In 1995 RAMS opened to help provide alternative home loan solutions in Australia. As their business grew so did their product line, allowing them to offer simple bank accounts to meet other financial needs. Feel secure to save with RAMS knowing that they are participants in the Australian Government’s guarantee scheme on deposits of up to $250,000 per person.
Although their focus is on affordable home loans, RAMS offers their customers an easy alternative to savings with a competitive account that is accessed and maintained entirely online. With bonus interest and no fees, Australians can easily make their money grow towards that future dream purchase.
What’s Internet banking like for RAMS?
The myRAMS online banking and mobile banking platforms give RAMS customers the ability to check account balances, go through transaction history, transfer money between accounts, and manage and schedule payments. With scheduled payments, you have the ability to make changes and delete them. You can view interest summaries that give you clear indication of interest paid and earned.
RAMS relies on a number of security measures to ensure that much needed peace of mind. For additional safety, you can register for SMS notifications.
Smart Investor Blue Ribbon Awards. 2013 winner for the online saver account.
Any pros and considerations?
Pros
Accessibility. All of your account transactions can be made easily online with RAMS banking products.
Fees. With the accounts offered by RAMS you are not being charged any monthly service fees.
Bonus interest. If you don’t meet the terms for bonus interest in one month, a competitive interest rate is still applied to the balance.
Deposits and balances. There is no minimum balance you need to maintain and no limit on the amount of deposits. You should note that balances which exceed $5 million will not earn any interest.
Cons
Variety. With RAMS you are not given many options when choosing an account.
Accessibility. The issued debit card for the RAMS transaction account is not affiliated with a major credit card company. This makes it only useful for cash withdrawals, and not for purchases.
There are some conditions you will need to meet in order for your application to be accepted.
Eligibility. Australian residents who are aged 18 or over may open the account online. You must have an Australian residential address and be able to provide an e-mail address as well as an Australian mobile phone number.
Use of account. You should note that this account is for personal use only and not available for a business, company or trust.
Linked account. As there are no branches for RAMS to make deposits you will need to provide an Australian bank account number for a transaction account that can be linked to this one.
Existing home loan customer. The RAMs saver account is only available for customers with an existing home loan with RAMs.
When making a decision as important as where to deposit your money for savings, it is a good idea to compare various banks and the account options they offer. This will help in making an informed decision about which institution provides you with the features and services you want.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
Thanks for your inquiry. Please note that we are not affiliated with RAMS or any company we feature on our site and so we can only offer you general advice.
For the RAMS Saver Account, interest is calculated daily and paid monthly. If you withdraw from the RAMS Saver, the month that the withdrawal is done, the interest will not pay for that month. As the next month comes along, the conditions restart again.
You may contact RAMS directly for further inquiries.
Are deposits held in RAMS Savings Accounts covered by the Australian Government’s guarantee scheme on deposits? The introduction above says they are, but I cannot find RAMS listed on the FCS website.
Andy
Currently have a mortgage with Rams Balance owing $39000.00.I have savings of approx $100.000.00.Im looking at maximising returns with a competitive earning interest rate,
Can you advise me as to what you can offer me.
Regards
Don Esposito
Our company, Finder, is a comparison website and general information service. We are designed to help consumers to make better decisions and we don’t actually represent other companies. What we can give you is an option where you can review the best offer that will fit your requirements. You may check our page about high-interest savings accounts and see if it is helpful.
With the Rams Saver account (3.15%) + $ 200.00 deposit each month,
WHAT IS THE MOBILE PHONE USED FOR? as I have a mobile but mostly in this area there is NO signal, reception.
Thanks, Fred
If you have access to the internet on your mobile, you can use it to check your balance, make transfers and perform a host of other banking tasks. Otherwise, RAMS may ask for your number so they can send you sms notifications if you wish to receive this service. Typically it is used as an extra security measure when transferring funds or making payments.
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Do you have term deposits and where can I locate the rates? Reading some of the comments that it pays to open a saver account!
Hello Therese!
You got that right, it pays to have a savings account! :)
If this interests you, please check our list of term deposits from different banks and their rates.
Don’t forget to use our savings calculator to know which amount and term work for your needs!
Hope this helps.
Cheers,
Jonathan
On Rams Saver Account, the 3.00% special interest rate is paid monthly compounded or only yearly?
Thanks
Hi Felix,
Thanks for your inquiry. Please note that we are not affiliated with RAMS or any company we feature on our site and so we can only offer you general advice.
For the RAMS Saver Account, interest is calculated daily and paid monthly. If you withdraw from the RAMS Saver, the month that the withdrawal is done, the interest will not pay for that month. As the next month comes along, the conditions restart again.
You may contact RAMS directly for further inquiries.
Cheers,
Rench
Are deposits held in RAMS Savings Accounts covered by the Australian Government’s guarantee scheme on deposits? The introduction above says they are, but I cannot find RAMS listed on the FCS website.
Andy
Hi Andy,
Thanks for your question.
Yes, RAMS Saver Account is covered by government guarantee up to $250,000 per person, per institution. They are covered under the Westpac license.
Cheers,
Anndy
Currently have a mortgage with Rams Balance owing $39000.00.I have savings of approx $100.000.00.Im looking at maximising returns with a competitive earning interest rate,
Can you advise me as to what you can offer me.
Regards
Don Esposito
Hello Don,
Thank you for your question.
Our company, Finder, is a comparison website and general information service. We are designed to help consumers to make better decisions and we don’t actually represent other companies. What we can give you is an option where you can review the best offer that will fit your requirements. You may check our page about high-interest savings accounts and see if it is helpful.
I hope this information has helped.
Cheers,
Harold
With the Rams Saver account (3.15%) + $ 200.00 deposit each month,
WHAT IS THE MOBILE PHONE USED FOR? as I have a mobile but mostly in this area there is NO signal, reception.
Thanks, Fred
Hi Fred,
Thanks for your question.
If you have access to the internet on your mobile, you can use it to check your balance, make transfers and perform a host of other banking tasks. Otherwise, RAMS may ask for your number so they can send you sms notifications if you wish to receive this service. Typically it is used as an extra security measure when transferring funds or making payments.
Hope this has helped.
Clarizza