Compare RAMS savings accounts
Find out how RAMS can help boost your savings today.
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In 1995 RAMS opened to help provide alternative home loan solutions in Australia. As their business grew so did their product line, allowing them to offer simple bank accounts to meet other financial needs. Feel secure to save with RAMS knowing that they are participants in the Australian Government’s guarantee scheme on deposits of up to $250,000 per person.
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How we picked theseHow the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
Rates accurate as at: March 29th, 2025 Learn about our information service
Who is RAMS?
Although their focus is on affordable home loans, RAMS offers their customers an easy alternative to savings with a competitive account that is accessed and maintained entirely online. With bonus interest and no fees, Australians can easily make their money grow towards that future dream purchase.
What’s Internet banking like for RAMS?
The myRAMS online banking and mobile banking platforms give RAMS customers the ability to check account balances, go through transaction history, transfer money between accounts, and manage and schedule payments. With scheduled payments, you have the ability to make changes and delete them. You can view interest summaries that give you clear indication of interest paid and earned.
RAMS relies on a number of security measures to ensure that much needed peace of mind. For additional safety, you can register for SMS notifications.
Notable features include
- Apply for RAMS deposit products
- Change your daily transfer limit
What about the mobile app?
Image Source: App Store| Login | Accounts | Fund Transfer |
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Awards that RAMS has earned
- Smart Investor Blue Ribbon Awards. 2013 winner for the online saver account.
Any pros and considerations?
Pros
- Accessibility. All of your account transactions can be made easily online with RAMS banking products.
- Fees. With the accounts offered by RAMS you are not being charged any monthly service fees.
- Bonus interest. If you don’t meet the terms for bonus interest in one month, a competitive interest rate is still applied to the balance.
- Deposits and balances. There is no minimum balance you need to maintain and no limit on the amount of deposits. You should note that balances which exceed $5 million will not earn any interest.
Cons
- Variety. With RAMS you are not given many options when choosing an account.
- Accessibility. The issued debit card for the RAMS transaction account is not affiliated with a major credit card company. This makes it only useful for cash withdrawals, and not for purchases.
How do I apply for a RAMS savings account?
There are some conditions you will need to meet in order for your application to be accepted.
- Eligibility. Australian residents who are aged 18 or over may open the account online. You must have an Australian residential address and be able to provide an e-mail address as well as an Australian mobile phone number.
- Use of account. You should note that this account is for personal use only and not available for a business, company or trust.
- Linked account. As there are no branches for RAMS to make deposits you will need to provide an Australian bank account number for a transaction account that can be linked to this one.
- Existing home loan customer. The RAMs saver account is only available for customers with an existing home loan with RAMs.
When making a decision as important as where to deposit your money for savings, it is a good idea to compare various banks and the account options they offer. This will help in making an informed decision about which institution provides you with the features and services you want.
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hi can you please tell me if they charge fees to take your money out of the savings account. thanks
Hi Allie,
Thanks for your query.
RAMS Saver is a fee-free account. You won’t be charged if your take money out of your account. However, it’s important to note that you will not earn the bonus interest rate if you withdraw your money.
I hope this helps,
Harry
I have two RAMS saver accounts. Seek confirmation that contravention of conditions one account does not affect the bonus interest on the other.
Hi Rod,
Thanks for your question.
If you have two RAMS Saver accounts but you only miss the bonus interest conditions on one of your RAMS Saver account, you can still receive the bonus interest on the other.
Cheers,
Shirley
re~rams saver account in accordance with the $200 dep monthly with no withdrawals to get 3.60 p.a, does the invested amount need to be in for a minimum period of 12 mths?
Hi Jo,
Thanks for your question.
No the invested amount doesn’t need to be in for a minimum period of 12 months. If you meet the conditions for the bonus interest, you’ll receive that on the balance in your account for that month.
Cheers,
Shirley