RAMS

Compare RAMS savings accounts

Find out how RAMS can help boost your savings today.

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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.

Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
RAMS Action Account
Visa
$0
$0
$0
A RAMS everyday transaction account where you can manage your account online.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
RAMS Saver Account
0.15%
0.1%
0.05%
$0
Ongoing, variable 0.15% p.a. when you deposit $200+ each month and make no withdrawals. Available on balances $0 to $500,000.
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Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
RAMS Action Account
Visa
$0
$0
$0
A RAMS everyday transaction account where you can manage your account online.
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Compare up to 4 providers

Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
RAMS Saver Account
0.15%
0.1%
0.05%
$0
Ongoing, variable 0.15% p.a. when you deposit $200+ each month and make no withdrawals. Available on balances $0 to $500,000.
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NOT AVAILABLE

RAMS currently doesn't offer term deposits.

Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Virgin Money Boost Saver (25+ year olds)
1.5%
0.1%
1.4%
$0
Intro rate of up to 1.50% p.a. for the first 3 months and an ongoing bonus rate of 1.20% p.a. thereafter when monthly criteria is met (T&Cs apply). To earn these bonus rates customers aged 25+ need to deposit at least $2,000/month into your bundled Virgin Money Go Transaction Account and make 5+ transactions/month.
Rabobank High Interest Savings Account
1.35%
0.25%
1.1%
$0
Maximum variable rate of 1.35% p.a. for 4 months, reverting to a rate of 0.25% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
Westpac Life (18-29 year olds only)
2.5%
0.15%
2.35%
$0
If you’re between 18-29, you can earn a 2.5% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your Westpac Choice account, up to a balance of $30,000.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
2.5%
0.05%
2.45%
$0
Only available to those aged 14-24. Ongoing, variable 2.5% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Max bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn a lower bonus rate. Base rate applies on balances over $250,000.
Citibank Online Saver
1.1%
0.35%
0.75%
$0
Introductory rate of 1.1% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
Virgin Money Boost Saver (18-24 year olds)
1.5%
0.1%
1.4%
$0
Intro rate of up to 1.50% p.a. for the first 3 months and an ongoing bonus rate of 1.20% p.a. thereafter when monthly criteria is met (T&Cs apply). To earn these bonus rates customers aged 18-24 need to deposit at least $1,000/month into your bundled Virgin Money Go Transaction Account and make 5+ transactions/month.
Bank of Queensland Fast Track Saver Account
1.05%
0.05%
1%
$0
Ongoing, variable 1.05% p.a. when you link to an BOQ Day2Day Plus Account, deposit $1,000+ into the Day2Day account each month from an external account and make 5+ eligible transactions per month. Available on balances up to $250,000.
Virgin Money Grow Saver
0.65%
0.1%
0.55%
$0
Earn an ongoing variable 0.65% p.a. each month you make at least one deposit of any amount and no more than one withdrawal.
Westpac Life
0.3%
0.15%
0.15%
$0
Ongoing, variable 0.3% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
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Rates accurate as at: October 22nd, 2021 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
LoginAccountsFund 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.

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.

More guides on Finder

  • RAMS Action Everyday Account

    The RAMS Action Account offers you just what you need if you’re looking for a way to conveniently keep up with your monthly expenses without having to pay any extra fees.

  • RAMS Saver Account

    The RAMS Saver account can get you started on your savings plan.

Ask an Expert

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16 Responses

    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!

      Default Gravatar
      JonathanJuly 8, 2017

      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

    Default Gravatar
    FelixJune 26, 2017

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

      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

    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

      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

    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

      Avatarfinder Customer Care
      HaroldNovember 15, 2016Staff

      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

    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

      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

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