Business term deposits explained: What Judo Bank can offer
If you’re a business owner on the lookout for a safe and predictable way to grow your cash reserves, a term deposit could be the perfect solution. Unlike business saving accounts, term deposits offer fixed interest rates for a set period of time, giving you certainty in an unpredictable market.
Judo Bank specializes in business banking, and its term deposits come with competitive rates and flexible terms. Let’s break down how they work and why this leading bank stands out.
How business term deposits work
A business term deposit is a fixed-term investment where your business deposits a certain amount of money for a predetermined period. In return, you earn interest on the deposited funds.
Judo Bank’s term deposits allow your business to lock in a competitive interest rate, helping your spare funds work harder. Whether you’re a trust, a private company, or a partnership, this bank offers tailored term deposit solutions designed for Australian businesses.
Why choose Judo Bank for your business term deposit?
Judo Bank isn’t just another banking option—it’s a financial partner built specifically for small and medium-sized enterprises (SMEs). When you opt for a business term deposit here, you get more than just a good interest rate. You’re also supporting Australian businesses through its strong dedication to local growth.
How do Judo Bank’s rates compare?
A significant feature of business term deposits is the interest rate, and Judo Bank offers competitive rates. For instance, a three-month term deposit offers a rate of 4.75% per annum, while a six-month term offers a slightly higher 4.80% per annum.
If you’re in it for the long haul, a five-year term deposit offers an annual interest rate of 4.15%. Interest rates are subject to change based on market conditions, making it important to lock in a favorable rate when possible.
Flexible terms to suit your business
Judo Bank understands that every business has unique financial needs. That’s why its term deposits provide the flexibility to match your financial goals, from short-term liquidity needs to long-term growth strategies.
As part of its commitment to flexible lending for businesses, Judo Bank offers a range of deposit terms, allowing you to structure your investment in a way that supports your cash flow.
Additionally, you can choose how interest is paid—monthly, annually, or as a lump sum at maturity—to fit your business’s financial plan.
What makes Judo Bank’s digital experience stand out?
Judo Bank’s business term deposits are designed to be simple and secure, with an entirely online application process. Gone are the days of complicated paperwork and waiting in line. You can apply for a term deposit from the comfort of your office and manage your investment through a secure digital platform.
The fast application process ensures that you can focus more on your business and less on your banking.
The benefits of choosing Judo Bank
Aside from the competitive interest rates and flexible terms, there are several other benefits to choosing Judo Bank.
Firstly, there are no hidden fees—no monthly or application fees. That means all of your savings go directly into your business’s growth.
Judo Bank also offers peace of mind by being covered under the Australian Government’s Financial Claims Scheme, ensuring that deposits up to AUD$250,000 are protected. This added layer of security makes it a trusted choice for businesses looking to grow their savings.
Eligibility and application process
The application process for Judo Bank’s business term deposits is simple. To qualify, your business should be an Australian tax resident and meet certain eligibility requirements, including providing an Australian Business Number (ABN) and verifying the identity of trustees or directors.
You can apply online with minimal paperwork, making the process quick and hassle-free.
What happens at maturity?
At the end of your term deposit period, you have a few options. You can either withdraw your funds or reinvest them into a new term deposit to continue earning interest.
The rollover option allows your business to continue earning interest without needing to reapply for a new deposit, making the process seamless. If you decide not to renew, the bank will return your principal and interest upon maturity.
Final thoughts
Judo Bank’s business term deposits offer a smart, secure way for businesses to make their surplus funds work harder. With competitive interest rates, flexible terms, and a hassle-free digital application process, this trusted institution makes investing easy for SMEs.
Whether your business needs a short-term boost or a long-term financial strategy, a term deposit can provide stability and steady returns. By securing a fixed interest rate, you gain predictability in an ever-changing market, making your business funds work for you.