Judo Bank, a neobank lender to small and medium business, is testing the strength of its newness and its margin, offering market-leading term deposit rates just as the rest of the market is working out hot to wind up for Christmas.
"In the 12-month TD market, Judo is offering 2.0 per cent, 0.2 per cent more than the next highest rate listed on InfoChoice today," said Vadim Taube, CEO of the comparison website.
The highest term deposit rate now on offer from a big four bank (listed on InfoChoice today) is ANZ Bank's 1.6 per cent pa for 7-month term."
Commonwealth Bank is paying up to 1.45 per cent pa for a 12-month term.
Westpac and NAB are paying 1.20 per cent on 12-month term deposits.
"CPI inflation is now 1.7 per cent pa so savers really need to be comparing rates and be prepared to move their money to a new banking institution," said Taube.