Farm Management Deposit account

Enter the following details:

1. Deposit amount to be invested

2. Select the term

3. Choose the interest payment frequency
Note: the interest payment frequency options will change depending on the term selected.

4. Select Get Rate to display the rate options.
A number of rate option tiles will be shown. Select the preferred option.

5. Select Next.
Note: If none of the options are appropriate, select View all interest rates. If a promotional rate is available, this will automatically display once an amount and term has been added 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.

A notification in your Westpac Online Banking Message Centre will contain confirmation on the status of the Farm Management Deposit.

An email confirmation will also be sent to the registered email address used as part of the application process.

If you’re already a Westpac customer, you can register for Online Banking then apply for an FMD.
 

If you don’t want Online Banking or you’re not yet a customer, simply contact your nearest Agribusiness Banker to help you get started.

• 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.

• Withdraw your funds in part or in full^
• Reinvest your funds in part or in full^
   

^Reinvestment in full applies to the principal amount; interest cannot be reinvested. Any remaining FMD balance must remain within the $1,000 minimum and $800,000 maximum limits.

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 installments can be paid:

• Directly to an account held with Westpac that’s 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 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 of 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 271KB).

You can fund your Farm Management Deposit by transferring funds from a linked Westpac account or via BPAY^®. 

If you selected to transfer funds however the application is asking you to make a BPAY® payment, this may be due to:

• Insufficient funds in the linked account you wanted to transfer funds
• An error in processing the transfer funds payment.

You can update your Farm Management Deposit details by calling Customer Care on 132 142, 8.00am to 5.00pm Monday to Friday local time.

Interest must be disbursed regularly for Farm Management Deposits. Only the principal investment amount can be reinvested at maturity. You are able to manage instructions during pre-maturity and during the 6-day Variation Period once the FMD has matured.