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RAMS Saver Account

RAMS Saver Account

Maximum Variable Rate

3.00

Standard Variable Rate

1.35

Receive an interest rate of 3.00% 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
3.00% p.a.
Standard Variable Rate
1.35% 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 3.00% when you deposit at least $200 that month and make no withdrawals

You must also keep your balance between $200 and $500,000.

Otherwise a standard variable rate of 1.35% 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.






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80 Responses

  1. Default Gravatar
    MarkMay 15, 2018

    I want to open an account with $250000 in it. Will the payment of the interest back into the account satisfy the requirement of having to deposit $200 per month to achieve the maximum interest rate of 3%.

    • Staff
      JhezelynMay 16, 2018Staff

      Hello Mark,

      Thank you for your comment.

      To qualify for the max 3% interest (1.35% p.a Standard Variable Rate and 1.65% p.a. Bonus Variable Rate), you must deposit at least $200 each month and make no withdrawals, as long as your account balance will not exceed $500,000 and does not fall below $200.

      Regards,
      Jhezelyn

  2. Default Gravatar
    GlennApril 23, 2018

    Where best to invest 20k, adding approx $400 per month and a further bulk sum of 30k 12 months later please?

    • Staff
      JhezelynApril 25, 2018Staff

      Hello Glenn,

      Thank you for your comment.

      Best to compare high interest savings account here. After you compared it, click the Go to Site button to apply but make sure you have met the eligibility criteria.

      You can make use of the savings account calculator here to calculate your potential earnings. I hope this helps.

      Regards,
      Jhezelyn

  3. Default Gravatar
    SteveApril 20, 2018

    I wish to open a joint savings account with my partner, we don’t have a joint transaction account. Is it possible to have 2 linked transaction accounts with a different bank or can only 1 account be linked to the savings account and will we have to create a joint transaction account?

    • Staff
      NikkiApril 20, 2018Staff

      Hi Steve,

      Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?


      Is it possible to have 2 linked transaction accounts with a different bank or can only 1 account be linked to the savings account?

      – This would depend on the bank companies. Generally, banks under the same company umbrella would allow this. You may need to inquire about this from your banks.

      Will we have to create a joint transaction account?
      Normally, there is just one bank account in a joint application. You can set it up so either both parties need to sign to approve transactions, or only one account holder has to sign.

      Hope this helps! Feel free to message us anytime should you have further questions.

      Cheers,
      Nikki

  4. Default Gravatar
    PatriciaMarch 30, 2018

    What is RAMS’ BSB number?

    • Staff
      JeniMarch 30, 2018Staff

      Hi Patricia,

      Thank you for getting in touch with finder.
      RAMS’ BSB number is 032885.

      I hope this helps.

      Have a great day!

      Cheers,
      Jeni

  5. Default Gravatar
    March 28, 2018

    I am correct in saying to get the 3% every month you must deposit a minimum of $200 and not do any withdrawals.

    And can you verify if after 6mths you make a redrawal it reverts to the 1.35% for that month and does it go back to the 3% if you continue to save and not withdraw.

    • Staff
      MayMarch 28, 2018Staff

      Hi Myra,

      Thanks for getting in touch.

      Yes, you are correct. In order for you to earn the maximum variable rate of 3% on a given month:

      1. Maintain your balance between $200 and $500,000
      2. Make a deposit at least $200 each month
      3. Make no withdrawals

      If you withdraw your money (at any time), you won’t be receiving the maximum interest but the standard rate of 1.35% will apply to your balance for that month. Once you meet the requirements above, you will again receive the maximum variable rate.

      Cheers,
      May

  6. Default Gravatar
    LouMarch 22, 2018

    Are then any limits on bank to bank transfers?

    Ie buying a new car $30000

    • Staff
      LouMarch 22, 2018Staff

      Hi Lou,

      Thanks for your question.

      There is no daily limit for bank-to-bank transfers but there is a limit for the aggregate payments (which include payments and transfers made from all of your accounts on a day) using myRAMS. If you are registered for SMS Security, you can choose to nominate your daily limit to be between $1,000 and $50,000, in set increments. However, if you’re not registered for SMS Security, your daily limit will only be $1,000. If you subsequently register for SMS Security, your default daily limit will be set to $5,000 unless you nominate a different daily limit.

      I hope this helps.

      Cheers,
      Anndy

  7. Default Gravatar
    JesseMarch 14, 2018

    Can I start with a deposit of $70000 and earn the 3%?

    • Staff
      LouMarch 14, 2018Staff

      Hi Jesse,

      Thanks for your question.

      The maximum variable rate for the RAMS Saver Account of 3.00% applies when you deposit at least $200 that month and make no withdrawals. This rate is only for balances between $200 and $500,000.

      So to receive the 3% rate after depositing $ 70,000, you should also not make withdrawals on the same month.

      I hope this helps.

      Cheers,
      Anndy

  8. Default Gravatar
    KathleenNovember 2, 2017

    How many RAMS Saver accounts can you have?

    • Staff
      RenchNovember 2, 2017Staff

      Hi Kathleen,

      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.

      You can have up to 10 RAMS Saver accounts.

      You may also visit RAMS official site for further info or inquiries.

      Cheers,
      Rench

  9. Default Gravatar
    ruthOctober 24, 2017

    I already have a RAMS account. Is this account and rate available to existing as well as new customers?

    • Staff
      ArnoldOctober 25, 2017Staff

      Hi Ruth,

      Thanks for your inquiry

      The promotional rate applies to all new and existing customers. Please take note that to be eligible for the 3% interest, you must deposit at least $200 that month and make no withdrawals on the same month. Also, take note to keep your balance between $0 and $500,000. Otherwise a standard variable rate of 1.35% p.a. applies.

      Hope this information helps

      Cheers,
      Arnold

  10. Default Gravatar
    RodOctober 18, 2017

    How to open an account with Rams saver account?

    • Staff
      HaroldOctober 18, 2017Staff

      Hi Rod,

      Thank you for your inquiry.

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

      I hope this information has helped.

      Cheers,
      Harold

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