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).
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.
How can I fund my Farm Management Deposit?
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 because:
- Insufficient funds in the linked account you wanted to transfer funds
- An error in processing the transfer funds payment.
What if I enter my details incorrectly?
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.
Tell me more about interest being disbursed for FMDs
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.
Things you should know
Eligibility criteria, terms and conditions, fees and charges apply. The minimum amount that can be deposited into a Farm Management Deposit Account is $1000. The total of all Farm Management Deposit Accounts held cannot exceed $800,000. The primary producer’s non–primary production income must be less than $100,000 in the financial year they make the deposit to be eligible for tax benefits.
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.
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.
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.