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RAMS Saver Account

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Receive an interest rate of 0.75% when you deposit $200 and make no withdrawals.

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.

0.75% p.a.

Maximum variable rate

0.1% p.a.

Base interest rate

0.65% p.a.

Bonus interest rate

$200

Minimum deposit

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Details

Product NameRAMS Saver Account
Maximum Variable Rate0.75% p.a.
Standard Variable Rate0.10%
Bonus Variable Rate0.65%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18

Expert review

Shirley Liu

Review by


Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

This account currently offers one of the most competitive interest rates in the industry.

Key features

Maximum variable rate of 0.75% 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 0.1% 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.

Launch savings calculator


How to apply

Eligibility

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

FAQ

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98 Comments

  1. Default Gravatar
    Lindsay
    January 7, 2019

    How do I go about opening a RAMS Saver Account?

    • Avatarfinder Customer Care
      Jhez
      January 8, 2019

      Hello Lindsay,

      Thank you for your comment.

      To open a RAMS Saver account, just click the Open A RAMS Saver button found on the RAMS website. Please ensure that you meet the eligibility criteria before submitting an application to apply. Please refer to the criteria above.

      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

  2. Default Gravatar
    Fiona
    September 3, 2018

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

    • Avatarfinder Customer Care
      John
      September 4, 2018

      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

  3. Default Gravatar
    Roy
    August 30, 2018

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

  4. Default Gravatar
    Tony
    August 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?

    • Avatarfinder Customer Care
      Jhez
      August 1, 2018

      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

  5. Default Gravatar
    Theo
    July 30, 2018

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

    • Default Gravatar
      Nikki
      July 31, 2018

      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

  6. Default Gravatar
    Stuart
    July 23, 2018

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

    • Avatarfinder Customer Care
      Jhez
      July 23, 2018

      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

  7. Default Gravatar
    George
    July 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?

    • Avatarfinder Customer Care
      Jhez
      July 23, 2018

      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

  8. Default Gravatar
    Harry
    July 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?

    • Avatarfinder Customer Care
      Jhez
      July 17, 2018

      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

  9. Default Gravatar
    Birte
    June 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?

    • Avatarfinder Customer Care
      Jeni
      June 25, 2018

      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

  10. Default Gravatar
    Mark
    May 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%.

    • Avatarfinder Customer Care
      Jhez
      May 16, 2018

      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

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