Judo Bank vs Westpac Term Deposits

By Peter Terlato · · 3 min read
Fact Checked
juodbank vs westpac

If you’re ready to lock away savings but aren’t sure whether flexibility or a familiar name holds more appeal, this side-by-side breakdown of Judo Bank versus Westpac sheds light on key distinctions. While Judo invites savers with its low entry barrier and rollover rewards, Westpac offers comforting brand legacy and an online bonus for digital-savvy customers. Here’s how their term deposits differ – and which might suit your savings strategy.

Judo Bank and Westpac term deposits side-by-side

The following table provides a direct comparison of the key features of the Judo Bank Personal Term Deposit and the Westpac Term Deposit, allowing you to see how each product's features stack up against one another.

Feature Judo Bank Personal Term Deposit Westpac Term Deposit
Highest rate available
4.40% for 5 months Up to 3.90% p.a. for 11 months (includes a 0.10% p.a. online bonus)
Minimum deposit
$1,000
$5,000
Maximum deposit
$2,000,000 (for higher amounts you must contact the bank)
$2,000,000 (for higher amounts you must contact the bank)
Notice period for early withdrawal
31 days
31 days
Early withdrawal cost
Prepayment cost (interest reduction) applies.
An interest rate adjustment may apply.
Interest payment frequency
At maturity, or monthly, or annually.
At maturity, or monthly, or annually.
Term durations
You can choose a term from one month up to five years.
You can choose a term from one month up to five years.
Loyalty bonus
0.05% p.a. when you roll over your entire term deposit.
Westpac offers a 0.10% p.a. online bonus for existing customers who open or renew online, exclusively for an 11-month term.
What happens at maturity?
A 10-calendar-day grace period is provided. If no instructions are given, the funds automatically roll over into a new term of the same length at the prevailing rate. You can also add funds to your principal during this period.
You can set up instructions in advance to reinvest or withdraw your funds. Like Judo, if you do not provide instructions there's a 6 day period where the bank will hold funds and await your decision.
Government guarantee
Deposits up to $250,000 per account holder are protected by the Australian Government's Financial Claims Scheme.
Deposits up to $250,000 per account holder are protected by the Australian Government's Financial Claims Scheme.

What else to know?

  • How to apply. Both banks offer online applications. For a Judo Bank Personal Term Deposit, you can apply directly as a new customer with identification documents and a nominated Australian bank account. For a Westpac Term Deposit, new customers must first open a Westpac Choice account online before applying for a Term Deposit. Existing Westpac customers with a Choice account can apply online. Joint, Trust, or SMSF accounts must be opened in-branch.
  • No additional deposits. A key characteristic of most term deposits is that you cannot add more funds once the term has started. To add to your savings, you would need to open a separate term deposit or wait until the current one matures.
  • Online bonus at Westpac. Westpac offers an additional 0.10% p.a. online bonus for existing customers who open or renew an 11-month term deposit special online. This bonus is applied on top of any other applicable rates. Terms and conditions apply.

Judo Bank vs Westpac: term deposit verdict

Both products are designed for savers who are comfortable with locking away their funds for a set period. The choice between them comes down to your individual circumstances and saving habits.

If you're starting with a smaller deposit ($1,000 minimum) and are interested in earning a loyalty bonus for reinvesting your savings, Judo Bank may be a good choice. If you have a larger sum to deposit ($5,000 minimum) and are an existing customer who can benefit from the online bonus for digital applications, then Westpac may be for you.

It's important to remember that rates and terms are subject to change. Always check the official bank websites or product disclosure statements for the most current information before making a decision.

Note: The information in this article is correct as at 17 September, 2025.