Judo Bank

Judo Bank Questions & Answers

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LMV
LMV

Tried signing up with JudoBank for a term deposit Multiple times as I did some years ago with the same issue happening. All correct information for ID by way of medicare card & drivers licence etc. but was rejected multiple times :( Each time contacting Judo to speak with an agent. Was a mystery as none of the agents (as nice as they were) could solve the issue.
Today I phoned the co. that Judo employs to ID check prospective customers called EQUIFAX & was informed, unless you have a Credit Record/ HISTORY ON FILE they cannot ID you as thats the only way EQUIFAX will have you on their records. Really hard to believe I'd be the only one having the Term Deposit sign up APPLICATION issue. To have a credit record, i'd imagine you'd need to be using a credit card, which I don't, (Debit Card serves me well) or have borrowed etc. in the past 7 -10 years which I haven't.
Very frustrating :(((( all the time spent over past couple of day's.
JudoBank could you please inform that this is case? if so would it be possible to employ a co. that can do accurate ID match for anyone that is able to apply online for a Term Deposit? Not just those with a Credit History.

Judo Bank
Judo Bank   DM   

Dear LMV, We're sorry to hear about your issues with signing up for a term deposit. To assist you better, please DM us your full name and contact details. This will allow us to investigate and address the problem promptly.
Thank you for your understanding and patience.

Missygirl
Missygirl

Do you offer any higher interest rates for large investments, say anywhere from 5-10 million?

Phil J
Phil J

How secure is my money in a term deposit

Silke
Silke  

up to $250000 very secure

Missygirl
Missygirl  

It’s a shame nothing over 250k is secure though. We’re looking at investing 5M. Not sure if we should or not

LLOYD MCMANUS
LLOYD MCMANUS

Could you tell me about term deposits and the rate for 1year for 150000 dollars?

Silke
Silke  

5.15%

LLOYD MCMANUS
LLOYD MCMANUS  

How do I go about investing with your company

Judo Bank
Judo Bank   DM   

Hi Lloyd, you can see all of our personal TD rates here: external link and if you're interested in applying it's an easy online application from there

LLOYD MCMANUS
LLOYD MCMANUS  

thanks for your reply

Stan
Stan

Is there a branch located in the suburbs of Perth

Stirling
Stirling  

No there isn’t. On line banking only

gary f.
gary f.  

So my question is, how do people know Judo Bank is not another fake website with fake accounts or caller from India or UK? Is there a money trail that Australian authority can verify if something goes wrong?

Judo Bank
Judo Bank   DM   

Hi Gary, we are a licensed deposit taking institution, and our deposits are covered by the Financial Claims Scheme. You can read more about this here: external link

gary f.
gary f.  

Thank you.

HelenH
HelenH

Please set up better online banking services!
I am a customer of Judo bank but I can’t logon to my account as it keep saying it doesn’t exist!

Trilby
Trilby  

HI Helen
I was told not to do it from phone so not sure if that's your case. Worked once i used laptop/desk top. Of course out may be something else

Jason B.
Jason B.  

I've done heaps from my phone. Never used desktop. No issues for me.

Hardy
Hardy

I've started a term deposit at 4.9% for 12 months it has since risen to 5.45%, can I cancel the initial 12months term deposit and restart it with the higher rate? Seems logical? Please advise, Hardy

Judy B.
Judy B.  

No, unless you give 30 days notice to withdraw. There may be a penalty, but I’m not sure.

Judo Bank
Judo Bank   DM   

Hi Hardy, we have a section on this in our FAQs under 'Can I withdraw my Term Deposit early?'. You can view these at external link . Thanks,
Nathan

peb2903
peb2903

Have you updated your app so I can see my term deposit yet?

Alec T.
Alec T.  

no they have done nothing and still cant see anything

Al Cas
Al Cas  

Hi , When I rolled over my term deposit last week the app was working in both my adndroid phone and my windows PC

Judo Bank
Judo Bank   DM   

Hi peb2903, this feature will be available very soon to everyone.

Daniela
Daniela

Hi there! I've just noted the increased interest on personal term deposits. Unfortunately my is lower...is it possible to renew my accounts with the higher interest or I have to stay on the lower one for another year? What is the penalties if I withdraw my money earlier and cease the account before the money matured? Thanks!

Judo Bank
Judo Bank   DM   

Hi [Name Removed], can you direct message your contact details, please? I'll have one of our team contact you directly so they can talk about your specific situation. Thanks, [Name Removed]

Daniela
Daniela  

Yes,thanks [Name Removed] !

gary f.
gary f.  

Hi, I just read this story.
https://www.9news.com.au/national/scams-australia-queensland-man-loses-500k-retirement-savings-to-investment-scam/0ee978a5-6874-4dab-b517-d6ca5da3bc98

So how can a customer verify that the account created by Judo Bank is legit? Will the bank where the money will be transferred from into a Judo account have a direct correspondence with a Judo Bank representative?

Judo Bank
Judo Bank   DM   

Hi [Name Removed], I have replied about your concerns on another question but for completeness, you can view information on the financial claims scheme and who is covered on the APRA website: external link

Lisa
Lisa

My term deposit has just matured with Judo. I have checked the term deposit account and it now has a balance of $0 (expected), however my money is not in my nominated account. Does it take time to show up? Should I be worried as this is my life savings.

Judo Bank
Judo Bank   DM   

Hi Lisa, Can you please send through your contact details in a private message and I’ll have someone from our customer support team look in to this and give you a call.
Thanks,
Nathan

Lisa
Lisa  

Thanks for your quick response Nathan. It seems I was a little panicky, the money arrived in my account today.

Judo Bank
Judo Bank   DM   

Great to hear. Any further questions, please feel free to reach out.

Helen Bouris
Helen Bouris

Hi,
We currently have a business account with another bank as well as a personal account. The personal account allows for three other accounts to track spending. We have money also invested in a 3 month term deposit as part of the business account. Is all this possible with Judo

Judo Bank
Judo Bank   DM   

Hi Helen, Judo Bank doesn't currently offer transactional banking but we do provide business loans and simple digital banking. We also have very competitive term deposit rates for businesses. We’re constantly working on improving our digital banking experience and expect that holders of Judo loans and term deposits will be able to view them all in digital banking later this year.

Jean
Jean

Can I withdraw a partial amount from my term deposit before it matures if I need to

Anna15
Anna15

Why am I not receiving a verification code on my login today?

RnD
RnD

I want to reduce the principal before reinvesting in a term deposit... can I withdraw a partial payment only on maturity, or do I need to take it all - then redeposit the new amount to a term account.
I was hoping to transfer between Judo accounts rather than transferring large amounts between banks.

Emily H
Emily H

I cannot access my account. It says my email is no longer valid and I am yet to receive a response from Judo Bank. I use to log in through google social login which is why I think I am having problems. How can I escalate this?

Ausjohn
Ausjohn

do you have joint term deposit accounts

Mel H.
Mel H.  

We have equal seperate term deposits.

AlisonE
AlisonE  

We took out a joint term deposit account

David k.
David k.

Current i have opened to personal term deposit account as it is I have test by transferred $10 to the my Term Deposit Acc, So I have a questions now, Judo Bank why not available play store apps?
Judo bank term deposit acc online only available even thought how can I check for the transferred and balance..etc I searched play store also Judo bank home pages .. I couldn't find any relevant information like that im so wondering about it.

Judo Bank
Judo Bank   DM   

Hi David, great to have you on board with us! We don't have an app right now, but it's something we're working on. You can see your balance by logging in online. If you need a hand, don't hesitate to call 13 58 36, we can walk you through the process and answer any questions you may have. All the best, Grace.

Kersten R.
Kersten R.

I have just opened a new account and term deposit. The application was approved, but I can't login. I enter my email and password, enter the security code sent to my phone and then a message is displayed that customer number or password are wrong. Now I am disabled. Sorry, but I won't transfer money into an account I can't access. I see other people have this problem as well.

Judo Bank
Judo Bank   DM   

Hi Kersten, I'm so sorry that you've had a difficult time logging in. I've just sent you a private message to get your contact details so our customer service team can get in touch and help sort this out for you. Hope to hear from you soon, Ksenija

Craig
Craig

Judo T&Cs provides an illustrative Prepayment Adjustment example for a term deposit where interest is paid at maturity. They do not provide such an example for a TD with interest paid monthly. I tried to work one out for $50k 5-year TD at 4%, early withdrawal after 3 years. Can you confirm if this is correct based on T&Cs as at 28 Nov 2022? For the first 3 years, total interest paid is $6,000 (4% pa * 50k * 3 years). Prepayment Adjustment is 40% (3 / 5 years), which is deducted from the TD value returned (i.e. 50k - 40% of $6,000 or $2,400 = $47,600). Adding interest paid, the total capital after 3 years is $51,200 (an effective interest rate of 2.40% or reduction of 1.60%). If correct, am I also correct that the same calculations mean early withdrawals after 1 and 2 years result in a net loss (total capital of $48,800 and $49,200 respectively based on TD value - deduction + interest paid). And early withdrawal at 4 years results in total capital of $54,800 (effective interest rate of 3.20% or reduction of 0.80%)? I understand that my question assumes that early withdrawals do not meet the financial hardship criteria.

Judo Bank
Judo Bank   DM   

Hi Craig, thank you for your question. I've sent you a direct message on Product Review. If you can send us your personal email via direct message, we can provide you with a detailed response to your question. This way you'll also be able to communicate with the customer specialists team directly, in case you have any further queries you'd like to clarify.

We look forward to hearing from you via direct message and hope to assist you shortly.

All the best,
Matt

Craig
Craig  

Hi Matt,
I have already emailed Judo Bank via the website contact page with the above question, which includes my contact details. I hope a response will be provided quickly.
Regards, Craig

Craig
Craig  

My total capital calculations above are incorrect. It should be $47,600 + $6,000 =$53,600 (not $51,200) for an effective rate of 1.44% or reduction of 2.56% for early withdrawal after 3 years. It is the same as applying the formula used in Judo's illustrative example in their T&Cs to a 5 yr 50k TD @ 4% paid at maturity. The corrected total capital values for early withdrawals at 1 and 2 years would be $51,600 and $50,400 respectively (not a net loss as I state above), and 4 years would be $56,400 (effective rate 2.56% or reduction of 1.44%). I think I have now worked out what their T&Cs mean for TDs with interim interest payments like monthly! But I'm still waiting on a reply from Judo to my email.

Judo Bank
Judo Bank   DM   

Thank you, Craig. We've received your email including your contact details and will ensure to provide you with a response to your query asap! You'll receive an email from our customer team shortly. All the best,
Matt

Lynda
Lynda

Is Judo Bank government guaranteed?
Where is head office based?
Are there any branches?
Is there an actual person to talk to or online only?
Is there assistance is setting up an online term deposit?
Can I be paid monthly?
What fees are involved?

Lee-Ann P.
Lee-Ann P.  

Judo bank is an online bank with no deposit physical branches to the best of my knowledge. Govt guaranteed to 250K. Not sure about head office, probably Google Judo bank for all requested information. I set my account up online and it was very easy. You get paid at maturity.

Judo Bank
Judo Bank   DM   

Thank you for your response, Lee-Ann. Hi Lynda, yes, Judo Bank Term Deposits are government-guaranteed up to a limit of $250,000 for each account holder. Our head office is based in Melbourne, however, there are no branches. You can apply for our term deposits online, or give one of our team a call on 13 JUDO (13 58 36) should you require any assistance. The team is more than happy to help you with any queries.

You can most certainly be paid monthly, we also offer payment at maturity or annually, on any terms from 3 months to 5 years. There are no fees involved in setting up your Judo Bank Term Deposit account.

To learn more about our rate and term offering and how to calculate your interest or open an account with us, please feel free to visit our website: external link .

I hope this helps.

Let us know if there's anything further you'd like to get clarification on.

All the best,
Matt

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