FlexiRates is a unique product to Suncorp Bank, which allows you to lock away just portions of your savings account balance at a higher fixed interest rate for a term that you choose. With your savings account in place, it is easy to set this feature up using the bank’s online banking system. If you want the benefit of a term deposit, but can’t afford to give away access to all of your savings, than you may want to consider Suncorp Bank’s flexiRates.
FlexiRates let you lock in an amount and term of your choosing to save and earn a competitive interest rate.
What are the features of Suncorp eOptions flexiRates account?
- Availability. FlexiRates are a feature available for the following accounts; Everyday Options sub-account, eOptions account, 55 Plus account, and Business Saver Account.
- Fees. You will not be charged any additional fees for using this feature.
- Terms. You have a choice of locking in a portion of your savings for three or six months or for one year. There is also a special term of four months with gives you a higher rate of return. You are also given the option of choosing your own end date.
- Interest rates. Interest rates are fixed and competitive, increasing with longer terms.
- Interest calculation. Interest is calculated daily on the portion you have set aside for the flexiRate and paid to your account at the end of the terms.
- Minimum balance. You are not required to invest a minimum amount of money when using this feature.
- Number of accounts. You can divide your savings up into as many as 15 separate flexiRates.
- Account statement. The balance of your flexiRate will appear on your normal savings account statement.
- Setting up a flexiRate. This is a self managed feature, allowing you to set the terms using Suncorp internet banking or app.
- Lock portions of money away with flexiRates to earn at higher rate
- $0 Account keeping fees
- Three different term options to choose from
- $1,000,000 limit per flexiRate
- Need to have a compatible savings account first
- Rate will stay fixed if you locked in a FlexiRate term
How do I apply for the Suncorp eOptions flexiRates account?
This is a feature of a savings account, not requiring any additional application in order to access. If you do not already have one of the savings accounts listed above, you can apply online. 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).
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.