RAMS Saver Account

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 also awarded a 2019 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 1.15%. 

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.