Farm Management Deposit Account

Even out the good and bad years

BankSA’s Farm Management Deposit Account allows you to set aside pre-tax income in the good years to establish cash reserves to better manage through low income periods.

Earn interest on your funds immediately
Minimum deposit of $1,000, maximum amount $400,000
Income tax payable when you draw the funds, subject to Federal Government requirements.

Features

Interest

High interest rate
Calculated daily, paid monthly

Term

Funds available twelve months from the date of the deposit
Fixed rate for twelve or twenty four months, and funds are available upon expiry of the fixed rate

Access

Account access

Access to your funds via BankSA branches
View account details via Internet and Phone Banking

Fees

Account service fee

No monthly account service fee

Transaction fee

Balance transfer fee applies when transferring funds to another bank

How to apply

Download the application form

Print and complete the application form
Bring to your nearest branch when applying for an account, or depositing additional funds into your existing Farm Management Deposit Account

Call us

Apply over the phone on 13 13 76 , 8am - 8pm, seven days a week
For further information, call our Farm Management Deposit Account Support Centre on 1300 301 582

Requirements

You may open a Farm Management Deposit Account if:

You are an individual member of a partnership or an individual beneficiary of a trust and you, the partnership or trust carry on a primary production business for the purposes of tax law
You, the partnership or trust have a taxable non-farm production income of less than $65,000
You do not have a Farm Management Deposit Account with any other Financial Institution

You should seek independent taxation advice to confirm your eligibility and any taxation implications.