RAMS Saver Account

1.35% p.a.(for $0 to $5,000,000)

2.80% p.a. (for $0 to $500,000)

 

RAMS Saver Account Review

Rates and fees information correct as at 16 December 2017.

Review published: 23 May 2012

What's hot:

  • 2.80% bonus interest when you make no withdrawals, $200 monthly deposit

  • Absolutely no fees

  • Mozo Experts Choice Awards Winner 2017

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 2.80% ongoing interest rate, if you don't make any withdrawals and deposit at least $200 each month. It was awarded a Mozo Experts Choice Award in the Regular Saver category.

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 2.80% interest rate if you stick to the above conditions, if you don't you'll only get the standard interest rate at a low 1.35%. 

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.

Who it's 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.

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!

How are RAMS savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
7.7

Based on 23
RAMS savings accounts reviews

8.7 7.3 7.6 7.2 8.3

Read RAMS savings account reviews by the Mozo community

Latest reviews of RAMS Saver Account

RAMS

RAMS Saver Account savings account review

Overall rating   10 / 10

Good bank

I like it

Full review

I like it

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Henry (SA), reviewed over 1 year ago

RAMS

RAMS Saver Account savings account review

Overall rating   8 / 10

Great bonus interest rate for savings account

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...

Full review

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.

    Price   9 / 10

    Features   5 / 10

    Customer service   9 / 10

    Convenience   7 / 10

    Trust   9 / 10

Less

Steven (NSW), reviewed over 1 year ago

RAMS

RAMS Saver Account savings account review

Overall rating   10 / 10

Tuck your savings away with RAMS and watch it grow

Great interest rate!

Full review

Great interest rate!

    Price   10 / 10

    Features   10 / 10

    Customer service   7 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Alishia (WA), reviewed about 2 years ago

RAMS

RAMS Saver Account savings account review

Overall rating   5 / 10

Good from far, but far from good.

Rates keep dropping frequently, not what I expected when I signed up to save money.

Full review

Rates keep dropping frequently, not what I expected when I signed up to save money.

    Price   6 / 10

    Features   6 / 10

    Customer service   8 / 10

    Convenience   3 / 10

    Trust   5 / 10

Less

Ben (NSW), reviewed almost 2 years ago

RAMS

RAMS Saver Account savings account review

Overall rating   8 / 10

Highest interest rate return on savings account

Highest interest rate return on savings account. There is no flexibility to withdraw funds in the month in order to earn additional interest.

Full review

Highest interest rate return on savings account. There is no flexibility to withdraw funds in the month in order to earn additional interest.

    Price   10 / 10

    Features   8 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Ms (NSW), reviewed about 2 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 1.35% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Balances from $0: 2.80% p.a.
    Balances from $500,000: 1.35% p.a.
    Balances from $5,000,000: 0.00% p.a.

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

Fees

  • $0.00

  • none

  • Unlimited free transactions from internet.

  • none

  • none

  • none

  • none

  • none

  • none

  • none

  • $0.00

  • none

Other financial bits

  • $0.00

  • $0.00

  • Monthly

Features

  • No

  • none

  • no

  • no

  • no

  • No

  • No

  • No

  • Yes

  • No

  • No

  • none

  • none

  • none

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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