RAMS Saver Account

RAMS Saver Account

Maximum Variable Rate

3.15

Standard Variable Rate

1.50

Receive an interest rate of 3.15% when you deposit $200 and make no withdrawals.

  • Incentive to save with bonus interest for making deposits and no withdrawals
  • $0 Account keeping fees
  • No branches available
  • Relies on online banking

Product details

RAMS offers online savings accounts and bank accounts. As part of the Smart Investor Blue Ribbon Awards, 2013, this account was the winner in the Best Online Saver Account category. For a breakdown of how to get the maximum variable rate, please see below.

This account currently offers one of the most competitive interest rates in the industry.

Product Name
RAMS Saver Account
Maximum Variable Rate
3.15% p.a.
Standard Variable Rate
1.50% p.a.
Bonus Variable Rate
1.65% p.a.
Introductory / Bonus Offer Conditions
Deposit at least $200 each month, make no withdrawals, and have an account balance that does not fall below $200 or exceed $500,000 at any time during the month.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$200
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
No
Joint application?
Yes
Minimum Age Requirement
18
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the RAMS Saver Account?

Maximum variable rate of 3.15% when you deposit at least $200 that month and make no withdrawals

You must also keep your balance between $0 and $500,000.

Otherwise a standard variable rate of 1.50% p.a. applies

If you don't meet the deposit, balance or withdrawal requirements, then the funds in your account earn the standard variable rate. Don't worry, if you meet the requirements in the next months, you will receive the bonus interest again. The interest rate is variable. This means it could change according to the movements of the RBA cash rate.

$0 Account keeping fees

The RAMS Saver account does not attract any ongoing account keeping fees.

How do I deposit funds into my RAMS Saver if it have no branches?

You can transfer funds to your Rams Saver account from any Australian bank account using electronic funds transfer (EFT). All you’ll need is your account number and RAMS’ BSB number. This account accepts direct credits, so you can get your salary to credit directly into your account. You can also deposit money using cheques drawn in your name, which you have to send via mail.

How do I use my RAMS savings account?

You can make use of online banking to transfer funds from this account to any other Australian bank account and you can also set up recurring payments via online banking. You can transfer funds from this account to your other RAM accounts. This account does not come with BPAY access and it does not give you the ability to write cheques.

Online banking with myRams

This is Rams’ online account management system, which allows account holders to view transaction details, account balances, and interest earned at any time. You can also use this platform to view and change personal details. People who use smartphones can access the myRams app on their phones.

How often do I receive statements?

RAMS issues a statement every six months, unless you request for them more frequently and you get to view these via myRams. RAMS sends you a notification email when your statement is ready, so make sure your email ID with Rams remains up to date at all times. You can opt to get paper statements instead of electronic statements. To do this, please get in touch with RAMS.

Covered by the Australian Government Guarantee

The Australian Government’s Financial Claims Scheme (FCS) protects deposits in your RAMS Saver account, but bear in mind that the $250,000 per account holder limit applies to the sum total all your deposits with Westpac, Bank of Melbourne, Bank SA and St.George. You can compare other RAMS products here.

Launch savings calculator

Pros

  • $0 account keeping fee
  • Competitive interest rate

Cons

  • Cannot withdraw if you want the bonus rate
  • Minimum deposit requirements
  • No branches available

How do I apply for the RAMS Saver Account?

It takes just 10 minutes to sign up online (with online ID verification). Bear in mind you have to meet the following eligibility criteria.

Eligibility

  • You are an Australian resident for taxation purposes
  • You have an Australian residential address
  • You are at least 18 years old
  • You are applying as an individual
  • You have a valid Australian mobile number and an email address

Documentation

As a new customer you  would have to provide the following details.

  • Your complete name
  • Your residential address
  • Your Australian mobile phone number
  • Your email address

What happens after I apply?

Both, new and existing customers can provide their Tax File Numbers. While this is not necessary, not providing it would entail RAMS deducting withholding tax at the highest marginal rate along with the Medicare Levy.

After RAMS reviews and accepts your application it sends a letter to your home address to confirm account details and you also receive an account opening confirmation email.

I have three saver accounts. I would like to know whether Bonus interest rate and Standard variable rate will apply to each saver account not exceeding 250000.00 each?

Yes the bonus interest rate will apply to all of them if you meet the conditions.

Is the Rams Saver account guaranteed by the Australian Government?

Yes, RAMS is covered by the Australian Government Guarantee.

Can my wife and I open a joint Saver account?

Yes you and your wife can open a joint saver account.

I am wanting to bank some international cheques. Where do I send these?

RAMS requests that you mail the cheque to:

RAMS Deposits
Locked Bag 5001
Concord West NSW 2138

Is there a form that I need to fill out to send with the cheques when posting?

There is no form required, though RAMS instructs that you write your full name(s) and the account number to which you wish the cheque to be deposited on the back of the cheque.

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30 Responses to RAMS Saver Account

  1. Default Gravatar
    Jen | October 16, 2016

    If I was to open a joint Saver Account with RAMS can the deposits be made from two different/separate bank accounts from another Bank?

    • Staff
      Clarizza | October 17, 2016

      Hi Jen,

      Thanks for your question.

      Yes, you can deposit money into the joint Saver Account from two different/separate bank accounts and will receive the bonus interest as long as you deposit $200 into the account and make no withdrawals.

      Regards,
      Clarizza

  2. Default Gravatar
    Sue | October 12, 2016

    I have a bit confuse about the below terms:

    Part One: Deposit at least $200 each month, make no withdrawals, and have an account balance that does not fall below $0 or exceed $250,000 at any time during the month.

    Part Two: Minimum balance. This account does not have any account opening or ongoing minimum balance requirements. You stand to earn the “bonus interest” rate as long as your account balance remains in between $0 and $5,000,000

    IF I HAVE 800K, I NEED TO OPEN 4 ACCOUNTS (SINGLE NAME) TO ENTITLE 3.15% – IS IT CORRECT?

    THANKS – SUE

    • Staff
      Clarizza | October 13, 2016

      Hi Sue,

      Thanks for your comment.

      Good question! There is no minimum opening deposit, though you are required to deposit $200 each month and make no withdrawals to receive the bonus 1.65% interest which is then added to the standard variable interest rate of 1.50%. This gives you the maximum variable interest rate 3.15%.

      If you have $800,000 you are entitled to 3.15% interest on the balance as long as you deposit at least $200 each month and make no withdrawals. You are free to deposit your cash into separate accounts but note there is a limit of 10 per customer and the same conditions apply in order to receive the bonus interest. Note that the Government Guarantee also applies to funds up to $250,000 per person, per institution.

      Please note, we are a comparison website and as such, provide general advice only.

      Regards,
      Clarizza

  3. Default Gravatar
    | October 5, 2016

    I understand that to earn the full bonus interest on my funds I can have three joint accounts which do not exceed $250K each including interest paid/accumulated. One of the three joint accounts will basically have a nil balance at all times.

    Can I use the third joint account to deposit funds withdrawn from one of the other two or both if necessary on the 1st of the month and still receive bonus interest on all funds provided the funds are kept in the accounts from the 1st to the last day of the month.

    Is there a limit on how much can be withdrawn from one account and deposited to another on the same day – e.g. 1st day of the month.

    • Staff
      Clarizza | October 5, 2016

      Hi Barry,

      Thanks for your question.

      You can deposit funds between each account – as long as the conditions are met, you can earn the bonus interest on your balance. i.e deposit at least $200 into each account and make no withdrawals.

      Regards,
      Clarizza

  4. Default Gravatar
    lou | October 3, 2016

    Is withdrawing my money from rams saver account as simple as transferring it to another nominated bank account?

    • Staff
      Clarizza | October 5, 2016

      Hi Lou,

      Thanks for your question.

      Yes, if you would like to withdraw funds from this account, you need to transfer it to another bank account. As a savings account, you cannot withdraw any cash direct from the account but you can simply transfer the funds into a transaction account.

      Regards,
      Clarizza

  5. Default Gravatar
    Jenny | September 30, 2016

    How does one apply for the RAMS saver account?
    Thanks

    • Staff
      May | September 30, 2016

      Hi Jenny,

      Thanks for you question.

      Please visit RAMS’ website if you wish to apply for the RAMS Saver Account. Be sure to read the eligible criteria in the “How to Apply?” section above before submitting your application.

      Cheers,
      May

  6. Default Gravatar
    Tony | September 18, 2016

    Where do I apply for a RAMS Saver Account?

    • Staff
      Shirley | September 19, 2016

      Hi Freegs,

      Thanks for your question.

      I’ve emailed you back privately.

  7. Default Gravatar
    bert | September 11, 2016

    I want to pay tax on this account not have you take it and then hold it
    is the interest paid monthly
    can I see it grow daily ie online
    can I withdraw the interest every month and pay $200 each month and still get the full 3.15%
    I understand that I can use my commonwealth bank account to transfer $200 per month

    thank you
    bert

    • Staff
      Clarizza | September 13, 2016

      Hi Bert,

      Thanks for your question.

      The interest is paid monthly and you will be able to see this online when the interest is paid per month.

      To earn 3.15% interest on your balance you must deposit at least $200 into your account and not make any withdrawals. So unfortunately, if you withdraw cash, you won’t be able to earn 3.15%. Yes you can transfer funds direct to this account from any Australian bank, including commonwealth.

      Regards,
      Clarizza

  8. Default Gravatar
    Declan | September 8, 2016

    Hi, I want to open the Rams Saver, in order to get the bonus giving me an interest of 3.15% at the moment, a deposit of $200 is to be made every month. Can I deposit the $200 online? I’ve read your site and can’t find how to deposit online. Thanks.

    • Staff
      Clarizza | September 9, 2016

      Hi Declan,

      Thanks for your question.

      Yes, you can deposit money to this account online. You will need the BSB and account details to deposit money into it. If you are depositing money to this account from another account, simply enter the BSB and account details and using your bank’s website and/or mobile app. Please note each bank’s online banking facilities may differ from the other. If you would like to know more, please contact your bank directly. Otherwise, the following pages may be of assistance:
      -Mobile banking
      -Online banking

      Regards,
      Clarizza

  9. Default Gravatar
    AJ | January 2, 2016

    Part One: Deposit at least $200 each month, make no withdrawals, and have an account balance that does not fall below $0 or exceed $250,000 at any time during the month.

    Part Two: Minimum balance. This account does not have any account opening or ongoing minimum balance requirements. You stand to earn the “bonus interest” rate as long as your account balance remains in between $0 and $5,000,000

    Does this mean that I have to open 20 accounts each with $250,000 in each to receive the bonus interest rate? I would then deposit 20 x $200 into each account each month, but then the sum total would exceed $5,000,000. Does this mean I would be best having 19 account with $250,000 or 20 accounts shy of $10,400 per annum for a number or years?

    • Staff
      Shirley | January 4, 2016

      Hi AJ,

      Thanks for your question.

      You can open up to a maximum of 10 RAMS saver deposit accounts (inclusive of joint accounts).

      In the scenario you’ve described, you may want to consider having the maximum of 10 accounts shy of $10,400 per annum for a number of years to maximise the bonus conditions.

      Then, you may want to consider opening the other 10 accounts with a different financial institution that offers a competitive interest rate, you can compare them here.

      Hope this helps,
      Shirley

  10. Default Gravatar
    Jane | November 2, 2015

    Do I have to deposit money to the account when I open it? If not, will I still receive bonus interest for the first month after I make the first deposit? Thanks.

    • Staff
      Shirley | November 2, 2015

      Hi Jane,

      Thanks for your question.

      You’re not required to deposit money into the account when you open it. You’ll still receive the bonus interest – interest is calculated daily and paid monthly.

      Cheers,
      Shirley

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