RAMS Saver account: Overview
The RAMS Saver account lets you start your savings plans right away.
You don’t need a minimum balance in your account to get started and there are no monthly account fees charged that can eat away your hard earned savings.
Instead, RAMS offer you a very competitive interest rate of 2.81% p.a. on your savings that is increased by a bonus rate of an extra 1.30% p.a. for sticking to your regular deposit plan. That’s a potential total interest amount of 4.11% p.a. you could be earning on your savings.
Deposit at least $200 every month, make no withdrawals during the month, and have an account balance that does not fall below $0 or exceed $500,000 at any time during the month, to qualify for the bonus interest amount.
Campare Other Savings Accounts With Rams Saver Account
RAMS Saver account
ING DIRECT Savings Maximiser
Bankwest TeleNet Saver
HSBC Serious Saver
ANZ Online Saver
|Maximum Variable Rate||4.11% p.a.||4.00% p.a.||3.90% p.a.||4.00% p.a.||3.80% p.a.||3.82% p.a.|
|Standard Variable Rate||2.81% p.a.||2.75% p.a.||2.50% p.a.||2.70% p.a.||2.50% p.a.||2.50% p.a.|
|Bonus Variable Rate||1.30% p.a.||1.25% p.a.||1.40% p.a.||1.30% p.a.||1.30% p.a.||1.32% p.a.|
|Minimum Opening Deposit||$0||$0||$1||$0||$0||$0|
|Introductory Interest Period||4 month(s)||4 month(s)||4 month(s)||4 month(s)||3 month(s)|
|Internet Transaction Fee||$0||$0||$0||$0||$0||$0|
|Phone Transaction Fee||$0||$0||$0||$0||$0|
Accessing your RAMS Saver account
You can deposit and withdraw your cash from the RAMS Saver account in several ways.
You can use the secure electronic banking platform to move funds between your existing RAMS accounts. You can also transfer funds directly into your RAMS Saver account electronically from another bank or financial institution.
Your payroll officer is also able to pay a portion of your salary into your savings account via a direct salary credit.
Deposit at least $200 every month, make no withdrawals during the month, and have an account balance that does not fall below $0 or exceed $500,000 at any time during the month to receive bonus interest rate, you can make this easier on yourself by arranging a direct deposit payment to be made. You might want to set this up at $50 per week or even $100 per fortnight, if that makes it easier for when you get paid. A direct deposit payment lets you automate your savings and ensures you won’t forget to put money aside. It also makes sure you make the most of earning a higher interest rate.
Features of the RAMS Saver Account
4 Things you need to know about the RAMS Saver account with Chris Thorton
Click here for video transcript:
I'm Chris Thornton. I'm the Head of Brand and Marketing at RAMS.
The purpose of the RAMS Saver is to reward savings activities, so to get the bonus rate we ask you to deposit $200 in the month and make no withdrawals. So for that reason it's not for your everyday transactions for that we have the RAMS Action Account. The RAMS Saver is for those people who are serious about saving. You can access the RAMS Saver Bonus Interest Amount, which today is at the top of the savings account finder tables, you can access that rate in any month that you are with the product and not just for the first few months. Even in those months where you might want to make a withdrawal, you still get a base rate which is very competitive and the following month you can go back, meet the conditions and get the high bonus rate again.
On the RAMS Saver account the interest is paid into your account on the first day of the following month. For example, if you are saving over the course of the month your interest is calculated daily, all that is added up on the first day of the following month as your interest in your account. To check on your interest payments, including whether the bonus interest rate has been applied, it's very simple you just log into MyRams on your mobile or on your desktop. It's all laid out there as a line item which tells you what the bonus rank was. The good news is there are absolutely no fees on the RAMS Saver whatsoever. There's no fees. I don't know what else to say really.
You can use any Australian deposit account to link with the RAMS Saver Account, we don't have a condition on that. You don't have to have one of our other accounts though a lot of our customers do have a RAMS Action Account as well. You can absolutely put your salary straight into the RAMS Saver Account. The RAMS Saver is valuable as a joint account, you can have one other joint account holder on the account. With the RAMS Saver Account you can have up to 10 accounts per individual.
When you set up a RAMS Saver account you have a maximum daily limit which is set at $5,000 but simply by going to MyRams you can adjust that anywhere between $1,000 to $10,000 a day. Now if you want to transfer more than that, you can still do that by contacting the Contact Center on 13 Rams. It's really easy to sign up for a RAMS Saver Account you do it online or on your mobile. We ask you for your name, an Australian residential address, a mobile number, and your e-mail address. With that minimum amount of information, you can open up an account and you can deposit funds into it. Now for the account to be fully transactional, we have to verify you. For the vast majority of people we are able to do that online and get people started straightaway, and to do the online verification it's the kind of information you would expect with a 100 point check. So a drivers license, medicaid card, passport number, those kinds of pieces of information. You do need to have a mobile number to open a RAMS Action or a RAMS Saver Account. We use it as part of our security processes when we set up the account and also for transactions, so that is something you'll need. You can close the RAMS Saver account at any time.
Pros and cons
The pros and cons of the RAMS Saver account are as follows:
- A RAMS Saver account offers you a high ongoing bonus rate of interest. You can also access your savings easily online or on mobile 24/7
- No interest is paid on balances over $500,000
Opening a RAMS Saver account
You will need to be over the age of 18 when you apply for your account. You will also need to be an Australian resident and you do need to show an Australian residential address. You’ll be asked for your contact details, including mobile number or your email address.
RAMS won’t allow accounts to be opened in the name of a trust or trustee. You must be an individual, or opening your account in joint names with another person.
When you do open your account, RAMS will ask you for 100 points of identification. A valid Driver’s Licence and a Medicare or Credit card should be fine for this. You may also choose to provide your Tax File Number, if you wish.