Skip to main content Skip to accessibility page Skip to search input

Farm Management Deposit

null
Even out your high and low income years.
  • Set aside pre-tax income in profitable years to establish cash reserves and manage low income periods
  • No account service fees and you earn interest on every cent
  • Minimum deposit of $1,000, maximum deposit of $800,000*
  • Deposits into the account may be deducted from your assessable income in the year of deposit, if the deposit complies with Federal Government requirements. Any withdrawals will be included in assessable income in the year of withdrawal. Government restrictions apply to this account.

 


Interest

  • Both fixed and variable interest rate options are available
  • Interest is calculated daily and paid monthly
  • Our current interest rates are:
 

Amount in account

Variable Interest Rate
Fixed Interest Rate for:
12 months 24 months
On full balances of $1,000 to $19,999 0.01% p.a. 0.55% p.a 0.60% p.a
On full balances of $20,000 to $49,999 0.01% p.a. 0.55% p.a 0.60% p.a
On full balances of $50,000 to $99,999 0.01% p.a. 0.55% p.a 0.60% p.a
On full balances of $100,000 to $800,000* 0.01% p.a. 0.55% p.a 0.60% p.a

* Note: Maximum Farm Management Deposit Cap increase to $800,000 effective 1 July 2016.

Interest rates current as at 10th May 2021 and may be changed at any time (see FMDA terms and conditions).

Interest payment is available next business day from Nominated Account (see FMDA terms and conditions for more information about a Nominated Account).

  • Available only to individuals carrying on a primary production business
  • Government restrictions apply to this account
  • Interest rates are subject to change (see FMDA terms and conditions).

IMPORTANT NOTE: For accounts opened or renewed on or after 1 August 2014, if you wish to withdraw from or close your Farm Management Account during a fixed interest rate period you will need to provide the bank with a minimum of 31 days’ notice (except in cases of hardship). If you withdraw funds or close your account or ask us to convert the interest rate on your account to a variable interest rate during a fixed interest rate period, we may recalculate the interest on your account.

 


Fees

  • No monthly account service fee
  • A Real Time Gross Settlement (RTGS) fee applies when funds are transferred to another financial institution.

 


Term

  • Deposits must usually be held for a minimum of 12 months to comply with government requirements
  • Fixed terms of 12 months and 24 months are available.

 


Access

Access to your funds via Bank of Melbourne branches.

View account details via Internet and Phone Banking

 


Requirements

  • You may open a Farm Management Deposit Account if:
    • You're an individual carrying on a primary production business (including a primary production business you carry on as a partner in a partnership or as a beneficiary of a trust)
    • Your taxable non-primary production income is not more than $100,000
  • Please refer to the full Farm Management Deposit Scheme eligibility criteria.
  • You should seek your own independent professional taxation advice to confirm your eligibility and any taxation implications.

Find out what information you’ll need to provide to become a customer



 

How to apply

The Detail

Conditions and fees apply.

The statements made do not constitute tax advice or any recommendation as to the suitability of the product, and are based on current tax laws and their interpretation. You should seek your own independent professional taxation advice to confirm your eligibility and any taxation implications.

Before acquiring or deciding to hold a product, you should read the terms and conditions that apply to the product.

This Interest Rate webpage is an important document. It sets out the interest rates that apply to the Farm Management Deposit Account offered by Bank of Melbourne. This Interest Rate webpage is part of the Terms and Conditions for the Farm Management Deposit Account offered by Bank of Melbourne. The other documents that make up the Terms and Conditions are the: 

Please read these documents and keep a copy. You can request a paper copy at a branch.

Issued by Bank of Melbourne, A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 Australian Credit Licence 233714. The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it's right for you. If you need help call 13 82 66.