Farm Management Deposit account
Skip the trip to town by opening and managing your FMD online.
Why open a Farm Management Deposit (FMD) account?
Build up cash reserves
The FMD scheme is a government initiative that lets you build up cash reserves in the good years to help safeguard your future.
Get fixed returns
You’ll earn a locked-in interest rate over the fixed term you’ve chosen, giving you the confidence of a regular income.1
Defer tax payments
Eligible income deposited into an FMD account for a year or more only becomes taxable when it’s withdrawn.2
It’s simple to apply for an FMD online
If you’re a Westpac customer with Online Banking, open an FMD online in minutes:
1. Select Open Online, check the FMD Summary and Apply now
2. Sign in and Find your rate to see how much you'll earn
3. Choose a term, the amount to invest, and the interest payment frequency that suits your needs
4. Review, confirm, Open account and transfer into the account the same day.
Want to see rates for different terms?
Find out what you'll earn using our calculator
1. Select Open Online
2. Sign in
3. Explore rates using our FMD calculator.
New to Westpac?
Ready to renew or manage your FMD?
It's quicker in Online Banking and the Westpac App
- Sign in to check for bonus rates
- Calculate income for different terms
- Choose to re-invest some or all of your savings, or close your account.
You'll have 6 days after your FMD matures to decide what you want to do. If you want to withdraw funds before the end of the term, you ll need to give us at least 31 days' notice (except in cases of hardship) and your returns are likely to be less than for a full term.
Eligibility check
- 18+ years old
- Individual primary producer
- Sole trader, partner in a partnership, or beneficiary of a trust
- Operating in Australia with an Australian address
- Eligible under ATO Farm Management Deposits Scheme requirements. 3
- Minimum deposit: $1,000
- Most you can have invested across all your FMDs: $800,000
How to open a farm management deposit online
If you’re an existing Westpac customer and are registered for Online Banking, you can apply online for a Farm Management Deposit account in less than 10 minutes.
Westpac Online Banking is available to update Farm Management Deposits from 8.00am to 9.30pm Monday to Friday and 8.00am to 4.00pm on Saturdays (AEST).
If you are a sole trader, partner in a partnership or beneficiary of a Trust, you can sign in to Online Banking from a desktop to open a Farm Management Deposit.
- You must have a TFN or ABN registered with Westpac Online Banking
- You must be an individual primary producer in Australia earning no more than $100,000 p.a. in non-farm income in the year of the FMD deposit
- You can have multiple FMD accounts and with different banks, but you cannot hold more than $800,000 in total in FMDs
- You must comply with the ATO Farm Management Deposits Scheme special legislative requirements.
Note: Business Networks are currently not eligible to open a Farm Management Deposit in Online Banking.
Enter the following details:
1. Deposit amount to be invested
2. Select the term
3. Choose the interest payment frequency
Note: the interest payment frequency options will change depending on the term selected.
4. Select Get Rate to display the rate options.
A number of rate option tiles will be shown. Select the preferred option.
5. Select Next.
Note: If none of the options are appropriate, select View all interest rates. If a promotional rate is available, this will automatically display once an amount and term has been added in the calculator.
A summary of the Farm Management Deposit details will be displayed.
1. Select an Agriculture Industry type
2. Select your Tax details previously provided to Westpac Online Banking
3. Select a Westpac account for Pay interest to. Select Next.
Note: If your TFN or ABN is not available when selecting Previously provided to Westpac Online Banking, you can add this in Online Banking. Go to Service > Preferences and under Tax File Number select Update Tax File Number.
Review the details.
If they are correct select Open, or Back to modify.
A confirmation screen will be displayed advising that the Farm Management Deposit has been opened.
Note: This page can be printed or saved as a PDF.
Select Done when finished.
A notification in your Westpac Online Banking Message Centre will contain confirmation on the status of the Farm Management Deposit.
An email confirmation will also be sent to the registered email address used as part of the application process.
FAQs about Farm Management Deposits
Yes, in most circumstances you can choose to withdraw your funds or renew your Farm Management Deposit account online. FMDs can be managed in Online Banking from 8am to 9.30pm on business days and 8am to 4pm Saturdays (Sydney time).
If you’re already a Westpac customer, you can register for Online Banking then apply for an FMD.
If you don’t want Online Banking or you’re not yet a customer, simply contact your nearest Agribusiness Banker to help you get started.
- Terms of 12 months or less are paid monthly or on maturity
- Terms of 1 to 60 months are paid monthly
- Terms greater than 12 months are paid annually, then at the end of the term.
Interim interest payments can be made:
- Directly to an account held with Westpac that is in the same name as your Farm Management Deposit account; or
- Through direct credit to an account at any Australian financial institution.
Please note that interim interest payments cannot be made back in to your Farm Management Deposit account.
- Withdraw your funds in part or in full^
- Reinvest your funds in part or in full^
^Reinvestment in full applies to the principal amount; interest cannot be reinvested. Any remaining FMD balance must remain within the $1,000 minimum and $800,000 maximum limits.
If we do not receive instructions and your Farm Management Deposit rolls over automatically, it may be re-invested at a lower rate than the original fixed interest rate.
At maturity or at the end of any notice period, the principal and any remaining interest installments can be paid:
- Directly to an account held with Westpac that’s in the same name as your Farm Management Deposit account,
- By direct credit to an account at any Australian financial institution,
- By bank cheque (fees apply), or
- In cash (advanced notice may be required).
Learn how to manage and renew your Farm Management Deposit account online.
The general principle of a Farm Management Deposit is that you are locking in a set interest rate for a period of time and your funds can't be accessed during that term unless you close your account.
You must provide a minimum of 31 days' notice to access funds prior to maturity (except in cases of hardship as defined by us), and early withdrawal may reduce returns as per our Terms and Conditions (PDF 371KB).
You can fund your Farm Management Deposit by transferring funds from a linked Westpac account or via BPAY®.
If you selected to transfer funds however the application is asking you to make a BPAY® payment, this may be due to:
- Insufficient funds in the linked account you wanted to transfer funds
- An error in processing the transfer funds payment.
You can update your Farm Management Deposit details by calling Customer Care on 132 142, 8.00am to 5.00pm Monday to Friday local time.
Interest must be disbursed regularly for Farm Management Deposits. Only the principal investment amount can be reinvested at maturity. You are able to manage instructions during pre-maturity and during the 6-day Variation Period once the FMD has matured.
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Things you should know
Eligibility criteria, terms and conditions, fees and charges apply.
Any bonus rates offered above may only be available through Westpac Online Banking. Online Banking will be available to manage Term Deposits from 8:00am to 9.30pm on a Business Day and 8:00am to 4:00pm Saturdays (Sydney time).
1. If you want to access your funds before the end of the fixed term you must provide a minimum 31 days' notice (except in cases of hardship as defined by us), and early withdrawal may reduce returns as per our Terms and Conditions (PDF 146KB) (PDF 371KB).
2. Funds need to be held in a Farm Management Deposit for a minimum of 12 months (except in certain circumstances) to qualify for the tax benefit.
3. Please refer to the ATO Farm Management Deposits Scheme special legislative requirements to ensure you comply.
The taxation position described is general in nature and should not be relied upon as a complete or definitive statement of the law and its application to your circumstances; and it does not constitute tax advice. Westpac recommends you obtain specific tax and financial advice on your own position from suitably qualified advisers before opening an FMD account.
This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it and read the Terms and Conditions before deciding.