are entitled to charge. The money will be transferred electronically to your nominated account. For the avoidance of doubt, funds will be credited to your nominated account on the next applicable Business Day following the end of the 31-calendar day notice period. Prepayment break costs will not apply to customers suffering proven financial hardship.

Funds can only be prepaid to a verified nominated account. To ensure you have set up a nominated account for your Term Deposit go to My Account>Saved Payees>Add Payee and follow the instructions.

To send a secure message, log in to Internet Banking and go to Secure Message> Compose. If you send a message during business hours, you can expect a reply from us in 24 to 48 hours.

Log in to Internet Banking. Select > My Details. You can update your contact email address, home and work phone number, and residential and mailing address.

We don’t have branches - Our Judo Bank Personal Term Deposits are offered online only.

Judo Bank Internet Banking and online services are available 24/7 from Australia and New Zealand, as long as you have internet access. If you wish to talk directly with Judo Bank, the support team is available 9am to 5pm Monday to Friday (AEST/AEDT), except on Victorian public holidays.

We listen to our customers, who are at the heart of what we do. It is at the core of our values, and the way we run our bank.

Errors

If you believe an error has been made in respect of your Account, or unauthorised transactions have occurred in relation to your Account, or you have any other questions, please notify us immediately by writing to Judo Bank at operations@judo.bank or call 13 JUDO.

Complaints

If you are not satisfied with our product or service, you can register a complaint directly with Judo Bank’s Complaints Officer in the first instance. Judo Bank will follow these steps to address and manage your complaint:

• make a record of your complaint;
• within one business day of receiving a complaint, acknowledge your complaint in writing; and
• within 30 calendar days of receiving a complaint, investigate the complaint and provide a response to you in writing.

If you wish to make a complaint (including about the management of your personal information), please contact us using the details below.

Phone: 13JUDO
Email: complaints@judo.bank
Mail: Complaints Officer
c/o: Judo Bank Pty Ltd Level 3, 40 City Road Southbank, VIC 3006

Website: www.judo.bank/contact-us

If you are not satisfied with how a complaint has been handled, you can lodge a complaint directly with either:

• the Office of the Australian Information Commissioner (OAIC), if your complaint is about the way we handled your personal information; or
• the Australian Financial Complaints Authority (AFCA), of which Judo Bank is a member, if your complaint otherwise relates to a Term Deposit issued under these terms and conditions.

OAIC can be contacted on:
Phone: 1300 363 992
Email: enquiries@oaic.gov.au
Fax: 02 9284 9666
Mail: GPO Box 5218 Sydney NSW 2001
Website: https://www.oaic.gov.au

AFCA can be contacted on:
Phone: 1800 931 678
Email: info@afca.org.au
Fax: 03 9613 6399
Mail: GPO Box 3 Melbourne VIC 3001
Website: www.afca.org.au

Time limits to make a complaint to AFCA apply.

Unless we are advised otherwise, all account holders on a multi-holder account have the same authority to provide instructions relating to it. If one account holder provides instructions to us, those instructions are deemed to have been given on behalf of all account holders of the multi-holder account. All communications, including notices, given to one account holder will be deemed to have been given to all of the account holders of a multi-holder account who are all jointly and severally liable and jointly and severally responsible for the multi-holder account. Each account holder has the right to all funds in the multi-holder account. If we are made aware of any dispute on a multi-holder account by an account holder, we may require all of the account holders to provide us with a written authority to any subsequent operation or transaction on the account, or we may, at our discretion, block access to or suspend the account until the dispute is resolved.

Only an account holder can access an account, unless we otherwise agree that another person can access an account, and such person is appropriately verified.

The minimum deposit amount is $1,000. To discuss any amount over $1 million, please call us on 13JUDO (13 58 36).

Withholding tax is deducted from the gross amount of interest paid to you. This automatic deduction occurs only when a valid Tax File Number (TFN) or Australian Business Number (ABN) has not been provided, or a TFN exemption code has not been provided. For multi-holder accounts, all customers must provide a TFN/ABN or exemption code to avoid withholding tax deductions.

There are multiple options available but the three most common include:

• Transfer the entirety of your funds (principal plus interest) to your nominated account and your Term Deposit account will be closed.
• Re-invest the principal only in a new Term Deposit, and pay out the interest to your nominated account.
• Re-invest the entirety of your old Term Deposit account balance into a new Term Deposit.

If you do not indicate your preferences beforehand, you will have consented to your account defaulting to the third option. If you choose to reinvest your current funds (or more), you could be eligible for our Term Deposit Loyalty Bonus rate, which would be added on top of the rate offered for your new term. Only personal accounts are eligible for the Loyalty Bonus. We will remind you when your Term Deposit is about to mature via email prior to the maturity date.

You can view interest earned in the previous financial year by logging in to your Internet Banking profile and navigating to My Account> Accounts>Details>INTEREST EARNED LAST TAX YEAR.

When you invest in a Term Deposit, you are investing a fixed amount, for a defined term at a fixed rate. If you withdraw (i.e. break) your Term Deposit prior to maturity, you will be required to provide us with at least 31 calendar days’ notice, unless a grace period applies or unless we determine that you are suffering financial hardship. You may also be required to pay early withdrawal or prepayment break costs, also known as a “Prepayment Adjustment”, which take the form of an interest reduction on the funds withdrawn.

If you request an early withdrawal, because your funds are only invested for a portion of the agreed term, the interest rate to the “Prepayment date” may be adjusted by a certain percentage as set out below:

% Elapsed = % of term elapsed as at the Prepayment date

Prepayment Adjustment = Adjustment to be applied as a % of your Term Deposit interest rate

• % Elapsed: 0% to less than 20%; Prepayment Adjustment: 90%
• % Elapsed: 20% to less than 40%; Prepayment Adjustment: 80%
• % Elapsed: 40% to less than 60%; Prepayment Adjustment: 60%
• % Elapsed: 60% to less than 80%; Prepayment Adjustment: 40%
• % Elapsed: 80% to less than 100%; Prepayment Adjustment: 20%

The closer the Prepayment date is to the maturity date, the lower the “Prepayment Adjustment” will be. For example: You have a $10,000 Term Deposit invested for 1 year (365 days) at 2% per annum (p.a.) with interest to be paid at maturity and you request to withdraw it after 200 days. The accrued interest is: $10,000 x 2% p.a. x 200 / 365 = $109.59.

To determine the Prepayment Adjustment, we divide the elapsed term of 200 days by the full term of 365 days to get an elapsed term percentage figure of 54.79%. In accordance with the table above, as the term elapsed is between 40-60%, we will apply a 60% reduction to the accrued interest.

Accordingly, the Prepayment Adjustment is: $109.59 x 60% = $65.75 and this amount is subtracted from the original interest owed: $109.59 - $65.75 = $43.84, meaning that $43.84 is paid to you on early withdrawal.

Please note that if your Term Deposit which you wish to break has less than 31 calendar days remaining until its maturity date, the earliest you may access the funds is at the maturity date, unless financial hardship applies.

Authorised representatives have full authority on any account(s) that they are appointed on and will also receive all notices in relation to that account. Authorised representatives are jointly responsible for the account with the account holder(s) and for any obligation of the account holder(s).

The Australian Government has entered into international agreements in order to meet global standards on the automatic exchange of financial account information. As a result, Judo Bank needs to collect foreign tax residency information for reporting to the Australian Taxation Office (ATO). This information is required under:

• The United States (US) under a system known as the Foreign Account Tax Compliance Act (FATCA). This is for US citizens and tax residents only.
• Other countries under the Common Reporting Standard (CRS). The CRS applies to all foreign tax residents. This obligation requires that banks like Judo Bank must ask customers who are recognised as foreign residents for tax purposes, additional questions regarding their foreign tax profile at the time of opening an account. This information will then be reported to the ATO and potentially shared with other international tax authorities.

Judo Bank’s terms and conditions (T&Cs) can be accessed click here.

The interest rate applicable to your account can be found by going to My Account >Accounts >Details. The rate will be displayed under "INTEREST PAID THIS TAX YEAR".

With Judo Bank Term Deposit accounts, your interest rate is fixed for the term. At the end of term, if you decide to reinvest your funds, your new rate will be the Term Deposit rate as at the date of the new term plus any applicable Loyalty Bonus (for personal accounts only).

Judo Bank is committed to protecting your security and privacy online through our rigorous privacy policy. To learn more about our security standards and procedures click here.

Your email address lets you:

• Access your Internet Banking.
• Receive information from Judo Bank about your account(s). For instance, changes to our terms and conditions and all correspondence.

For multi-holder accounts, each member of the account must provide an email address so each individual can receive notifications. Your personal details, including your email address, are protected according to our Privacy Policy.

you can perform a BPAY to Judo Bank using Biller Code 274753, and your Judo Bank account number as the Biller Reference Code. You can transfer up to $500,000 per day via BPAY, subject to the daily BPAY limit for the account you are transferring from.

Click the "login" button at the top of the page and then click >change login credentials and follow the prompts.

Hardship requests are assessed on an individual basis. Contact us by calling 13 JUDO (13 58 36) during Business Hours Monday – Friday AEST 9am – 5pm (excluding public holidays in Victoria) or email us at customers@judo.bank to commence a hardship request, which must be in writing in the current approved form.

Once we receive your application and documentation we will review and contact you with any further questions. We will come back to you within five business days (of the receipt of the application and documentation) with a decision.

If your request is approved, we will contact you and your Term Deposit will be closed and the full balance transferred to your nominated bank account. If your request is declined, however, and you still wish to break your Term Deposit, it will only be closed after the 31-day notice period has elapsed or on the maturity date if you have less than 31 days left of your term. The full balance will then be transferred to your nominated bank account.

If you require any further information about our Term Deposit product, including about early withdrawal break costs or making an early withdrawal or hardship request, please call 13 JUDO (13 58 36) during Business Hours Monday – Friday AEST 9am – 5pm (excluding public holidays in Victoria) or email us anytime at customers@judo.bank.