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RAMS Saver Interest Rate Increased from 2.8% to 3%

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RAMS Saver Interest Rate Increased from 2.8% to 3%
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VKV on 08/03/2018 - 11:57 rams.com.au (1916 clicks)
Last edited 26/09/2018 - 20:20 by 2 other users

Received an email about RAMS Saver rate change.

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.

Bonus interest is payable on account balances up to $500,000 if:
• you deposit a minimum total of $200 a month;
• you make no withdrawals in the month; and
• have an account balance that does not fall below $200 or exceed $500,000 at any time during the month.

This Savings account ranks 3rd on our Best Aussie Savings Account Poll for 2018. Check out the poll for alternatives and to vote for your preferred account.

Financial Bank Account Savings Account

Related Stores

RAMS Home Loan
RAMS Home Loan

closed Comments

  • bricabrac89 on 08/03/2018 - 12:01
    +5

    Always used to be 3%. Only recently went down to 2.8% maybe a couple months ago.

  • gimme on 08/03/2018 - 12:10
    +2

    Backlash?

  • nokia3660 on 08/03/2018 - 12:12
    +2

    good that someone talked sense into them. They went to 2.8 from 3 just a month after I moved my saving to them. Glad I didn't move it out, well to be fair there were no better option available (Ubank/ME weren't worth the hassle for me)

    • PissLUR on 08/03/2018 - 12:27
      +7

      AMP B3tt3r is also at 3%. why didnt you consider moving?

      • nokia3660 on 08/03/2018 - 12:35
        +5

        huh really??!! Damn, both sites I use to check on interest rates, canstar and infochoice are not showing AMP Better at all. WTF

      • raowler on 08/03/2018 - 14:18
        +1

        not seen it might do now :-)

        • Dacs on 28/03/2018 - 17:47

          Now's not a good time. AMP's rate is dropping at the end of May

      • SomeGuyOnOzB on 24/08/2018 - 14:12

        AMP is MUCH more hassle than UBank/ME.

        • You only get 3% if you have an "Active" pension or superannuation product with them
        • You have 3 accounts (vs 2 for Ubank)
        • There is automated handling which is not explained simply or easily in the product description (eg why did my money get shunted from Pay to Spend?)
        • You must deposit $2,000 a month (Ubank is $200)
        • The deposit must go into the PAY account (UBank doesn't mind which)

        So … AMP might not offer you 3% at all (if you don't have a super or pension with them)

        Btw, here is the Whirpool spreadsheet of bank accounts and percentages, for comparison

        https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

    • Agret on 08/03/2018 - 13:32

      Ubank not worth the hassle? It's the same as rams where you just need to deposit each month to get the good rate

      • troyww on 08/03/2018 - 13:54

        Looking at putting my sons savings into a different account as he no longer does school banking now that he is in high school .
        Looking for an account that doesn't need to be deposited into every month in order to earn interest . He doesn't need a card or anything like that he's 11 .

        • Yola on 08/03/2018 - 15:21

          Look into Greater Bank Life Saver. You only need $1.00 to open the account and ensure the balance grows each month,even by $1, to earn 3% pa.

        • Donaldhump on 08/03/2018 - 19:41

          @Yola: must be under 25. How the hell is that not discrimination. Maybe I should sue them like the woman who was denied a hair cut in a Darwin barber

        • Yola on 08/03/2018 - 21:54

          @Yola:

          Yes, he is eleven.

        • techboy on 09/03/2018 - 09:09

          I have an account with Ubank, I deposit $200 each month and then take it back out.
          My 3 teenage children also have accounts there (in my name - but labeled with theirs).

          I believe that they earn the bonus interest also.

          The money in the account is theirs and they earn the interest, so I don't pay any additional tax on it.

          https://www.ato.gov.au/Individuals/Investing/In-detail/Child…

        • SomeGuyOnOzB on 24/08/2018 - 14:15

          From what you said, Rams would be best for his purposes (assuming he has more than $200 in savings).

          In Rams, make 2 accounts and put the money in account #1.

          The start of next month:
          - move all or most of the money from account #1 to account #2.
          - make no withdrawals from Account #2.
          Account #2 gets the interest that month.

          Next month:
          - move all or most of the money from account #2 to account #1.
          - make no withdrawals from Account #1.
          Account #1 gets the interest that month.

          and so on …

          This also means, at the start of the month, you can leave behind a sum of money, in the account that doesn't earn interest that month, and withdraw/spend that

      • abb on 08/03/2018 - 14:02
        +10

        Ubank is actually better in that you're allowed to withdraw.

        • CrocDundee on 08/03/2018 - 16:00
          +2

          Totally agree! UBank far better than this! You can withdraw with no penalty…

        • Korban Dallas on 08/03/2018 - 19:52

          Well that's debatable isn't it? This is actually better for those people who cannot control themselves and take money out when they want to buy stuff. This acts as a deterrent.

        • SomeGuyOnOzB on 24/08/2018 - 14:28

          @CrocDundee:

          This is not the same product as UBank.

          This works best in tandem with a UBank account.

          If you have an amount that you can lock away, like you would put in a term deposit, and it's more than $200, that money you put into Rams. Then bounce it back and forth between 2 Rams accounts, at the start of each month.

          The money that you want to keep at the ready, goes into UBank.

          You could even be meeting your monthly requirements this way ($200 into UBank … comes from Rams, $200 from UBank can then go back to Rams), if you do the bouncing money back and forth between 2 Rams accounts trick. (When moving money from one RAMS account to the other, leave behind $200 so it can be sent to your UBank account)

      • spaceflight on 08/03/2018 - 17:03

        Plus ubank let's you withdraw without a penalty

        • Gratt on 08/03/2018 - 18:26
          +2

          ubank was extremely difficult when I went to withdraw money at end of term. Said I needed to provide further ID. When I did that they processed a term deposit roll over and then penalized me for ending it early. I would not recommend them if you need your money back quickly. Some banks treat your savings as theirs to quickly. I have had no such problems with Rams or ING.

        • spaceflight on 08/03/2018 - 19:10
          +1

          @Gratt:

          Sounds like someone messed up when they did yours.

          My partner needed to withdraw a large amount from ubank late last year. All that was required was adding a linked account and calling them to request the transfer.

          The money was in the recipient account the same day.

      • nokia3660 on 08/03/2018 - 20:14

        @ Agret: I didn't mean Ubank is a hassle, it is just that I was too lazy to go through another account opening formality in a gap of 2 months. I would have at least considered Ubank if RAMS had kept at it for another 3 or more months.

        TL;DR I was just too lazy :P

    • Donaldhump on 08/03/2018 - 16:04
      +7

      just some notes of things i have experienced.

      AMP B3tter - is the best account but i find i need to manually move money daily to the high accounter out of the 3

      Rams - if u ever need to make a withdrawel from rams do it on the first of the month and then move the remaining amount to another rams account (ie have 2 open).

      Ubank - has a catch as you never get interest for the first month as you need to have made a deposit in the prior month, so just deposit money on the last day of the month. This is better than rams though as you can move money in and out as required.

      • gimme on 08/03/2018 - 18:55
        +2

        RE RAMS - well well well you can count on an Ozbe'r to find that loophole. Great little trick! how didn't I think of that

      • Yola on 08/03/2018 - 19:19

        Yes I really like AMP Bett3r also but do not have to move funds daily. You may have goals set up. I only use it on a laptop and do not use these features.

        • spaceflight on 08/03/2018 - 21:12

          Why do you have to move daily?

          I had a look and or slings like a mess of accounts.
          For the slightly lower interest rate ubank and their sweep feature seems like a much better deal as you can automatically keep all of your money in the high interest account.

          If you have $100,000 (max AMP offers the bonus on) the interest rate difference is $10 a month and you don't need to move money daily.

          The difference would be less than that of you are keeping money in the non saving account with AMP for transactions

        • Donaldhump on 08/03/2018 - 21:42

          @spaceflight: not daily but when wage goes it goes to one account and I just manually move to other one.

          I’m sure I could set up correctly, but no big deal. Gives me something to do when on the bog

      • [Deactivated] on 08/03/2018 - 21:01

        Amp the same.

    • Clear on 08/03/2018 - 12:20
      +14

      How is it not? Interest raised from 2.8% to 3%! These small numbers mean a lot in the world of interest and banking.

      • JIMB0 on 08/03/2018 - 16:56
        +5

        Its worth $2k/yr to the average ozbargain member who has $1million sitting in the bank because they don't know what to do with it.

        • Clear on 08/03/2018 - 16:58
          +2

          Free money is free money. I can never understand people who complain about this and cashback offers.

        • [Deactivated] on 17/03/2018 - 10:27
          +1

          More than that, it's compounded monthly.

    • raowler on 08/03/2018 - 12:24
      +8
      • an extra 0.2% in my pocket is better than in the banks anyday of the week…..
      • JimmyF on 08/03/2018 - 13:19

        Yep that extra 0.2% on your $50k will be $100/yr. You'll be rolling in it!

        • Clear on 08/03/2018 - 13:22

          Unlike CBA and other big banks!

    • nightelves on 08/03/2018 - 12:49
      +6

      Some people can’t see a bargain if it smacked them in the face.

    • Zondor on 08/03/2018 - 16:16

      It's higher interest rate than term deposits!

  • raowler on 08/03/2018 - 12:17
    +26

    hopefully ME bank and ING see this…and put theirs backup accordingly or I may move to here :-)

    • maburu1 on 08/03/2018 - 12:28
      +3

      Exactly how I feel. MEB has sneekily decreased the interest rates twice in the past few months. The only thing I hate about this is the no withdraws condition.

      • Homr on 08/03/2018 - 12:50
        +1

        I use MeBank aswell and I was wondering why my bonus interest has decreased over the last few months when my savings increased.

        • PeeDee on 08/03/2018 - 13:08

          They may have notified customers of policy changes beforehand? If not then that's so dodgy

        • Homr on 08/03/2018 - 13:09
          +3

          @PeeDee: no I didn't receive jack. They drop rates whenever they freakn want

        • Donaldhump on 08/03/2018 - 16:05

          the me bank interest rates is 2.85% isnt it? i dont think they decreased it

          you interest for feb wont be that much compared to Jan as February only has 28 days, so you are getting 28/31 of what Jan would have got (excluding the tiny compounding interest)

        • Homr on 08/03/2018 - 16:08

          @unclesnake: umm no, Mebank was previously 2.95% and now they are 2.85%

        • Donaldhump on 08/03/2018 - 16:09

          @Homr: oh i i didn't notice. still ok as u can do withdrawel. problem i have is when i am overseas i dunno how to do a tap n go

        • Homr on 08/03/2018 - 16:10

          @unclesnake: You get friend or relative to tap it for you.

        • Donaldhump on 08/03/2018 - 16:11

          @Homr: yeh that was the plan, was hoping some method overseas would work

        • Homr on 08/03/2018 - 16:12

          @unclesnake: or just cop the overseas conversion fees?

        • Donaldhump on 08/03/2018 - 16:12

          @Homr: you can tap n go overseas?

        • Homr on 08/03/2018 - 16:13

          @unclesnake: Apparently you can

          http://assets.mmpcu.com.au/files/misc/Visa_payWave_FAQs.pdf

          "Yes, you can use your payWave card wherever the contactless symbol is displayed in Australia or overseas. The Visa payWave-enabled card can be used for traditional transactions at millions of locations worldwide wherever the Visa logo is displayed, including over the internet, telephone or via mail order."

        • Msfrugal on 08/03/2018 - 16:20

          @unclesnake: Hi unclesnake. It's exactly the same.
          I've been in UK and Ireland for 20 months and it's the same. Just tap and go. The problem came when I went to States to visit my sister in her local shops. Small and none of them had the facility except Starbucks!! Starbucks was my saviour.

        • Donaldhump on 08/03/2018 - 16:20

          @Msfrugal: sweet thanks for the info people

          what do u tap n go. every tuesday my wife buys a twiggy stick right now. she hates her life

        • spaceflight on 08/03/2018 - 17:21

          @unclesnake:

          yes, Australia is not the only country that uses it

        • Msfrugal on 08/03/2018 - 18:44

          @unclesnake: Haha! I can relate as
          Yep, mine was a minimum purchase of less than a euro each week, as I had Irish money. I think the least I ever did was 30 cents!!

          There's a couple of cents exchange rate but gosh it's worth remembering it for the bonus rate. Double the money really. 1.3% base and 1.55% bonus

          The good thing is that it's split into a tap within the dates 1-7, 8-14,15-21,22-31 as applicable for the number of days in the month. But I never missed one even though I thought that the 4th one had to be before 28…but when 29/30/31 days they count in the 4th tap!!!

          Clare

        • Yola on 08/03/2018 - 19:15

          @Msfrugal:

          This malarchy is exactly why I quit ME Bank. Even they cannot explain it - I received written information from them that contradicted other written explanations.

        • [Deactivated] on 08/03/2018 - 21:03

          @unclesnake: no that’s the way they go about decreasing rates and hoping no one will notice.

    • PeeDee on 08/03/2018 - 13:07
      +10

      I agree. Considering how ING have also made the 5 transactions policy, if they don't do something in the next months I may consider moving.

      • movieman on 08/03/2018 - 13:34
        +2

        About to test their card overseas… And if this hassle continues, will seriously consider moving…

        • donkey12 on 08/03/2018 - 13:50

          Can you PM me or do a post re your experience once your back? I'm going away later this year and want to know if it works ok.

        • PeeDee on 08/03/2018 - 13:56

          I wonder if there's a fee for exchange rate and a withdrawal fee overseas. They weren't being clear about this.

        • tellhimhesdreaming on 08/03/2018 - 14:38
          +4

          I used the ING orange every day card late last year in Thailand and withdrew for close to 10% better than the cash rate offered at BKK airport. All fees ($9 of em!) were refunded.

          …do wish the 5 uses of the card thing wasn't required though.

        • ximmabee on 08/03/2018 - 16:20
          +2

          @donkey12: I used ING everyday when i was overseas in Japan and the exchange rate is sooo good. Almost exactly the same as online XE and you dont get charged any fees for transaction or conversation or ATM fees even if you use any random ATM. If you get charged they end up refunding you! It's quite easy to use the 5 transactions cause you can connect it to your Apple Pay (if you have any iPhone). Personally, i love it, one of my favourite banks to use and the interest rate is pretty decent. I would 100% recommend and if you sign up with someone's code you also get some moolah ($$$) depending on whichever code you use. Let me know if you have any other questions cause im more than happy to help!

        • jaurwin on 08/03/2018 - 18:28

          Make sure you let them know that you are going to use the card overseas.
          As they are pretty much marking most international transactions as fraudulent now a days.

          Otherwise it would require a phone call back to ING.. (=

        • spaceflight on 08/03/2018 - 19:12
          +1

          @jaurwin:

          You can do that in the app which is nice

        • donkey12 on 08/03/2018 - 21:25

          @ximmabee:

          Thanks for your input. It's reassuring!

      • chocfrogs456 on 08/03/2018 - 14:44

        is the 5 transactions only for the international use?

      • Donaldhump on 08/03/2018 - 16:10

        i rang ing up 6 hours before using my card in USA and they said no worries, then they deactivated it when i used an ATM. It left me with only one other card. They said they detected it as fraud despite the heads up from me. So many woolworths transactions get marked as fraud now, i dunno how many times i have had to ring them up.

        the five transaction thing is just the nail in the coffin for how utter cr*p this bank is now

      • spaceflight on 08/03/2018 - 17:20
        +3

        I asked ING if they would waive it, they said no so i opened a ubank account and changed that day.

        ubank has none of the transaction requirements that ING does and you only need to deposit $200 each month

    • Scrooge McDuck on 08/03/2018 - 14:49
      +7

      hopefully ME bank and ING see this…and put theirs backup accordingly or I may move to here :-)

      Just do it now. Your apathy is exactly what they bank on (pun intended).

      Loyalty is dead!

  • Iwantthatbargain on 08/03/2018 - 12:54
    +1

    you make no withdrawals in the month

    That’s a problem for me. ING direct and ME allows withdrawals.

  • bad hombre on 08/03/2018 - 12:56
    +1

    Does anyone know if you can open multiple accounts - for those that have $20m they want to earn $3% on?

    • 8200 on 08/03/2018 - 12:59

      Yes you can have multiple accounts, do a max. of $250k that way your money is protected by the government, only issue is each account needs the $200 deposit each month

      • JimmyF on 08/03/2018 - 13:20
        +2

        Thats $250k per 'bank' not per account. So two accounts with $200k in each, means you're only protected for $250k still……

    • muncan on 08/03/2018 - 13:00
      +4

      Sure, but the $250k gov protection applies to the total of all accounts

    • ra-mistar on 08/03/2018 - 13:01

      A person with 20m wouldn't be investing it in a 3% interest saver account, but yes, you can have many accounts open at the same time. You can transfer money from one saver account into the second saver account at the start of the month to constitute a "$200 deposit"

      • JimmyF on 08/03/2018 - 13:21
        -1

        You can transfer money from one saver account into the second saver account at the start of the month to constitute a "$200 deposit"

        yeah nah,

        Can see you don't have one of these setups, as it CLEARLY says

        • you make no withdrawals in the month

        Doing the money shuffle like that, will count as a withdrawal.

        • Yola on 08/03/2018 - 15:25

          Yes there is a way of doing it, many do it regularly. Look it up on Whirlpool RAMS Wiki.

        • ra-mistar on 08/03/2018 - 16:56
          +2

          Account 1 on 01/03/2018= $30,000
          Account 2 on 01/03/2018 = $0

          Account 1 on 01/04/2018= $30,000+ interest

          Transfer money from account 1 to account 2 on 01/04/2018

          Later that afternoon

          Account 1: $0
          Account 2: $30,000+ interest

          This transfer from account 1 to account 2 counts as a deposit from the perspective of account 2.

        • JimmyF on 08/03/2018 - 17:30

          @ra-mistar: ok, yes, well that kind of makes sense, but isn't what you said before :)

        • Mad Max on 08/03/2018 - 18:30

          @ra-mistar:
          What if the 01.04.18 is a Sunday (as it actually is 😀) or worst Saturday? Then your transfer will happen on Monday (assuming it is not a public holiday) and you miss out on 2-3 days of interest.

        • nokia3660 on 08/03/2018 - 21:24
          +1

          @maxi: Nope, intra-bank transfer is instantaneous

        • Mad Max on 09/03/2018 - 23:39

          @nokia3660:
          Ok
          I am pretty sure that with Rabodirect intra-bank transfers are only executed in business days

        • nokia3660 on 10/03/2018 - 11:29

          @maxi: huh, why would an intra-bank be business days only? Anyway my comments were based on my experience with CBA, ING & CITI. Though I haven't personally tried it with RAMS found a link in whirlpool forum that says it is.

  • GregRust on 08/03/2018 - 13:01

    Interesting deal.

  • Erkel on 08/03/2018 - 13:05
    -1

    Do you need to open a RAMS Action account to open a RAMS Saver account?

    If my current savings account is already over $500,000, will I be able to open two RAMS Saver accounts and split it halfway so they both qualify for bonus interest?

    • bricabrac89 on 08/03/2018 - 13:27

      No to the first question

  • Homr on 08/03/2018 - 13:07
    +5

    How good was it when ING saver was 6.6%

    https://www.ozbargain.com.au/node/3035

    • snappy1234 on 08/03/2018 - 13:10

      yep miss the days of my 8.5 % TD

      • Donaldhump on 08/03/2018 - 16:20

        id love that . i wouldnt work

      • MrZ on 08/03/2018 - 21:39
        +1

        I remember that, and I also remember declining to put money into a TD at that rate, for fear that the rate would rise!

        • Donaldhump on 08/03/2018 - 21:50

          I saw an old lady pop her money in a 7 percent td for ten years back around 8 or so years ago

          I reckon she would still be laughing

  • PeeDee on 08/03/2018 - 13:17

    Any transaction account you recommend to couple with this savings account with no fees?

    • No ONE on 08/03/2018 - 13:37
      +1

      There are many. ING, Ubank, CitiBank, Macquarie and many others. You will find more lists.

      • c0balt on 08/03/2018 - 13:48

        Instant transfers?

        I'd like to take advantage of the extra interest RAMS has on my savings, but I need instant transfers between savings and transaction.

        • spaceflight on 08/03/2018 - 17:13

          ubank is instant.

          You dont even need money in your transaction account.
          If you spend money on the card and your transaction account doesnt have a balance to cover it the rest is taken from your savings account automatically.

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