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Westpac is CANSTAR’s Bank of the Year for Agribusiness

This award aims to give recognition to institutions that offer quality products with great service to our Aussie farmers.

Benefits for your business

  • Defer income tax payments while earning interest
  • The reassurance of a guaranteed return on your investment
  • Avoid market fluctuations with a specific amount locked away¹ at a fixed interest rate
  • Can provide tax benefits for deposits ($1K-800K) of a year or more²
  • Open online in less than 10 minutes (eligible Westpac customers).

Popular Farm Management Deposit interest rates

These rates are for deposits of between $1,000 and $800,000. Interest is paid at maturity or annually.

Fixed rate:

3 months
0.07% p.a.

12 months
0.25% p.a.

Other rates, terms and interest payment frequencies are available.


Open a Farm Management Deposit account

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New to Westpac

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What is a Farm Management Deposit (FMD)?

Support for primary producers

The FMD scheme is a government initiative that helps farmers build cash reserves for future needs (such as restocking or replanting) using tax-efficient savings.

Guaranteed returns

A Farm Management Deposit account lets you put excess income to work earning interest in a fixed-term savings account.

Deferred tax payment

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account for a year or more is tax deductible in the financial year of the deposit – and only becomes taxable when it’s withdrawn.3

Eligibility requirements

  • 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, in most circumstances you can renew your Farm Management Deposit account online.

  • 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.

You can withdraw your funds or reinvest: the whole amount (adding more if you wish); just the principal (withdrawing the interest); or part of the principal (receiving the remainder plus interest earned).

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 instalments can be paid:

  • directly to an account held with Westpac that is 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 specific amount at 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 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 166KB)

Things you should know

Eligibility criteria, terms and conditions, fees and charges apply.

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.