Term Deposit Help Hub

When you invest in a term deposit, you invest on the basis that your money is locked in for a set term at a fixed interest rate. If you want to withdraw your funds before the term ends, you are generally required to give 31 days' notice (where the term deposit is not an “at call” but an “advance notice” term deposit).

If you’re looking for a low-risk, stable way to grow your super, a self-managed super fund (SMSF) term deposit might be a suitable option. SMSF term deposits can offer secure and stable growth, which may be appealing if you prefer to avoid the ups and downs of riskier investments. This article walks you through how term deposits can work as part of an SMSF, the benefits they can offer, and some key considerations.

When you earn interest on a term deposit, it's important to remember that this income is taxable. The Australian Tax Office (ATO) considers that interest earned on term deposits forms part of your taxable income. This means the interest you realise on your term deposit may be impacted by your marginal tax rate.

Before opening a personal term deposit account, you’ll need to meet a few key requirements. Depending on the authorised deposit-taking institution (ADI) that is the term deposit provider, you may need to be at least 18 years old to open an account with the ADI and will require identification documents such as your passport, Medicare card and/or driver’s licence. Financially, you’ll need to meet the minimum deposit requirements of the ADI you’ve chosen (commonly between $1,000 and upwards of $5,000).

An ADI is a financial institution licensed by the Australian Prudential Regulation Authority (APRA) to conduct a banking business in Australia including accepting deposits and making advances of money.

Banks, credit unions and building societies are all examples of ADIs in Australia. By law, these financial institutions must hold an ADI licence to accept deposits.

When your term deposit matures, you’ll need to decide what to do with your funds. Whether you want to reinvest, withdraw, or explore another option, the right choice depends on your particular financial goals and circumstances. This article explores some of the different paths you can take when your term deposit reaches maturity.

The Financial Claims Scheme (FCS) is an Australian Government deposit guarantee designed to protect depositors in the unlikely event an authorised deposit-taking institution (ADI) or an APRA-regulated general insurer in Australia fails. The FCS is designed to provide prompt access to deposits that are protected under the FCS (up to $250,000 per account holder, per ADI).

Can you add more money to a term deposit once the term has started? The short answer is generally no. With most term deposits, except during any grace period on opening or rolling over a term deposit offered by a particular provider, you can’t make additional deposits until the term ends. This is one of the main differences between a term deposit vs savings account.

A term deposit is considered a low-risk savings product that offers a fixed interest rate for locking in your money over a set period (also known as the term length). This article provides an overview of term deposits, including some key features and factors to consider when evaluating if they might be a suitable savings option for you.

Term deposit laddering is a savings strategy that may help balance flexibility and returns. Instead of putting all your money into one long-term deposit, you split it across several deposits with different maturity dates. This article broadly explains how term deposit laddering works and some benefits and considerations of this strategy.

When it comes to storing and saving money, you’ve probably heard about both term deposits and savings accounts. While they might seem similar at first glance, they have some key differences that could make one more suitable for different financial needs than the other. This article walks through some basics of both options, highlights some of their main features, and seeks to offer a basic comparison.

If you have not updated your Term Deposit with a nominated bank account (the external bank account your payments are directed to) or the details for your nominated bank account are incomplete, please log in to your Digital Banking and update your nominated account details.

If your Personal Judo Bank Term Deposit is due to mature soon and you have not provided your Tax File Number, withholding tax will be deducted from the gross amount of interest paid to you. To avoid being charged withholding tax, please update your tax details prior to your Personal Term Deposit maturing to avoid being charged withholding tax.

If you have not updated your maturity instructions your account will currently be set to roll over into a new Term Deposit at maturity. If you are comfortable letting your deposit roll over into a new Term Deposit for the same term, then no action is required. However, if you would like to change these maturity instructions, please update prior to the date of maturity by logging in to your Digital Banking. For a step-by-step guide please click the link below.

Learn more about SMSFs, term deposits, and SMSF term deposits before you invest. Differentiate between the three to help select the banking product that may suit you the best.

With rising numbers of online scammers illegally posing as trusted financial institutions, helping you keep your personal information with Judo safe and secure is important to us. We have advanced security measures in place to seek to ensure the security of our customer’s funds and personal information. But knowing what to look out for and what to do is your best first line of defence. Our Information Security Manager has put together a guide on how to protect yourself from online scams below.