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RAMS Saver Account

Interest rate
0.45% p.a.(for $0 to $5,000,000)
Maximum rate
1.20% p.a. (for $200 to $500,000)

Mozo editorial review RAMS Saver Account

Last updated: 1 June 2020.

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What's hot
  • 1.20% bonus interest when you make no withdrawals, $200 monthly deposit
  • Absolutely 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 high interest savings account market with the RAMS Saver, offering a competitive 1.20% ongoing interest rate, if you don't make any withdrawals and deposit at least $200 each month.

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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 a decent 1.20% interest rate if you stick to the above conditions, if you don't you'll only get the standard interest rate at a low 0.45%. 

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, 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.

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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 2 July 2020. 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: 0.45% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Balances from $200: 1.20% p.a.
    Balances from $500,000: 0.45% 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

  • none

  • none

  • none

Customer Reviews

How are RAMS savings accounts rated by the Mozo community?

Overall customer rating
8.1/10
Price
8.9/10
Features
7.2/10
Customer service
7.7/10
Convenience
7.1/10
Trust
8.2/10

Latest reviews of RAMS Saver Account

  • Overall 7/10
    Supplementary.

    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 review

    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.

    Price
    6/10
    Features
    8/10
    Customer service
    5/10
    Convenience
    3/10
    Trust
    7/10
    Less
    Lara, New South Wales reviewed 10 days ago
  • Overall 10/10
    Competitive interest rates.

    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 review

    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.

    Price
    8/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    3/10
    Trust
    8/10
    Less
    Leslie, New South Wales reviewed about 1 month ago
  • Overall 1/10
    Can not trust them.

    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 review

    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.

    Price
    5/10
    Features
    1/10
    Customer service
    2/10
    Convenience
    1/10
    Trust
    0/10
    Less
    Mark, Victoria reviewed 5 months ago
  • Overall 10/10
    It's all i need

    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 review

    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.

    Price
    10/10
    Features
    4/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    9/10
    Less
    Helen, New South Wales reviewed over 1 year ago
  • Overall 10/10
    Good bank

    I like it

    Read full review

    I like it

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Henry, South Australia reviewed about 4 years ago
RAMS

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.

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