Features and benefits of ERB FMD

You may choose to invest in either a Fixed or Variable Rate FMD, or both, depending on your needs. The features of both products are provided below to assist you in deciding which is the best option for you.

  Fixed Rate Variable Rate

Term

 3, 6, 12 or 24 months At call

Overview

 An FMD designed for primary producers who do not require ready access to their funds during the fixed term and want to know the interest rate return they will receive on their investment. A FMD designed for primary producers who require "at call" access to their investment. 

Minimum Balance

 $5,000 to open and maintain a Fixed Rate Farm Management Deposit $1,000 to open and maintain a Variable Rate Farm Management Deposit

Maximum Balance

 $400,000* $400,000*

Interest Rate

 Interest rate fixed for the term of the Fixed Rate FMD Interest rate can vary at any time

Interest Payment Methods
  • Transferred to an existing Elders Rural Bank account; or
  • Electronically transferred to an account held with another financial institution.

Interest calculated and paid

 Calculated daily and paid: 
For 3 and 6 month:
  • at maturity

For 12 and 24 month:

  • Annually
  • Quarterly
  • Monthly

Calculated daily and paid:

  • Annually (on 1st July)

Deposit Methods
  • Cheque
  • Cash
  • Electronic Funds Transfer (including direct credit) 

Withdrawal Methods
  • Staff assisted transfer (to an Elders Rural Bank account or an account held with another financial institution)
  • Corporate cheque**
  • Bank cheque **

Minimum Subsequent Deposit

 No deposits permitted during fixed term $1,000

Minimum Withdrawal

 $1000. If withdrawals are required during the fixed term, they are made subject to the approval of Elders Rural Bank. An interest rate reduction applies for withdrawals during the fixed term. $1,000

Statements

 At maturity for 3 month term. 6 monthly for all other terms. 6 monthly

Internet and Phone Banking

 Available 24 hours, 7 days a week to view or monitor account balances. Third party access can also be arranged.

Fees

 No transactional fees apply**

* The combined value of all FMD accounts cannot exceed $400,000 and must only be held with one financial institution.
** Fees for general services (including Corporate and Bank cheques) apply. Refer to the Schedule of Fees and Charges for details.

You may also be interested in some of our other Elders Rural Bank products:

For your borrowing needs:

 Elders Rural Bank has developed Term Loans, Seasonal finance and a line of credit (AgriManager®) especially for primary producers.

For your savings and investment needs:

 We have a range of savings and investment products with competitive interest rates available. These include Everyday, Gold Cash Management Accounts, Term Deposits and ERBonline accounts. 

For those wishing to invest $500,000 or more:

 Our dedicated Treasury team has a range of products and services available developed to maximise returns. 11am Call Deposits, Fixed Term Deposits and Negotiable Certificates of Deposit are all available.

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