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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42 Responses to RAMS Saver Account

  1. Default Gravatar
    Yvonne | June 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
      Jonathan | June 17, 2017

      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.


  2. Default Gravatar
    Jonathan | May 27, 2017


    Can you tell me what the notice period is if I wanted to close this account in the future?



    • Staff
      Jhezelyn | May 29, 2017

      Hi Jonathan,

      Thanks for your inquiry.

      You can close your RAMS Saver Account at anytime. You’d need to contact RAMS directly should you wish to cancel your account.


  3. Default Gravatar
    Graeme | April 18, 2017

    What is the daily withdrawal limit on a Rams Saver account. Can it be increased and if so how is this done?

    • Staff
      Harold | April 18, 2017

      Hi Graeme,

      Thank you for your inquiry.

      At present, thre is no specific withdrawal limit and you can withdraw your money anytime. But please note that during the month when you made withdrawals, the standard variable rate of 1.35% p.a. applies and not the Maximum variable rate of 3.00% p.a. Also, make sure to keep your balance between $0 and $500,000.

      I hope this information has helped.


  4. Default Gravatar
    eddie | February 18, 2017

    can you access your money for emergency on that account

    • Staff
      Anndy | February 20, 2017

      Hi Eddie,

      Thanks for your question.

      You can withdraw your money at any time, but please note that during the month when you made withdrawals, the standard variable rate of 1.35% p.a. applies and not the Maximum variable rate of 3.00% p.a.


  5. Default Gravatar
    John | December 30, 2016

    Just wondering if this saver account can be linked to an external bank’s everyday account instead of the rams action account? If so, are there any fees/delays incurred?


    • Staff
      Anndy | December 30, 2016

      Hi John,

      Thanks for your question.

      If you open a RAMS Saver Account, there is no need for you to set up a linked account. Through myRAMS online banking, you can do all your transactions including ‘Pay Anyone’ enabling you to transfer funds to other RAMS accounts and any other Australian financial institution. Please do note that when transferring funds for the first time to someone new, you will need to confirm the one time password that RAMS will send to your Australian mobile phone via SMS.


  6. Default Gravatar
    Ian | December 9, 2016

    how is interest calculated ie daily weekly etc

    • Staff
      Anndy | December 11, 2016

      Hi Ian,

      Thanks for your question.

      All RAMS Saver accounts deposit interest is calculated daily using the closing balance of your account. However, total interest is added at the end of the month.


  7. 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.


  8. 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



    • 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.


  9. 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.


  10. 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.


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