Clone of flexiRates
flexiRates allows you to lock away a portion of your savings
Unique to Suncorp Bank customers, flexiRates can lock away any amount, and term of your choosing - at a higher rate of interest, similar to how you would with a term deposit.
Setting up and managing your flexiRate account is simple, and all done within Internet Banking.
Requires no minimum balance to use, and we cap it only at $1M.
You choose the 'lock-away' period: from 1 month, to a year (with the easy option to 'renew' at each period's close.)
You can apply up to 15 flexiRates to the one account
Any flexiRate information will appear on your normal account statement
How do I activate the flexiRate functionality?
1. Firstly, check you have (or apply for) a compatible savings account:
2. Log in to Suncorp Bank Internet Banking
3. Select the option, 'Manage my flexiRates'.
Rates and Fees
|Interest Type||Annual Interest Rate|
|3 months||2.40% p.a.|
|6 months (Special)||2.50% p.a.|
|12 months||2.45% p.a.|
Interest Rates Effective 30 May 2017. Interest is calculated daily on the whole balance of the nominated flexiRate amount and paid at the end of the flexiRate period. flexiRate interest is fixed for the nominated flexiRate period. The maximum flexiRate period is 12 months. An interest adjustment will apply if we allow you to release your flexiRate early.
Things you should know:
- The interest you earn using flexiRates is calculated daily, and paid-out at the end of your selected flexiRate term.
- Though interest rates change with the market, once you've locked in a flexiRate term, it will stay fixed until its conclusion.
There is no account keeping or transaction fees payable on your flexiRate.
Ending a flexiRate early
Should we allow an early release of a flexiRate, an interest adjustment will apply. The interest adjustment is made according to the proportion of the term completed as outlined in the table below. This does not impact on your original flexiRate balance it simply reduces the amount of interest you will receive.
|Proportion of Your flexiRate Period Completed||Interest Adjustment|
|0% - 25%||80% of the interest earned up to the early release date|
|26% - 50%||60% of the interest earned up to the early release date|
|51% - 75%||40% of the interest earned up to the early release date|
|76% - 100%||20% of the interest earned up to the early release date|
#Fees may apply for other services.
How are interest rates set?
flexiRate interest is based on the Australian Money Market.
The Australian Money Market is comprised of institutions such as banks that lend money to each other for varying periods of time. Australian Money Market rates are based on economic forces such as supply and demand, and they typically rise or fall much more frequently than the Official Cash Rate which is set by the Reserve Bank of Australia.
Generally, the longer the period of time, the higher the interest rate. However this is not always the case.
flexiRates are designed to take advantage of movements in the Australian Money Market, by allowing you to fix the interest rate applying to a portion of your balance for a set period of time. Therefore, the flexiRates on offer may change frequently. However, once you set up a flexiRate, your interest is fixed and guaranteed as long as the nominated period is completed.
How can the interest rates be higher than many other rates I find elsewhere?
As flexiRates are only available in Suncorp Bank's Internet Banking they are entirely self-serve. By keeping our costs down, we can pay you higher interest than is generally available through a branch, without requiring minimum balances.
flexiRates are also based on fixed interest Australian Money Market rates see above for more details..
Can I set up a flexiRate if my account is operating in offset mode?
Yes. You have the option to setup flexiRates on your sub-accounts. You will earn credit interest on the amount of your flexiRate and the remainder of your account balances will offset your loan.
Can I add money to an existing flexiRate?
No. You cannot add money to an existing deposit under a flexiRate, however you can have up to 15 flexiRates on your account at any one point in time.
Can I withdraw money from a flexiRate?
No. You cannot withdraw money from a flexiRate, as the interest rate is based on the money staying in your account for a fixed period of time. You can request an Early Release (see the Rates and Fees tab.)
Will my flexiRates show on my statement?
All current flexiRates will show on your account statement, along with the applicable start and end dates, balances and interest rates.
Will I be reminded when a flexiRate is due to expire?
Yes. You will receive a secure message in Internet Banking 2 weeks prior to your flexiRate end date. You will recieve email notification that you have the secure message. To protect your privacy and security the email won't contain any details about your flexiRate.
You will also receive a secure message and an email alert when your flexiRate ends.
What interest rate will I get if I automatically renew a flexiRate?
The interest rate that applies to your automatically renewed flexiRate will be the current rate available for your allocated term at renewal time.
Can I change my renewal instruction during a flexiRate?
Yes. You can change your renewal instructions at any time before 7pm on the day your flexiRate is due to end. Simply go to the 'manage my flexiRates' section in Internet Banking.
Banking Products issued by Suncorp-Metway Ltd (“Suncorp Bank”) ABN 66 010 831 722. Please read the Product Information Document before making any decisions regarding this product. Visit your nearest branchor call 13 11 75 for more information. Terms and Conditions apply and are available on request. Fees and charges may apply.