RAMS Interest Rate on Savings Account down to 2.80%

cpho on 05/12/2017 - 17:21

Just received an email from RAMS today advising they're reducing the interest rate on saving accounts by 0.2%

RAMS Saver rate will change to the new rates below, effective Wednesday 6 December 2017. The bonus rate is decreasing by 0.20% p.a. There is no change to the base rate.

This is the first time RAMS has reduced deposit interest rates since December 2016. Despite the reduction, the RAMS Saver still offers one of the best rates in the market.

So I believe the best savings account on the market is now the AMP B3tter account offering a 3% interest rate.

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Comments

  • wombat1955 on 05/12/2017 - 19:00
    +3

    Yeah, I got that email too, only a month after opening an an account and transferring my savings to them. I didn't see much point in staying there with the 'no withdrawal' restriction and a worse interest rate than I am getting at UBank (2.87%), so I've transferred my money there. Unfortunately AMP B3tter doesn't suit me with the $2000 per month deposit requirement.

    • Chris T on 05/12/2017 - 20:13
      +3

      How long before Ubank drop their rate too?

      • wombat1955 on 05/12/2017 - 20:20
        +4

        Good question. I don't close my bank accounts, so I can move money where it serves me best.

    • takezo on 06/12/2017 - 14:20

      Is it possible to transfer the entire account balance in one shot? App seems to have a 50K limit.

      Just realised how annoying the withdrawal limit is, as it means you miss out on bonus interest for that month, which cancels out any benefit you may have had from a higher rate.

      • wombat1955 on 06/12/2017 - 20:32

        Pretty sure you can't do more than 50K per day.

  • 17833 on 05/12/2017 - 19:42
    +5

    How generous, one day notice.

    • wombat1955 on 05/12/2017 - 20:21
      +4

      My thoughts exactly. So I used that one day to move my money out.

  • Toph Beifong on 05/12/2017 - 21:20
    +4

    Possibly caused by the influx of funds from disgruntled ING customers?

    • poiuy1234 on 06/12/2017 - 15:35

      Do you mind me asking why? I have an ING savings maximiser and haven't been aware of any issues?

      • sss333 on 07/12/2017 - 09:31

        From March 2018 will need to do 5 card transactions in a month to get the bonus interest.

        • poiuy1234 on 07/12/2017 - 13:45
          +1

          Thanks for replying. Much appreciated.

        • poiuy1234 on 07/12/2017 - 13:54

          Sorry, just one more question if you don't mind….

          Re: Card purchases includes in store credit or EFTPOS purchases, online purchases, regular card payments, payWave, Apple Pay, and Android Pay transactions made with an Orange Everyday Visa card

          Does this include bPay?

        • sss333 on 07/12/2017 - 14:02

          @poiuy1234: Don't think so but not 100% sure.

  • mehow on 05/12/2017 - 21:32

    Anything else paying 3%?

    • 911r on 05/12/2017 - 21:38

      Rabo!

      • wombat1955 on 05/12/2017 - 21:51

        Introductory offer for 4 months only.

  • DeafMutePretender on 05/12/2017 - 21:53
    +1

    (inappropriate) news and timing. Why not give us the news before the end of the month, not after.

    Looks like we're going back to UBank and ME again. AMP is 3% but it's only for up to $100k and has a $2k monthly deposit requirement which is a big ask.

    Full $100k balance with AMP for 31 days (3%): about $255 interest per month.
    With ME Bank (2.95%): about $250
    With UBank (2.87%): about $243

    Literally pocket change. Bring back the days of 8% interest and lower house prices I say.

    BRB. Buying bitcoin with my life savings (and then losing my life savings).

    • poiuy1234 on 06/12/2017 - 15:36

      I've got my money in ING, ME bank and the remainder in RAMS. Is there a saving account with a higher interest rate than ING?

      • joungs on 07/12/2017 - 22:33

        Ubank 2.87 and easier conditions

    • Donaldhump on 08/03/2018 - 19:43

      If it were 8% interest I’d be lying on a beach drunk daily.

      • DeafMutePretender on 11/03/2018 - 03:04

        It it were 8% interest, I'd save money and buy a house outright in cold hard cash, Chinese-style.

  • soupkitchen on 06/12/2017 - 02:56

    Fortunately Rams has a max of $50k p/d transfers nowadays, so most can send manually online.

    • takezo on 06/12/2017 - 14:22

      Why fortunately? Is there any way around the 50K limit?

      • soupkitchen on 06/12/2017 - 14:57
        +1

        Why fortunately?

        As they used to have a $20k max. $50k p/d makes it easier for some customers.

        Is there any way around the 50K limit?

        Yes, ringing them. But it's easier for me to just schedule a few transfers than to ring during business hours.

        • takezo on 06/12/2017 - 15:02

          Aghh got you, only recently joined and didn't know it used to be 20.

          Pretty annoying that you miss out on bonus interest for the entire amount though.

  • Steptoe on 07/03/2018 - 15:37
    +2

    Going back up to 3.0% tomorrow.

    The rate details of your RAMS Saver account will change from Thursday 8 March 2018 - you'll earn a total variable rate of 3.00% p.a. (that's the variable base rate of 1.35% p.a. plus variable 1.65% p.a. bonus) where the bonus eligibility criteria are met.

    • ozbjunkie on 07/03/2018 - 19:57
      +2

      Yep, came here to post this. Hooray for RAMS. My money never left, I'm too lazy, and little better was available.

      • DeafMutePretender on 11/03/2018 - 03:05

        I should've been lazy. Now I have to wait 3 weeks before the new interest kicks in.

  • DeafMutePretender on 11/03/2018 - 03:02

    Again, they give us the news (3%) AFTER the end of the month, not before so that we can't prepare our deposits quickly and quality for the new rates quickly. Well it will only hurt them in the end because it gives the other banks 3 weeks of catch up. Come on UBank. Make it go from 2.87% to 3.07%. Justify my laziness.

    Also, whenever you deposit money into a RAMS account, it doesn't show up until after midnight which is super lame and slow.

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