Farm Management Deposit
Farming is a rewarding but sometimes risky business. That's why Heritage Bank offers a Farm Management Deposit account to help primary producers manage some of this risk. This account allows primary producers to set aside pre-tax income in good years to use when the farm isn’t making as much money as usual or the farming season isn’t so great.
About this Rate
*Interest paid - at maturity; annually; or quarterly (deduct 0.10% from quoted interest rates). Interest will be paid to your nominated account.
All rates shown are on a per annum (p.a.) basis and subject to change without notice.
- No account keeping fees^
- Deposit between $1,000 - $800,000
- Two investment options are available: At Call savings with a variable interest rate or Term Deposit investment for 12 or 24 months
- Switch between At Call and Term Deposit investment options during your term
- Ability to partially withdraw money from Term Deposit investments if needed, at a penalty interest rate
- Possible tax-saving benefits: In some circumstances, by depositing money into a Farm Management Deposit, you may be able to reduce your taxable income for the year by the amount of the deposit (up to a maximum amount of $800,000 across all of your Farm Management Deposits). When you withdraw from your Farm Management Deposit account, those funds count towards your assessable income for that year.
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|---|---|---|
| Interest Rate | ||
| 12 months* | ||
| 24 months* | ||
| *interest paid - at maturity; annually; or quarterly (deduct 0.10% from quoted interest rates). interest will be paid to your nominated account. | ||
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|---|---|---|
| Interest Rate | ||
| $1,000 to $49,999** | ||
| $50,000 to $800,000** | ||
| **tiered interest rates calculated on daily balances and paid quarterly. interest will be paid to your nominated account. | ||
| Account keeping fee | $0 |
| Transaction fee | $0 |
| Minimum opening balance | $1,000 |
| Minimum operating balance | $1,000 |
| Maximum operating balance | $800,000 |
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