RAMS, known for its low rate home loans, has charged into the high interest savings account market with the RAMS Saver, offering a competitive 0.90% ongoing interest rate, if you don't make any withdrawals and deposit at least $200 each month.
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 a decent 0.90% interest rate if you stick to the above conditions, if you don't you'll only get the standard interest rate at a low 0.25%.
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.
The RAMS Saver is great savings account for anyone who wants a simple to manage, competitive 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. Sure there's an incentive not to touch that money but at least if you do, you know you're not going to lose out badly on interest.
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!
Balances from $0: 0.25% p.a.
Balances from $5,000,000: 0.00% p.a.
Balances from $200: 0.90% p.a.
Balances from $500,000: 0.25% p.a.
Balances from $5,000,000: 0.00% p.a.
Minimum deposit of $200 and no withdrawals in the month
$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
$0.00
$0.00
Monthly
No
none
no
no
no
No
No
No
Yes
No
No
none
none
none
RAMS is straightforward and easy. I have never had a single issue ever.
Read full reviewRAMS 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.
Read full reviewRAMS 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.
Read full reviewRAMS 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.
Read full reviewRAMS 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.
Read full reviewThis 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.
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.
Promoted
MyState Bank
Bonus Saver Account
1.65% p.a. (for $0 to $250,000)
0.15% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Westpac
Life (18-29 years old)
3.00% p.a. (for $0 to $30,000)
0.40% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Bankwest
Hero Saver
1.15% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
Yesup to $250,000
Promoted
Citi
Online Saver
1.55% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yesup to $250,000
Promoted
ANZ
Progress Saver
0.85% p.a. (for $0 and over)
0.01% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Westpac
Life (18-29 years old)
3.00% p.a. (for $0 to $30,000)
0.40% p.a.(for $0 and over)
Yesup to $250,000
Promoted
MyState Bank
Bonus Saver Account
1.65% p.a. (for $0 to $250,000)
0.15% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Bankwest
Hero Saver
1.15% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
Yesup to $250,000
Promoted
Citi
Online Saver
1.55% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yesup to $250,000
Promoted
ME
Online Savings Account
1.55% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yesup to $250,000
Promoted
ANZ
Progress Saver
0.85% p.a. (for $0 and over)
0.01% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Bank of Queensland
Fast Track Saver Account
1.50% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
Yesup to $250,000
Promoted
ANZ
Online Saver
0.80% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yesup to $250,000
Promoted
MyState Bank
Bonus Saver Account
0.15% p.a.(for $0 and over)
1.65% p.a. (for $0 to $250,000)
Yesup to $250,000
Promoted
Bankwest
Hero Saver
0.01% p.a.(for $0 to $5,000,000)
1.15% p.a. (for $0 to $250,000)
Yesup to $250,000
Promoted
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.85% p.a. (for $0 and over)
Yesup to $250,000
Promoted
Bank of Queensland
Fast Track Saver Account
0.20% p.a.(for $1 and over)
1.50% p.a. (for $1 to $250,000)
Yesup to $250,000
Promoted
ME
Online Savings Account
0.10% p.a.(for $0 and over)
1.55% p.a. (for $0 to $250,000)
Yesup to $250,000
Promoted
ANZ
Online Saver
0.05% p.a.(for $0 and over)
0.80% p.a. (for $0 and over)
Yesup to $250,000
Promoted
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.85% p.a. (for $0 and over)
Yesup to $250,000
Promoted
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.80% p.a. (for $0 and over)
Yesup to $250,000
