At-call savings account: RAMS 5.75% Savings account (no withdrawals, $200 deposit every month)

So I was just checking out http://www.infochoice.com.au/banking/savings-account/list.as…

This is 5.75% with the following restrictions:
- No withdrawals
- $200 deposit every month

5.75% = 4.95% base + 0.80% bonus rate. I'm assuming that the bonus rate continues indefinitely and is applied if the above conditions are met?

UBank's rate is 5.51% (including bonus) so this is only 0.24% higher.
That 0.24% is about $0.20/month per $1000 of savings.
($20/month if you have $100k)

"Are RAMS accounts covered under the Government guarantee?
Yes, RAMS accounts are covered under the Government guarantee, as RAMS accounts are issued by Westpac Banking Corporation. "

Government guarantee covers $250k only from Feb 1 2012
(http://www.guaranteescheme.gov.au/)