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Compare RAMS savings accounts

Find out how RAMS can help boost your savings today.

Shirley Liu
Shirley Liu
RAMS

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.

Rates last updated December 16th, 2019
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
RAMS Action account
RAMS Action account
Visa
$0
$0
A RAMS everyday transaction account where you can manage your account online.
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Rates last updated December 16th, 2019
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
RAMS Saver Account
RAMS Saver Account
2.00%
1.15%
0.85%
$0
$0 / $0
Ongoing, variable 2.00% p.a. when you deposit $200+ each month and make no withdrawals. Available on balances up to $500,000.
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Rates last updated December 16th, 2019
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
RAMS Action account
RAMS Action account
Visa
$0
$0
A RAMS everyday transaction account where you can manage your account online.
More

Compare up to 4 providers

Rates last updated December 16th, 2019
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
RAMS Saver Account
RAMS Saver Account
2.00%
1.15%
0.85%
$0
$0 / $0
Ongoing, variable 2.00% p.a. when you deposit $200+ each month and make no withdrawals. Available on balances up to $500,000.
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NOT AVAILABLE

RAMS currently doesn't offer term deposits.

Rates last updated December 16th, 2019
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
UBank USaver
2019 Winner
UBank USaver
2.10%
1.04%
1.06%
$0
$0 / $0
Ongoing, variable 2.10% p.a. when you link your USaver account to a UBank Ultra transaction account and transfer at least $200 per month into either account. The linked transaction account has no monthly fees and no international fees. Bonus interest available on balances up to $200,000.
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AMP Saver Account
AMP Saver Account
2.36%
1.40%
0.96%
$0
$0 / $0
Introductory rate of 2.36% p.a. for 4 months, reverting to a rate of 1.40% p.a. The bonus rate offer is for new AMP Saver customers only, and applies to the first $250,000 deposited.
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Rabobank Online Savings High Interest Savings Account
Rabobank Online Savings High Interest Savings Account
2.50%
1.05%
1.45%
$0
$0 / $0
Maximum variable rate of 2.50% p.a. for 4 months, reverting to a rate of 1.05% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
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MyState Bank Bonus Saver Account
MyState Bank Bonus Saver Account
2.00%
0.30%
1.70%
$0
$0 / $0
Ongoing, variable 2.00% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.
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Suncorp Growth Saver Account
Suncorp Growth Saver Account
1.95%
0.20%
1.75%
$0
$0 / $0
Ongoing, variable 1.95% p.a. when you grow your balance by at least $200 (excluding interest) and make no more than one withdrawal in the month. Available on the entire balance.
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Bankwest Hero Saver
Bankwest Hero Saver
1.85%
0.01%
1.84%
$0
$0 / $0
Ongoing, variable 1.85% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
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IMB Reward Saver Account
IMB Reward Saver Account
2.00%
0.90%
1.10%
$0
$0 / $1
Introductory rate of 2.00% p.a. for the first 4 months when you deposit $50+ each month and make no withdrawals per month. Available on balance of $5,000 or higher.
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Rates accurate as at: December 16th, 2019 Learn about our information service

Who is RAMS?

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.

Notable features include

  • Apply for RAMS deposit products
  • Change your daily transfer limit

What about the mobile app?

Image Source: App Store
Login Accounts Fund Transfer

What transaction accounts are offered by RAMS?

  • RAMS Action account. This is an online transaction account where you pay no fees while managing your deposits and expenses. An optional debit card allows you to make withdrawals for free using EFTPOS or an ATM that is a part of their alliance.

What high interest savings accounts are offered by RAMS?

  • RAMS Saver savings account. Without any minimum balance requirement, you can take advantage of this fee free savings account. The competitive interest rate is boosted with a bonus rate every month that you are able to make at least $200 in deposits without having any withdrawals.
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Awards that RAMS has earned

  • Smart Investor Blue Ribbon Awards. 2013 winner for the online saver account.
  • Money Magazine. Best of the Best in 2014 for best savings account for regular deposits.

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.
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How do I apply for a RAMS savings account?

Applying for the RAMS Saver account is done online, and should take approximately ten minutes to sign up (with online ID verification). 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 RAMS Saver 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.

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.

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16 Responses

  1. Default Gravatar
    ThereseJuly 8, 2017

    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!

    Reply
    • Default Gravatar
      JonathanJuly 8, 2017

      Hello Therese!

      You got that right, it pays to have a saver account! :)

      You can check our full-guide term deposits from different banks and their rates.

      Don’t forget to use our savings calculator to know which amount and term works for your needs!

      Hope this helps.

      Cheers,
      Jonathan

      Reply
  2. Default Gravatar
    felixJune 26, 2017

    On Rams Saver Account, the 3.00% special interest rate is paid monthly compounded or only yearly?
    Thanks

    Reply
    • Avatarfinder Customer Care
      RenchJune 26, 2017Staff

      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

      Reply
  3. Default Gravatar
    AndyDecember 20, 2016

    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

    Reply
    • Avatarfinder Customer Care
      DeeDecember 20, 2016Staff

      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

      Reply
  4. Default Gravatar
    donNovember 15, 2016

    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

    Reply
    • Avatarfinder Customer Care
      HaroldNovember 15, 2016Staff

      Hello Don,

      Thank you for your question.

      Our company, finder.com.au is a comparison website and general information service. We are designed to help consumers to make a 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 find this article helpful.

      I hope this information has helped.

      Cheers,
      Harold

      Reply
  5. Default Gravatar
    FredAugust 11, 2016

    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

    Reply
    • Avatarfinder Customer Care
      ClarizzaAugust 11, 2016Staff

      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

      Reply
  6. Default Gravatar
    AllieMarch 24, 2016

    hi can you please tell me if they charge fees to take your money out of the savings account. thanks

    Reply
    • Default Gravatar
      HarryMarch 29, 2016

      Hi Allie,

      Thanks for your query.

      RAMS Saver is a fee-free account. You won’t be charged if your take money out of your account. However, it’s important to note that you will not earn the bonus interest rate if you withdraw your money.

      I hope this helps,
      Harry

      Reply
  7. Default Gravatar
    RodOctober 27, 2015

    I have two RAMS saver accounts. Seek confirmation that contravention of conditions one account does not affect the bonus interest on the other.

    Reply
    • Avatarfinder Customer Care
      ShirleyOctober 27, 2015Staff

      Hi Rod,

      Thanks for your question.

      If you have two RAMS Saver accounts but you only miss the bonus interest conditions on one of your RAMS Saver account, you can still receive the bonus interest on the other.

      Cheers,
      Shirley

      Reply
  8. Default Gravatar
    joAugust 26, 2015

    re~rams saver account in accordance with the $200 dep monthly with no withdrawals to get 3.60 p.a, does the invested amount need to be in for a minimum period of 12 mths?

    Reply
    • Avatarfinder Customer Care
      ShirleyAugust 27, 2015Staff

      Hi Jo,

      Thanks for your question.

      No the invested amount doesn’t need to be in for a minimum period of 12 months. If you meet the conditions for the bonus interest, you’ll receive that on the balance in your account for that month.

      Cheers,
      Shirley

      Reply
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