RAMS Saver account

RAMS Saver account

Maximum Variable Rate


Standard Variable Rate


This savings account doesn't charge any fees, has a competitive interest rate and requires no minimum balance.

  • No minimum balance
  • No fees
  • Covered by the government guarantee

Product details

The RAMS Saver account lets you start your savings plans right away. As mentioned above, you don't need a minimum balance in your account to get started and there are no monthly account fees charged that can eat away your hard earned savings.

This account offers one of the most competitive interest rates around.
Product Name
RAMS Saver account
Maximum Variable Rate
3.91% p.a.
Standard Variable Rate
2.61% p.a.
Bonus Variable Rate
1.30% p.a.
Introductory / Bonus Offer 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 $500,000 at any time during the month
Monthly Fee
Minimum Opening Deposit
Internet Banking
Internet Transaction Fee
Phone Banking
Joint application?
Minimum Age Requirement
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

Features of the RAMS Saver account

  • Accessing your RAMS Saver account.You can deposit and withdraw your cash from the RAMS Saver account in several ways.You can use the secure electronic banking platform to move funds between your existing RAMS accounts. You can also transfer funds directly into your RAMS Saver account electronically from another bank or financial institution.Your payroll officer is also able to pay a portion of your salary into your savings account via a direct salary credit.
  • Interest rates.Deposit at least $200 every month, make no withdrawals during the month, and have an account balance that does not fall below $0 or exceed $500,000 at any time during the month to receive bonus interest rate, you can make this easier on yourself by arranging a direct deposit payment to be made. You might want to set this up at $50 per week or even $100 per fortnight, if that makes it easier for when you get paid. A direct deposit payment lets you automate your savings and ensures you won't forget to put money aside. It also makes sure you make the most of earning a higher interest rate.RAMS offers a competitive interest rate of 2.61% p.a. on your savings that is increased by a bonus rate of an extra 1.30% p.a. for sticking to your regular deposit plan.That's a potential total interest amount of 3.91% p.a. you could be earning on your savings.

    Deposit at least $200 every month, make no withdrawals during the month, and have an account balance that does not fall below $0 or exceed $500,000 at any time during the month, to qualify for the bonus interest amount.

Four thing things you need to know about the RAMS Saver account with Chris Thorton


I'm Chris Thornton. I'm the Head of Brand and Marketing at RAMS.

The purpose of the RAMS Saver is to reward savings activities, so to get the bonus rate we ask you to deposit $200 in the month and make no withdrawals. So for that reason it's not for your everyday transactions for that we have the RAMS Action Account. The RAMS Saver is for those people who are serious about saving. You can access the RAMS Saver Bonus Interest Amount, which today is at the top of the savings account finder tables, you can access that rate in any month that you are with the product and not just for the first few months. Even in those months where you might want to make a withdrawal, you still get a base rate which is very competitive and the following month you can go back, meet the conditions and get the high bonus rate again.

On the RAMS Saver account the interest is paid into your account on the first day of the following month. For example, if you are saving over the course of the month your interest is calculated daily, all that is added up on the first day of the following month as your interest in your account. To check on your interest payments, including whether the bonus interest rate has been applied, it's very simple you just log into MyRams on your mobile or on your desktop. It's all laid out there as a line item which tells you what the bonus rank was. The good news is there are absolutely no fees on the RAMS Saver whatsoever. There's no fees. I don't know what else to say really.

You can use any Australian deposit account to link with the RAMS Saver Account, we don't have a condition on that. You don't have to have one of our other accounts though a lot of our customers do have a RAMS Action Account as well. You can absolutely put your salary straight into the RAMS Saver Account. The RAMS Saver is valuable as a joint account, you can have one other joint account holder on the account. With the RAMS Saver Account you can have up to 10 accounts per individual.

When you set up a RAMS Saver account you have a maximum daily limit which is set at $5,000 but simply by going to MyRams you can adjust that anywhere between $1,000 to $10,000 a day. Now if you want to transfer more than that, you can still do that by contacting the Contact Centre on 13 RAMS. It's really easy to sign up for a RAMS Saver Account you do it online or on your mobile. We ask you for your name, an Australian residential address, a mobile number, and your e-mail address. With that minimum amount of information, you can open up an account and you can deposit funds into it. Now for the account to be fully transactional, we have to verify you. For the vast majority of people we are able to do that online and get people started straightaway, and to do the online verification it's the kind of information you would expect with a 100 point check. So a drivers license, medicaid card, passport number, those kinds of pieces of information. You do need to have a mobile number to open a RAMS Action or a RAMS Saver Account. We use it as part of our security processes when we set up the account and also for transactions, so that is something you'll need. You can close the RAMS Saver account at any time.


Pros and cons


  • A RAMS Saver account offers you a competitive ongoing bonus rate of interest
  • You can also access your savings easily online or on mobile 24/7
  • There are no fees or charges for this account
  • RAMS uses a range of security features to ensure a safe, online experience
  • You can change your daily transfer limit. The default limit is $5,000 per customer, per day, across all your RAMS accounts


  • No interest is paid on balances over $500,000
  • BPAY is not available on RAMS Saver accounts
  • No cheque book facility
  • You can't send funds from an overseas into your RAMS Saver


  • $0 account keeping fee

How to open a RAMS Saver account

You don't need to be an existing RAMS customer to apply. Unfortunately, if you're not a resident of Australia, you won't be eligible for this account.


You will need to be:

  • Over the age of 18 when you apply for your account
  • A personal customer (not a business, company or trust)
  • You will also need to be an Australian resident and you do need to have an Australian residential address
  • Have an Australian phone number and a working email address


  • Name
  • Address
  • Australian phone number
  • Tax File Number

Other important information

  • You can open a maximum of 10 deposit accounts, including joint accounts.
  • You don't need a linked account for the RAMS Saver.
  • There is no daily limit if you transfer your RAMS account to another that is held in your name, or for funds transfers to other Australian financial institutions whether the account is in your name or not.
  • Have an Australian phone number and a working email address.
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357 Responses to RAMS Saver Account

  1. Default Gravatar
    Lance | February 24, 2015

    I am seeing conflicting information on the website as to whether the 3.91% is earnt on balances up to $500k or $250k.

    The $500k is correct as at Nov 2014, but there are references on the website to $250k, whilst certain interest rate tables and paragraphes haven’t updated this number from $500k.

    Could you please provide clarity, as the interest rate earn on this higher balance is what primarily appealed to me.

    • Staff
      Shirley | February 25, 2015

      Hi Lance,

      Thanks for your question.

      The bonus interest for the RAMS Saver is earned up to balances of $250,000 variable base rate of 2.61%pa plus 1.30%pa variable bonus if each month you deposit $200 and make no withdrawals.


  2. Default Gravatar
    Lyn | February 13, 2015

    Hi _—We are pensioners who have all our money in Savings accounts.
    We currently have got our majority amount in a Rams Saver a/c which up till now has been as good as we can get.(the interest related to interest bearing)
    Of course over the last 12 months there has been a steady decline in the interest we are getting, to the point where with the latest RBA drop in official rates and talk of A FURTHER cut to come, I am seriously looking at moving my funds elsewhere.
    Unfortunately we have gone just over the 250K “ceiling” so we are now even worse off. I would prefer to leave my funds with RAMS rather than go through the “pains” of opening an account elsewhere, but having seen 4% offered on 2 other sites I may be forced to move them.
    Can you offer or suggest something else???
    Our returns are diminishing rapidly and every %point we can gain means quite a significant $value to us——Lyn

    • Staff
      Shirley | February 13, 2015

      Hi Lyn,

      Thanks for your question.

      Please note that finder.com.au is an online comparison service and does not represent RAMS. If you would like to negotiate the terms of your account, please get in touch with RAMs directly.

      One option you may want to consider is to leave a portion of your funds in another account from another institution that offers a competitive rate. That way you have <$250,000 in your RAMs account to get the maximum interest rate while also getting the maximum rate from another bank.


  3. Default Gravatar
    Molly | September 16, 2014

    Could I open 2 RAMS saver accounts?
    If this is possible does Aus gov 250k guaranty scheme apply to both accounts?

    • Staff
      Marc | September 17, 2014

      Hi Molly,
      thanks for the question.

      You can open up to 10 RAMS Saver accounts, and this is inclusive of joint accounts. The $250,000 guarantee applies per institution, per person, meaning that this guarantee would only cover you for a combined maximum of $250,000.

      I hope this helps,

  4. Default Gravatar
    Julie-Anne | September 2, 2014

    I wish to open a RAMS saver account with $200,000. I do not have an existing RAMS account & I have daily transfer limit of $20,000 from my bank account. Can I open an account by sending you a cheque?

    • Staff
      Shirley | September 3, 2014

      Hi Julie,

      Thanks for your question.

      On the RAMS website it recommends that you open an account online first, and then send your cheque by mail to make your initial deposit.

      If you don’t want to open an account online, I’d recommend that you get in touch with RAMS directly to discuss your options.


  5. Default Gravatar
    terence | July 28, 2014

    if i put $100,000 and regular $200 how much income will i get at the end of the first month.

    • Staff
      Shirley | July 28, 2014

      Hi Terence,

      After the first month you’ll receive $343.07, according to Ram’s online calculator.


  6. Default Gravatar
    Penny | June 2, 2014

    Hi there,
    I was looking for a savings account where it makes it difficult for me to access the funds. Do you have a savings account where I have to give notice to withdraw money?mim looking at saving around $150 per week

    • Staff
      Marc | June 3, 2014

      Hi Penny,
      thanks for the question.

      There are a number of different choices when it comes to savings accounts which make access more difficult. There are notice savers, which require notice of as little as 30 or as many as 90 days before you get access to your money. There are also term deposits, although these generally will not allow you to continue making deposits.

      I hope this helps,

  7. Default Gravatar
    nicole | May 14, 2014

    can I add a tax file number for the secondary account holder online?

    • Staff
      Shirley | May 15, 2014

      Hi Nicole,

      Thanks for your question.

      It may not be necessary for you to add another TFN if you already have one for the account. However, you can update your TFN at any time by logging into myRAMS and going to the “Settings” tab on the left hand menu, then click on “My Details”.


  8. 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,

  9. Default Gravatar
    Susan | April 7, 2014

    Is the RAMS saver account available for SMSF?


    • 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.”


  10. 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,

    • 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,

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