I will be closely watching any new offerings from Judo Bank - that would be great for SMSF accounts that most banks offer pathetic savings interest rates
Judo Bank to Offer Transaction/Saving Accounts for Both Individuals & Business (Including SMSF)
Ave Maria on 06/06/2025 - 14:17
Last edited 06/06/2025 - 19:07 by 1 other user
Last edited 06/06/2025 - 19:07 by 1 other user
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You can bank on it…
And your point is? This is a financial forum and exactly what is used for.
No point, just an observation I made after seeing 12/13 of your posts were banking related. I only looked to see if this was a business sockpuppeting because I'd never heard of Judo Bank.
I'd call the OzBargain forum more of a wild-west where anything can be posted than purely a financial forum (though that doesn't preclude it from being used for financial topics).
Oz Bargain posts fall under different categories. Financial, that includes banking, is one of them. If you have a closer look you will realise that you can narrow your searches down to what you are really interested in. So if someone is interested in banking it is not unusual to see 12 posts (I did not realise that was a huge number & I am a Mathematician) there from the same person.
@Ave Maria: Everything you said is true, I just don't know many people in my personal life so interested in talking almost exclusively about banking so it's interesting to see. Whilst 12 isn't a big number, 12/13 is a large fraction
@SpainKing: Posting mostly in one forum on Oz Bargain does not make it equal to "that is all a person is interested in". Also 12/13 does not even equal 1, so it is still a small number. I read posts on other forums and only post if I have something to contribute. I wish others did the same as well.
@Ave Maria: I'm not sure why you seem to be getting so defensive. Of course you have other interests, they just aren't evident by your post history. I said 12/13 is a large fraction, not a large number. Have a nice weekend, I won't be replying again because this is getting neither of us anywhere
I'm not sure why you seem to be getting so defensive.
I'm not sure either, but we can take a guess…
@jv: I suppose Putin is also asking the same question of Ukraine. Some people just don't get it or have the ability to comprehend that what they are doing is wrong. Anyways I tried politely but that does not seem to work. Have a nice life.
Judo Bank to offer Transaction/Saving Accounts
Will Taekwondo Bank follow suit?
This is a financial forum. I hear King Charles is looking for a Jester I suggest you apply for the job.
I hear King Charles is looking for a Jester
Do you have a link to apply?
No but the King of Spain might -:)
@Ave Maria: Afraid not, Charles and I don't see eye-to-eye on paddlin' so he doesn't involve me in his royal communications </3
I would like to apply as well. Please share the link.
Ex Prince Harry could use a humour injection.
Thanks for the heads up. If Judo Bank is going to offer higher rates for business and SMSF accounts, this could spark a shift in the rates landscape for this sector - which can only be good. No doubt this will be of interest to quite a number of people. Do keep us informed.
Thanks for the info Ave Maria,have a great weekend!
Why do transaction accounts for SMSFs have a lower interest rate than others?
Because most banks have lower rates for Business Accounts (close to zero) and refuse to treat SMSF accounts as personal accounts (short answer is they do not want to pay a decent rate if the have an excuse to avoid doing so). Great Southern Bank is the only bank I know that offers the same rates for Personal & SMSF accounts, but limits the accounts SMSFs can use (so their max saving rate Home Saver account is excluded). Maximum you can get form an SMSF based on current offerings is 4.35% for the GSB Future Saver, and that will likely drop more after the July RBA meeting. The max rate I ever got out of that was 4.85% for my SMSF. I relied on using Rabobank and UBANK (while offering them) as the rates were higher than Saving accounts but that is no longer the case, unless you go for 4-6 month TDs..
By the way Judobank increased their 6 month Term Deposit rate from 4.45% to 4.55% yesterday. This is the best SMSF TD rate on offer offering some stability of returns for at least 6 months (while that rate lasts).
Thank you, that's very informative
Thanks for all that info. Gateway Bank offers SMSFs TD rate of 4.55% too.
I have looked at Gateway in the past but found the application process for a new SMSF & TD opening too demanding. I would stick with Judo as despite any other negatives offer enough flexibility & self control for basic needs. For example with GSB I am not allowed to amend maturity instructions (this is the same with other credit union based banks) you have to ask them to make a change and can be slow to apply changes & if decide to close a TD with GSB all individuals members (even if I have a corporate trustee) have to submit a request (even if setup is anyone to sign). This is the reason I will close a current SMSF TD I have with GSB and stay with Judo Bank. Also at least with GSB, opening a new TD requires another paper form to be submitted and that can take many times to action. Quick/Fast is not in their DNA. Even a day of inaction could result in significant financial losses.
When a Judobank term deposit matures, do they deposit the money back into an account designated by you?
Also, any quirks to be aware of? Such as if the maturity date is on a Sat, maybe you have no access to your funds till Monday.
Can you select a maturity date - between 6-7 months say, and still get the 6 month interest? Or it is a fix 6 month date, depending on when you start the TD? Thanks.
Yes JudoBank will pay out to a designated account at maturity as well as for monthly interest payments, but only pay out on the next business day as they use BECS exclusively (no instant payments available).
What I have complaint to them many times but they refuse to change is that (a) they do not ensure maturity days fall on a business days to avoid loss of interest as they will only make payments on business days (b) they refuse to pay out on maturity to a new Judo Bank Term Deposit (e.g. one opened just before the old one matures).
Judo Bank cannot make payments to their own accounts (at the moment anyway). This would be handy if you wanted to secure a rate that may not be available within the next 10 days (grace period) during which time an existing TD matures. I missed a good rate by just one day many a time as Judo Bank constantly updates their rates.
Judobank offers no flexibility or deviation other than what is on offer - not even adjusting the maturity date by a single day - all their customer support will say is that "you cannot do it - our systems do not support it". The only flexibility is that you can open a Term Deposit, wait a few days to see if the rate changes & never fund it if it no longer suits.
You have to control maturity dates by carefully selecting when you open the TD (not when it is first funded). Having said that you cannot predict how their systems will behave next day as this is subject to internal system updates that may not always work as expected. At the moment the only flexibility and certainty is that you can open quickly new Term Deposits, have a 10 day grace period to fund them (or not) and that the maturity day is fixed.
One other item to be aware of is that on renewal of a TD, you can select a new period (i.e. 3 moths, 6 months etc) but you cannot change the payment frequency to/from monthly. You have to pay out to an external account and then transfer back to a new Term Deposit. This is where I asked them if I can do a Judo Bank to Judo Bank TD payment and they said NO they do not support internal transfers/payments. Hopefully that will change if they introduce support for savings accounts.
Unlike other banks (or should I say like most banks) they are not supportive of any customer suggestions to improve their systems, even if it is obvious that they are missing basic features expected from a simple banking system -> full flexility on maturity instructions & internal transfers.
Thanks for the helpful info.
Judo and Rabo have been the best for all the TD’s I’ve had over the years.
Yes, Rabo used to be really good for TDs but their rates have gone down by quite a bit in recent years.
Yes, back in 2010 I had 2x5 year TDs with Rabo for 8% - their current offerings are not worth considering. That was the best financial decision I ever made -:)
For anyone thinking long term and considering the current world wide situations (war everywhere) Judo Bank is offering a 5 year Term Deposit at 4.45% paying 4.35% monthly interest. I am actualy considering that as I would be exclusively leaving of my SMSF pension and want to make sure I have a steady available monthly income (from my SMSF).
@Ave Maria: War in the Middle East will probably cause fuel prices increases, which in turn may raise inflation, which in turn may pause interest rates decrease or even rise interest rates again.
5 years TD is a very long time. Then again in 2 years time interest rates may have dropped to 2% and you would be sitting pretty with this Judo Bank 4.45%, 5 years TD.@Mad Max: I think you have to do what helps you sleep at night. Older folk not wanting share market risk may be totally happy with the return 4.45% gives them. I have quite a bit of cash so such an interest rate still gives me plenty of income. Happy that I still have 3 TD’s at 5.2% for another 3 years though. I reckon interest rates will go down at least another full percent, inflation will then rocket again, and then the Shit Show commences.
@BigTop: With 3 TDs at 5.2% for another 3 years you did very very well. When they were 5.1% I was waiting for one of the TD offers to hit 5.2% and it never happened. They went the other way!!!
Very unpredictable, as most things.
Now that the middle east war seems to get worse (according to the news we get fed…) who knows where it is all going.
Looking through your post history, you really like talking about banks