Suncorp eOptions flexiRates
Add flexiRates to your Suncorp savings account and you can control how quickly your account grows.
FlexiRates is unique to Suncorp Bank. It works similar to a term deposit add-on for your bank account, letting you move portions of your balance into it for fixed periods where it earns interest at higher rates. Unlike most term deposits, however, it's almost entirely self-service and you can have up to 15 flexiRate deposits at a time without needing to open more accounts. You can choose different terms for each and set up your own renewal instructions for all of them, giving you more control over your savings.
Because it's online only, you can get higher rates with this feature than you can find elsewhere. Simply set it up for free online, and start a term when you want to earn higher interest.
Up to 0.8% p.a.
3 months interest rate
Minimum opening deposit
Account keeping fee
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|Product Name||Suncorp eOptions flexiRates|
|3 month interest rate||0.80%|
|6 month interest rate||0.75%|
|12 month interest rate||0.65%|
|Minimum Opening Deposit||$0|
|Minimum Age Requirement||18|
|The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.|
Available with the following accounts
You will not be charged any additional fees for using this feature, no matter how many flexiRates terms you're using.
Your choice of terms
You can lock away funds for set terms, and can pick ones to suits your savings plan.
Fixed but flexible interest rates
Rates are higher with longer terms, and are always fixed so they won't change over the course of each term, helping you save more consistently. However, rates are based on current Australian Money Market rates so when they're favourable you can start a flexiRate to take advantage.
Up to 15 flexiRate deposits at once
You can divide your savings up into as many as 15 separate flexiRates, and can choose different term lengths for each.
Interest calculated daily
Interest is calculated daily on each flexiRate deposit and is paid into your account at the end of the term. Alternatively, you can choose to automatically reinvest at the end of the term to keep earning higher interest.
Online account management
To keep costs down, and pass the savings onto you in the form of higher rates, you are only able to use flexiRates online, either via Suncorp internet banking or by downloading the SunCorp mobile banking app.
No minimum, high maximum
There are no minimum deposit requirement, but there is a $1 million maximum per flexiRate, for a total of $15 million across all of them. You will earn interest on any balance in each flexiRates.
Detailed account statements
All your flexiRates will show up on your account statement, including the balance of each, the start and end dates, and the interest rates for all of them.
Setting up a flexiRate
This is a self managed feature. If you have an eligible account you can simply set up a flexiRate online with through SunCorp mobile banking or with the app.
How to apply
FlexiRates is a feature that comes with some SunCorp bank accounts. You will need either an Everyday Options sub-account, the eOptions account, a 55 Plus account or the SunCorp Business Saver. No application is required, and all you have to do is login to your internet banking and you can start managing your flexiRate deposits. There are some eligibility requirements that you will have to meet, which can change slightly depending on the type of savings account you choose, but some things that will be required include:
- Minimum age. With all but the 55 Plus Account, you will need to be at least 18 years of age.
- Residency requirements. Suncorp Bank requires applicants to be permanent Australian residents with an Australian residential address.
- Depository requirements. With Suncorp savings accounts there is no minimum deposit requirement.
If you have compared the various accounts available with flexiRates and would like to continue and apply online for one, have the following documentation available to ensure the information is correct:
- Tax file number. Suncorp Bank will ask for your tax file number (TFN) or exemption code so that they may apply the correct tax withholding rate to your interest earnings.
- Identification. In order to verify your identity you will need to be able to provide a driver's licence, passport or Medicare card.
- Business applicants. If you are applying for the Business Saver Account you will also need to give your Australian Business Number (ABN) or Australian Company Number (ACN).
What happens after I submit my application?
Once your new savings account with Suncorp Bank has been opened, you will be able to take advantage of flexiRates as soon as you have made a deposit. Just log into your account using internet banking and follow the prompts for the flexiRates.