At a glance…
- More flexible than a term deposit account
- Easily setup using Suncorp’s Internet Banking
- No minimum or maximum flexiRate balance
- Choose your own flexiRate period or select a Standard period
- Available on selected Personal and Business Accounts
Earn guaranteed rates of high interest on your savings
flexiRates allow you to fix the interest rate applying to a portion of your balance for a set period of time.
flexiRates have been designed to maximise the amount of interest you can earn.
How do flexiRates work?
Say you had $10,000 in your account, earning variable interest of 7.00% 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 7.40% p.a., if that was the applicable rate at the time.
You are in complete control over what balance you decide to ‘fix’ and you can choose any period you like between one month and one year.
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 can change daily, but once you setup a flexiRate, your money is guaranteed to earn the selected rate as long as the nominated period is completed.
Find out more about flexiRates
| Features |
|
| High Interest |
Interest is calculated daily on every dollar and paid at the end of the flexiRate period |
| No Minimum Balance |
The is no minimum balance required to setup a flexiRate |
| Choose Your Own End Date |
You can choose any flexiRate period from 1 month to 1 year, to align with your savings goals eg holiday, wedding, new car |
| Internet Banking Only |
flexiRates are easy to setup and manage in Internet Banking |
| Multiple flexiRates |
You can have multiple flexiRates on your account at once. They will all appear separately in Internet Banking and on your statement, but the funds remain in your account for your convenience |
Fees
There is no account keeping or transaction fees payable on your flexiRate.
Early Release of a flexiRate
An interest adjustment will apply 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 |
| 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.
