How do I set up a flexiRate?

A flexiRate lets you lock away a portion of your savings (for eligible personal and business saving accounts) for periods of up to 12 months within Internet Banking and the Suncorp Bank Mobile App . Follow these 3 simple steps to setting up flexiRates within Internet Banking : Select ‘Manage my flexiRates’ in the main menu. Click on ‘Setup new flexiRate’. Select which account you would like to setup the flexiRate from. Type in the dollar figure you would like to place into a flexiRate Select your desired term, either the periods shown or choose a custom end date. Choose if you would like your funds released back into your account at the end of the nominated period or if you would prefer the flexiRate to be renewed for the same period. Select ‘Next’ to review your flexiRate details before selecting the ‘Confirm’ button. If you are looking to set up a flexiRate via the Mobile App : Click on the hamburger menu on the top left hand side. Locate the flexiRates menu option. Once directed to a new screen select on the ‘Setup a flexiRate’ button at the bottom of the screen. Select which account you would like to setup the flexiRate from. Type in the dollar figure you would like to lock away and then click next. Select your desired term, either the periods shown or choose a custom end date followed by next. Review all of the details before confirming your flexiRate by clicking the ‘Setup flexiRate’ button. View the current Interest Rates for flexiRates .

flexiRates: higher interest rates on Savings

flexiRates are like a flexible online term deposit you can manage yourself. They allow you to set aside a portion of your savings in eligible accounts for a nominated period, have it earn a little extra interest, and help you reach your savings goals quicker.

Why choose flexiRates

No minimum balance required

You can apply flexiRates to any amount up to $1 million

Early release option

No admin fee is charged if you need to withdraw all of the funds before the end of your nominated period. An interest adjustment will apply

Choose a period that suits you

You can apply flexiRates for anywhere from 1 to 12 months, depending on your budgeting and savings needs

Freedom to set up and manage yourself

You can setup a flexiRate in under a minute on eligible accounts and view your balances at any time in Internet Banking or the Suncorp Mobile Banking App.

Reduce the temptation to spend

Lock away a portion of your money to save for something special

How do flexiRates work?

If you have more money in savings than you’ll need for your short-term expenses, you can lock a portion of it away at a higher fixed interest rate than the unlocked portion.

For example, if you’ve got $10,000 saved but only need $2,000 in the near future, you can apply a 6-month flexiRate (with no additional account keeping or transaction fees!) to the unused $8,000 and earn more interest on that balance than you do on the $2,000. Simple!

Want a little more detail? See the Product Information Document.

Interest Rates

3 months

6 months (special)

12 months

Eligible savings accounts

55 Plus Account

An interest-earning transaction account for customers aged 55 and over.

Everyday Options sub accounts

Sub-accounts can be set up with an Everyday Options account to help you split and manage your money.

eOptions Account

An online-only savings account with no account-keeping fees.

Business Saver Account

An online-only savings account for businesses.

How to set up your flexiRates

Step 1

Ensure that you have an eligible Suncorp Bank savings account.

Step 2

Select ‘flexiRates’ in either Internet Banking or the Suncorp Mobile Banking App, in the main menu on the left side.

Step 3

Click ‘Setup new flexiRate’.

Step 4

Select the options that best suit you.

Set up a flexiRate

Find out more

Don’t forget if you need to access your savings, you can request for the funds within the flexiRate to be released at any time with no additional fees. If the early release is approved, an interest adjustment will apply.

Helpful Tools

Frequently asked questions

FREQUENTLY ASKED QUESTIONS

How can I view and manage my flexiRates?

You can easily set up, view and manage your flexiRates in Internet Banking or the Suncorp Mobile Banking App.

Please note that any funds locked away in flexiRates won’t show as part of your normal account balance on the main screen. Don’t panic, the money hasn’t disappeared! It’s just separated from the unlocked portion of your savings.

Interest is calculated daily and paid at the end of the flexiRate period. Once you set up a flexiRate, your interest is fixed and guaranteed, provided the nominated period is completed.

Yep! You can 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; that is, you can’t request early access to just a portion of your flexiRate balance.

As flexiRate interest is calculated for a fixed term, there will be an interest adjustment 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.

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.

A flexiRate lets you lock away a portion of your savings (for eligible personal and business saving accounts) for periods of up to 12 months within Internet Banking and the Suncorp Bank Mobile App.

View all related FAQs

Start savings with flexiRates

Set up a new flexiRate

You can easily manage flexiRates in Internet Banking

Set up a flexiRate

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Deposit Products are issued by Suncorp-Metway Ltd (“Suncorp Bank”) ABN 66 010 831 722 AFSL No 229882. Please read the Product Information Document Personal Deposit Accounts before opening an account. Fees, charges, terms and conditions apply and are available on request.