flexiRates: higher interest rates on Savings
How do flexiRates work?
6 months (special)
An interest-earning transaction account for customers aged 55 and over.
Sub-accounts can be set up with an Everyday Options account to help you split and manage your money.
An online-only savings account with no account-keeping fees.
An online-only savings account for businesses.
Ensure that you have an eligible Suncorp Bank savings account.
Select ‘flexiRates’ in either Internet Banking or the Suncorp Mobile Banking App, in the main menu on the left side.
Click ‘Setup new flexiRate’.
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.
Personal Deposit Product Information Document
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.
Start savings with flexiRates
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.
flexiRates are available with: 55 Plus Account, Everyday Options sub accounts, eOptions Account and Business Saver Account
Your interest will however be adjusted if you request to release your flexiRate early. This simply reduces the amount of interest you’ll receive and doesn’t impact the amount that you originally put in.
flexiRates allows you to earn higher interest rates by locking away a portion of your savings for periods up to 12 months.
Interest is calculated on a ‘stepped’ basis, which means you'll earn interest based on the parts of your account balance which fall within a set dollar and interest rate range. Please see the interest rate tab for rates across all account balances. Interest is calculated daily and paid monthly.
flexiRate rates allow you to earn higher interest rates by locking away a portion of your savings within your account for periods up to 12 months.