RAMS Saver Account

RAMS Saver Account

Maximum Variable Rate

2.80

Standard Variable Rate

1.15

Receive an interest rate of 2.80% 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
2.80% p.a.
Standard Variable Rate
1.15% 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 2.80% 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 1.15% 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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96 Responses

  1. Default Gravatar
    FionaSeptember 3, 2018

    What do you have to offer under 18s? 10 and 12yrs to be specific

    • finder Customer Care
      JohnSeptember 4, 2018Staff

      Hi Fiona,

      Thank you for leaving a question.

      RAMS savings account is currently being offered to Australian residents who are aged 18 or over. You must have an Australian residential address and be able to provide an e-mail address as well as an Australian mobile phone number. Hope this helps.

      Cheers,
      Reggie

  2. Default Gravatar
    RoyAugust 30, 2018

    I have $225,000 looking for the highest interest savings account?

  3. Default Gravatar
    TonyAugust 1, 2018

    Is it true the 3% interest rate is only available to a maximum of $20000 and if I exceed $20000, do I continue to receive 3% on my savings and what rate applies to amounts in excess of $20000?

    • finder Customer Care
      JhezelynAugust 1, 2018Staff

      Hello Tony,

      Thank you for your comment.

      The 3% interest rate is the maximum you can get (combined 1.35% p.a Standard Variable Rate and 1.65% p.a. Bonus Variable Rate) when you deposit at least $200 each month, make no withdrawals, and as long as your account balance will not exceed $500,000 and does not fall below $200.

      To answer your question above, it is not true.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  4. Default Gravatar
    TheoJuly 30, 2018

    Can I use this RAMS Saver Account for money in a super fund?

    • finder Customer Care
      NikkiJuly 31, 2018Staff

      Hi Theo!

      Thanks for getting in touch!

      Unfortunately, the RAMS Savers account cannot be used for a superannuation fund. For more information, you can visit the website of RAMS and check their FAQ page.

      Hope this helps!

      Regards,
      Nikki

  5. Default Gravatar
    StuartJuly 23, 2018

    When I need to access my money, how do you withdraw funds from this type of account?

    • finder Customer Care
      JhezelynJuly 23, 2018Staff

      Hello Stuart,

      Thank you for your comment.

      There are three ways to access the RAMS Saver account:
      – Funds at call
      – Online/mobile access
      – Periodical payments, direct credits and direct debits

      Regards,
      Jhezelyn

  6. Default Gravatar
    GeorgeJuly 22, 2018

    Can you please provide some clarity regarding the interest rate/s. Is the interest rate calculated daily? Is the interest rate paid monthly?
    If I make a withdraw/s within one month the bonus interest will not be paid for that month only? After that month if I make the minimum deposit and no withdraws the bonus interest is applied?

    • finder Customer Care
      JhezelynJuly 23, 2018Staff

      Hello George,

      Thank you for your comment.

      To qualify for the max interest rate of 3.00% p.a, you must deposit at least $200 each month, make no withdrawals, and keep your balance between $200 and $500,000. The interest is calculated daily and paid monthly. If you make any withdrawals, you will only get the Standard Variable Rate of 1.35% p.a., not the Bonus Variable Rate.

      As long as you deposit at least $200 each month and do not make any withdrawals, you will qualify for the Bonus Variable Rate. I hope this helps.

      Regards,
      Jhezelyn

  7. Default Gravatar
    HarryJuly 17, 2018

    I am thinking of open a RAMS Saving Account. My question is how often does the interest paid? If I withdraw some money on the 1st day of the month, does it means that I will lose the bonus interest for the month?

    • finder Customer Care
      JhezelynJuly 17, 2018Staff

      Hello Harry,

      Thank you for your comment.

      The interest is calculated daily and paid monthly. You are not eligible to get the Maximum Variable Rate if you make any withdrawals, and can only earn the Standard Variable Rate. To qualify for the max interest rate, you must deposit at least $200 each month, make no withdrawals, and keep your balance between $200 and $500,000.

      Regards,
      Jhezelyn

  8. Default Gravatar
    BirteJune 25, 2018

    How do I open and account, and is there an on going interest rate? We are currently with Bankwest. If we were to require the money how quick will it transfer to our account. In Rams saver account, what is the highest interest rate you have?

    • finder Customer Care
      JeniJune 25, 2018Staff

      Hi Birte,

      Thank you for getting in touch with finder.

      It takes just 10 minutes to sign up online (with online ID verification). Bear in mind you have to meet the following eligibility criteria that you see on their application page. RAMS Saver account is currently offering a competitive 3.0% p.a. ongoing interest rate, if you 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.

      RAMS Saver Account has the maximum variable rate of 3.0%, which consists of variable base rate of 1.35% p.a. and bonus 1.65% p.a. variable interest rate.

      As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  9. 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%.

    • finder Customer Care
      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

  10. 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?

    • finder Customer Care
      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

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