How to manage your Farm Management Deposits online

Save time and manage your Farm Management Deposit accounts in Online Banking and the Westpac App.

What updates can I make to my Farm Management Deposit online?

You can make the following changes to your Farm Management Deposits:

  • Update your maturity instructions during the Variation Period1
  • Select the duration or term and applicable interest rate of a maturing Farm Management Deposit
  • Disburse some or all your funds on a maturing Farm Management Deposit to a linked account or another Australian financial institution
  • Receive notifications and emails when your Farm Management Deposit is maturing.

You can also open a new Farm Management account when logged into Online Banking from a desktop.

How do I manage my Farm Management Deposit account online?

Sign into Online Banking to get started – no need to call or visit a branch

 

  1. Select the Farm Management Deposit tile
  2. Under Maturity Instructions, choose what you want to do
  3. Renew, withdraw, amend or close your account in seconds.

 

Managing your Farm Management Deposit online is simple. If you need any help, see our step-by-step guides below.

 

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).

 

Renew online

How-to guides

How do I review my Term Deposit’s instructions?

1. Select the Farm Management Deposit (FMD)

2. Under Maturity instructions, check the details are correct. 
The instructions displayed (such as a rollover or disbursal) will be actioned at the end of the Variation Period1.

How do I change the amount deposited?

1. Select the Farm Management Deposit (FMD)

2. Under Maturity instructions, review current instruction then select Make changes

Important note: Deposits can only be managed within the 6-day Variation Period once matured.

3. Select Make changes and renew account then select Next

4. Update what you would like to do under Renewal amount then select Get Rates. Select the rate and term that best suits you, then select Next

Important note: If a third party has access to manage your FMD they are able to direct the portion withdrawn to be paid to other accounts that may not necessarily be in your name.

5. Review changes made to your FMD and select Renew Term Deposit

You’ll receive a notification in Message Centre and by email to confirm the details of your renewed FMD.

How do I change the term of my deposit?

1. Select the Farm Management Deposit (FMD)

2. Under Maturity instructions, review current instruction, then select Make changes

Important note: Deposits can only be managed within the 6-day Variation Period once matured.

3. Select Make changes and renew account then select Next

4. Enter your Renewal amount then your Term and compare interest rates by selecting Get rates. Select either your current term or a different rate and term. Then select Next

5. Review changes made to your FMD. If details are correct, select Renew.

You’ll receive a notification in Message Centre and by email to confirm the details of your renewed FMD.

How do I change the frequency of interest payments?

1. Select the Farm Management Deposit (FMD)

2. Under Maturity instructions, review current instruction then select Make changes

Important note: Deposits can only be managed within the 6-day Variation Period once matured.

3. Select Make changes and renew account, then select Next

4. Under Interest paid and Pay interest to, enter the frequency and the account you wish to pay interest to.

Important note: If a third party has access to manage your FMD they can direct the interest to be paid to other accounts that may not necessarily be in your name.

5. Review changes made to your Term Deposit. If details are correct, select Renew

You’ll receive a notification in Message Centre and by email to confirm the details of your renewed FMD.

How do I close and disburse my Farm Management Deposit?

1. Select the Farm Management Deposit

2. Under Maturity instructions, review current instruction, then select Make changes

Important note: Deposits can only be managed within the 6-day Variation Period once matured.

3. Select Close account and withdraw everything, then select Next

4. Choose to pay the closing balance to either a linked account or an external account, then select Next

Important note: If a third party has access to manage your FMD they can direct the balance to be paid to other accounts that may not necessarily be in your name.

Tip: If you don't see a ‘Linked account’ tab, you may not have a Westpac account eligible for transfers or you may not have the access to transact on that account. Please check with your Administrator.

5. Review the details, then select Close. 

You’ll receive a notification in Message Centre and by email to confirm the closure.

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Things you should know

Fees, charges and terms and conditions apply. This information does not take into account your personal objectives, financial situation or needs.

Read the terms and conditions below before making a decision and consider whether the product is appropriate for you.

1. Rate applies for a single term. Higher or lower rates may apply for subsequent terms.

You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship). Early withdrawal may reduce returns.

2. Any bonus rates offered above may only be available through Westpac  Online Banking. Online Banking will be available to update Farm Management Deposits from 8.00am to 9.30pm on business days and 8.00am to 4.00pm Saturdays (AEST)

3. Customers must be registered for Online Banking and business network users must have deposit entitlements turned on to be able to open or renew online on behalf of their business network. If the rate applying to your Farm Management Deposit is a special or standard rate and your Farm Management Deposit rolls over automatically, it may be automatically re-invested at a lower rate than the initial rate (including any initial special rate). 

For more information see the APRA website at apra.gov.au.