What’s a Farm Management Deposit account?
The FMD scheme is a government initiative that helps farmers save money during good years. This money can be used later in tough times to help keep their income.
Fixed interest rates
4.25% P.A. 12-month term |
4.00% P.A. 24-month term |
- Interest rates are current as at 12/06/2025 and may be changed at any time
- Interest payment is available next business day from your nominated account
- Interest rates are subject to change.
Why open a Farm Management Deposit account?
Cash reserves
Build up cash reserves in the good years to help safeguard your future.
Regular income
Earn a fixed interest rate over the chosen term. Early withdrawal may reduce returns.
Tax benefits
Eligible income needs to be deposited for a year to qualify. Exceptions apply.
Am I eligible to open a FMD account online?
Eligibility criteria
- 18+ years old
- Individual primary producer earning no more than $100,000 p.a. in non-farm income in the year of the FMD deposit
- Sole trader, partner in a partnership, or beneficiary of a trust
- Operating in Australia with an Australian address
- You must have a TFN or ABN registered with Westpac Online Banking
- Refer to ATO Farm Management Deposits Scheme special legislative requirements to ensure you comply
- Minimum deposit: $1,000
- Most you can have invested across all your FMDs with one or more banks: $800,000
Not eligible?
If you’re a Business Network customer or don’t meet one or more of the eligibility criteria for a Farm Management Deposit, try a Business Term Deposit.
How do I open a new FMD account online?
You’ll need Online Banking to open a new FMD account. If you don't have Online Banking yet, register now.
- Select Open Online, check the FMD Summary and Apply now
- Sign in and Find your rate to see how much you'll earn
- Choose a term, the amount to invest, and the interest payment frequency that suits your needs
- Review, confirm, Open account and transfer into the account the same day.
Enter the following details:
- Deposit amount to invest
- Select the term
- Choose the interest payment frequency
Note: the interest payment frequency options will change depending on the term selected. - Select Get Rate to display the rate options. Select the preferred option.
- Select Next.
Note: If none of the options are appropriate, select View all interest rates. If there is a promotional rate, it will show up automatically once you add an amount and term 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.
You’ll also receive confirmation via:
- Your Westpac Online Banking Message Centre (will contain confirmation on the status of the Farm Management Deposit)
- Email to the registered email address used as part of the application process.
You’ll need to be a Westpac customer to be able to open a FMD account online. Contact your nearest Agribusiness Banker. They'll be able to help get you set up.
Lending solutions to help grow your agribusiness
Backing Aussie farmers with a range of products to grow or manage business.
How do I renew or manage my FMD?
In Online Banking or the Westpac App
- Sign in to check 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)
- Your returns are likely to be less than for a full term as per our Terms and Conditions (PDF 371KB)
Safe and secure savings
- Online Banking Security Guarantee: If your Westpac account is compromised by online banking fraud, we promise to return any missing funds. This guarantee only applies if you’ve followed our Online Banking Terms and Conditions. This includes: 1. Keeping your sign-in details, including passwords or Westpac Protect™ Security codes, private, 2. Not contributing to the loss, and 3. Telling us right away if you think there’s an unauthorised transaction or fraud on your account.
- Westpac Protect™ Security Code: Keep your Online Banking safe with a Security Code when using the Westpac App or your Online Banking service. This Security Code confirms that it's you transacting or making changes to your profile.
- Protected by the Financial Claims Scheme (FCS): If you have a Westpac deposit account, in certain circumstances you may be entitled to a payment under the FCS. Payments under the FCS are limited for each customer. You can find out more information from the APRA website at www.fcs.gov.au.
Frequently asked questions
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:
- 8am to 11:30pm Monday-Friday (Sydney time)
- 8am to 4pm Saturday (Sydney time).
| Term | Interest is paid |
|---|---|
| 12 months or less | Monthly or on maturity |
| 1 to 6 months | Monthly |
| Greater than 12 months | Annually, then at end of the term |
Interim interest payments can be paid:
- Directly to a Westpac account in the same name as your Farm Management Deposit account
OR - Through direct credit to an account at any Australian financial institution.
Note: interim interest payments cannot be paid into your Farm Management Deposit account.
- Withdraw your funds in part or in full
- Reinvest your funds in part or in full
You can reinvest all the money you put in (the principal), but not the interest. The total amount in your Farm Management Deposit must stay between $1,000 and $800,000.
If we don’t receive instructions from you, your Farm Management Deposit could automatically renew. The new rate could be a lower interest rate.
At maturity or at the end of any notice period, the principal and any remaining interest instalments can be paid:
- Directly to a Westpac account 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)
- In cash (advanced notice may be required).
With a Farm Management Deposit you’re locking in a set interest rate for a period of time. That means your funds can't be accessed during that term unless you close your account.
You must give a minimum of 31 days' notice to access funds before maturity (except in cases of hardship as defined by us). Early withdrawal may reduce returns. View details in our Terms and Conditions (PDF 371KB).
You can fund your Farm Management Deposit by transferring from a linked Westpac account or via BPAY®.
If you selected to transfer funds, but the application asks you to make a BPAY payment, this may be due to:
- Insufficient funds in the linked account you want to transfer from
- An error in processing the transfer.
You can update your Farm Management Deposit details by contacting the specialist business team on 132 142: 8am to 8pm (Sydney time), Mon-Fri. Self-service telephone banking is available 24/7.
Things you should know
Eligibility criteria, terms and conditions, as well as fees and charges apply.
This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs and into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and their interpretation.
BPAY® is registered to BPAY Pty Ltd ABN 69 079 137 518.