Farm Management Deposit

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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-keeping fee 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 ATO Farm Management Deposit requirements. Any withdrawals will be included in assessable income in the year of withdrawal. Government restrictions apply to this account.
  • Both fixed and variable interest rate options are available
  • The variable rate option is for customers who want to invest funds for a fixed term at a variable rate of interest while still maintaining access to funds
  • The fixed rate option is for customers who want to invest a specific amount for a fixed term at a fixed rate of interest and who do not have a need to access their funds during the term.

 

Interest

  • Interest is 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. 4.50% p.a 4.50% p.a
On full balances of $20,000 to $49,999 0.01% p.a. 4.50% p.a 4.50% p.a
On full balances of $50,000 to $99,999 0.01% p.a. 4.50% p.a 4.50% p.a
On full balances of $100,000 to $800,000* 0.01% p.a. 4.50% p.a 4.50% p.a

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

Interest rates current as at 23rd May 2023 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).

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 account-keeping 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 interest rate terms of 12 months and 24 months are available.

 

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 $1000
  • 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.

 

Access

Access to your funds (only for variable rate Farm Management Deposit Accounts) via St.George branches.

View account details via Internet and Phone Banking


 

How to apply

Visit a branch

Find your nearest branch

Apply

Download an application form

Important information

Conditions and fees apply.

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

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 St.George. This Interest Rate webpage is part of the Terms and Conditions for the Farm Management Deposit Account offered by St.George. 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 St.George, 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 38 00.