Worth banking experience, strongly not recommended.
Have 3 home loan with this Judo bank since July 2019,
All loan with LVR under 70%, a few things we have experienced:
1, reserve bank have dropped interested rate a few times but Judo bank did not pass that to us until today June 2020,
2, We have sold one of the properties in March 2020, Judo is asking us to have all the surplus put into the other 2 loans
3, The remaining 2 home loan amount is $2M and the surplus of the sell is over $800K
4, No Internet banking facilities, not able to see statement and loan account information freely only way i...
The reviewer stated that an incentive was offered for this review
A decent bank with good credentials
I've been with this bank for about 8 months and I haven't got anything bad to say about it. It appears to be a fledgling bank with full bank status with the Australian Government Deposit Guarantee applied. My first term deposit was relatively longer to open but the process couldn't be flawed. It was my fat fingers. Once they thinned up, the initial application for a term deposit was a breeze. Then I opened another term deposit about 7 months later and using my existing login details, the account was opened in a very short while with no glitches...at all. The information came streaming towards me from the bank via SMS, email and online. Wonderful. The really good strong point about the bank was the 2-factor login. Real secure and couldn't be happier. As for their Helpdesk, I had occasion to call them twice and on each event, they responded to my call within a reasonable timeframe and the folks at the Helpdesk were very helpful and friendly and certainly knowledgeable, resolving my query to full satisfaction each time. Credit where credit is due!
Questions & Answers
I have tried nearly one month to open a term deposit of 250K and I am still nowhere. Although the operator I have on the phone is always very friendly and tell me that the IT people are trying to solve the problem. What can I do to have to have it resolved?
Liliane VC W
I would suggest that you try to start a new term deposit as the rates that you would have been quoted a month ago would no longer apply. You are only given 10 working days to deposit funds once an account is considered active. I would seriously try a new account and use Chrome as your web engine and Windows 10. It should be effortless to open and it was for me on both of my term deposits.
Thank you for your answer. Yes I know unlucky the rates have changed. I use Google Chrome and I have Windows 10 on my computer. I tried several times and was never given a bank account number to deposit the money. I received the answer: account not linked! I have even tried with a new gmail address and it still did not work.
I will try again tomorrow. When everything is entered, should I answer: login in account or done? Thank you very much.
Mathew H.Judo Bank
Hi Lili, thank you for your feedback. Using Chrome as your browser to complete your application generally works best. We apologise for the inconvenience you may have experienced and would like to help you resolve this now to get your Term Deposit opened. Please email your name and contact details to firstname.lastname@example.org, and one of our Judo customer representatives, who will be happy to answer any questions or concerns you have moving forward and will be able to help you complete your application today. Thank you again for your feedback and loyalty with us, we look forward to hearing from you and resolving this for you as quickly as possible.
Is it possible to go to Sydney address to check Judo Bank out before putting our monies into Judo Bank? Tks.
Mathew H.Judo Bank
Unfortunately we do not allow casual visits to any of the judo bank offices unless you are meeting up with a banker to discuss your business idea.. Our Term Deposit applications are all online! For any questions or concerns go to our website or call 13JUDO.
Can I visit the Sth melb office to set up a $100000 term deposit or only done online?????
As far as I am aware it can only be done online but you can transfer up to $250k in one transaction via BPAY.
One thing worth noting about this account is that it is not Compound interest but Simple interest only. Make sure you do your research between this simple interest account and other compound interest accounts out there before committing, Judo bank do not make this very clear. Please note I am a customer of Judo, I do not work for them.
Thanks Tal. You seem to know what this is all about. Do you feel comfortable putting money in this "new" bank? They are offering a bit over 2% which is better than the main 4. Gary
Yes I am comfortable putting my money into this new bank. If I was opening a new account I would be selecting the monthly interest payouts to my external nominated account rather than annual interest. This is because they only pay ''simple'' interest. With a monthly interest payout, I can take that money and get it working for me quicker elsewhere rather than Judo holding the whole amount until the end of the term. As with all banks, there are some things that could be made clearer to their customers, so ask them questions directly before committing.
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