Compare RAMS Savings Accounts

Information verified correct on December 8th, 2016

Find out how RAMS can help boost your savings today.

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 8th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
RAMS Action account
A RAMS everyday transaction account where you can manage your account online.
Visa $0 $0 Free transactions when using the RAMS ATM alliance. Also, get free EFTPOS, online and direct debit transactions. More
RAMS Action with Offset
You could own your home sooner when you link your RAMS home loan to a RAMS Action Offset account.
Visa $0 $0 No monthly fee with unlimited free RAMS ATM alliance transactions. (Includes Westpac, St.George (excluding St.George ATMs in BP Service Stations), Bank of Melbourne and BankSA branded ATMs only) More
Rates last updated December 8th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
RAMS Saver Account
Ongoing, variable 3.15% p.a. when you deposit $200+ each month and make no withdrawals. Available on balances up to $500,000.
3.15% 1.50% 1.65% $0 $0 / $0 More
Rates last updated December 8th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
RAMS Action account
A RAMS everyday transaction account where you can manage your account online.
Visa $0 $0 Free transactions when using the RAMS ATM alliance. Also, get free EFTPOS, online and direct debit transactions. More
RAMS Action with Offset
You could own your home sooner when you link your RAMS home loan to a RAMS Action Offset account.
Visa $0 $0 No monthly fee with unlimited free RAMS ATM alliance transactions. (Includes Westpac, St.George (excluding St.George ATMs in BP Service Stations), Bank of Melbourne and BankSA branded ATMs only) More
Rates last updated December 8th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
RAMS Saver Account
Ongoing, variable 3.15% p.a. when you deposit $200+ each month and make no withdrawals. Available on balances up to $500,000.
3.15% 1.50% 1.65% $0 $0 / $0 More
NOT AVAILABLE

RAMS currently doesn't offer term deposits.

Rates accurate as at: December 8th, 2016 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 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 it comes to 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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Read more on this topic

Savings Account Offers

Learn about our information service
ME Online Savings Account

Maximum Variable Rate

3.05%

Standard Variable Rate

1.30
ING DIRECT Savings Maximiser

Maximum Variable Rate

2.75%

Standard Variable Rate

1.60
Citibank Online Saver

Maximum Variable Rate

3.00%

Standard Variable Rate

1.70
Bankwest Hero Saver

Maximum Variable Rate

2.65%

Standard Variable Rate

0.01

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10 Responses to Compare RAMS Savings Accounts

  1. Default Gravatar
    don | November 15, 2016

    Currently have a mortgage with Rams Balalace 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

    • Staff
      Harold | November 15, 2016

      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

  2. Default Gravatar
    Fred | August 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

    • Staff
      Clarizza | August 11, 2016

      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

  3. Default Gravatar
    Allie | March 24, 2016

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

    • Default Gravatar
      Harry | March 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

  4. Default Gravatar
    Rod | October 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.

    • Staff
      Shirley | October 27, 2015

      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

  5. Default Gravatar
    jo | August 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?

    • Staff
      Shirley | August 27, 2015

      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

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