RAMS Drops Saver rate to 2.55%

We knew it was coming!

We're writing to let you know that the RAMS Saver bonus rate will change to the new rates below, effective Friday 21 June 2019. The bonus rate is decreasing by 0.25% p.a. There is no change to the base rate.

Account Balance Base Rate (variable) Bonus Rate (variable) Rate with bonus*
$0 - $500,000 1.15% p.a. 1.40% p.a. 2.55% p.a.
$500,000.01 - $5,000,000 1.15% p.a. 0.00% p.a. 1.15% p.a.
$5,000,000.01+ 0.00% p.a. 0.00% p.a. 0.00% p.a.
The interest rate will apply to the whole balance per account. Please note, your interest is calculated daily and paid monthly, so you will receive the old rate up until 20 June 2019, then the new rate for the remaining days of the month.

What this means for you
The rate details of your RAMS Saver account will change from Friday 21 June 2019 - you'll earn a total variable rate of 2.55% p.a. (that's the variable base rate of 1.15% p.a. plus variable 1.40% p.a. bonus) when the bonus eligibility criteria are met.

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    Guestimate: Ubank will happen in about 2 days -> 2.62%. Goodbye green brick road.

  • +3 votes

    Just curious, why do banks put limits on how much you can put into an account? E.g. 5,000,000 after which there is no interest?

    • -4 votes

      Imagine paying a customer $10625 (based on 2.55%) just because he keeps his money in your bank. Now imagine having hundreds of customers like that. Not sure how you can make a profit with that.


        They can lend the same amount of money to someone else but charge 3.55% interest.

      • +1 vote

        I was under the impression the banks use your money to make money tho?


        Capital adequacy ratio

        How much banks can lend out is dictated by how much they have on hand, that is why it makes no sense to have capa


      @ Tech5

      I guess it's like Greece around 2008. Too much $$ was withdrawn at once.

      So if 20 customers each with $10M deposited, all withdraw the lot in one week, it could seriously impact the banks funds availabity.
      Whereas 1000's of customers are unlikely to coincidently withdraw at the same time.
      That's all I can think of.

      Anyway banks really surprise me with the miriad of unnecessary rules like this, such as ME and ING, requiring a set number of specific card usages to qualify for bonus interest, which is in itself just another con anyway IMO.


    How do you know about Ubank -just abut to transfer $?