Compare Rural Bank Savings Accounts

Information verified correct on October 22nd, 2016

Farmers can look forward to multiple benefits when banking with Rural Bank.

The Rural Bank began operations as the Elders Rural Bank, with the aim of delivering specialist baking services to the rural regions of Australia. It changed its name to its current form in 2009, and it 2010 it because a wholly owned subsidiary of the Bendigo and Adelaide Bank Group.

Who is Rural Bank?

Rural Bank specialises in providing banking products and services to farmers and the general population alike. Farmers can choose from various loans to help grow their farm businesses, and they can also open day to day banking, savings, and investment accounts. If you’re not a farmer, you can still look forward to being an account holder.

What transaction accounts are provided by Rural Bank?

  • Seasonal Account

This account is especially for farmers and works as an all-in-one account that gives account holders easy means to everyday banking along with an optional overdraft facility. This account does not require a minimum opening or ongoing balance, and gives you the opportunity to earn interest. You can access funds in your account using a Visa debit card and an optional business chequebook.

  • Everyday Account

The everyday account is for everyone. Account holders can access funds in their accounts using a Visa debit card, they can turn to Australia Post outlets that display the Bank@Post symbol, and they can get an optional chequebook.

  • Everyday Retirement Account

You can apply for this account if you’re over 55 years of age. You earn competitive interest if your account balance exceeds $46,000. Account holders get a Visa debit card, they can transact at Australia Post outlets that display the Bank@Post symbol, and they can get optional chequebooks.

  • Gold Cash Management Account

This account gives you the ability to earn interest if your balance exceeds $5,000, in a tiered manner, and it also offers the convenience of a day to day account. If you maintain an ongoing balance of $5000, you don’t have to pay any monthly account keeping fees. You can access funds in your account using a Visa debit card.

  • Everyday Community Account

This account is for not-for-profit community organisations. It does not charge any account keeping fees, and it pays a competitive interest rate. You can open this account with as little as one Australian dollar, which is also how much you have to maintain as your minimum ongoing balance. This account comes with a Visa debit card and a business chequebook.

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What high interest savings accounts are offered by Rural Bank?

  • Farm Management Deposit

With Rural Bank Farm Management Deposits farmers can set aside their pre-tax earnings from profitable years and earn interest on the same. You can apply for this account if you’re a primary producer who earns $100,000 or less as taxable non-farm income in a financial year. You can have multiple Farm Management Deposits, with a combined total of up to $400,000, and you can choose between earning fixed and variable interest.

  • Online Saver Account

You can apply for this account as an individual, a business, or a self-managed superannuation holder. With this account you can expect to earn high interest, and you don’t have to pay any account keeping fees. You can access funds in your account using BPAY and Rural Bank’s PayAnyone service. You can have a maximum balance of 2000000  in this account.

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What term deposits are offered by Rural Bank?

  • Term Deposit

You can open a Rural Bank term deposit with as little as $500, and terms vary in between one month and five years. Rural Bank term deposits don’t attract any ongoing account keeping fees, and you can apply as an individual, a business, or a self-managed superannuation holder.

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What are the pros and cons of banking with Rural Bank?


  • Special offerings for farmers. Rural Bank has in place accounts like the seasonal account and the farm management deposit account meant especially for farmers, giving them easy access to their money as well as the ability to earn interest.
  • Multiple offerings for all. This bank does not limit its offerings to farmers. Other individuals and businesses can also look forward to opening different kinds of everyday and savings accounts with this bank. They can open term deposits as well.
  • Multiple ways to bank. Rural Bank gives its customers the ability to bank in various ways. The 'banking of farm' facility brings tailored banking solutions and personalised service to your doorstep. You can bank in person by visiting any Elders Rural Services or Bendigo Bank branch; and you can also bank online and over the phone.


  • Lack of branches. Rural Bank has heavier online presence than a physical one.

How do I apply for Rural Bank savings account?

Depending on the account you wish to open, you can apply online, you can initiate the process over the phone, or you can send your application via post. To apply online, simply click on the ‘Go to Site’ button, but make sure you meet the following eligibility criteria.


  • You’re a resident of Australia
  • You meet account specific age requirements
  • You meet account specific minimum opening balance requirements


As part of the application process, prepare to part with the following information.

  • Your complete name, residential address, phone number, email address, and tax file number
  • Original or certified copies of required identification documents
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