Here's the most common questions our customers ask us about flexiRates, our account
feature that allows you to lock away a portion of your savings at a higher fixed
rate of interest for a period of your choice. It's important to us that we answer
all your questions so you feel comfortable with any decisions you make. If you have
a question that we haven't covered here, please email us.
Setting Up flexiRates
Using flexiRates
Releasing or Renewing flexiRates
What are flexiRates?
flexiRates
allow you to fix the interest rate applying to a portion of your balance for a set
period of time. flexiRates are designed to help you maximise the amount of interest
you can earn on your money.
e.g. If you have $10,000 in your account, earning 3.40% p.a. & you only needed to
access $2,000 , you could fix the remaining $8,000 in a flexiRate for 6 months for
3.90% p.a., if that was the applicable rate at the time.
Thus, flexiRates give you the control to maximise interest you can earn, while still
allowing you to have money ‘at call’ for when you need it.
How many flexiRates can I have at once?
You can have up to fifteen flexiRates on an account at any one point in time.
What accounts are flexiRates available on?
FlexiRates can be applied to selected Suncorp Bank personal and business savings
accounts.
Personal Accounts include: Everyday Options Sub-Account, eOptions Account
Business Accounts include: iBus Maximiser, Business Investment Account, Business Investment Account Options
What is the difference between 'total balance' and 'available balance?
Your total balance is the total amount of money you have in your Suncorp
Bank account, including any flexiRate balances.
Your available balance is the amount you are able to access in
your Suncorp Bank account, and does not include any flexiRate balances.
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.
How frequently is flexiRate interest calculated and paid?
Interest is calculated daily and paid when the flexiRate period ends.
How do I set up a flexiRate?
flexiRates can be easily set up using Suncorp Bank's Internet Banking. Simply select
flexiRates in the main menu on the left side & click on: "Setup new flexiRate"
From there, you select the flexiRate options that suit you. You will have a chance
to review your choices before you submit your request.
What flexiRate options do I have?
Choose whatever flexiRate end date you like between 1 month and 1 year, and an applicable
interest rate will automatically be calculated for you.
You can also choose from our standard periods 3 months, 6 months or 12 months.
From time to time we also offer special rates - these will also be available on
the setup new flexiRate page.
Can I set up a flexiRate to start some time in the future?
No. flexiRates cannot be setup to start in the future.
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.
When does a flexiRate start exactly?
flexiRates start immediately after you set one up in Internet Banking. However,
there is a period of time at night when our computer systems perform the end-of-day
processing on all accounts. flexiRates requested during this period will start from
the next day. The exact start date of a flexiRate is clearly indicated during setup.
Is there a minimum or maximum flexiRate balance?
No, there is no minimum or maximum flexiRate balance required. The only limit is
the available funds you have in your account.
What is the minimum and maximum flexiRate length?
flexiRates can be setup for any period of time between 1 month and 1 year.
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.
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 my flexiRates show on Internet Banking?
The manage my flexiRates page on Suncorps Bank's Internet Banking will show all
your current flexiRates, along with the applicable start and end dates, balances,
interest rates and end of period instructions.
When exactly does a flexiRate finish?
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. In effect, the funds and interest will be available on the day following
the nominated end date.
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 is an early release?
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.
The early release option is provided on a best-endeavour basis, but may not be available
in all circumstances.
How is the early release interest adjustment calculated?
The interest adjustment is the percentage of the interest earned to date that you
will lose in the event we agree to you releasing your flexiRate early. The interest
adjustment is made according to the proportion of the term completed as outlined
in the table below.
The interest adjustment amount applied depends on how early in the flexiRate term
you request to release your funds. The interest adjustment 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
|
|
% - 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
|
Why is there an interest adjustment if I release my flexiRate early?
flexiRates generally offer higher interest rates than are available on online savings
accounts because they are set up for a fixed period of time. If the flexiRate period
is not completed, Suncorp Bank cannot pay the selected fixed interest rate, so an
interest adjustment is made to reflect this.
Can I automatically renew an expiring flexiRate into another one?
You can automatically renew a standard period flexiRate into another identical period.
Standard terms are 3, 6 and 12 months. This means that at the end of your selected
period, your flexiRate will automatically renew for the same period again.
You cannot automatically renew a flexiRate where you have chosen your own end date
or where you select a special rate and period.
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.
