Interest rate
0.10% p.a.(for $0 to $5,000,000)
Maximum rate
0.15% p.a. (for $200 to $500,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review RAMS Saver Account

Last updated: 2 February 2021.

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What's hot
  • 0.15% bonus interest when you make no withdrawals, $200 monthly deposit
  • No fees
What's not
  • Online only, no branch or phone banking
Mozo snapshot

RAMS, known for its low rate home loans, has charged into the savings account market with the RAMS Saver, offering an ongoing interest rate of 0.15%, so long as you deposit at least $200 each month and don't make any withdrawals.

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Key features

There are no fees attached to the account and no minimum balance requirements but the bonus rate can only be applied to accounts with balances up to $500,000.

While you'll receive an interest rate of 0.15% if you stick to the above conditions, if you don't you'll only get the standard interest rate at a low 0.10%. 

One of the great features of the RAMS Saver account is the pay anyone functionality. Many online only savings accounts make you transfer funds to a nominated transaction account but with the RAMS Saver you can make bill payments or transfer funds to any Australian bank account. You can also transfer between existing RAMS accounts.

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Who is it good for

The RAMS Saver is great savings account for anyone who wants a simple to manage ongoing rate on their savings stash. The RAMS Saver doesn't have the tricks and traps of other online savings accounts where you get high interest for a few short months and then a much lower ongoing rate. And while there's an incentive not to touch that money, if you do you know you're not going to lose out badly on interest.

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Any catches

This is an online only account so you won't have access to phone or branch banking but this shouldn't be a problem for most people, plus if you get into trouble or forget passwords, there is the Australian-based customer service on hand to help out!

Details

Rates and fees information correct as at 22 June 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.10% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Balances from $200: 0.15% p.a.
    Balances from $500,000: 0.10% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Minimum deposit of $200 and no withdrawals in the month

Fees
  • $0.00

  • n/a

  • Unlimited free transactions from internet.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • No

  • none

  • no

  • no

  • no

  • No

  • No

  • No

  • Yes

  • No

  • No

  • Total variable interest rate decreasing to 0.15%, effective 2 Feb 2021

  • none

  • none

Customer Reviews

How are RAMS savings accounts rated by the Mozo community?

Overall
7.9/10
Price
8.6/10
Features
7.1/10
Customer service
7.7/10
Convenience
7.0/10
Trust
8.1/10

Latest reviews of RAMS Saver Account

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About RAMS

RAMS home loans believe in the Australian dream of owning your own home and aim to make this dream come true. With their flexible options and innovative products, RAM home loans is making the dream a reality. RAMS home loans aim to provide home loan solutions to meet many different needs, including low deposit loans, no deposit loans, low doc loans, line of credit loans and low rate loans for members Australia wide.

See RAMS savings accounts