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.
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 $250,000.
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.
- $0 account keeping fee
- Competitive interest rate
- 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.
- 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
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.