Their BONUS INTEREST rate of 1% is absurdly LOW compared to ALL other online savings accounts offering at LEAST 3.6%!!! Why would anyone open a RAMS online savings account when they offer such terrible BONUS interest?
Their rates were great when I started with them a few years ago (2.20%) The lowered their rates accordingly with the RBA during the worst of the pandemic. They have not raised their savings interest when other savings banks have. Very disappointing
I did my homework years ago when I needed to find somewhere safe, convenient and competitive to place my savings. I chose RAMS. I understood that the interest rate I received depended largely on the Reserve Bank's monetary policy and as it loosened MP to get us through recessions and pandemics the interest rate I received would go down. I don't have a problem with that. But now that the RB is tightening MP to fight inflation I expect interest rates for RAMS housing loans to go up (which they have and will continue to do so), and interest rates for RAMs savings accounts to go up too - which they haven't. The current RAMS maximum rate of 0.4% I am getting on my savings is a clear 2 percentage points lower than their competitors' products. I rang the RAMs helpline only to be told that as far as they know there is no plan to increase savings rates. They will have to eventually lift these rates or their savings and loan wells will run dry. But without any confirmation that savings rates will increase and become competitive sometime soon, I will move my money.
A "high interest" savings account that pays $0.75% interest. I received seven cents on an $800 deposit including "bonus interest" of $0.02 on top of the big shiny nickel they gave me. Absolutely obscene when you think about it. Not even a penny on the dollar which is far below the inflation rate. Not much of an incentive for middle earners or those who are rebuilding from tough times to save their money considering it costs money to keep it in their accounts when you factor in inflation. I repeat, not even a penny on the dollar in interest.
Probably the worst "bank" we've ever encountered in our lives. They're more than happy to take your money, but when it comes to getting access to your own money, they make your life a living Hell. Even visiting their offices do not guarantee you will be able to access your own savings! This "bank" is just nasty, nasty, greedy people! Please DO NOT use RAMS. They're clueless when it comes to dealing with customers and they honestly don't give a rat's ass for them.
Interest rates not competitive and go down too regularly.
They keep cutting the interest rate on Rams Saver account, now it’s barely above the Reserve bank cash rate and I would expect a much better rate from an online bank that has no bricks and mortar branches to maintain. When I first opened my account the interest rate was very good compared to the official cash rate but they have just been slashing it to the bone so it’s really not worth having. Am looking elsewhere such as putting my cash into my super and managed funds.
RAMS is straightforward and easy. I have never had a single issue ever.
RAMS initially had a good rate for their savings account, which was the reason I moved my money across. However, they have reduced the interest rates significantly after the first year. They still offer good phone service, but no physical locations. Overall, rather trustworthy brand but not as competitive compared to other smaller banks.
RAMS has competitive interest rates and an easy to reach bonus saver interest rate. They are easy to contact and happy to help when you give them a call.
RAMS are simply not trustworthy. There are things in their T’s and C’s which should be candidly stated elsewhere but are not. For example if you exceed $500k in the account you don’t get paid bonus interest on any of your savings at all - not just the amount over 500. Especially when you open up an account and put that money in straight up, you’d reckon someone would have told you that. I hate to think what else is surreptitiously hidden in their t’s and c’s.
This account was my mortgage offset account and while I have now paid out my mortgage and it is still a great account with interest. Does everything I need.
It was really easy to set up the saver account and it has a great bonus interest rate. The only downside that I can see is that you only get the bonus interest if you have no withdrawals during the month. It would be more useful if you had, say, 2 free withdrawals each month that didn't affect the bonus interest rate.
Great interest rate!
Bonus variable rate is available for the first four months.
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Bonus rate for the first 4 months from account opening
Deposit at least $200 to either Spend or Save account from an external source each month.
Minimum deposit of $200 and no withdrawals in the month.
Want more? Compare all 204 savings accounts in the Mozo comparison engine.
Compare more savings accountsMozo gives you the inside story on the best banking, energy and insurance products as rated by thousands of real customers around Australia. We don't make subjective judgments, nor do advertisers influence our ratings. Although our reviews may be moderated to improve quality standards, they are moderated independently of any of Mozo’s commercial relationships.