Terms to suit you
Deposits start with as little as $5,000 and you can invest up to $800,000 across all FMD accounts you hold.
Rates and fees
Other terms and rates are available. View the current FMD interest rates.
Simply choose the FMD term that works for you and your goals. Please note: Advertised interest rates may change without notice.
There are no account service fees or transaction fees.
FMD accounts are subject to terms and conditions including for early withdrawal. Refer to the Elders Financial Deposit Product Terms and Conditions.
Features and benefits
Your funds are secure
The Financial Claims Scheme is an Australian Government-backed safety net that provides protection to deposit-holders with certain financial institutions. As an Elders Finance customer, you may be protected by this scheme for deposits of up to $250,000 per account holder, per authorised deposit-taking institution (ADI)*.
Opening an Elders Farm Management Account is easy.
Simply visit your local Elders branch to establish an account. You'll need to provide your ID documents. We'll contact you within three business days with an update on your application. Once approved, login to internet banking and start putting your money to work in your FMD.
Alternatively, complete the form below and one of Financial Services Managers will contact you.
Important information
The account holder must be an individual (including a partner in a partnership) who is carrying on a primary production business in Australia when the deposit is made. A company or trust cannot hold a FMD Account.
A deposit must be $5,000 or more when it is made, unless the deposit is:
- the immediate reinvestment of an FMD as an FMD with Elders Finance; or
- the extension of the term of an FMD (even if other terms such as those relating to interest payable are also varied).
You cannot transfer your rights in respect of the deposit to another person.
The deposit must not be the subject of a charge or other encumbrance to secure any amount. That is, the FMD cannot be used as security for any amount you owe Elders Finance or any other person.
The fact that you are the owner of the FMD must not be the reason why, or one of the reasons why, amounts of interest that are or will be payable to Elders Finance in respect of your loans or other debts, or of a partnership of which you are a partner, are or will be less than they would otherwise be.
Interest or other earnings on the deposit will not be invested as an FMD without having first been paid to you (that is, we will not pay interest directly into a FMD Account). This means that interest earned on a FMD Account is included in your assessable income and not counted as primary production income.
We will assist to transfer the deposit by electronic means to another FMD provider that agrees to accept the deposit as an FMD if:
- you request us in writing; and
- you give us any information or other assistance necessary for the purpose.
We will not deduct from the deposit (whether at the time it is made, while it is with Elders Finance or at the time of its repayment) any administration fee or other amount required by us to be paid in respect of the deposit or otherwise.
1This material has been prepared for informational purposes only, and you should consult your own tax, legal and accounting advisers before engaging in any transaction. You should obtain tax advice before claiming a tax deduction.
^ A primary producer is an individual who:
- carries on a primary production business in Australia, (eg. dairy farm, trout hatchery, olive grove, pecan plantation, orchardist, wheat farm, beef, cattle lot etc) but not as a trustee of a trust;
- is a partner in a partnership that carries on a primary production business in Australia;
- is a beneficiary of a trust that carries on a primary production business in Australia who is currently entitled to a share of the income of the trust estate.
A primary production business engages in production in the farming, fishing and forestry sectors, including plant or animal cultivation, fishing or pearling, or tree farming or felling. Please contact the Australian Tax Office if you are unsure whether you qualify as a primary producer.
~ You must have no more than $100,000 in taxable non-primary production income in the income year you make the deposit.
*The Financial Claims Scheme (FCS) limit of $250,000 applies to the sum of an account holder’s deposits under each Authorised Deposit-taking Institution (ADI) and so includes accounts with any other banking businesses that the ADI may operate under a different name. Auswide Bank is an ADI and is prudentially supervised by the Australian Prudential Regulation Authority (APRA). Auswide Bank is a single banking institution, but may have branding arrangements with other entities (such as Elders). If you have an Elders product as well as a product branded as Auswide Bank Ltd, the combined total of these accounts will be counted towards your $250,000 limit.
Disclaimer: Elders Rural Services Australia Limited ABN 72 004 045 121 Australian Financial Services Licence 237757 (Elders) has entered an arrangement to distribute banking products issued by Auswide Bank Ltd ABN 40 087 652 060 Australian Financial Services Licence 239686 (Auswide Bank). Auswide Bank is a wholly owned subsidiary of MyState Bank Limited ABN 89 067 729 195, part of MyState Limited ABN 26 133 623 962. This information is general in nature and does not consider your personal objectives, financial situation or needs. Before deciding whether to apply for a financial product, you should seek professional advice and consider the relevant Terms and Conditions and Target Market Determination on the Elders website. Elders may receive a commission from Auswide Bank if you successfully apply for a financial product through Elders. For more information on Elders’ relationship with Auswide Bank, please read the Elders Financial Services Guide.