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What is a Farm Management Deposit (FMD)?

Build up cash reserves for low-income years

The FMD scheme is a government initiative that helps farmers build up cash reserves in the good years to safeguard their future.

Guaranteed returns

Get the certainty of a fixed interest rate and put excess income to work earning interest in a fixed-term savings account.

Conveniently manage on the go

Take advantage of our digital capability and conveniently manage your FMD online.

Get tax benefits

Eligible income deposited into an FMD account for a year or more is tax deductible in the financial year of the deposit – and only becomes taxable when it’s withdrawn.1

It’s easy to open an FMD online

If you’re a Westpac customer and already registered for Online Banking, you can open your FMD online in minutes.

Select Open online

Fill in the FMD calculator
Next, you’ll need to enter some details – the amount you want to invest and the term as well as how interest will be paid (annually or at maturity) and the account you’ll be depositing the funds from.

Please note, we’ve detected a problem with the FMD interest calculator displaying incorrectly in our online form, and are working to resolve the issue. Rest assured that when you apply/renew online, you’ll receive the full interest based on our current offer rates.

Complete and check your details
Check the FMD details you’ve chosen and make sure you’re contact details are up to date. You’ll also need to select your agriculture industry type.

Review, confirm and transfer
Once you’ve reviewed your FMD details, select Open account. You’ll need to transfer the funds to your new FMD account on the same day it’s opened.


See all our Term Deposit rates.

If you’re new to Westpac or not set up for Online Banking, simply request a callback from the option below and we’ll get back to you. 

Looking to renew your FMD?

Save yourself a call or a trip to a branch and get easy access to all available rates and terms

In Online Banking – you may also be eligible for a bonus rate on top of our standard rates. You can explore your bonus rates when you sign into Online Banking.

Who can open an FMD account?

To be eligible for an FMD account, you’ll need to meet the following criteria:
  • 18+ years old
  • Individual primary producers operating as sole traders, partners in a partnership, or beneficiaries of a trust
  • Operating in Australia with an Australian address
  • Minimum deposit of $1,000
  • Maximum of $800,000 invested in total across all FMDs held
  • Eligible under ATO Farm Management Deposits Scheme requirements.

Not eligible for an FMD? Try a Business Term Deposit.

FAQs about Farm Management Deposits

Yes, if you’re an existing Westpac customer and are registered for Online Banking, you can open an FMD online  in less than 10 minutes. 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).

If you don’t have Online Banking or you’re not yet a customer, please request a callback by completing our simple online form. An FMD business banker will get back to you within one business day to help get you started.

Business loans and finance

Flexible finance to help make your business plans happen

Find out more

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. 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. Please refer to the  ATO Farm Management Deposits Scheme special legislative requirements to ensure you comply.

3. 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. 

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.