RAMS Saver account

RAMS Saver account

Maximum Variable Rate

3.60

Standard Variable Rate

2.00

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
3.60% p.a.
Standard Variable Rate
2.00% p.a.
Bonus Variable Rate
1.60% p.a.
Introductory / Bonus Offer Conditions
Deposit at least $200 each month, make no withdrawals, and have an account balance that does not fall below $0 or exceed $250,000 at any time during the month.
Monthly Fee
$0
Minimum Opening Deposit
$0
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
No
Joint application?
Yes
Minimum Age Requirement
18
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 each month, make no withdrawals, and have an account balance that does not fall below $0 or exceed $250,000 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 2.00% p.a. on your savings that is increased by a bonus rate of an extra 1.60% p.a. for sticking to your regular deposit plan.That's a potential total interest amount of 3.60% p.a. you could be earning on your savings.

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


- START

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.

- END


Pros and cons

Pros

  • 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

Cons

  • 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

 

Pros
  • $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.

Eligibility

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

Documentation

  • 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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395 Responses to RAMS Saver Account

  1. Default Gravatar
    Kyla | July 17, 2015

    Hi,
    I was wondering how do you withdraw money from the account and is there a limit?
    Say if i wanted to put down a deposit on a house, how much and how quickly could i access that money?

    • Staff
      Belinda | July 22, 2015

      Hi Kyla,

      Thanks for your enquiry.

      The easiest way to withdraw funds from your account online by logging into myRAMS and selecting “transfer money”.

      With the RAMS Saver account, the default ‘Pay Anyone’ daily limit is $5 000 per customer per day. The default limit can be changed to a maximum of $10 000 per customer per day and you can do this by logging into myRAMS and following the instructions.

      Should you need to withdraw or transfer more than $10 000 from your account, you can calls RAMS to discuss your options.

      Thanks,
      Belinda

  2. Default Gravatar
    Anita | July 2, 2015

    Is the interest on this account calculated daily? and if so is it calculated at 2% or 3.6%?

    • Staff
      Belinda | July 3, 2015

      Hi Anita,

      Thanks for your enquiry.

      For the RAMS Saver account, interest is calculated on the daily closing balance of your account.

      The interest rate charged depends on the amount of funds held in your account and whether or not you qualify for the bonus interest. Currently, the standard variable rate for this account is 2.00%p.a and the maximum variable rate is 3.60%p.a. (including the bonus 1.60%p.a. rate).

      You’ll earn the maximum variable rate if you make deposits of at least $200 into the account each month, you make no withdrawals during the month, and the balance does not fall below $0 or exceed $500 000 at any time during the calendar month.

      Thanks,
      Belinda

  3. Default Gravatar
    | July 1, 2015

    Why is rams holding part of my interest I’ve tried to put my TFN online but there is not a field to do that.

    • Staff
      Belinda | July 2, 2015

      Hi Danny,

      Thanks for your enquiry.

      You’ve come through to finder.com.au, an online comparison website, so please note that we don’t represent RAMS.

      If you’re having issues with their online services, it would be best to contact RAMS directly.

      Thanks,
      Belinda

  4. Default Gravatar
    vic | June 22, 2015

    hi how do I open a rams saver account.

    • Staff
      Belinda | June 23, 2015

      Hi Vic,

      Thanks for reaching out.

      If you’d like to open a RAMS Saver account, you can visit the RAMS website and click the ‘open an account now’ button to complete the application process online.

      Kind regards,

      Belinda

  5. Default Gravatar
    Gerard | June 11, 2015

    If the balance exceeds 250k will there be no interest paid
    for that month?

    • Staff
      Belinda | June 12, 2015

      Hi Gerad,

      Thanks for your enquiry.

      With the RAMS Saver account, you’ll be eligible to earn the bonus interest if you make deposits of at least $200 into the account during the month and you make no withdrawals during the month and the account balance does not fall below $0 or above $500 000 at any time during the month.

      If the balance exceeds $250 000 and you meet the above criteria, you’ll still be eligible to receive the maximum variable interest rate.

      Thanks,
      Belinda

  6. Default Gravatar
    Dean | June 8, 2015

    Hi

    I would like to open this HISA, Im in Perth WA. Where can I go to do this in person ?.

    Thanks

    Rgds Dean

    • Staff
      Belinda | June 9, 2015

      Hi Dean,

      Thanks for your enquiry.

      If you’d like to apply for the RAMS Saver account, you’ll need to do it online as RAMS doesn’t have any physical branches.

      To apply for a RAMS Savers account, you’ll need to complete the application through their website. If you’re an existing RAMS customer you can apply through your myRAMS account using your Customer Identification Number and password.

      If you have any issues applying for this account, please contact a RAMS representative.

      Thanks,
      Belinda

  7. Default Gravatar
    ian | May 25, 2015

    Joint account, is it limited to $250K?

    • Staff
      Belinda | May 26, 2015

      Hi Ian,

      Thanks for your enquiry.

      With the RAMS Saver account, you can earn the maximum variable rate of 3.60% when you deposit at least $200 each month, make no withdrawals and maintain a balance that does not fall below $0 or exceed $250 000 at any point during the month.

      Please note that your funds will be covered by the Government Guarantee up to $250 000 per person or institution.

      I hope this helps.

      Thanks,
      Belinda

  8. Default Gravatar
    Ron | May 16, 2015

    Hi, I have just opened A Rams saver account the other day and was asking if i could open a second saver account. Thanks Ron

    • Staff
      Belinda | May 18, 2015

      Hi Ron,

      Thanks for your enquiry.

      You can open up to a maximum of 10 deposit accounts (inclusive of joint accounts).

      I hope this helps.

      Thanks,
      Belinda

  9. Default Gravatar
    Trevor | May 6, 2015

    How long does the Bonus Variable Rate continue being added on to the Standard fate?

    • Default Gravatar
      millie | June 10, 2015

      If I forget to deposit one months $ 200.00 do I get only the base rate interest or no interest at all? Is it the same is with withdrawal. If I withdraw money from my account do I get base interest or no interest at all for that specific months?

    • Staff
      Belinda | June 12, 2015

      Hi Millie,

      Thanks for your enquiry.

      With the RAMS Saver account, you’ll be eligible to earn the bonus interest if you make deposits of at least $200 into the account during the month and you make no withdrawals during the month and the account balance does not fall below $0 or above $500 000 at any time during the month.

      If you do not meet these conditions in a given month, you’ll earn the standard variable rate applicable for that month.

      Thanks,
      Belinda

    • Staff
      Marc | May 8, 2015

      Hi Trevor,
      thanks for the question.

      The bonus rate is added to this account each month as long as you deposit at least $200 into the account and make no withdrawals each month.

      Cheers,
      Marc.

  10. Default Gravatar
    Norma | May 6, 2015

    I’ve held an on line savings account with you in the past – if I reopen a Saver account can I still receive the bonus interest?

    • Staff
      Belinda | May 14, 2015

      Hi Norma,

      Thanks for your enquiry.

      For the RAMS Saver account, you will be eligible to earn the bonus interest if you make deposits of at least $200 into the account each month, make no withdrawals during the month, ensure the account balance does not fall below $0 or exceed $500 000 at any time during the calendar month.

      I hope this clarifies things for you.

      Thanks,
      Belinda

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