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.
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.
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.
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: 0.10% p.a. | |
| Balances from $200: 0.15% 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 | |
| Total variable interest rate decreasing to 0.15%, effective 2 Feb 2021 | |
| none | |
| none |
When I started saving with RAMS, I was very happy with the interest rate that I was getting. In the last year, the rates have just gone down constantly in such a short period of time. Very disappointing! I'm seriously considering taking what I have saved to another savings bank that offers better interest rates.
Read full reviewWhen I started saving with RAMS, I was very happy with the interest rate that I was getting. In the last year, the rates have just gone down constantly in such a short period of time. Very disappointing! I'm seriously considering taking what I have saved to another savings bank that offers better interest rates.
Probably the worst "bank" we've ever encountered in our lives. They're more than happy to take your money, but when it comes to getting access to your own money, they make your life a living Hell. Even visiting their offices do not guarantee you will be able to access your own savings! This "bank" is just nasty, nasty, greedy people! Please DO NOT use RAMS. They're clueless when it comes to dealing with customers and they honestly don't give a rat's ass for them.
Read full reviewProbably the worst "bank" we've ever encountered in our lives. They're more than happy to take your money, but when it comes to getting access to your own money, they make your life a living Hell. Even visiting their offices do not guarantee you will be able to access your own savings! This "bank" is just nasty, nasty, greedy people! Please DO NOT use RAMS. They're clueless when it comes to dealing with customers and they honestly don't give a rat's ass for them.
Interest rates not competitive and go down too regularly.
Read full reviewInterest rates not competitive and go down too regularly.
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.
MyState Bank
Bonus Saver Account
1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.50% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Rabobank
High Interest Savings Account
1.35% p.a. (for $0 to $250,001)
0.25% p.a.(for $0 to $250,001)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.65% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.50% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Rabobank
High Interest Savings Account
1.35% p.a. (for $0 to $250,001)
0.25% p.a.(for $0 to $250,001)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.65% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
0.05% p.a.(for $0 and over)
1.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
0.05% p.a.(for $1 and over)
1.05% p.a. (for $1 to $250,000)
Yes up to $250,000
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.35% p.a. (for $0 and over)
Yes up to $250,000
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.20% p.a. (for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
1.25% p.a. (for $0 and over)
Yes up to $250,000