Summary:
For general information, Frequently Asked Questions and current interest rates, refer to our flexiRates page
What are flexiRates?
- flexiRates allow you to fix an interest rate to a portion of your balance for a set period. It's like applying mini-term deposits to your online savings accounts.
- They have been designed to help you maximise the amount of interest you can earn on your money.
- For example, say you had $10,000 in your account, earning 6.40% p.a. If you knew you only needed to access $2,000 in the near future, you might wish to fix the remaining $8,000 in a flexiRate for 6 months for 6.90% p.a., if that was the applicable rate at the time.
How do I set up a flexiRate?
- You'll need to have an eligible account for flexiRates. Go to our flexiRates page for more information
- In the left hand menu, select Manage My flexiRates then click Set Up New flexiRate.
- Select the account that you wish to apply a flexiRate to.
- Enter the amount.
- Select the time and rate option. Either select from our special rates or choose one of your own.
- Choose whether you want the funds released back into your nominated account or be renewed as a flexiRate for the same period.
When we release your flexiRate
- flexiRates finish on the night of the nominated end date. At that point in time, interest is paid into your account, and unless you have chosen to automatically renew your flexiRate, your funds are released and are available for you to access. Effectively, the funds and interest will be available on the next day.
- We will send you a secure message 2 weeks before your flexiRate is due to end as a reminder.
Viewing flexiRates you have setup
- Select Manage My FlexiRates.
- You will see all of the flexiRates in a table with the start date, end date, interest rate details displayed.
Releasing a flexiRate early
Early release allows you to request that your flexiRate period ends before the nominated end date, enabling you to access your funds. You can only request the release of your entire flexiRate balance. As flexiRate interest is calculated for a fixed term, there is an interest adjustment that occurs if the flexiRate is released early.
- Select Manage My FlexiRates
- Select the flexiRate you wish to release early
- Review the interest adjustment and confirm that you want to release this interest rate early
- Your flexiRate will then be released back into your nominated account.
Frequently Asked Questions
Q: Does a flexiRate setup from an offset account count towards offsetting my loan?
No, once you setup a flexiRate on an account that is also used to offset your loan, that portion of money will no longer offset your loan.