Ask a Question

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

343 Responses to RAMS Saver account

  1. Default Gravatar
    Annie | April 16, 2014

    How do you withdraw from this account ?

    • Staff
      Marc | April 17, 2014

      Hi Annie,
      thanks for the question.

      You can withdraw from this account by Electronic Funds Transfer (EFT), transferring between RAMS account or through recurring payments.

      I hope this helps,
      Marc.

  2. Default Gravatar
    Susan | April 7, 2014

    Is the RAMS saver account available for SMSF?

    Thanks

    • Staff
      Shirley | April 9, 2014

      Hi Susan,

      Thanks for your question.

      Unfortunately the RAMS website states that “Accounts cannot be opened in the name of a business or company, in the name of a trustee of a trust or a superannuation fund, on behalf of a deceased estate, or pursuant to a power of attorney.”

      Cheers,
      Shirley

  3. Default Gravatar
    Ann | April 2, 2014

    Hi, There is constantly a witholding tax being credited from my account. If I provide my TFN, will the witholding tax be returned to me? I am aware that ANZ and other banks will return the witheld amount when a TFN is provided.

    • Staff
      Marc | April 3, 2014

      Hi Ann,
      thanks for the question.

      Withheld tax is taken by your account provider on behalf of the ATO. If you provide your tax number before the end of the financial year your institution can usually organise the refund of funds, but if you provide it later than this you’ll need to request the funds back from the ATO directly.

      I hope this helps,
      Marc.

    • Default Gravatar
      | April 5, 2014

      Hi Marc. I have the same situation with MEBank online savings account – can I get the refund now as I have since supplied the TFN? This is for the 2013/2014 year? Best, Peter.

    • Staff
      Marc | April 7, 2014

      Hi Peter,
      thanks for the question!

      I’d recommend calling RAMS and finding out if they can process this for you, or failing that, contact the ATO.

      I hope this helps,
      Marc.

  4. Default Gravatar
    pheobe | October 18, 2013

    How is the account effected if you do withdraw from this account at any time ?

    • Staff
      Shirley | October 18, 2013

      Hi Pheobe,

      Thanks for your comment.

      You will receive the standard variable rate for that month if you withdraw funds during that period.

      Hope this helps,
      Shirley

  5. Default Gravatar
    Carla | October 12, 2013

    Hi,

    Is there any fees if and when you close the account?

    • Staff
      Marc | October 14, 2013

      Hello Carla,
      thanks for the question.

      There are no fees for closing this account.

      Cheers,
      Marc.

  6. Default Gravatar
    Rachel | September 30, 2013

    Hello,

    I am looking to maximise my savings to assist with a home deposit (within the next 18 or so months). The Rams account looks fantastic but it worries me that i don’t have the security that i would with a bank if anything were to happen with the company. Is this something i should be worried about?

    • Staff
      Shirley | September 30, 2013

      Hi Rachel,

      Thanks for your comment.

      The RAMS saver account is covered by the Government Guarantee, which means that all deposits of up to $250,000 per person per institution are insured.

      Hope this helps,
      Shirley

  7. Default Gravatar
    Lynda | September 30, 2013

    I am interested in opening one of these accounts as the one I have with ING is only 2.75% pa.
    If I hold say $15,000 does this mean I should be receiving interest of about $56 mth (4.51% / 12mths = 0.3758% mth)?
    Thanks

    • Staff
      Shirley | September 30, 2013

      Hi Lynda,

      Thanks for your comment.

      Yes, that would be the approximate amount give that you meet the terms and conditions to get the bonus interest.

      Hope this helps,
      Shirley

  8. Default Gravatar
    Malcolm | September 30, 2013

    Hi, is the interest paid monthly, and what is the
    life of this rate please? Malcolm

    • Staff
      Marc | September 30, 2013

      Hello Malcolm,
      thanks for the question!

      The interest rate is calculated daily and paid monthly. This bonus rate is subject to change as it’s a variable rate account, but you will qualify for the bonus rate as long as you deposit at least $200 each month and make no withdrawals.

      Cheers,
      Marc.

    • Default Gravatar
      Boon | October 14, 2013

      If you dont meet the requirements for the bonus interest for one month, but do so on the next, does the bonus interest kick in again for subsequent months. Or is it a case of once you miss it you don’t get it back again?

    • Staff
      Shirley | October 14, 2013

      Hi Boon,

      Thanks for your comment.

      If you miss the bonus interest for one month, you’re still eligible for it the next month if you meet the requirements.

      Hope this helps,
      Shirley

  9. Default Gravatar
    Glynis | September 27, 2013

    Am I able to open a Rams saver in the name of my self managed super fund?
    Regards
    Glynis

    • Staff
      Shirley | September 30, 2013

      Hi Glynis,

      Thanks for your comment.

      The Rams Saver is only available for personal customers. You may want to have a look our featured SMSF products.

      Hope this helps,
      Shirley

    • Staff
      Marc | September 30, 2013

      Hello Glynis,
      thanks for the question.

      You’re not able to open this account for a self-managed super fund.

      Cheers,
      Marc.

  10. Default Gravatar
    Ben | September 23, 2013

    Hello, I just opened the RAMS saver account, and couldn’t be happier with the process! it was just so easy! My question is, after watching the short video above, I’d really like to get one of those little rams that appear at the end of the video for my 3 year old daughter-she just had her birthday yesterday, and would really love this – could one be posted out to me please?
    Thank you
    Ben

    • Staff
      Shirley | September 23, 2013

      Hi Ben,

      Thanks for your comment.

      We’re glad to hear about your experience with the RAMs saver.

      Unfortunately, the video was filmed at Rams head office so don’t have access to those toys. However, we would gladly help you source a toy that is very similar on eBay. Please let us know and we can point you in the right direction.

      Hope this helps,
      Shirley

  11. Default Gravatar
    Jordan | September 21, 2013

    You say that the interest is paid annually, but then as well you say to expect the interest to be deposited monthly in the account. Can you please explain how the interest is calculated and deposited more clearly. Thanks

    (please assume adequate balance/deposits and no withdraws for the explanation)

    • Staff
      Shirley | September 21, 2013

      Hi Jordan,

      Thanks for your comment.

      The interest is not paid annually; the interest is calculated daily and paid monthly.

      The interest rate stated is p.a. which means per annum – this is where you may have been confused. The interest rate reflects the returns which are actually distributed across 365 days (assuming a standard year).

      Hope this helps,
      Shirley

  12. Default Gravatar
    Leigh | September 19, 2013

    I have just watched the short Vidio with your marketing man ! But just want to confirm simply please ,
    From day one say I deposit $30’000 into this account plus $200 dollars for the monthly deposit , will I be earning the 4.51% interest rate from the first month on ???

    • Staff
      Shirley | September 19, 2013

      Hi Leigh,

      Thanks for your comment.

      Yes, and as long as you don’t withdraw money and have an account balance that does not fall below $0 or exceed $500,000 at any time during the month. Please note that the interest is per annum, not per month.

      Hope this helps,
      Shirley

  13. Default Gravatar
    Lana | September 13, 2013

    Hi, So if I deposit $600 per month with no withdrawals I will achieve interest (on the 1st $600 and then so on) of $27.06 for the 1st month. Correct?? I am travelling overseas next August and I am looking at setting up a high interest savings account.
    Also all of my accounts are with Suncorp. Is it easy to transfer from a Rams account straight to my Suncorp account if need be. Are there any fees on this account at all??

    • Staff
      Shirley | September 13, 2013

      Hi Lana,

      Thanks for your comment.

      If you meet the terms and conditions for the bonus variable interest rate you will receive approximately $2.26 in interest for the first month. Please note that the interest is per annum, not per month.

      Please allow up to 3-5 days for funds to appear in your RAMS account, there are no fees on this account.

      Hope this helps,
      Shirley

    • Default Gravatar
      Lana | September 19, 2013

      Hi Shirley,

      Thanks for that that. My second question wasn’t answered though. Is it easy to transfer from my Rams account back into my Suncorp account? It would act as a normal savings account right??

    • Staff
      Shirley | September 19, 2013

      Hi Lana,

      Thanks for your comment.

      Apologies, yes it should be easy to transfer money back into your Suncorp account through an online transfer, though the funds may take up to 2-3 business days to appear.

      Hope this helps,
      Shirley

  14. Default Gravatar
    aabcc | September 10, 2013

    Is there another way to deposit money onto the Rams Saver account other than by electronics transfer?

    Two Questions.
    1) Can I logon to myRams and place an instruction to transfer money from my linked account to Rams Saver Account? I think this is called “direct debit”
    2) I have already setup some payee accounts for transferring money OUT of Rams saver to external bank. Can we set up linked account for direct debit (Money moved from external bank to my Rams account and how?

    • Staff
      Marc | September 10, 2013

      Hello aabc,
      Thanks for the question!

      You can deposit money into the Rams Saver by mailing a cheque in addition to EFT and Direct crediting.

      In response to your other questions:

      1. The process for transferring money from your linked account to the RAMS Saver will depend on your linked account and the institution it’s with.
      2. Direct debit isn’t available with the RAMS Saver for the purpose of direct debiting funds from an account with another institution.

      I hope this helps,
      Marc.

    • Default Gravatar
      aabcc | September 11, 2013

      Hi,
      1) Are there any limitation on the daily amount of money Rams account is able to receive (via EFT)?

      2) When transfering money out of Rams Saver account via EFT I understand it may not be immediately available due to time required for clearing. However, will the money be credited to the external bank on the same day (so that I won’t lose deposit interest totally)?

    • Staff
      Shirley | September 11, 2013

      Hi Aabcc,

      Thanks for your comment.

      There’s no limit to the amount you can receive in your RAMS account and the money won’t be credited to the external bank on the same day.

      The whole transfer will appear in your available funds when its been processed.

      Hope this helps,
      Shirley

  15. Default Gravatar
    superhui | September 10, 2013

    Hi, I like to ask about RAMS Saver account and to re-check the conditions for receiving the bonus interest.

    You’ve put the conditions as: “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”.

    Question 1: If I open this account now (which is the middle of September and if the above conditions are met, will I receive the bonus interest for September on the beginining of October?
    Question 2: Assume in a month I make a few deposits with a total of $4000 but one withdrawal of say $3000. Do you mean no bonus interest will be paid for that this specific month even the net balance has increased for $1000?

    • Staff
      Shirley | September 10, 2013

      Hi Superhui,

      Thanks for your comment.

      If you open the account now, the bonus interest will be paid within a month of account opening.

      Yes, you won’t receive the bonus interest for that particular month as you’ve made a withdrawal.

      Hope this helps,
      Shirley

  16. Default Gravatar
    Daniel | September 7, 2013

    Will depositing funds regularly to this rams saver account help in getting a home loan through rams in the future?

    • Staff
      Shirley | September 8, 2013

      Hi Daniel,

      Thanks for your comment.

      Savings and home loans are two different types of products that RAMS offers, however, if you use the RAMS saver account for your deposit, then it could be easier for RAMS to see that you have genuine savings.

      Hope this helps,
      Shirley

  17. Default Gravatar
    Lynne | September 3, 2013

    Do I have to be an existing customer to be able to open a RAMS saver account?

    • Staff
      Shirley | September 3, 2013

      Hi Lynne,

      Thanks for your comment.

      You don’t need to be an existing customer to open a RAMS saver.

      Cheers,
      Shirley

  18. Default Gravatar
    carolyn | August 30, 2013

    can i make a regular deposit of $200 a month and deposit more funds on top of this as i am able?

    • Staff
      Shirley | September 2, 2013

      Hi Carolyn,

      Thanks for your comment.

      Yes you will be able to deposit more funds on top of the $200.

      Cheers,
      Shirley

  19. Default Gravatar
    Rosetta | August 26, 2013

    Can l open a RAMS saver account at 4.51% in my Corporate trustee for my super fund?

    • Staff
      Shirley | August 26, 2013

      Hi Rosetta,

      Thanks for your comment.

      The RAMS saver account is available for personal customers only.

      Hope this helps,
      Shirley

  20. Default Gravatar
    Vic | August 23, 2013

    Can self managed super funds invest in a RAMS Saver account

    • Staff
      Marc | August 26, 2013

      Hello Vic,
      thanks for the question.

      Unfortunately SMSFs cannot use a RAMS Saver Account.

      Cheers.
      Marc.

  21. Default Gravatar
    Cherie | August 23, 2013

    Is there a minimum time you will receive the 4.51% max variable rate? Most banks set a monthly limit

    • Staff
      Shirley | August 23, 2013

      Hi Cherie,

      Thanks for your comment.

      This offer is currently ongoing – RAMS will notify you in writing or email if the offer has been changed. Please keep in mind that there is a criteria every month for you to receive the maximum variable rate.

      Cheers,
      Shirley

    • Default Gravatar
      Cherie | August 23, 2013

      Hi Shirely,
      So Rams can determine on a month to month basis when this rate will end or change?

    • Staff
      Shirley | August 23, 2013

      Hi Cherie,

      Thanks for your comment.

      Yes – the offer can be subject to change, but you’ll be given notice before it actually happens.

      Hope this helps,
      Shirley

  22. Default Gravatar
    Catherine | August 20, 2013

    Can you please explain to me what do you mean by ‘No interest is paid on balances over $500,000′ as in if you deposit more than $500 a month?

    • Staff
      Shirley | August 20, 2013

      Hi Catherine,

      Thanks for your comment.

      If you have more than $500,000 in your RAMS Saver account, you won’t get any interest.

      Hope this helps,
      Shirley

  23. Default Gravatar
    Marg | August 15, 2013

    Are any fees payable

    • Staff
      Shirley | August 15, 2013

      Hi Marg,

      Thanks for your comment.

      There are no fees payable.

      Hope this helps,
      Shirley

  24. Default Gravatar
    Carol | August 12, 2013

    Do you have a savings account applicable for a SMSF?

    • Staff
      Shirley | August 12, 2013

      Hi Carol,

      Thanks for your comment.

      At the moment RAMS doesn’t offer any products for SMSFs. You may want to compare our featured SMSF products.

      Hope this helps,
      Shirley

  25. Default Gravatar
    Mr. | August 8, 2013

    Do I have to give notice in advance to withdraw funds from RAMS Saver Account ?. Is there a maximum limit for such withdrawals ?. Please advise.
    Thank you.

    • Staff
      Shirley | August 8, 2013

      Hi Boo An,

      Thanks for your comment.

      You can withdraw your funds from your myRAMS without any notice. There is a daily limit of $10,000.

      Cheers,
      Shirley

  26. Default Gravatar
    jenny | August 8, 2013

    can you open an account for a self managed super fund?

    • Staff
      Shirley | August 8, 2013

      Hi Jenny,

      Thanks for your comment.

      Unfortunately, at the moment a SMSF is not available with the RAMS Saver account.

      Cheers,
      Shirley

  27. Default Gravatar
    Sally | August 7, 2013

    Hi, is there any cancellation fees with this account?

    • Staff
      Shirley | August 7, 2013

      Hi Sally,

      Thanks for your comment.

      There are no fees for closing the account.

      Cheers,
      Shirley

  28. Default Gravatar
    David | August 2, 2013

    Hi.
    Q1) Is Rams covered by the Commonwealth Government Deposit guarantee to a maximum of $250,000?
    Q2) is Rams a bank?
    Q3) What rating have the major rating agencies applied to Rams as a financial institution?

    • Staff
      Shirley | August 5, 2013

      Hi David.

      Thanks for your comment.

      Yes RAMS is covered by the Australian Government Guarantee. RAMS is a financial institution, who offers everyday financial products like home loans, online savings and transaction accounts.

      The RAMS brand has also been bought by Westpac.

      Hope this helps,
      Shirley

  29. Default Gravatar
    Shelley | July 29, 2013

    Hi,

    Just wondering if compounded interest is paid monthly?

    Thanks,

    • Staff
      Shirley | July 29, 2013

      Hi Shelley,

      Thanks for your comment.

      Yes, it is calculated daily and paid monthly.

      Hope this helps,
      Shirley

  30. Default Gravatar
    Chris | May 31, 2013

    Hi
    I wish to transfer about $10,000 out of my RAMS saver account to an account in USA for a purchase I am going to make Can you please tell me
    Is it possible to do from this account
    what charges are involved by RAMS
    What account details do I need from the USA account holder.
    Thanks in advance Chris

    • Staff
      Shirley | May 31, 2013

      Hi Chris,

      Thanks for your comment.

      You cannot open a RAMS Saver if you are a non resident of Australia and you cannot send funds from an overseas bank account into your RAMS Saver.

      Hope this helps,
      Shirley

  31. Default Gravatar
    chris | May 29, 2013

    Hi, what happens if I withdraw money from the RAMS saver account in a month? Do I still get interest at the base rate? And if the following month I do not withdraw money and put in $200+, do I get the 5% interest rate back? thanks

    • Staff
      Shirley | May 31, 2013

      Hi Chris,

      Thanks for your comment.

      If you withdraw money from the RAMS Saver account you will get the standard variable interest rate. In the following month if you don’t withdraw money, put in $200+ and keep your account between $0 and $500,000 at any time during the month then you get the bonus variable interest rate.

      Cheers,
      Shirley

  32. Default Gravatar
    Lia | May 15, 2013

    Hi there,

    Is there a minimum amount required to open this account?

    Cheers,
    Lia

    • Staff
      Shirley | May 16, 2013

      Hi Lia,

      Thanks for your comment.

      There is no minimum balance required for the RAMS Saver account.

      Cheers,
      Shirley

  33. Default Gravatar
    Avi | May 14, 2013

    My younger brother would like to study in Australia and I will be his sponsor. Now, can i show my RAMS saver account in the Australian Embassy as the prove of my financial capabilities so that my brother can get student visa for Australia ? I want to know whether this account is recognized by Australian embassy.

    • Staff
      Shirley | May 14, 2013

      Hi Avi,

      Thanks for your comment.

      This should be possible although you should check with the Department of Immigration and Citizenship. You need to show proof of funds, so you may want to print out your account statements.

      Cheers,
      Shirley

  34. Default Gravatar
    Philip | April 30, 2013

    Hi, Can a Self Managed Super Fund invest in a RAMS Saver Account?

    • Staff
      Shirley | April 30, 2013

      Hi Philip,

      Thanks for your comment.

      At the moment a SMSF is not available with the RAMS Saver account.

      Cheers,
      Shirley

  35. Default Gravatar
    tracey | April 22, 2013

    Hi does the government guarantee is it based on each account up to 250000 in total or can you have several accounts and each account would be covered for the government guarantee? e.g if you had 500000 in two separate accounts would I be covered for 250000 on each one if there was a crisis

    • Staff
      Marc | April 23, 2013

      Hello Tracey,
      thanks for the question!

      The Government Guarantee covers $250,000 per account holder, per Australian Deposit-Taking Institute (ADI). An ADI simply refers to a bank, building society or credit union where you can deposit funds. What this means is you could have $250,000 at one bank and this would be guaranteed, and then have another $250,000 at another institution and have that guaranteed too.

      Some banks, credit unions or building societies operate different brands under the one name (An example of this is that NAB owns UBank). Be careful of this, as in this case only $250,000 of funds would be guaranteed.

      I hope this helps,
      Marc.

  36. Default Gravatar
    paul | April 18, 2013

    I have 50000 dollars if i invest your product will i receive 5.01% and for how long. Also once i deposit it do i have to continue to deposit each month.

    • Staff
      Shirley | April 19, 2013

      Hi Paul,

      Since we’re an online comparison site we do not make offers on RAMS’s behalf.

      To qualify for the bonus interest, you need make deposits totalling at least $200 during the 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.

      Hope this helps,
      Shirley

  37. Default Gravatar
    Dave | April 18, 2013

    So if I use this to save up for a sum of money over say a 2 year period, at the point when I want to pull my money out, is there any fee’s or restrictions to doing so?

    • Staff
      Shirley | April 19, 2013

      Hi Dave,

      You can withdraw funds from your account online through myRAMS, if you use this method there won’t be any fees or restrictions.

      Cheers,
      Shirley

    • Default Gravatar
      Isaac | April 19, 2013

      > You can withdraw funds from your account online through myRAMS, if you use this method there won’t be any fees or restrictions.

      What withdraw methods do of funds do exist? which incur fees? and how much?

    • Staff
      Shirley | April 23, 2013

      Hi Isaac,

      Thanks for your comment.

      You can make an electronic transfer (this is the primary way to withdraw funds) – you will need to provide the account name, BSB and account number of the account you wish to transfer money to. This method will not incur a fee.

      You can make an electronic transfer to an account that has ATM facilities, and withdraw the money then. The fees will depend on the financial institution that holds this account.

      Cheers,
      Shirley

  38. Default Gravatar
    wendy | April 16, 2013

    is the “rams saver account” government backed ?
    what happens if there is another financial collapse ?

    • Staff
      Shirley | April 16, 2013

      Hi Wendy,

      The Rams saver account can be backed by the Government Guarantee for a fee. If your deposit is covered, then in the case of a financial collapse you’ll be covered for up to $250,000.

      Cheers,
      Shirley

  39. Default Gravatar
    Deb | April 16, 2013

    Am i able to have Rams Saver Account linked to another financial institution, as I do not have a Rams Account, so that I can move money into my other account if & when needed?

    • Staff
      Shirley | April 16, 2013

      Hi Deb,

      You are able to have your RAMS Saver Account linked to another financial institution. When you know the details of your RAMS account (like your BSB and Account Number) you can then make an electronic funds transfer to your RAMS Saver account.

      Cheers,
      Shirley

  40. Default Gravatar
    Jasmine | April 15, 2013

    Hi there,

    Are savings guaranteed by the
    Australian Government? If so, how much is the guaranteed amount limit? Thanks.

    • Staff
      Shirley | April 16, 2013

      Hi Jasmine,

      For a fee, you can cover your RAMS saver account to up to $250,000 with the government guarantee.

      Cheers,
      Shirley

    • Default Gravatar
      Deb | April 16, 2013

      how come there is a fee to pay to have my money guaranteed. what is the fee. what is classed as an inactive account, and what is this fee worth.

    • Staff
      Shirley | April 16, 2013

      Hi Deb,

      For more information about the Guarantee, please visit this page. The fee is dependent on your financial institution, as well as the period that is classified as an inactive account (however, usually it is around 3 years for savings accounts).

      Cheers,
      Shirley

  41. Default Gravatar
    Jasmine | April 15, 2013

    Hi there,

    I would like to open a RAMS saver account, does this account charge you any exit fees? or other extra fees at all? Thanks.

    • Staff
      Shirley | April 16, 2013

      Hi Jasmine,

      It is uncommon for financial institutions to charge an exit fee for saver accounts, however, there may be an inactivity fee charged if you don’t use the account.

      Cheers,
      Shirley

  42. Default Gravatar
    Jo | April 13, 2013

    Is the interest accrued daily and paid monthly?

    • Staff
      Shirley | April 16, 2013

      Hi Jo,

      Yes for the RAMS Saver account interest is calculated on the daily closing balance of your account using the following formula: Daily closing balance/365 x Interest rate/100 and then paid monthly.

      Cheers,
      Shirley

  43. Default Gravatar
    Jessica | April 12, 2013

    Hi, I just want to ask this saving plan strictly to Australian, is it? I am currently studying in uni Melbourne and will be here till year 2016(graduation) and I am from Malaysia, am I allowed to invest in RAMS?Thank you

    • Staff
      Shirley | April 16, 2013

      Hi Jessica,

      You need to be an Australian resident and have an Australian address to be eligible for this account.

      Cheers,
      Shirley

    • Default Gravatar
      andrew | April 23, 2013

      Hi Shirley,
      I just wanted to clarify this as I’m in a similar situation, lived here for 3 years, work full-time etc and as Jessica and most other international students are,I’m an Australian resident for tax purposes.
      Your website says
      “are an Australian resident for taxation purposes with an Australian residential address”. This is different from being a permanent resident of Australia. So this means we are eligible?
      Thanks
      Andrew

    • Staff
      Shirley | April 23, 2013

      Hi Andrew,

      Thanks for your comment.

      You need to have an Australian residential address as well as be an Australian resident for tax purposes. You’ve already met one of the criteria, you need to be able to meet the second one as well.

      Hope this helps,
      Shirley

  44. Default Gravatar
    Keith | April 11, 2013

    I wish to invest $350000.00 in a Rams saver account.
    Can i use the accrued interest in lieu of the $200/month deposit criteria?

    • Staff
      Shirley | April 12, 2013

      Hi Keith,

      You need make external deposits totalling at least $200 during the month, which won’t include the interest earned.

      Cheers,
      Shirley

  45. Default Gravatar
    Sandra | April 11, 2013

    I have just opened up an account for myself. Can i amend this to be a joint account now ?

    thanks
    Sandra

    • Staff
      Shirley | April 12, 2013

      Hi Sandra,

      This is possible, the best way to do it is to call RAMS and add the other account holder.

      Cheers,
      Shirley

  46. Default Gravatar
    Sandra | April 11, 2013

    Is there any fee if i decide to close my account at any time?

    thanks

    • Staff
      Shirley | April 12, 2013

      Hi Sandra,

      Generally there is no fee for closing saving accounts but an inactivity fee may be charged. It’s best to contact RAMS to confirm.

      Cheers,
      Shirley

  47. Default Gravatar
    Marilyn | April 11, 2013

    Hi,

    I am thinking about putting $70000 into a RAMS saving account and setting up a direct debit of $200 or more per month – as a self managed super fund in addition to my Australian Super Fund.

    I am a young 62 years old and would like to think I can work for another 5 years at least.

    My question is this the best account to put my nest egg in for the long term

    • Staff
      Shirley | April 12, 2013

      Hi Marilyn,

      Since we’re an online comparison site we cannot suggest one particular product to you. It’s best to compare savings accounts and see what interest rate you wil like your savings account to have. Please remember to read the terms and conditions of the product.

      Cheers,
      Shirley

  48. Default Gravatar
    volker | April 9, 2013

    i have a substantial amount of funds over $500.000 so i am looking for the maximum interest rate returns.

    Do you have any suggestions ?

    Kind regards V.W.

  49. Default Gravatar
    Kane | April 9, 2013

    Good morning, Can you advise if the advertised rate of 4.21% + 0.8% monthly bonus for your savings account is the standard rate or just an introductory rate? If so what is the regular interest rate. I am looking at a long term interest bearing account 15 years+ with regular monthly deposits of 200+.

    I look forward to your response.
    Kind regards,

    Kane

    • Staff
      Shirley | April 9, 2013

      Hi Kane,

      The monthly bonus rate is ongoing as long as you meet the following conditions; make deposits totalling at least $200 during the 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.

      If you don’t meet the conditions then you will receive the standard variable rate.

      Cheers,
      Shirley

  50. Default Gravatar
    Natalie | April 8, 2013

    Hi there,

    Are you charged a fee if you want to close your saver account?

    Many thanks,
    Natalie

    • Staff
      Shirley | April 9, 2013

      Hi Natalie,

      There are no fees if you want to close the RAMS saver account. You will need to contact RAMS to do this.

      Cheers,
      Shirley

  51. Default Gravatar
    Steve | April 7, 2013

    The more I research this account, the more I notice the interest rate keeps falling. On Mozy it was at 5.17% and 4.37%, on this and the RAMS site it’s at 5.01% and 4.21%, then in the comments here I’m seeing 4.02% as the rate.

    I realise the rates change, but consistently falling doesn’t seem like a good product. What’s to be taken as fact? What alternatives are there for similar rates that won’t change/fall with similar features?

  52. Default Gravatar
    colin | April 5, 2013

    i have a self managed super fund if i invest 15.000 how much would i get in interest

  53. Default Gravatar
    Dee | April 4, 2013

    Hi, I would like to deposit my redundancy payment into a savings account before I move overseas for a couple of years (temporary Canadian resident). Is it possible to transfer money from this account to an overseas bank account? Also, am I able to have this account while living overseas? I can provide my grandparents residential address and phone number in Australia but I will not be living there from June onwards. Thanks

    • Staff
      Shirley | April 5, 2013

      Hi Dee,

      Thanks for your comment.
      You’ll be able to use this account when overseas, you’ll need an Australian mobile phone which is registered to your RAMS accounts. You’ll also need to enable global roaming on your Australian mobile phone to be able to access your account. You can contact your service provider to arrange this.

      You will also need to be an Australian resident to open this account.

      Cheers,
      Shirley

  54. Default Gravatar
    Lahna | April 3, 2013

    Hello!

    I’m looking to open a high interest rate bank account for my partner and I to save for a home loan.

    We would be directly depositing money each month (yes over $200) and would not withdraw from the account for at least 12 months.

    The only thing is he has gone over seas to get a higher paying job for the next year, so would he be able to directly put his funds in the new account from over there? (Korea) Or would he have to transfer them to me first? He is also not an Australian citizen yet, but i am.

    Thanks.

    • Staff
      Shirley | April 3, 2013

      Hi Lahna,

      Thanks for your question.

      Since your partner is not an Australian citizen or resident, he won’t be able to open the account. You can open the account under your name only. When you open yours RAMS Saver account, make sure you take note of the Account name, BSB and Account number. Your partner should be able to transfer funds into your RAMS Saver account from his Korean bank account as long as he has these details. Otherwise, there are a institutions where he can make an international money transfer.

      Cheers,
      Shirley

  55. Default Gravatar
    Ric | April 3, 2013

    With the Government guarantee limit of $250 000,
    if the account is in joint names does that go to $500 000?

    • Staff
      Shirley | April 3, 2013

      Hi Ric,

      Yes the $250,000 applies per person per institution, so the whole $500,000 will be covered by the government guarantee.

      Cheers,
      Shirley

  56. Default Gravatar
    Robert | April 2, 2013

    I have some money to deposit. Do you have a branch near Shepparton Vic.

    • Staff
      Shirley | April 3, 2013

      Hi Robert,

      RAMS does not have any branches, but you can deposit funds by electronic funds transfer, direct credit or by cheque.

      Cheers,
      Shirley

  57. Default Gravatar
    Ashley | April 2, 2013

    I am looking at taking advantage of this account. Can you please help me with the following query. If I am transferring $200 or more per month is there a time limit as to when the interest rate bonus will change. Some of your competitors are only paying the bonus rate for 4 months or so. How will your rate bonus last for.

    • Staff
      Shirley | April 3, 2013

      Hi Ashley,

      The bonus interest rate is ongoing for the RAMS Saver account until further notice, as long as you meet the criteria.

      Cheers,
      Shirley

  58. Default Gravatar
    Gary | April 1, 2013

    Hi there, my partner is an Australian national who also holds British citizenship. We live in London but return to Australia regularly for long periods (4 months in this instance). I have a permanent interdependency visa which allows me to live and work in Australia, should I so choose, but have not yet committed to doing so and therefore have no tax reference. Would we still be able to open a joint account?

    Alternatively I have Power of Attorney for my partner due to his dementia. Is it possible to open an account in his name with me as an authorised ‘signatory’.

    Thanks, Gary.

    • Staff
      Shirley | April 5, 2013

      Hi Gary,

      Thanks for your question.

      You cannot open a RAMS Saver if you are a non Australian resident, accounts also cannot be opened on behalf of a pursuant to a power of attorney.

      Hope this helps,
      Shirley

  59. Default Gravatar
    katerina | March 31, 2013

    My partner & i live on the central coast nsw and before we open account we would like to know if there is a branch in the vicinity that we can walk into if we need info? We like to be able to talk face to face when and if we need to.

    • Staff
      Shirley | April 3, 2013

      Hi Katerina,

      RAMS does not have any branches, the best way to contact them is on the phone or online.

      Cheers,
      Shirley

  60. Default Gravatar
    Kai | March 28, 2013

    I am looking at investing $20K for up to 6 months before withdrawing for a project.
    Can you advise:
    1. What would be the net amount if this is invested with the Ram Saver Account by end of six months?
    2. When is the starting date for the monthly interest calculation?
    3. When deposit is added, when will the bonus interest kick in?
    4. What’s the procedure for closing the account?
    Thanks.

    • Staff
      Adrian | March 28, 2013

      Hi Kai,

      Thanks for your questions.

      1. If you are only going to deposit $20,000 in one chunk, and aren’t going to deposit $200 per month, then you won’t qualify for the bonus interest rate. According to our savings calculator, the end balance will be around $20,509.

      2. Interest is calculated on the average daily and is paid monthly. For most online savings accounts, interest is paid on the first business day of each month.

      3. The bonus interest rate will apply for any month that deposits of $200 of more are made, and no withdrawals are made. For the above projection, I’ve calculated that the bonus interest rate would be paid on the first month.

      4. Closing the account is easy. You withdraw you money, and then call RAMS. Even if you forget to close the account, it will be automatically closed after a couple of months of inactivity when there is no balance. There are no fees for closing an account.

      Cheers, Adrian.

  61. Default Gravatar
    Alan | March 27, 2013

    Hi,
    Can I open and use this RAMS Saver account if I am not an Australia citizen? I have a student visa.

    Cheers!

    • Staff
      Adrian | March 27, 2013

      Hi Alan,

      Australian residents for tax purposes should be able to use this account. Applicants need an Australian residential address and a Tax File Number.

      All the best, Adrian.

  62. Default Gravatar
    Scott | March 27, 2013

    I have am interested in your Rams Saver account, I currently do my every day banking with Bankwest can I link this account with my Bankwest account ???

    thank you Scotty

    • Staff
      Adrian | March 27, 2013

      Hi Scotty,

      Yes, Bankwest transaction accounts can link to a RAMS Saver account.

      Best, Adrian.

  63. Default Gravatar
    Ann | March 27, 2013

    If I deposit $250,000.00 do I have to deposit $200 per month to receive the interest rate?

    • Staff
      Adrian | March 27, 2013

      Hi Ann. To receive the maximum variable interest rate, a minimum of $200 needs to be deposited per month and no withdrawals can be made. The standard interest rate will apply if these conditions aren’t met.

      Cheers, Adrian.

  64. Default Gravatar
    Stephanie | March 26, 2013

    Hi, could you please tell me if the 5.01% is a honeymoon rate for a certain period and then the interest rate drops down?

    • Staff
      Shirley | March 26, 2013

      Hi Stephanie,

      According to the RAMS website, the honeymoon rate is only available if you meet these requirements – ‘make deposits totalling at least $200 during the 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’.

      Cheers,
      Shirley

  65. Default Gravatar
    belinda | March 26, 2013

    i need to establish a joint high interest account plus a joint everyday savings account to link to this.

    However both need to be set up so that the two parties must authorise any withdrawals.

    is this possible with RAMS?

    • Staff
      Shirley | March 26, 2013

      Hi Belinda,

      You can open an account with one other individual – RAMS deposit accounts are limited to 2 account holders.

      Cheers,
      Shirley

  66. Default Gravatar
    Kevin | March 25, 2013

    Hi I have been looking into investing $250000 into a high interest savings would this be the most efficient way of earning a good return instead of a fixed term deposit or could you recommend another fund you could offer. Cheers

    • Staff
      Shirley | March 26, 2013

      Hi Kevin,

      Thanks for your question.

      Since we’re an online comparison site, we cannot recommend specific products to you. You want to consult a financial planner for this one.

      Cheers,
      Shirley

  67. Default Gravatar
    Badger | March 25, 2013

    If I already have a joint account with RAMS, can I open a separate account in my own name and enjoy the high interest on both?

    • Staff
      Shirley | March 26, 2013

      Hi Badger,

      You can open up to 10 deposit accounts with Rams (inclusive of joint accounts).

      Cheers,
      Shirley

  68. Default Gravatar
    Justine | March 24, 2013

    Is the maximum variable interest rate of 5.01% applied each month (providing minimum $200 deposit and no withdrawals) or is that only an ‘introductory’ offer, whereby the standard variable interest rate of 4.20% is applied to each month thereafter – regardless of deposits/withdrawals?

    • Staff
      Shirley | March 26, 2013

      Hi Justine,

      This introductory offer is ongoing, and you need to meet the eligibility.

      Cheers,
      Shirley

  69. Default Gravatar
    Alan | March 24, 2013

    Hi,
    Is there a transaction fee applied for me to transfer the money from my current account(NAB) to this RAMS Saver account or from RAMS Saver account to NAB account?
    Thanks!

    • Staff
      Shirley | March 26, 2013

      Hi Alan,

      There is no transaction fee if you transfer the money from your NAB account to the RAMS Saver account.

      Cheers,
      Shirley

  70. Default Gravatar
    renee | March 24, 2013

    Is the money insured? where can I read up about it? do you have a legal disclaimer? Any information to know that my money is safe would be nice.

  71. Default Gravatar
    lyly | March 21, 2013

    Hi there,

    I read on their website. We cannot make regular payments to RAMS saver account from Westpac?
    What is the reason?

    Thanks

    • Staff
      Shirley | March 22, 2013

      Hi Lyly,

      Thanks for your comment.

      You cannot make regular payments to RAMS from Westpac because RAMS is financially supported by Westpac, unless indicated otherwise.

      Cheers,
      Shirley

  72. Default Gravatar
    Joybell | March 20, 2013

    What happens if one can’t manage a $200 deposit occasionally?

  73. Default Gravatar
    George | March 20, 2013

    is the interest accrued monthly

    • Staff
      Shirley | March 22, 2013

      Hi Mrs George.

      This is taken from the RAMS Saver Account FAQ Page – “For all RAMS Saver Accounts deposit interest is calculated on the daily closing balance of your account.”

      Hope this helps,
      Shirley

  74. Default Gravatar
    Amy | March 20, 2013

    Hello – I am interested in opening an online savings account with you. I am on a 4-5-7 Visa (temporary resident) currently working on obtaining my permanent residency. Am I able to open an account with you? Thank you.

    • Staff
      Shirley | April 3, 2013

      Hi Amy,

      You need to be an Australian resident to open a RAMS saver account.

      Cheers,
      Shirely

  75. Default Gravatar
    George | March 19, 2013

    Is the interest calculated daily and paid into the account at end of each month?

    • Staff
      Isaiah | March 19, 2013

      Hi Mrs George,

      Yes, interest is calculated on the daily closing balance of your account.
      Credit interest is credited to your account(s) at the end of the last day of each calendar month and will be available to you on the first day of the following month.

      I hope this helps,
      - Isaiah

  76. Default Gravatar
    stedon | March 18, 2013

    If I deposit $’s into the online Savers A/C, can I withdraw part or the total amount with internet banking & transfer to another bank account.

    What delay is there between withdraw and deposit to another account?

    • Staff
      Isaiah | March 19, 2013

      Hi Stedon,

      thanks for your question,

      Yes, You can transfer money to any other account in Australia from a RAMS account.

      Provided you are transferring cleared funds: the general time it takes to transfer are as follows:

      - Transferring funds between your own RAMS accounts generally occurs immediately.
      - Transferring funds to other RAMS accounts not within your own profile (i.e. 3rd party accounts) or to other Australian financial institutions are generally processed:
      - Same day if the transfer is completed before the cut-off time of 4:00 pm Australian Eastern Standard Time on a business day. Funds should generally be available in the other account the next business day.
      - Next business day if funds are transferred after 4pm on a business day or on a weekend or public holiday and be available generally within the next 2 business days (depending on the institution).

      I hope this helps,

      - Isaiah

  77. Default Gravatar
    tely | March 15, 2013

    Hello,

    I’m wanting to invest for my house deposit which we look at building in 6 months.

    Will there be any issues if I withdraw my money for my house or do i not get the interest rates etc?

    • Staff
      Isaiah | March 19, 2013

      Hi Tely,

      If you are interested in maximising your interest earnings with a new RAMS saver account, be mindful of the monthly conditions that need to be met.

      for this account the current conditions are as follows:
      – make deposits totalling at least $200 during the 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.

      There are no fixed term commitments nor are there charges if you are to withdraw your funds within 6 months.

      I hope this helps,
      Isaiah.

  78. Default Gravatar
    Jane | March 15, 2013

    Just wondering if internet banking is set up, how long will money take to transfer out of my Rams account into my bank account? Overnight?

    Thanks

    • Staff
      Isaiah | March 19, 2013

      Hi Jane,
      thanks for your question,

      as long as your funds have cleared for the transfer, the general time frame is as follows:

      - Transferring funds between your own RAMS accounts generally occurs immediately.
      - Transferring funds to other RAMS accounts not within your own profile (i.e. 3rd party accounts) or to other Australian financial institutions are generally processed:
      - Same day if the transfer is completed before the cut-off time of 4:00 pm Australian Eastern Standard Time on a business day. Funds should generally be available in the other account the next business day.
      - Next business day if funds are transferred after 4pm on a business day or on a weekend or public holiday and be available generally within the next 2 business days (depending on the institution).

      I hope this helps,
      Isaiah.

  79. Default Gravatar
    Matt | March 14, 2013

    Hi,
    I have a small company holding about $150,000 can I deposit this with rams or does it need to be in my individual name ?

    • Staff
      Isaiah | March 19, 2013

      Hi Matt,
      thanks for your question,

      RAMS Saver Accounts cannot be opened in the name of a business or company, in the name of a trustee of a trust or a superannuation fund, on behalf of a deceased estate, or pursuant to a power of attorney.

      I hope this helps,
      Isaiah.

  80. Default Gravatar
    Stuart | March 13, 2013

    Hi, just opened a saver account on the weekend and moved a sizable amount from my westpac to this new account on the 12/3/13 Today being 13/3/13 and the money is not in there. The account numbers match and I got a confirmation message from westpac about the deposit Please tell me there is a small waiting period?

    Thanks

    • Staff
      Shirley | April 5, 2013

      Hi Stuart,

      These type of transfers can take up to 3 business day to complete.

      Cheers,
      Shirley

  81. Default Gravatar
    Kelly | March 13, 2013

    Hi,
    Does RAMS charge you a fee for withdrawing money out of this account at anytime?

    Thanks.

    • Staff
      Shirley | March 26, 2013

      Hi Kelly,

      You cannot directly withdraw money out of the RAMS saver account from an ATM, you need to transfer the money into another account first for free.

      Cheers,
      Shirley

  82. Default Gravatar
    Shasta | March 12, 2013

    Hello, is there any penalty if you do not deposit $200 a month or if you miss the $200 deposit one month?

    • Staff
      Shirley | March 26, 2013

      Hi Shasta,

      There is no penalty, but you miss out on the bonus variable interest rate.

      Cheers,
      Shirley

  83. Default Gravatar
    Carey | March 9, 2013

    Hi I am a UK resident but would like to open a savings account in Australia for my Australian grandchild in her name. I would like to be able to make payments into account on line from UK bank. She is only 15 months old so long term savings for her to access when she is 18yrs.

    Please could you advise if this is possible
    Regards Carey

    • Staff
      Shirley | April 23, 2013

      Hi Carey,

      Thanks for your comment.

      Our featured savings account require permanent Australian residency and a Australia residential address. Linked accounts also need to be within Australia.

      You may want to consider opening an account in the UK instead and then transferring the funds into Australia at a later date.

      Hope this helps,
      Shirley

  84. Default Gravatar
    sunny | March 9, 2013

    Hi
    My inquiry is about RAMS online saver product.I want to ascertain that is RAMS an Authorised Deposit-taking Institution under the Banking Act 1959 and thereby is RAMS APRA regulated or not?

    rgs

    Sunny

    • Staff
      Isaiah | March 12, 2013

      Hi Sunny,
      thanks for your question,

      RAMS products are issued by Westpac [Authorised Deposit-taking Institution] which is subject to the government guarantee on deposits up to $250,000 per account holder.

      For your interest, here is a video by Adrian Barclay which includes more information about ADI’s and a link to APRA’s list of ADI’s

      I hope this helps,
      Isaiah

  85. Default Gravatar
    Luke | March 6, 2013

    Standard Variable Rate is 4.12 – is this the average or minimum variable rate?

    • Staff
      Isaiah | March 7, 2013

      Hi Luke,
      thanks for your question.

      The standard variable rate is the standard minimum interest rate you will earn on the RAMS saver account. You may also earn a monthly bonus variable interest rate if you meet RAMS monthly conditions.

      All the best,
      Isaiah.

  86. Default Gravatar
    Bill | March 6, 2013

    I am looking for an on-line savings account for a non-profit organisation (RSL Sub Branch). Is the RAMS Saver Account available to such organisations?

    • Staff
      Shirley | March 26, 2013

      Hi Bill,

      To be eligible for a RAMS saver account you need to be an individual, and do not hold the account as a trustee of a trust or a superannuation fund, or on behalf of a deceased estate.

      Cheers,
      Shirley

  87. Default Gravatar
    Grant | February 20, 2013

    Hi
    Is the standard variable interest still payed if you make a withdrawal?

    • Staff
      Adrian | February 20, 2013

      Hi Grant,

      Yes, the standard variable interest rate as stated will still apply for months you’ve withdrawn money. The bonus variable rate, will be forfeited in this example.

      Thanks, Adrian.

  88. Default Gravatar
    Chris | February 18, 2013

    Can I use B pay to deposit money into a Rams savings account?

    • Staff
      Adrian | February 18, 2013

      Hi Chris,

      No, BPAY isn’t available for this account. Funds are accepted through:
      1. Electronic transfer
      2. Direct salary credit
      3. Cheque

      Cheers, Adrian.

  89. Default Gravatar
    Tom | February 17, 2013

    I am a uk national travelling in Australia. Can I open an account without a permanent address and transfer my money easily from a uk bank? Thank you

    • Staff
      Adrian | February 18, 2013

      Hi Tom,

      Australian residents for tax purposes should be able to apply for most online savings accounts.

      No, RAMS doesn’t accept payments from foreign banks.

      Expensive fees apply per transfer where this is available.

      Cheers, Adrian.

  90. Default Gravatar
    Elizabeth | February 16, 2013

    Do you have any savings accounts that provide compound interest?

    Also can funds be transferred to an everyday account with another institution for cash withdrawal if necessary? Or would I need to open an everyday account with RAMS?

    In the description it says you cannot make withdrawals through the month? If I do, does this just mean I wouldn’t be eligible for the 4.82% interest?

    • Staff
      Adrian | February 18, 2013

      Hi Elizabeth,

      Yes, this standard savings account product compounds interest monthly.

      No, you can open this account and link to any Australian transaction account.

      Any withdrawals will mean the bonus interest rate for that month is lost. At the current variable interest rate, interest on a withdrawal month is 4.02% p.a.

      Cheers, Adrian.

  91. Default Gravatar
    Marissa | February 11, 2013

    I currently have an account with you. Can i open another account to take advantage of the 4.82%

    • Staff
      Adrian | February 12, 2013

      Hi Marissa,

      Yes, you can open a maximum of 10 accounts including joint accounts.

      Cheers, Adrian.

  92. Default Gravatar
    Victoria | February 11, 2013

    I have 190K to deposit into a savings interest bearing account. For how many months is this offer available for?

    • Staff
      Adrian | February 11, 2013

      Hi Victoria,

      This is an ongoing variable interest rate.

      Here are the conditions worth noting to achieve the maximum variable interest rate for this account:

      ‘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.’

      Cheers, Adrian

  93. Default Gravatar
    Pat | January 16, 2013

    If I make a withdrawal do the residual funds still earn 4.02% for the month or do I earn no interest for the month?

    • Staff
      Adrian | January 16, 2013

      Hi Pat. Thanks for your question.

      Yes, you are correct that, on the month of a withdrawal, the residual funds will earn the standard variable rate, which is currently 4.02% p.a. Please note that the interest rates on this account can change from time to time.

      Cheers, Adrian.

  94. Default Gravatar
    Kate | January 12, 2013

    I have $100K want to invest, with a savings deposit plan of $2000 per month. If I make a withdrawal of say $500 at any time during the month, will I still lose the bonus interest, even though the deposit amount is much greater than the minimum $200 RAMS requires. Thanks

    • Staff
      Adrian | January 14, 2013

      Hi Kate. Yes, given your scenario, the bonus interest rate will be lost during any month that withdrawals are made.

      If you go back to our comparison page, there are a fair few options which have competitive interest and don’t require such stringent conditions. Although you may have to bounce your money around to new accounts every 4-6 months or so when the introductory interest rates expire.

      All the best

  95. Default Gravatar
    Dannielle | January 7, 2013

    Hi, I was interested in your high interest savers account but when I looked into it, it stated; regular funds can not be transferred from westpac accounts. Why is this? I only hold a westpac account so I could not have this account?

    • Staff
      Adrian | January 7, 2013

      Hi Dannielle. Thanks for your question. This is the first I’ve heard of this condition, can you please send me a link? As far as speculation on why this could occur, RAMS is a division of Westpac. Westpac have their own saver accounts.

      Thanks, Adrian.

  96. Default Gravatar
    Nicole | December 31, 2012

    Is this RAMS Saver account covered by the government guarantee?

    • Staff
      Adrian | January 2, 2013

      Hi Nicole. RAMS is a division of Westpac and is covered under Westpac’s government guarantee of up to $250,000 per customer.
      Thanks for your question.

  97. Default Gravatar
    | December 31, 2012

    Is there any way to predict how the Variable rate on saver account changes. does it change with the bank’s home loan interest rate? or do they just drop the rates when they have enough customers and increase the rate when they need more?
    Do all the banks/finance institution tell their customers when the rates go up or down?

    Thanks,

    • Staff
      Adrian | January 2, 2013

      Hi Bruce. Thanks for your question. The general trend at the moment for savings accounts is that interest rates are being reduced almost with every RBA cash rate reduction. So there is a fairly strong correlation between interest rates received with online savings accounts and the RBA cash rate.

      There does seem to be a decent level of competition for the savings of Australian’s since the GFC. Interest rates on these accounts are variable, so they can be dropped (more likely in this climate) or raised at the discretion of the institution at anytime. This does seem like a fairly big disadvantage compared with term deposits which have fixed levels of interest. However, most term deposits compound interest annually while online savings accounts compound interest monthly, which is a major advantage for acceleration of savings.

      I hope this helps.

  98. Default Gravatar
    Rose | December 19, 2012

    Hi. I would like to know when am I able to transfer money into my Linked savings account to earn 4.82%
    You mentioned no withdraw in a month. Is that every month? I need to withdraw as I am not working and have no other means of income. Thank You

    • Staff
      Adrian | December 19, 2012

      Hi Rose. Thanks for your question.
      Transferring funds should only take 1-2 business days.

      The per annum bonus variable interest rate is calculated month to month. So, you can make withdrawals this month, and lose the bonus interest, then contribute $200 and make no withdrawals next month to qualify for the bonus interest rate again for that month.

      I hope this helps.

  99. Default Gravatar
    Laetitia | December 17, 2012

    Hi,

    Rams always seems to be the best saving account rate on the market no matter the rate.

    Do all RAMS customers get that new rate?

    Can I have an existing account and open a new account under the same name?

    Thanks
    Laetitia

    • Staff
      Adrian | December 17, 2012

      Hi Laetitia. The bonus interest rate on this account is ongoing and subject to these conditions:
      ‘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 $500000 at any time during the month.’

      RAMS allows for multiple accounts.

      All the best.

  100. Default Gravatar
    Kim | December 13, 2012

    Hi Adrian,

    You mention

    ‘Deposit interest and debit interest (if applicable) is
    calculated on the daily closing balance of your account
    using the following formula:

    (Daily closing balance/365) x (Interest rate/100)’

    I assume all online accounts that calculate interest daily but compound it monthly would utilize the same formula.

    1. How could I put this into an Excel spreadsheet so I could track (& check) my interest?

    2. I realise that RAMS Saver depends on certain factors that effect the daily interest but what about a straight forward online save such as Citibank (during the Intro period)?

    Cheers for help
    Kim

    • Staff
      Adrian | December 13, 2012

      Hi Kim. Thanks for your question. Most savings accounts will be calculated this way. I haven’t yet discovered any accounts which are not.

      In terms of the spreadsheet, it really seems you have two different objectives. The first to project the amount of interest you should receive and the second to enter data to track actual performance. I don’t know of such a spreadsheet online. We only have an online savings calculator at this stage which can be found here. We probably won’t be releasing any excel spreadsheets this year, but there are some interest comparisons due out shortly, so keep an eye out.

      All the best.

    • Default Gravatar
      Kim | December 13, 2012

      Do any online savings accounts compound interest daily?

    • Default Gravatar
      Kim | December 13, 2012

      BTW – not just RAMS but ANY Australian ADI online savers

    • Staff
      Adrian | December 13, 2012

      Hi Kim. Interest is calculated daily and paid monthly for variable online savings accounts.
      Cheers.

  101. Default Gravatar
    L | December 13, 2012

    Is Rams covered by the $250k Government guarantee?

    • Staff
      Adrian | December 13, 2012

      Hi. RAMS is a division of Westpac and is covered by their guarantee on deposits up to $250,000.
      All the best.

  102. Default Gravatar
    Tanya | December 12, 2012

    Hi

    If I withdraw money one month, I understand I lose the loyalty bonus. But If I then don’t withdraw the next month and add to the account will the loyalty bonus be reinstated or have I lost it for good?
    Thanks
    Ps I have found this “Ask a question” section very helpful, keep up the good work.

    • Staff
      Adrian | December 13, 2012

      Hi Tanya. Thanks for your kind words. As I wrote to Bernard, please be aware of the planned interest rate reduction on this product which falls to a maximum variable rate.

      The bonus variable interest rate conditions on this account at present mean that the bonus isn’t lost for good if one month you decide to withdraw money or not contribute the minimum $200 deposit. If you meet the conditions the next calendar month, the bonus interest rate will applied that month.

      I hope this answers your question.

  103. Default Gravatar
    JL | December 10, 2012

    How long does the introductory bonus offer of 0.8% extra last for? Is it for the life of the loan as long as you meet the monthly deposit of 200?

    • Staff
      Adrian | December 10, 2012

      Hi JL. The variable bonus rate offer is ongoing and is subject to the usual disclaimers that the interest rate can change at the discretion of RAMS.
      To earn the bonus interest rate, $200 needs to be deposited and no withdrawals should be made that month.
      All the best.

  104. Default Gravatar
    Kim | December 6, 2012

    I went to http://www.apra.gov.au/adi/pages/adilist.aspx & I can’t find RAMS in their list of guaranteed ADIs. Where can I find this info so I feel secure that the money is guaranteed?

    • Staff
      Adrian | December 7, 2012

      Hi Kim. RAMS trade as a division of Westpac, which is on the list. APRA can be contacted on 1300 55 88 49 if you wish to confirm this with them, as they administer the Financial Claims Scheme.
      Thanks for your question.

  105. Default Gravatar
    Tony | November 21, 2012

    Hello can you please advise if this account
    would be covered by government guarantee ?
    Regards

    • Staff
      Adrian | November 21, 2012

      Hi Tony. RAMS is covered by the $250,000 government guarantee on deposits.
      All the best.

  106. Default Gravatar
    liam | November 20, 2012

    Will i be able to withdraw using an atm card, if so how many atm machines are available.

    • Staff
      Adrian | November 20, 2012

      Hi Liam. This online savings account, like most others, works by linking it to any Australian transaction account. ATM fees will depend on the transaction account you choose.
      All the best.

  107. Default Gravatar
    azzam | November 5, 2012

    Hi,
    Just wondering if I can drop off a bank cheque to your Concord West office today as I’m unable to transfer the whole amount from my current Bank due to Daily Transfer Limits.

    • Staff
      Adrian | November 5, 2012

      Hi Azzam. Below is the address for cheques to RAMS:

      RAMS Financial Group Pty Ltd
      Locked Bag 5001
      Concord West, NSW 2138
      Australia

    • Default Gravatar
      dean | November 12, 2012

      What happens if i do make a withdrawal in a month? Do i just forfeit the bonus 0.8% for that month? If that is the case, will i just receive the regular rate of 4.37% for that month for which i make a withdrawal?

    • Staff
      Adrian | November 13, 2012

      Hi Dean. That is correct. You will forfeit the variable bonus rate for that month if you make a withdrawal.
      Thanks for your question.

  108. Default Gravatar
    joyleen | November 4, 2012

    what is the interest rate on rams saver account 5.75 or 5.17
    I opened a account on the 15/10/2012
    on this page it is conflicting

    • Staff
      Adrian | November 5, 2012

      Hi Joyleen. The variable interest rate on this account is now 5.17%.
      I can’t see any conflicting examples of the interest on the page — except for old responses to user comments.
      All the best.

  109. Default Gravatar
    lily | October 27, 2012

    are deposits government backed and if yes what amount thanks

    • Staff
      Adrian | October 29, 2012

      Hi Lily,
      RAMS is off market to new sales at the moment. RAMS is backed to the full $250k government guarantee on deposits.
      Thanks for your question.

  110. Default Gravatar
    angela | October 23, 2012

    Hi i just opened RAMS savings account as my purse was not with me i did not have any i continued with verify id online as it stated i can later verify my id via myrams

    the problem is when i go to myrams as advised and select verify identity their is no option to proceed with verify online it only gives a print out to take to the bank

    as i work 6 days a week i dnt have the time to go into the bank…..how can i verify my identity via myrams as published on your site????

    thanks

    • Staff
      Adrian | October 23, 2012

      Hi Angela. Please contact RAMS to explain your situation. We are not RAMS, but a website which compares different savings accounts.
      Please let me know how this situation pans out, as I am curious to learn how this is resolved for you.
      All the best.

  111. Default Gravatar
    Duncan | October 22, 2012

    Can my self managed super fund set up the RAMS Saver Account

    • Staff
      Adrian | October 22, 2012

      Hi Duncan. RAMS don’t offer products yet for SMSFs.
      All the best.

  112. Default Gravatar
    Vreneli | October 22, 2012

    I currently have money in a term deposit with my credit union and am thinking of closing kjy term deposit account and opening a RAMS Homesaver account. What I would like to know is do I have to have any other accounts with RAMS or is it okay to just have the one RAMS Homesaver account. It is currently at 5.75% if you deposit $200 a month and do not withdraw at all you are eligible for a 0.80%. Will the interest rate stay at 5.75% for the remainder of the account or is the 5.75% variable.
    Thanks. Vreneliu

    • Staff
      Adrian | October 22, 2012

      Hi Vreneli. This account is called the RAMS Saver account and it isn’t subject to any of the government contributions which occur for First Home Saver Accounts.

      Any Australian individual transaction account in your name should be eligible to link to your a RAMS Saver account for free, with free withdrawals and deposits. Please note that any month you make withdrawals, the bonus variable interest rate will not be applied to your balance. You also need to deposit at least $200 per month to earn the bonus variable interest rate. Both the interest rate for this account and the bonus variable rate are variable and are subject to change.

      All the best.

  113. Default Gravatar
    Mary | October 22, 2012

    Hi

    Can a RAMS a/c be opened as a self managed superfund?

    • Staff
      Adrian | October 22, 2012

      Hi Mary. RAMS doesn’t offer a SMSF product. However, UBank, Rabo Direct, ING DIRECT and many others do.
      All the best.

  114. Default Gravatar
    Mary | October 22, 2012

    Hi There

    Just would like to know whether you have the $250k government guarantee please?

    • Staff
      Adrian | October 22, 2012

      Hi Mary.
      RAMS is covered by the government guarantee up to $250k.
      All the best.

  115. Default Gravatar
    Jayne | October 22, 2012

    Hi,

    I noticed there are no charges to transfer money backwards and forwards from a ram everyday account to the ram high savings account. Are there any charges to transfer money from another institution by direct debit into the account or transferring funds out of the bank to another bank institution.

    • Staff
      Adrian | October 22, 2012

      Hi Jayne. There are no fees transferring to and from your nominated linking account — which can be an Australian transaction account.
      All the best.

  116. Default Gravatar
    Brian | October 20, 2012

    If i open a RAMS saver account, and have part of my salary deposited via EFT of about $500 per fortnight am I correct if i do not have any withdrawals from the account, i would receive the bonus interest of 0.80 % as well as the standard interest of 4.95 % for each month that this continues.

    • Staff
      Adrian | October 22, 2012

      Hi Brian, that is correct.
      All the best.

  117. Default Gravatar
    Melinda | October 19, 2012

    You can transfer fund between you RAMS Saver account and your RAMS everyday transaction account through the myRAMS online banking service free of charge.

    There are two typos in the above paragraph on the RAMS Saver Account web page. See the words between the spaces.

    Thought you may be interested.

  118. Default Gravatar
    mark | October 18, 2012

    Im a backpacker had TFN but Im not in Australia now. can i apply a new account ?

    • Staff
      Adrian | October 19, 2012

      Hi Mark. This account says that you need to be an Australian resident.
      Thanks.

  119. Default Gravatar
    Mike | October 18, 2012

    two questions
    1. To open up a Saver account, do I also need to open a RAM everyday transaction account?
    2. Can I transfer funds to/from the RAMS Sever account directly via online internet banking?

    • Staff
      Adrian | October 18, 2012

      Hi Mike. You don’t need a RAMS transaction account to use the RAMS Saver Account. Transfer of funds to RAMS can be done via online banking with your nominated linked account.
      All the best.

  120. Default Gravatar
    chris | October 16, 2012

    howdy.how long are the terms.6 months,1 year

    • Staff
      Adrian | October 16, 2012

      Hi Chris. There is no minimum fixed term for this account.
      All the best.

  121. Default Gravatar
    Romino | October 16, 2012

    Hi there,

    My question is related to withdrawals made during the month if inevitable. If a withdrawal is made, do I earn any interest at all or not? Will this be just the base rate interest @ 4.95% and I will be missing out on only the bonus interest 0.80%? Or do I earn no interest at all for the entire month?

    Thanks.

    • Staff
      Adrian | October 16, 2012

      Hi Romino. That is correct. If you make a withdrawal, you will miss out on the bonus interest rate for that month. The standard variable rate will still apply.
      Thanks for your question.

  122. Default Gravatar
    Graham | October 15, 2012

    Do you have a similar product suitable for a SMSF?

    Thank you

    • Staff
      Adrian | October 16, 2012

      Hi Graham. RAMS don’t have an SMSF product. However Rabo Direct‘s High Interest Savings Account can be used for a SMSF. You may also want to consider UBank‘s SMSF offerings.
      Thanks for your question.

  123. Default Gravatar
    Isaac | October 12, 2012

    Can it be assumed now, more than a week after RBA interest change, that RAMS interest rate is not going to be changed as a result of it?

    • Staff
      Adrian | October 16, 2012

      Hi Isaac. There still may be an adjustment downwards.
      All the best.

  124. Default Gravatar
    Clifford | October 12, 2012

    Hello
    We currently have our savings in a bank account
    We are interested in the higher interest rates you offer and can meet all requirements
    Our hesitation relates to security and safety of our hard earned savings
    Government guarantees cover $250k
    If we open two accounts, say one for me and one for the wife, will each account be covered up to the 250k?
    Regards
    Cliff

    • Staff
      Adrian | October 16, 2012

      Hi Clifford. Thank you for your question. I appreciate all the effort which must have gone into your savings which is why I understand why you’d want to keep them safe. The below is from ASIC’s MoneySmart website (an ADI is a bank/credit union/credit union):

      “The cap applies per person and per ADI. So if you have $250,000 with one ADI and $250,000 with another, then both of your deposits are guaranteed. If you have more than $250,000 with one ADI then only up to $250,000 is guaranteed.

      In the case of joint accounts, each account holder is entitled to an individual guarantee up to $250,000 after each account-holder’s share of the joint account is added to other deposits held in their name.”

      I hope this helps

  125. Default Gravatar
    Sullivan | October 12, 2012

    1. I am a pensioner, I do not put in a tax return, as I do not earn enough money to warrant it, but I do have a tax file No. I do not have a exemption code, as I do not know what that is. If I invest my money with RAMS will you deduct withholding tax.
    2. If a withdrew sum funds from my term deposit account to pay a bill do I get interest in that month paid as you pay interest monthly if I deposit $200.00 a month as your term require.
    Regards Mrs. Sullivan

    • Staff
      Adrian | October 16, 2012

      Thanks for your question Mrs Sullivan.
      There is a standard exemption code for pensioners, it is: 444444441
      You should be able to still qualify for the monthly bonus rate for the situation you have outlined.
      I hope this helps.

  126. Default Gravatar
    Mary | October 10, 2012

    how long does the interest stay at 5.75% assuming you keep adding the $200 every month

    • Staff
      Adrian | October 10, 2012

      Hi Mary Anne. Thanks for your question. According to RAMS terms and conditions, the base and bonus rates may be changed at any time. Although, it does appear for the time being that RAMS will attempt to be the market leaders for interest rates on savings accounts.
      Thanks for your question.

  127. Default Gravatar
    alan | October 9, 2012

    We have considerable savings in an Australian bank and would like to clarify a few questions if we were to transfer into RAMS.
    RAMS has internet banking?
    Transfer of funds from existing bank (how)?
    Can transfer be made between either bank by us?
    Would the transferred monies have the 5.75% added each month, without the necessity for having to deposit monthly amounts?
    How soon can the complete transaction and setup take?
    What guarantee/protection does the bank have for stolen/hacker accessed monies ie fraudulent use of credit card/s ?
    Thanking you.

    • Staff
      Adrian | October 10, 2012

      Hi Alan. Thanks for your questions.
      1. RAMS does have internet banking, although a RAMS Action account will have to be attached to the Saver Account to pay bills and do all the regular everyday functions.
      2. You can transfer funds via EFT or cheque.
      3. Yes. You can transfer funds out of your RAMS account via EFT at anytime.
      4. You’d need to have $200 a month enter the account to attract the monthly variable bonus. A one-off transaction isn’t enough to count.
      5. The account is created instantly via an online form. You can transfer money into it as soon as it is set up. If you transfer money by EFT, it can take up to 48 hours, but it commonly occurs after 24 hours. Electronic verification of your identity can a day or two, but you can still deposit money into your new account.
      6. RAMS is covered by the government guarantee of up to $250k on your deposits. For me, credit card fraud is something of a non-issue for consumers, as most banks will protect and recoup funds for consumers for stolen and hacked accounts. I don’t know of any instance where an account has been hacked, with funds stolen, and the customer is left to foot the loss.
      All the best.

  128. Default Gravatar
    Judy | October 7, 2012

    Hi, Can I get the same interest opening a Super fund Account.

    • Staff
      Adrian | October 8, 2012

      Hi Judy. RAMS doesn’t offer savings accounts for Self Managed Superannuation Funds. ING DIRECT and RaboDirect are just two of the institutions which offer high interest savings accounts for SMSFs.
      I hope this helps.

  129. Default Gravatar
    Catherine | October 2, 2012

    Can I open a joint account with someone under 18? Can I hold more than one account?

    • Staff
      Adrian | October 3, 2012

      Hi Catherine. Thanks for your question. You cannot open an account with someone under the age of 18. However you can personally hold up to 10 savings accounts with RAMS, and they could be a mixture of joint or individual if that suits.
      All the best.

  130. Default Gravatar
    Roger | September 29, 2012

    Hello,

    Can you open the account in joint names?

    Cheers,

    Roger

    • Staff
      jeremy | October 1, 2012

      Hi Roger

      Thank you for your comment. Yes it is possible to have the account in joint names. When applying for the account be sure to choose “Joint” in the first screen of the application process.

      Cheers,

      Jeremy

    • Default Gravatar
      Nadia | October 1, 2012

      Can i go to a westpac bank to deposit money into RAMS saver account?

    • Default Gravatar
      Nadia | October 1, 2012

      what is RAMS customer service number

    • Staff
      Adrian | October 2, 2012

      Hi Nadia.
      You can call RAMS on 13 72 67

    • Staff
      Adrian | October 2, 2012

      Hi Nadia,
      You can’t go to a Westpac branch to deposit money into a RAMS saver account. Please click here to find your options.
      All the best

  131. Default Gravatar
    ulli | September 25, 2012

    does the government guarantee on savings account deposits apply?

    • Staff
      Adrian | September 25, 2012

      Hi Ulli. RAMS products are issued by Westpac which is subject to the government guarantee on deposits up to $250,000 per account holder. If you have more than $250,000 and want the remainder to also to be guaranteed, you can take it to another lender (non-Westpac) and you will get another guarantee of up to $250,000.
      I hope this helps.

  132. Default Gravatar
    Steven | September 24, 2012

    If I was to deposit 20k, what would be the maximum amount earned on the money before it was capped?

    • Staff
      Adrian | September 24, 2012

      Hi Steven. The bonus interest rate is capped at 500k and no interest is paid on balances above $5 million.
      All the best.

  133. Default Gravatar
    frederic | September 20, 2012

    once open, where do i go to make a deposit and where do i physically get the cash from.
    thanks

    • Staff
      Adrian | September 24, 2012

      Hi Frederic,
      You will have to electronically transfer money to either a RAMS Everyday account or any account which allows for ATM or at branch withdrawals.
      Thanks for your question.

  134. Default Gravatar
    Angela | September 18, 2012

    Is interest calculated daily or monthly?

    • Staff
      Adrian | September 24, 2012

      Thanks for your question Angela. I have copied the text below from RAMS terms and conditions:

      ‘Deposit interest and debit interest (if applicable) is
      calculated on the daily closing balance of your account
      using the following formula:

      (Daily closing balance/365) x (Interest rate/100)

      For all accounts, balances in your account on the last day
      of the month, including deposits, but excluding interest
      posted on the last day of the month, will be included in
      the balance on which interest for that month is calculated.’

      Thanks for your question

  135. Default Gravatar
    Tracey | September 17, 2012

    How long do you get the maximum variable rate for, is it only for a period term or ongoing?

    Please confirm If I set up a new account and don’t withdraw anything do you get the max interest rate? And then receive an additional 0.80% if the balance is over $200? Is this correct?

    thanks,
    Tracey

    • Staff
      Adrian | September 18, 2012

      Hi Tracey,
      Your thoughts on eligibility are correct but also there is a balance cap of 500k in order to receive the bonus. The bonus is added pro rata month by month with no end date yet published. Obviously there are the usual caveats that the rates can change and the bonus deal can be withdrawn.
      Hope this helps

    • Default Gravatar
      Gill | October 20, 2012

      Could the account be closed at any time, if necessary, & would there be any fees involved?

      Many thanks!

    • Staff
      Adrian | October 22, 2012

      Hi Gill. According to the current terms and conditions. The account can be closed at any time without incurring fees from RAMS.
      Thanks for your question.

  136. Default Gravatar
    Glen | September 13, 2012

    i am interested in depositing $2600 into a rams 5.75 saver account and deposit $300 per week indefinitely from my commbank internet banking access account. will i be charged any fees from rams? if not please personalise instructions on how to proceed.

    • Staff
      Shirley | March 26, 2013

      Hi Glen,

      You won’t be charged a fee from RAMS if you deposit money from the CommBank account.

      Cheers,
      Shirley

  137. Default Gravatar
    Robyn | September 13, 2012

    Can I open A RAM saver account & keep it within my Super? ie I would like to transfer an existing Term Deposit when it matures in Nov to RAM saver but am unsure whether this is possible or if Tax Dept would allow it. Thank you
    Sincerely
    Robyn

  138. Default Gravatar
    Judy | September 13, 2012

    Good morning, can you tell me if the base rate is the same thing as the standard variable rate? Also, do you have to have a “standard” savings account” along with the online account?
    I have a term deposit of a considerable amount of money maturing this weekend, and I am very interested in transferring this money to RAMS.
    Thank you for your help.
    Judy

    • Staff
      Shirley | March 26, 2013

      Hi Judy,

      Thanks for your comment.

      The base rate is also known as the cash rate, which is the Australian interest rate as set by the RBA. This is not the same thing as the standard variable rate – this is usually set by your lender.

      If you open a RAMS Saver account, it will be the only account opened – if you require another savings account you may want to compare products first.

      Cheers,
      Shirley

  139. Default Gravatar
    Laura | September 13, 2012

    I am on a 457 business visa as I am sponsored from the UK – so do I qualify to be able to open a RAMS Saver account?

    • Staff
      Shirley | March 26, 2013

      Hi Laura,

      To be eligible, you need to be an Australian resident for taxation purposes with an Australian residential address.

      Cheers,
      Shirley

  140. Default Gravatar
    Eric | September 13, 2012

    I have an everyday account with Westpac. Will i be charged a fee to transfer money from this Westpac account into the RAMS account and the same will i be charged to transfer money from the RAMS account back to the Westpac account.

    • Staff
      Adrian | April 24, 2013

      Hi Eric,

      If electronic external transfers are free with your current transaction account, then it should be free to transfer funds into a RAMS account, as RAMS don’t have any fees on this account.

      All the best, Adrian.

  141. Default Gravatar
    Sholla | September 13, 2012

    What does no interest is paid on balances over $500,000 mean?

    • Staff
      Shirley | April 23, 2013

      Hi Sholla,

      Thanks for your comment.

      There will be no interest accrued for amounts over $500,000 – your account will remain at $500,000 unless you made additional deposits or withdrawals.

      Cheers,
      Shirley

  142. Default Gravatar
    Vickey | September 12, 2012

    Is this rate of 5.75% guarenteed as long as I make a deposit of $200 per month… Is this the rate I will receive for the length I hold this account?

    • Staff
      Shirley | April 23, 2013

      Hi Vickey,

      Thanks for your comment.

      At the time of writing this promotional offer is ongoing – RAMS will advise when the offer will end.

      Cheers,
      Shirley

  143. Default Gravatar
    Noriko | September 12, 2012

    Hi

    How long is the bonus rate going to last?

    • Staff
      Shirley | April 23, 2013

      Hi Noriko,

      Thanks for your comment.

      At the time of writing, the promotional rate is ongoing as long as you make deposits totalling at least $200 during the 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.

      Hope this helps,
      Shirley

  144. Default Gravatar
    Maureen | September 12, 2012

    What interest rate could you offer for a deposit of $400,000 for a period of 1 year?

    • Staff
      Jacob | April 23, 2013

      Hi Maureen. Thanks for your question. To find out what rate you can get on your deposit, please check the product table on the review and application page. Sorry it’s taken so long to reply. Jacob.

  145. Default Gravatar
    Lucy | September 7, 2012

    Hi, can two individuals apply for this high interest saving account to open as one account together?

    • Staff
      Shirley | March 26, 2013

      Hi Lucy,

      Yes the RAMS Saver can be opened a joint account.

      Cheers,
      Shirley

  146. Default Gravatar
    colin | September 7, 2012

    can I transfer funds from westpac to you and are you government guaranteed like westpac

    • Staff
      Adrian | April 24, 2013

      Hi Colin,

      Yes to both your questions.

      Bankwest is government guaranteed for deposits up to $250,000 per person under Commonwealth Bank’s guarantee.

      Cheers, Adrian.

  147. Default Gravatar
    Ian | September 6, 2012

    If i deposit a sum of money in this account, can i withdraw it all, interest included at the end of the financial year without paying any fees.

    • Staff
      Adrian | April 24, 2013

      Hi Ian,

      Yes, the full balance of an account including interest can be withdrawn at the end of the financial year without paying any fees.

      Cheers, Adrian.

  148. Default Gravatar
    peter | August 21, 2012

    Hi, to open a RAMS saver account do I need to have a current account also with you? If so what are the fees for these accounts?
    reagrds,
    Peter

    • Staff
      Shirley | March 26, 2013

      Hi Peter,

      You don’t need an existing RAMS account to open a RAMS saver.

      Cheers,
      Shirley

  149. Default Gravatar
    John | August 20, 2012

    Are the funds in the RAMS saver account garanteed by the Aust Government

    • Staff
      Shirley | March 26, 2013

      Hi John,

      All RAMS accounts are covered under the Government guarantee.

      Cheers,
      Shirley

  150. Default Gravatar
    Helga | August 14, 2012

    Is there an establishment fee?

    • Staff
      Shirley | April 23, 2013

      Hi Helga,

      Thanks for your comment.

      There is no establishment fee for this account.

      Cheers,
      Shirley

  151. Default Gravatar
    Padda | August 14, 2012

    Hi!,
    I’m looking for a high interest savings account. Yours looks good but how do I get the fortnightly deposit from my Bank to you?
    Padda

    • Staff
      Shirley | April 23, 2013

      Hi Padda,

      Thanks for your comment.

      You can do an Electronic Funds Transfer, Direct credit or send a Cheque.

      Hope this helps,
      Shirley

  152. Default Gravatar
    Donna | August 13, 2012

    Was wondering how to open an account if a senior (old age pensioner) with no tax file number.

    • Staff
      Shirley | April 23, 2013

      Hi Donna,

      Thanks for your comment.

      Providing your TFN is advisable but not compulsory. If you don’t provide your TFN, financial institutions are required to deduct withholding tax at the highest marginal tax rate – plus the Medicare Levy.

      Hope this helps,
      Shirley

  153. Default Gravatar
    Winefield | July 17, 2012

    Im trying to open a rams account but am working in Timor and cant receive the sms code to proceed with the account – how do i get a code to continue with the application- im resident in australia

    • Staff
      Shirley | March 26, 2013

      Hi W,

      You’ll need an Australian mobile phone and enable global roaming on your Australian mobile phone, you can contact your service provider to arrange this.

      Alternatively, you can contact RAMS and notify them of your situation.

      Cheers,
      Shirley

  154. Default Gravatar
    Timmo | July 11, 2012

    Can you please tell me how long the bonus rate is valid for? What are the coinditions for it to continue? What are the cost to close the account? Is there a minimum time to have the account active?

    • Staff
      Shirley | April 23, 2013

      Hi Timmo,

      Thanks for your comment.

      At the time of writing, this offer is ongoing. To qualify for the RAMS Saver account you need to make deposits totalling at least $200 during the 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.

      Hope this helps,
      Shirley

  155. Default Gravatar
    Alan | July 7, 2012

    Hi, Am I able to open RAMs saver account without having a RAMS everyday account.
    That is link your saver account with another Bank’s accout
    regards
    Alan

    • Staff
      Shirley | March 26, 2013

      Hi ALan,

      Thanks for your comment. You can open a RAMS Saver account if you are not an existing RAMS customer.

      Cheers,
      Shirley

  156. Default Gravatar
    martin | July 5, 2012

    has this product a card to make withdraws from ATM’s

    • Staff
      Shirley | April 23, 2013

      Hi Martin,

      Thanks for your comment.

      The RAMS Saver account is an online account, and does not have any cards available.

      Cheers,
      Shirley

  157. Default Gravatar
    Ken | June 26, 2012

    RAMS Saver account

    1) Do I need to make a deposit each month?

    2) How do I make deposits?

    • Staff
      Shirley | March 26, 2013

      Hi Ken,

      You don’t need to make deposits every month into the RAMS Saver.
      To make deposits, you can use Electronic Funds Transfer, Direct credit and Cheque.

      Cheers,
      Shirley

  158. Default Gravatar
    Teresa | June 25, 2012

    I am not an Australian citizen, I got a Working Holiday Visa, and I will stay at least one year here.
    Regarding this, it is possible to apply to this product.
    Thanks!
    Teresa

    • Staff
      Adrian | April 24, 2013

      Hi Teresa,

      If you have a Tax File Number, you should be able to apply for this account.

      Cheers, Adrian




Top High Interest Savings Accounts*

All of these accounts are FREE to open and require no minimum deposit. They all have easy internet banking access with no transaction fees.

Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit
RaboDirect High Interest Savings Account
RaboDirect High Interest Savings Account
A high introductory rate for 4 months, and a high ongoing variable rate. 4.30% 3.20% 1.10% $0 $0 / $0 OpenMore
ME Bank Online Savings Account
ME Bank Online Savings Account
Earn 4.60% p.a. for 5 months on balances up to $250,000 when linked to a ME Bank Transaction Account. Plus no monthly account keeping fees. 4.60% 2.90% 1.70% $0 $0 / $0 OpenMore
ING DIRECT Savings Maximiser
ING DIRECT Savings Maximiser
A high interest savings account with no account keeping fees. Earn a up to 4.35% p.a. variable rate for 4 months. 4.35% 2.75% 1.60% $0 $0 / $0 OpenMore
Bankwest TeleNet Saver
Bankwest TeleNet Saver
No Fees. No minimum monthly deposit. For balances up to $5,000,000. Earn a high 4.30% p.a. variable rate for 6 months. 4.30% 2.70% 1.60% $0 $0 / $1 OpenMore
Ask a question