When I started saving with RAMS, I was very happy with the interest rate that I was getting. In the last year, the rates have just gone down constantly in such a short period of time. Very disappointing! I'm seriously considering taking what I have saved to another savings bank that offers better interest rates.
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.
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.
Rates keep dropping frequently, not what I expected when I signed up to save money.
I don't know what other peoples problems are - but this is dead easy to setup and get money into! Don't need branches for heavens sake. Sure, if you withdraw you forgo bonus interest, who cares! It's not a saving account! Very happy.
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Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.
Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.
Bonus rate for the first 4 months from account opening
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