RAMS Saver Account

RAMS Saver Account

Maximum Variable Rate


Standard Variable Rate


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
Minimum Opening Deposit
Minimum monthly deposit for bonus interest rate
Internet Banking
Internet Transaction Fee
Phone Banking
Joint application?
Minimum Age Requirement
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 $0 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


  • $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.

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

Yes, RAMS is covered by the Australian Government Guarantee.

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

RAMS requests that you mail the cheque to:

RAMS Deposits
Locked Bag 5001
Concord West NSW 2138

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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60 Responses

  1. Default Gravatar
    MingguoOctober 14, 2017

    I want to clarify with you regarding the “deposit >$200 monthly and make no withdrawals” policy. Say if I make a deposit of $1000 early in the month but chose to withdraw $200 later in the same month, am I still eligible for the 3% interest for that particular month?
    Many thanks.

    • Staff
      JhezelynOctober 14, 2017Staff

      Hi Mingguo,

      Thank you for your comment.

      To be eligible for the 3% interest, you must deposit at least $200 that month and make no withdrawals on the same month. So, even if you still deposit $1000, you should not make any withdrawal on the same month to be eligible for the rate.

      Hope this helps.


  2. Default Gravatar
    ElizabethSeptember 30, 2017

    Is there a fee when I close the account?

    • Staff
      ArnoldOctober 2, 2017Staff

      Hi Elizabeth,

      Thanks for your inquiry

      There is no closing fee. If you want to close your account please contact RAMS directly.

      Hope this information helps


  3. Default Gravatar
    PaulAugust 15, 2017

    What are the rule(s) for a joint account. (For me and my daughter). Cn we have separate bank accounts linked to the savings account.


    • Staff
      AnndyAugust 15, 2017Staff

      Hi Paul,

      Thanks for your question.

      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.

      If you want to learn more how joint accounts work, you can read our guide here.


  4. Default Gravatar
    SteveAugust 13, 2017

    how long does the bonus interest rate last?

    • Staff
      MariaAugust 13, 2017Staff

      Thank you for reaching out to us.

      As of this writing, you are eligible to receive the bonus rate as long as you meet these conditions:

      – Deposit at least $200 during the month
      – Make no withdrawals during that month
      – Keep your balance between $200 – $500,000 for the entire month

      Even when you miss the requirements this month, it’s possible to receive the bonus rate the following months.
      Please note that the rate is subject to change by RAMS and it would be best to check from time to time on the rate offered.

      I hope this helps.


  5. Default Gravatar
    markJuly 30, 2017

    Is the RAMS Saver account available for super funds?

    • Staff
      JasonJuly 31, 2017Staff

      Hi Mark,

      Thank you for your enquiry.

      The RAMS Saver Accounts is only available for personal customers. This account cannot be opened in a company or business name, in the name of a trustee of a trust or a superannuation fund, on behalf of a deceased estate, or pursuant to a power of attorney.

      Alternatively, please check out this page for a comparison of online superannuation accounts that you may apply for, if you want to open a savings account for super funds.

      Kind regards,

  6. Default Gravatar
    AnnaJuly 26, 2017

    What is the maximum amount I can transfer at one time?

    • Staff
      ArnoldJuly 26, 2017Staff

      Hi Anna,

      Thanks for your inquiry.

      A maximum daily transaction limit of $1000 applies
      • cash withdrawals through ATMs
      • transactions through EFTPOS terminals
      • transactions at Bank@Post

      Hope this information helped.


  7. Default Gravatar
    WalterJuly 15, 2017

    If we open a new joint account and deposit say $400,000 on the 5th of a month, do we get the full 3% for remaining 25 days or only the standard variable rate of $1.35%, also do we have to deposit the min $200 in addition during the first month?

    • Staff
      HaroldJuly 18, 2017Staff

      Hi Walter,

      Thank you for your inquiry.

      3.00% p.a. represents the highest possible interest you can receive from this account. As long as you deposit at least $200 that month and make no withdrawals you may be eligible to get this interest rate.

      I hope this information has helped.


  8. Default Gravatar
    paulJuly 12, 2017

    How to open a RAMS Saver Account online? Thanks!

    • Staff
      JhezelynJuly 12, 2017Staff

      Hi Paul,

      Thanks for your comment.

      You can apply for the RAMS Saver Account online by visiting RAMS’ website. Before you apply, you need to make sure you meet the eligibility criteria. Please note that it might take 10 minutes to sign up online (with online ID verification).

      Once your application was reviewed and accepted, RAMS would send a letter to your home address to confirm account details and you’ll also receive an account opening confirmation email.


  9. Default Gravatar
    TimJuly 8, 2017

    If an elderly person doesn’t own a mobile phone, is he going to be excluded from opening a RAMS Saver Account because he doesn’t satisfy the eligibility criteria to apply?

    • Staff
      LiezlJuly 8, 2017Staff

      Hi Tim,

      Thanks for your question.

      I’m afraid that’s the case. RAMS requires the applicants to hold a valid Australian mobile phone number as well as meeting all the eligibility requirements to be able to apply.

      If you’re interested, there are actually mobile plans suitable for seniors. You may check our comparison page here.

      I hope this has helped.


  10. Default Gravatar
    YvonneJune 16, 2017

    Is the 3.00% an introductory rate for a couple of months or ongoing? If I deposit more than $250,000 in 2 names as joint account then is the government guarantee for $250,000 per person on the account (i.e. $500,000) or only $250,000 for the one account?

    • Staff
      JonathanJune 17, 2017Staff

      Hi Yvonne!

      Thanks for the comment.

      To earn the bonus 1.65% p.a. variable interest on top of the variable base rate 1.35% p.a., just: 
      – Deposit at least $200 during the month 
      – Make no withdrawals during that month 
      – Keep your balance between $200 – $500,000 for the month

      As long as you meet these conditions, you are eligible to receive the bonus rate.

      As for government guarantee, it is up to $250,000 in Authorised Deposit-taking Institutions (ADIs) like savings account. In the case of joint accounts, each account holder is entitled to an individual guarantee up to $250,000. You can read more about that in ASIC Government guarantee on deposits.

      Hope this helps.


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