Three reasons to open a Farm Management Deposit account
Find out if this account is the right fit for you.
Flexibility
Earn competitive interest rates on a choice of fixed terms.
No fees
No monthly account service fees or transaction fees apply to Bendigo Bank FMD accounts.
Account summary
With our fixed rate and variable rate Farm Management Deposit (FMD), primary producers can use income from profitable years in other years when it is needed more.
- Designed for primary producers who’ve earned a taxable non-farm income of $100,000 or less over a financial year
- You can have more than one Farm Management Deposit, up to a combined value of $800,000 per farmer
- Earn competitive interest rates on a choice of fixed terms
- No monthly account service fees or transaction fees
- FMD funds are covered by the Government’s Financial Claims Scheme, and protected by the Financial Claims Scheme (formerly referred to as the Government Deposit Guarantee)
Featured rate
Watch your savings grow with a 12 month fixed FMD account. Deposit between $5,000 to $800,000 into a fixed FMD account for 12 months and receive this great rate.
Interest will be paid at maturity.
$0 - $4,999
| Term | Rate |
|---|---|
| 1 Month | 0.00% p.a. |
| 2 Months | 0.00% p.a. |
| 3 Months | 0.00% p.a. |
| 6 Months | 0.00% p.a. |
| 12 Months | 0.00% p.a. |
$5,000 - $800,000
| Term | Rate |
|---|---|
| 1 Month | 2.00% p.a. |
| 2 Months | 2.00% p.a. |
| 3 Months | 3.00% p.a. |
| 6 Months | 3.85% p.a. |
| 12 Months | 4.20% p.a. |
$0 - $4,999
| Term | Rate |
|---|---|
| 12 Months | 0.00% p.a. |
| 24 Months | 0.00% p.a. |
$5,000 - $800,000
| Term | Rate |
|---|---|
| 12 Months | 4.15% p.a. |
| 24 Months | 3.95% p.a. |
$0 - $4,999
| Term | Rate |
|---|---|
| 12 Months | 0.00% p.a. |
| 24 Months | 0.00% p.a. |
$5,000 - $800,000
| Term | Rate |
|---|---|
| 12 Months | 4.15% p.a. |
| 24 Months | 3.95% p.a. |
$0 - $4,999
| Term | Rate |
|---|---|
| 24 Months | 0.00% p.a. |
$5,000 - $800,000
| Term | Rate |
|---|---|
| 24 Months | 4.00% p.a. |
| Term | $0 - $999 | $1,000 - $49,999 | $50,000 - $800,000 |
|---|---|---|---|
| Variable | 0.00% p.a. | 0.00% p.a. | 1.75% p.a. |
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Rates and fees
Monthly service fees
$0
Terms
Choose between a variable or 1, 2, 3, 6, 12, and 24 month terms on fixed term accounts.
Minimum balance
A minimum balance of $1,000 applies to both fixed and variable FMDs.
Taxation benefits
To be eligible for tax benefits you need to hold funds in your FMD for at least 12 months.
Transfers
If you are switching to us from another financial provider, your funds must be transferred electronically.
Eligibility criteria
- Individual primary producers with a taxable non-farm income of $100,000 or less over a financial year. Ask your tax adviser if you qualify.
- Must be held for at least 12 months to be eligible for taxation benefits.
- Must be held in the name of an individual. Deposits cannot be made by two or more people jointly or made on behalf of two or more people.
- Companies, trusts and partnerships are not eligible. However, they are available to certain beneficiaries of trusts and individual partners of a partnership.
- The combined value of your FMD accounts cannot exceed $800,000.
- To maintain potential taxation benefits when switching FMD providers, FMD funds must be electronically transferred to Bendigo Bank.
- Interest must be credited to another account (held in the account holder s name) with either Bendigo Bank or another financial institution.
For further information on FMD eligibility criteria and conditions refer to the Australian Government Department of Agriculture and Water Resources and also the Australian Taxation Office.
Things you should know
All rates subject to change.
This information does not take your personal objectives, financial situations or needs into account. You should consider its appropriateness to your circumstances before acting on this information. Please read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.
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