Flockbuster: RAMS provide savings relief with new 3.00% rate
In some much needed positive news for Aussie savers, RAMS has bucked the trend of recent savings account rates cuts by informing customers that they will be upping the bonus rate on the RAMS Saver Account by 20 basis points.
The change, which will come into effect tomorrow (March 8), will lift the Saver Account interest rate from 2.80% to 3.00% - putting it on par with AMP’s Bett3r Save Account as the joint market-leader in the Mozo database.
Peter Marshall, Mozo’s Product Data Manager, said the announcement from RAMS came as a surprise - especially given that the provider only dropped the account rate from 3.00% to 2.80% little more than three months ago.
“We’ve already seen a number of providers slash their base and bonus savings account rates in the first few months of 2018, so the decision by RAMS to move the other way is certainly a shock - but no doubt a welcome one for account holders,” he said.
In fact, according to data from the Mozo database, the RAMS move is the first bonus rate increase of the year - in comparison there have been four bonus rate cuts as well as 17 cuts to savings account base rates already in 2018.
While a 20 basis point rise might not seem huge, the Mozo Savings Calculator shows that the rate bump could translate to a tidy windfall in your savings account balance - even over a short-term period.
For example, a saver with an existing account balance of $20,000 making $250 monthly deposits over a four year period would end up with $229 more in interest if they had a 3.00% interest rate on their account compared to one with a 2.80% rate.
Aside from becoming a joint market-leader in the Mozo database for bonus rate savings accounts, the RAMS Saver Account was also recently named a best Regular Saver account in the 2018 Mozo Expert Choice Deposit Awards.
Think the RAMS’ Saver Account could be the right place to stash your own savings? Check out the minimum conditions and other account features with our review, or compare more offers by heading over to the Mozo savings account comparison hub today.
Top 6 savings accounts by ongoing bonus interest rate
For savers looking to compare some of the highest interest rates on offer, here are the current top six savings accounts for ongoing bonus interest rates in the Mozo database as of Wednesday March 7, 2018 (corrected to include the scheduled RAMS change):
- AMP Bett3r Save Account - 3.00% (if you make a minimum deposit of $2,000 into your linked Bett3r Pay Account every month)
- RAMS Saver Account - 3.00% (if you make a minimum deposit of $200 and no withdrawals in the month)
- UBank USaver with Ultra Transaction Account - 2.87% (if you deposit at least $200 into the account or a linked Ultra Transaction Account every month)
- ME Online Savings Account - 2.85% (if you make a weekly Tap & Go purchase with your ME Everyday Transaction Account Debit MasterCard)
- Australian Unity Active Saver - 2.80% (if you make a minimum deposit of $250 and no withdrawals in the month)
- ING Savings Maximiser - 2.80% (if you make a minimum deposit of at least $1,000 a month from a linked Orange Everyday account as well as five purchases on your credit or debit card)