Farm Management Deposit
12 months
Why choose a Farm Management Deposit?
No monthly fees
Which means every dollar in your Farm Management Deposit (FMD) will help your savings grow.
Balance your cash flow
Allows you to set aside pre-tax income during income-generating years to help you plan ahead for the quieter ones.
Defer tax payments
Eligible income only becomes taxable when it's withdrawn from your FMD after a year or longer.
Competitive interest rate
Interest paid on every cent for deposits between $1,000 and $800,000.
The features don't stop there
- Competitive interest rates to help you grow your savings.
- Enjoy guaranteed returns with fixed interest rates, meaning you can calculate your earnings before your term even starts.
- Interest paid at maturity for a 12-month term.
- Possible tax benefits for amounts left in the account for at least 12 months or more.
- Deposits into your Farm Management Deposit are tax deductible in the financial year the deposit is made. Withdrawals will be included in assessable income the year of withdrawal.
- No notice period required to withdraw your funds from your FMD.
How much could you save?
Want to see how your money could grow? Discover your savings potential with our term deposit goal calculator.
Interest rates
| Term | Interest paid | Interest rate |
|---|---|---|
| 12 months | At maturity | 4.90% p.a. |
Ready to open a Farm Management Deposit?
Existing customers
Already have business accounts with BCU Bank? You have good taste. To open a Farm Management Deposit, you can call us on 1300 228 228 or visit one of our branches during business hours.
Open your account in person at a branch
We’d love to see you in person. Visit your nearest BCU Bank branch to open an account.
You'll need to:
- have a valid ABN,
- be primary producer acting as an individual,
- be operating in Australia with an Australian address, and
- bring your Australian driver licence or a valid Australian passport.
Eligibility requirements
To be eligible to open a Farm Management Deposit, you'll need to be a primary producer at the time the deposit is made.
This means you are:
- carrying on a primary production business at the time of the deposit, and
- acting as an individual (meaning you can be a sole trader, the partner of a partnership or beneficiary of a trust, but not joint persons or companies).
You must also meet special legislative requirements to open a Farm Management Deposit Account. Please refer to the Australian Tax Office (ATO) Farm Management Deposits Scheme special legislative requirements to ensure you comply.
New customers
If you’re new to BCU Bank, you'll need a registered Australian Business Number (ABN).
Personal identification is required for all signing directors and beneficial owners, so you will need:
- your Australian driver licence OR a valid passport, or
- one form of primary ID without a photo (e.g. birth certificate or citizenship certificate), and
- one form of secondary ID (e.g. utility bill with your name and address on it).
Don't have your photo ID?
Alternative identification documents are available for anyone who:
- is under 18 years of age.
- is a non-resident.
- doesn't have an Australian photo identity document.
Existing customers
Already have business accounts with BCU Bank? You have good taste. To open a Farm Management Deposit, you can call us on 1300 228 228 or visit one of our branches during business hours.
Open your account in person at a branch
We’d love to see you in person. Visit your nearest BCU Bank branch to open an account.
You'll need to:
- have a valid ABN,
- be primary producer acting as an individual,
- be operating in Australia with an Australian address, and
- bring your Australian driver licence or a valid Australian passport.
Eligibility requirements
To be eligible to open a Farm Management Deposit, you'll need to be a primary producer at the time the deposit is made.
This means you are:
- carrying on a primary production business at the time of the deposit, and
- acting as an individual (meaning you can be a sole trader, the partner of a partnership or beneficiary of a trust, but not joint persons or companies).
You must also meet special legislative requirements to open a Farm Management Deposit Account. Please refer to the Australian Tax Office (ATO) Farm Management Deposits Scheme special legislative requirements to ensure you comply.
New customers
If you’re new to BCU Bank, you'll need a registered Australian Business Number (ABN).
Personal identification is required for all signing directors and beneficial owners, so you will need:
- your Australian driver licence OR a valid passport, or
- one form of primary ID without a photo (e.g. birth certificate or citizenship certificate), and
- one form of secondary ID (e.g. utility bill with your name and address on it).
Don't have your photo ID?
Alternative identification documents are available for anyone who:
- is under 18 years of age.
- is a non-resident.
- doesn't have an Australian photo identity document.
Because we're here to help
Get in touch
Call us on 1300 228 228 or visit your nearest branch for all your everyday business banking needs.
Find your local branch
You’ll find us from Maroochydore to Port Macquarie – drop in and say hi!
Get answers online
Check out our how-to guides, search our FAQs, and find support services.
Got a question about Farm Management Deposits?
Both Farm Management Deposits and term deposits work in similar ways in that you are offered a fixed rate of interest for a set period (the term). You can watch your interest grow, but you can’t touch it.
However, a Farm Management Deposit (FMD) has some distinct differences:
Eligibility: FMD’s are only for individuals engaged in primary production, with the ATO determining what is considered primary production and other eligibility criteria.
Tax benefits: Funds held in a FMD account will be deducted from your assessable income in the year in which the deposit is made. Withdrawals will be considered assessable income for that year's tax return. Please note that deposits in the FMD account must be kept for at least 12 months to be eligible for tax benefits. If you want to take advantage of the tax benefits that an FMD may provide, you must take out this product specifically.
Interest: Interest earned on an FMD can only be paid to the individuals transaction or savings account, it cannot be paid directly into the FMD.
For more information and full eligibility criteria, please refer to the Australian Tax Office (ATO) Farm Management Deposits Scheme.
You can access part or all of your funds in your Farm Management Deposit (FMD), however there may be tax implications for doing so. In some circumstances, such as natural disaster or drought, you may be able to access your FMD without losing your tax deduction. Please refer to the Australian Tax Office (ATO) Farm Management Deposits Scheme for full eligibility criteria.
You should seek the advice of an accountant or tax professional before requesting a full or partial repayment.
Any repayment of the FMD must be at least $1,000, except where the entire amount is repaid.
Further information is available in our Term Deposit Account Terms and Conditions.
At the time of opening your Farm Management Deposit (FMD), you set instructions for what you want us to do with your deposit and when it matures. When your FMD is due to mature, you can explore your options to:
- renew your FMD for a new term with an increased deposit amount; or
- transfer funds to another nominated account (repayment); or
- a combination of the above two options.
You can also choose to leave your money in the same FMD, it’s what we call a rollover. As interest earned cannot be paid back into your FMD, this option will not include any interest paid to you.
Your instructions can be provided any time up to your maturity date. Further information is available in our Term Deposit Account Terms and Conditions.
Important information
Banking and Credit products issued by Police & Nurses Limited (BCU Bank).
Any information on this website is general in nature and does not consider your personal needs, objectives or financial situation. Our rates are current as of today and can change at any time. Credit eligibility criteria, terms and conditions, fees and charges apply.
Read the relevant product terms and conditions before deciding if a product is right for you.
We calculate interest daily by multiplying the balance of your deposit by the fixed interest rate. Interest can be added to the principal amount, or you can request for it to be credited to your nominated bank account.
Funds need to be held in a Farm Management Deposit for a minimum of 12 months to qualify for the tax benefit.
The balance of all Farm Management Deposits must not exceed $800,000. This is the case even if Farm Management Deposits are held with different financial institutions.