flexiRates FAQs

flexiRates allow you to lock away a portion (from $1 to $1 million dollars inclusive) of your savings within your account at a higher interest rate for up to 12 months on your Everyday Options Main and Sub-Accounts, Carbon Insights Main and Sub-Accounts, Business Premium Account and Business Saver Account as well as for existing eOptions and 55 Plus Accounts. flexiRates’ interest rates are fixed for the period you’ve nominated them for. You can see your current flexiRates on your account statement, along with your balances and interest rates.

flexiRates can be set up easily via Internet Banking or the Suncorp Bank App

To set up flexiRates through the Suncorp Bank App:

• Open up the app and tap through to your accounts.
• Select the account you’d like to set up a flexiRate and then select ‘Account details’.
• Tap the + button that says ‘Add flexiRate’, and then type in the dollar figure you’d like to lock away.
• Next, select set your desired flexiRate term and then the end instructions for the flexiRate period.
• Confirm the details of your flexiRate then tap ‘Submit now’.

To set up flexiRates through Internet Banking:

• Log in to Internet Banking and select ‘Manage my flexiRates’ from the main menu.
• Click ‘Setup new flexiRate’ and then select the account you’d like to set up a flexiRate for.
• Type in the dollar figure you’d like to lock away, followed by your desired term.
• From here, you’ll be given the option to have your funds released back into your account at the end of the nominated period or for your flexiRate to be automatically renewed for the same period (if available).
• Select ‘Next’ to review your flexiRate details before clicking ‘Confirm’, then you’re good to go!

Head to the flexiRates page for more information and to see our current interest rates.

flexiRates are available with our Everyday Options Main and Sub-Accounts, Carbon Insights Main and Sub-Accounts, Business Premium Account and Business Saver Account as well as for existing eOptions and 55 Plus Accounts. flexiRates allow you to lock away a portion of your savings and earn higher interest on those funds for up to 12 months. Your flexiRates will show on your account statement, along with the start and end dates of your nominated periods, balances and interest rates.

Head to our flexiRates page to see our current interest rates.

Yes, all current flexiRates will show on your account statement, along with the applicable start and end dates, balances and interest rates.

If you’ve chosen to renew your flexiRate at the end of your nominated period, rather than to release it, your interest rate will be the rate applicable on the day that you renew. This means that even if your flexiRate term is unchanged (for example 6 months set to auto-renew), the 6m flexiRate % that applies at each renewal date may be different.

No, you can’t add money to a flexiRate until it’s released on your nominated end date.

You can’t add money to an existing flexiRate while it’s active, however you can have up to 15 flexiRates on your account at any given time. Each flexiRate account can have between $1 to $1 million, inclusive.

You can also request to release the funds in your flexiRate before your nominated end period through Internet Banking or the Suncorp Bank App, without having to pay a fee. Requesting an early release will affect the amount of interest you’ll receive, but not the amount you originally put in.

For more information on early releases, head to the Personal Deposit Product Information Document.

If your account is operating in offset mode, you can still set up flexiRates on your: Everyday Options Main and Sub-Accounts and Business Premium Account. However, you’ll only earn interest on the amount you’ve locked away with your flexiRate while the remainder of your balance will operate in offset mode (and therefore won’t earn interest).

For example, let’s say you have a mortgage offset account with a balance of $30,000 and your loan balance is $100,000. The interest on your loan is then calculated daily on that $70,000 difference. If you have $10,000 from the offset account balance in a flexiRate, only $20,000 will be used to offset the $100,000 loan.

For more information on flexiRates in offset mode, please read the Personal Deposit Accounts Product Information Document or Business Deposit Accounts Product Information Document.

You can request an Early Release of the funds that you had previously locked away with a flexiRate before your nominated end date through Internet Banking or the Suncorp Bank App. You won’t need to pay any fees to cancel your flexiRate, although your interest will be adjusted.

This means the amount of interest you’ll receive will be less, but won’t impact the amount you originally locked away.

You can change your renewal instructions via Internet Banking through the ‘Manage my flexiRates’ section.

You can also do this through the Suncorp Bank App:

1. Select the account you have a flexiRate, go to ‘Account details’.
2. Tap the pencil icon under ‘End instruction’.
3. Select your updated end instruction, either to release funds back into the account or renew.
4. Select ‘Next’, confirm your changes to the flexiRate then tap ‘Apply Changes’.

This can be done any time up to 7pm EST on the day your flexiRate is due to end.

You’ll receive a secure message through Internet Banking and the Suncorp Bank App, along with an email alert, two weeks prior to your flexiRate end date. We’ll also do this when your flexiRate expires.

You can re-apply for a flexiRate through Internet Banking and the Suncorp Bank App. We have an FAQ with a step-by-step guide on how to do so.  

You can also choose to renew your flexiRates or change your renewal instructions any time up to 7pm EST on the date your flexiRate is due to end. Simply log in to Internet Banking and head to the ‘Manage my flexiRates’ section.

First things first, make sure you’ve got an account that is eligible for flexiRates. From there, the same process applies to when you first set up your initial flexiRate, either through Internet Banking or the Suncorp Bank App.

You can see our current flexiRates here.

We’ve also got an FAQ on how to set up a flexiRate, if you’d like further information.

You can cancel your flexiRate at any time by requesting an Early Release through the Suncorp Bank App, Internet Banking, or the Suncorp Bank Mobile App, which allows you to access the entire portion of your funds.